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Oaktree Capital

Q2 2023 13F · by Howard Marks, chairman

As of
Jun 30, 2023
Filed
Aug 11, 2023
US stock
$6.4B · prev $7.8B
Positions
113 · prev 172
Options notional
$217M
Documents
1· no amendments

Picture83.6% US stock

Mostly picture · of what this 13F reports is US stock

  • US stock listed on a US exchange 83.6%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 13.5%
  • Puts at notional value 2.9%
  • Calls at notional value 0.0%

Moves100 since the prior filing

+8.8 pp in · −13.8 pp out

Options: 2 moves on a notional base, in the table below.

The book

Concentrated · behaves like 14 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Moderate turnover · 36% a year, about 2.8 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions50% of US stock

  1. TRMD TORM plc Class A held held20.4%
  2. EXE Expand Energy Corporation trimmed+1.35 pp trimmed+1.359.7%
  3. SBLK Star Bulk Carriers Corp. held held7.3%
  4. VST Vistra Corp. trimmed−0.08 pp trimmed−0.087.0%
  5. SB9 Sitio Royalties Corp-a held held5.3%

Positions113 in this filing · 66 exited

TRMDTORM plc Class A20.38%53,812,988$1.3Bheld—20 q
EXEExpand Energy Corporation9.68%7,350,000$615Mtrimmed−14%+1.35 pp10 q
SBLKStar Bulk Carriers Corp.7.26%26,067,483$461Mheld—29 q
VSTVistra Corp.7.03%17,000,000$446Mtrimmed−27%−0.08 pp25 q
SB9Sitio Royalties Corp-a5.35%12,935,120$340Mheld—3 q
GTXGarrett Motion Inc.5.25%44,082,816$334Madded×12.3+4.90 pp9 q
RWAYRunway Growth Finance Corp.4.09%21,054,667$260Mheld—7 q
STKLSunOpta, Inc.2.18%20,726,126$139Mheld—26 q
NMIHNMI Holdings Inc.1.99%4,900,000$127Mheld—36 q
ALLYAlly Financial Inc.1.96%4,600,000$124Mtrimmed−25%−0.03 pp37 q
INFNInfinera Corporation1.91%25,175,384$122Mheld—19 q
PBRPetroleo Brasileiro S.a.-petrobras1.71%7,866,402$109Mtrimmed−2%+0.64 pp14 q
BBDBanco Bradesco S.A.1.68%30,815,319$107Madded+45%+0.97 pp15 q
FCXFreeport-McMoran Inc.1.65%2,627,805$105Mtrimmed−2%+0.24 pp8 q
VALEVale S.a.1.64%7,782,982$104Mtrimmed−7%−0.05 pp12 q
CXCemex S.A.B. de C.V.1.62%14,489,032$103Mheld—21 q
AUAngloGold Ashanti plc1.57%4,728,622$100Mtrimmed−15%−0.15 pp39 q
IBNICICI Bank Limited1.45%3,981,989$92Mtrimmed−2%+0.33 pp36 q
CBLCBL & Associates Properties, Inc.1.38%3,983,966$88Mheld—7 q
FYBRFrontier Communications Parent, Inc.1.17%3,982,849$74Mheld—9 q
VISTVista Energy S.A.B. de C.V.1.10%2,884,674$70Mheld—16 q
FTAIFTAI Aviation Ltd.1.01%2,033,110$64Mheld—10 q
INFYInfosys Limited0.94%3,701,358$59Mnew+0.94 ppnew
unresolvedAzul Sa-adr0.91%4,241,923$58Mtrimmed−14%+0.46 pp25 q
KRCKilroy Realty Corp.0.88%1,850,011$56Mheld—10 q
ALVOAlvotech0.82%6,759,160$52Mtrimmed−13%−0.46 pp5 q
ITUBItau Unibanco Holding S.A.0.76%8,185,639$48Mtrimmed−47%−0.21 pp36 q
BRYBerry Corporation (bry)0.73%6,697,000$46Mheld—18 q
BAPCredicorp LTD0.65%281,632$42Mtrimmed−34%−0.07 pp7 q
