The latest filing landed on May 20, 2026, revealing what Howard Marks and the team at Oaktree Capital Management have been up to through the end of the first quarter. With a total reported value of roughly $6.56 billion spread across just 15 distinct holdings, it is clear that Oaktree isn’t interested in spraying and praying across the index. They run a concentrated shop, and seeing how they manage that capital—especially when they hold steady on core bets—tells us a lot about their current risk appetite.

The biggest line item EXE remains the clear anchor of the portfolio. Expand Energy Corp accounts for a substantial $574.97 million, making up 8.77% of the total assets. The fact that the position is marked as "Unchanged" confirms that Marks is comfortable holding this as his top conviction. It is a massive allocation relative to the rest of the book, suggesting they see long-term structural value here that doesn't require constant tweaking. If you are curious how this ranks against their other energy exposures, check the [Oaktree whale profile](https://13fwhale.assettrendreports.com/en/whale/oaktree).

Why did INDV show up as a new position? The most eye-catching move this quarter is the arrival of Indivior Pharmaceuticals. Oaktree dropped $212.88 million into INDV, immediately carving out a 3.25% share of the portfolio. Usually, when a firm of this caliber initiates a position of this size, it isn't a speculative flutter; it is a calculated entry. Watching how this plays out in future filings will be critical, as it is the only new name to hit the radar this time around. You can cross-reference this type of pharmaceutical exposure using the [13F screener](https://13fwhale.assettrendreports.com/en/screener) to see if other distressed-debt style shops are following suit.

Stability in the tech and energy buckets It is interesting to watch the middle tier of this portfolio. The Invesco QQQ Trust, or QQQ, sits as the second-largest holding at $328.99 million, representing 5.02% of the book. Like EXE, this position is unchanged, signaling that Oaktree is content to let this broad tech-heavy exposure ride. They are also holding firm on Garrett Motion Inc (GTX) at $265.19 million, along with the SS SPDR S&P Oil & Gas Exploration & Production ETF (XOP) at $181.83 million. The lack of movement across these names—which together make up a significant chunk of the AUM—suggests they are playing a waiting game in the energy and tech sectors rather than trying to time local peaks or troughs.

Trimming the exposure to crypto-adjacent names Not everything stayed static. The only notable decrease in the portfolio involved Core Scientific, ticker CORZ. The firm now holds $139.89 million in the position, representing 2.13% of the total AUM. Seeing a decrease here, especially while they stood pat on almost everything else, suggests they are trimming the edges of their more volatile bets. It isn't a full exit, but taking some chips off the table indicates a shift in their view on the risk-reward profile of this specific holding.

Keeping the core steady Rounding out the major positions are Telephone and Data Systems (TDS) and Viper Energy Inc (VNOM), which hold steady at $180.70 million and $178.16 million respectively. With these two, Oaktree continues to maintain its defensive posture, keeping roughly 2.76% and 2.72% of the portfolio in these names. When you look at the portfolio as a whole, it’s a tight list of 15 holdings, which highlights their preference for high-conviction, manageable positions over a broad market approach. They clearly aren't interested in chasing every shiny object; instead, they are focused on the names that fit their thesis of value and credit-driven opportunity. By choosing to hold the vast majority of these names steady while only making one major new buy and one minor trim, the filing reflects a high level of patience in a market that often demands constant activity.

This report is provided for informational purposes only and does not constitute investment advice; 13F filings are delayed by nature and reflect historical positions from the previous quarter.