Oaktree Capital Management 13F: Q2 2026 Portfolio — $7.21B Across 145 Positions

Oaktree Capital Management’s Q2 2026 adds to concentration while maintaining a relatively high top-10 footprint, with the top 10 at 54.6% of the portfolio. The most consequential move is the initiation of “State Street Corp ETF (PUT)” at 14.04% of the portfolio, followed by an additional “Invesco Qqq Trust Series 1 ETF (PUT)” at 9.04%—both sizable new derivative sleeves.

Alongside this, the quarter shows a mix of de-risking and pruning within several existing positions. “Torm” was trimmed (ranked 3) to 7.28% with a quarter share-count decrease, and “Garrett Motion” (ranked 5) was trimmed sharply alongside “Indivior Pharmaceuticals” (ranked 7). “Telephone And Data Systems” added at 2.71% and increased by 23.1% in share count, while “Core Scientific (CALL)” was added at 1.78% with a 42.9% increase. Overall activity remains active—40 new positions and 42 exits—yet the heaviest weights increasingly reflect the newly established put exposures.

The exit list also underscores a selective rotation away from prior exposures, including “State Street Spdr S&P Oil & Gas Exploration & Production ETF (PUT)” and “Petroleo Brasileiro Sa - Petrobras,” each with meaningful value at time of exit. With 51 adds and 33 trims in share-count terms, the quarter reads as an intentful repositioning rather than broad dilution—channeling new exposure toward put-based hedging while reducing selected single-name risk.

A Form 13F is a quarterly snapshot institutional managers with over $100M in US-listed assets must file within 45 days of quarter end. It shows long equity positions only: no short book, no cash, no non-US listings, no timing inside the quarter. Treat it as a delayed map of where the manager's conviction sat on the reporting date — not a live portfolio, and not a buy list.