Oaktree Capital Management

In Q2 2026, Oaktree Capital Management held 48 US-listed stocks worth $7.2bn. Its biggest move was cutting Torm (15% fewer shares, now 7.3%), followed by cutting Sunopta (100% fewer shares, now 0.0%). It started 10 new positions and sold out of 11. Its largest holding is Torm at 7.3%.

Source: SEC Form 13F for Q2 2026, filed 13 Aug 2026. How we use them

Latest 13F

Q2 2026

Filed 13 Aug 2026

Q3 2026 13F due

26 days

Expected Fri 13 Nov

What changed in Q2 2026

New positions

Sea0.8% of the portfolio
Viasat0.8% of the portfolio
MakeMyTrip0.7% of the portfolio
Matthews International0.7% of the portfolio
Quantum0.3% of the portfolio

Added to

Oaktree Specialty Lending+325% shares, now 1.3%
Liberty Latin America+28% shares, now 0.9%
Bioxcel Therapeutics+472% shares, now 0.0%
YPF Sociedad Anonima+12% shares, now 0.6%
Barrick Mining+22% shares, now 1.6%

Trimmed

Torm-15% shares, now 7.3%
Sunopta-100% shares, now 0.0%
Anglogold Ashanti-1.4% shares, now 3.6%
Transalta-53% shares, now 0.6%
Cemex-96% shares, now 0.0%

Sold out

Petroleo Brasileiro SA - Petrobraswas 1.9%
Nokiawas 1.4%
CBL & Assoc Pptyswas 1.3%
Credo Technology Group Holdingwas 0.8%
Ecovystwas 0.5%

Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.

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US holdings from the 13F

Q2 2026, filed 13 Aug 2026 (filing): 10 new, 8 added to, 19 trimmed, 11 sold out. Select a row to see it over time. How this works

Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.

13F holdings with change from the previous quarter

TormTRMD	$524m	20,329,874	7.3%$524m	Trimmed -15%	10.3%
Expand EnergyEXE	$478m	5,237,477	6.6%$478m	Unchanged	8.8%
Garrett MotionGTX	$275m	7,594,816	3.8%$275m	Trimmed -48%	4.0%
Anglogold AshantiAU	$257m	3,179,092	3.6%$257m	Trimmed -1.4%	4.8%
IndiviorINDV	$251m	6,127,212	3.5%$251m	Trimmed -12%	3.3%
Telephone & Data SystemsTDS	$196m	5,282,905	2.7%$196m	Added +23%	2.8%
Viper EnergyVNOM	$161m	3,791,432	2.2%$161m	Unchanged	2.7%
Core ScientificCORZ	$128m	4,993,708	1.8%$128m	Trimmed -47%	2.1%
Talen EnergyTLN	$127m	331,117	1.8%$127m	Unchanged	1.6%
Barrick MiningB	$118m	3,206,087	1.6%$118m	Added +22%	1.6%
ITAU Unibanco Holdings S.A. ADITUB	$97.9m	11,977,665	1.4%$97.9m	Trimmed -1.7%	1.6%
Liberty GlobalLBTYA	$97.2m	8,551,191	1.4%$97.2m	Unchanged	1.6%
Oaktree Specialty LendingOCSL	$94.0m	7,872,199	1.3%$94.0m	Added +325%	0.3%
Freeport-McmoranFCX	$75.5m	1,201,122	1.1%$75.5m	Trimmed -1.6%	1.1%
Grupo AeromexicoAERO	$71.4m	3,968,686	1.0%$71.4m	Unchanged	0.8%
Kilroy RealtyKRC	$69.3m	1,850,011	1.0%$69.3m	Unchanged	0.8%
Liberty Latin AmericaLILAK	$65.5m	8,398,103	0.9%$65.5m	Added +28%	0.9%
SeaSE	$60.9m	635,443	0.8%$60.9m	New	–
Bausch Plus LombBLCO	$57.0m	3,441,042	0.8%$57.0m	Added +1.7%	0.8%
ViasatVSAT	$56.6m	630,280	0.8%$56.6m	New	–
MakeMyTripMMYT	$52.4m	983,068	0.7%$52.4m	New	–
Matthews InternationalMATW	$51.8m	1,925,992	0.7%$51.8m	New	–
XPXP	$50.7m	3,116,809	0.7%$50.7m	Trimmed -1.7%	0.9%
YPF Sociedad AnonimaYPF	$45.1m	991,346	0.6%$45.1m	Added +12%	0.6%
TransaltaTAC	$41.5m	3,000,000	0.6%$41.5m	Trimmed -53%	1.3%
Runway Growth FinanceRWAY	$39.4m	7,029,667	0.6%$39.4m	Unchanged	0.7%
EmbraerEMBJ	$28.1m	439,706	0.4%$28.1m	Trimmed -1.8%	0.4%
Rice Acquisition Corp 3KRSP	$25.6m	2,799,999	0.4%$25.6m	Unchanged	0.4%
Array Digital InfrastructureAD	$25.3m	696,858	0.3%$25.3m	Trimmed -3.8%	0.5%
Sharonai HoldingsSHAZ	$24.5m	289,456	0.3%$24.5m	Trimmed -71%	0.3%
TerniumTX	$24.4m	572,324	0.3%$24.4m	Trimmed -1.8%	0.4%
QuantumQMCO	$22.1m	2,011,678	0.3%$22.1m	New	–
Simply Good FoodsSMPL	$16.0m	1,203,889	0.2%$16.0m	Added +6.6%	0.3%
Surgery PartnersSGRY	$14.5m	862,588	0.2%$14.5m	New	–
Mayfair GoldMINE	$11.1m	4,500,000	0.1%$11.1m	Unchanged	0.2%
Blue Moon MetalsBMM	$10.7m	1,685,000	0.1%$10.7m	Unchanged	0.2%
SmartrentSMRT	$8.9m	7,505,294	0.1%$8.9m	Unchanged	0.2%
Magnachip SemiconductorMX	$7.1m	1,500,000	0.1%$7.1m	Trimmed -47%	0.1%
Battalion OilBATL	$3.9m	3,009,912	0.1%$3.9m	Trimmed -67%	0.2%
DPC HoldingsDPC	$3.7m	75,000	0.1%$3.7m	New	–
Service Properties Trust	$3.4m	1,988,382	0.1%$3.4m	New	–
Bioxcel TherapeuticsBTAIQ	$1.9m	1,380,248	0.0%$1.9m	Added +472%	0.0%
NnNNBR	$1.8m	510,943	0.0%$1.8m	New	–
Telecom ArgentinaTEO	$1.5m	116,105	0.0%$1.5m	Trimmed -93%	0.3%
AlvotechALVO	$1.4m	4,764,649	0.0%$1.4m	Trimmed -2.9%	0.0%
CemexCX	$1.2m	100,000	0.0%$1.2m	Trimmed -96%	0.5%
SunoptaSTKL	$406k	74,314	0.0%$406k	Trimmed -100%	2.0%
Office Properties Income TrustOPI	$184k	10,851	0.0%$184k	New	–
Petroleo Brasileiro SA - PetrobrasPBR	–	–	–	Sold out	1.9%
NokiaNOK	–	–	–	Sold out	1.4%
CBL & Assoc PptysCBL	–	–	–	Sold out	1.3%
Credo Technology Group HoldingCRDO	–	–	–	Sold out	0.8%
EcovystECVT	–	–	–	Sold out	0.5%
Altice USAOPTU	–	–	–	Sold out	0.1%
Illumination Acquisition Corp.ILLUU	–	–	–	Sold out	0.1%
NRG EnergyNRG	–	–	–	Sold out	0.1%
Invesco Exch Traded Fd Tr IIBKLN	–	–	–	Sold out	0.1%
HDFC BankHDB	–	–	–	Sold out	0.0%
PDD HoldingsPDD	–	–	–	Sold out	0.0%

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works

Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.

2013

2015

2017

2019

2021

2023

Q4 ’24

Q2 ’25

Q4 ’25

Q2 ’26

TRMDEXEGTXVSTSBLKS76Everything else

Q2 2026

Q4 2012Q2 2026

5% stake filings

Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F. How this works

Oaktree Capital Management’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company. How to read a 13D.

Company	Owns	Form	Filed
Matthews International	9.7%	13G/A	20 Oct 2026
Matthews International	6.2%	13G	10 Aug 2026
Sharonai Holdings	5.0%below 5%	13G/A	10 Aug 2026
Quantum	5.1%	13G	10 Aug 2026
Sharonai Holdings	6.3%	13G	14 May 2026

US holdings by sector

Industrials19.6%
Energy18.2%
Materials14.6%
Communication and media11.7%
Financials9.8%
Health care8.6%
Consumer discretionary7.3%
Utilities4.5%
Technology1.7%
Consumer staples0.4%
Other0.0%
Not classified3.6%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$6.9bnQ3 ’23

$6.9bnQ4 ’23

$6.4bnQ1 ’24

$6.3bnQ2 ’24

$6.2bnQ3 ’24

$5.6bnQ4 ’24

$5.2bnQ1 ’25

$5.8bnQ2 ’25

$6.5bnQ3 ’25

$7.0bnQ4 ’25

$6.6bnQ1 ’26

$7.2bnQ2 ’26

From each quarter’s 13F. Changes reflect both trading and share-price moves.