DQDaqo New Energy Corp.0.64%1,029,621$41Mtrimmed−3%+0.01 pp2 q
TXTernium S.A.0.62%999,923$40Madded×2.0+0.36 pp5 q
SQMSociedad Quimica y Minera de Chile SA0.58%505,135$37Mnew+0.58 ppnew
OCSLOaktree Specialty Lending Corporation0.57%1,852,456$36Madded+11%+0.17 pp23 q
JDJD.com, Inc.0.54%1,011,730$35Mnew+0.54 ppnew
LBTYALiberty Global Ltd. Class A0.52%1,946,000$33Mheld—3 q
MXMagnachip Semiconductor Corp.0.50%2,849,858$32Madded+24%+0.23 pp26 q
SMRTSmartRent, Inc.0.45%7,505,294$29Mheld—6 q
PAMPampa Energia S.a.0.44%639,421$28Mheld—20 q
VVRInvesco Senior Income Trust0.38%6,300,000$24Mtrimmed−6%+0.06 pp5 q
TGSTransportadora de Gas del Sur S.A.0.37%1,686,238$23Mtrimmed−6%+0.14 pp20 q
MTGMGIC Investment Corp.0.30%1,200,000$19Mheld—41 q
HTZHertz Global Holdings, Inc0.29%1,000,000$18Mtrimmed−80%−0.75 pp7 q
BATLBattalion Oil Corporation0.27%3,009,912$17Mheld—14 q
XJQCXNuveen Credit Strategies Inc0.27%3,333,949$17Mheld—5 q
ONITOnity Group Inc.0.27%581,006$17Mtrimmed−7%+0.05 pp9 q
unresolvedUniti Group Inc0.25%3,397,592$16Mheld—12 q
STHOStar Holdings Shares of Beneficial Interest0.23%1,000,000$15Madded+33%+0.06 pp2 q
TEOTelecom Argentina S.A.0.19%2,033,741$12Mheld—21 q
YPFYPF Sociedad Anonima0.18%764,952$11Mtrimmed−45%−0.01 pp2 q
HIMSHims & Hers Health, Inc.0.16%1,053,214$10Mtrimmed−20%−0.01 pp10 q
unresolvedMonterey Capital Acquisition Corp0.13%792,000$8Mheld—4 q
AIEVThunder Power Holdings0.12%735,000$8Mheld—4 q
unresolvedNuveen Senior Income Fund0.12%1,669,270$8Mheld—5 q
LBRDKLiberty Broadband Corporation Class C0.11%86,999$7Mheld—11 q
unresolvedTpi Composites Inc0.11%700,739$7Mheld—4 q
ASCBFA Spac II Acq Corp0.11%675,000$7Mheld—5 q
unresolvedNuveen Floating Rate Income Opportunity Fund0.10%793,641$6Mheld—5 q
unresolvedBlue World Acquisition Corp0.09%550,000$6Mheld—6 q
MSSAFMetal Sky Star Acq Corp0.09%496,000$6Mheld—5 q
ALVOWAlvotech0.09%4,666,667$6Mheld—5 q
unresolvedApollo Senior Floating Rate Fund Inc0.08%372,824$5Mheld—5 q
unresolvedDuet Acquisition Corp0.08%500,000$5Mheld—6 q
EFTEaton Vance Floating-Rate Income Trust0.08%419,051$5Mheld—5 q
unresolvedWelsbach Technology Metals Acquisition Corp0.08%450,000$5Mheld—6 q
unresolvedEvergreen Corp0.08%450,000$5Mheld—5 q
unresolvedFintech Ecosystem Development Corp0.07%450,000$5Mheld—6 q
FTIIFuturetech II Acq Crp A0.07%410,000$4Mheld—5 q
EONREON Resources Inc.0.07%425,000$5Mheld—5 q
YOTAYotta Acquisition Cp0.07%398,000$4Mheld—4 q
ALSAFAlpha Star Acq Corp0.07%400,000$4Mheld—6 q
unresolvedConsilium Acquisition Corp I Ltd0.07%400,000$4Mheld—6 q
unresolvedHainan Manaslu Acquisition Corp0.07%400,000$4Mheld—3 q
XEFRXEaton Vance Sr Fltg Rate Tr0.06%300,938$4Mheld—5 q
GDSTGoldenstone Acq Ltd0.06%350,000$4Mheld—5 q
unresolvedRigel Resource Acquisition Corp0.06%350,000$4Mheld—7 q
AOGOArogo Capital Acq Crp A0.05%300,000$3Mheld—6 q
unresolvedGlobal Star Acquisition Inc0.05%280,000$3Mheld—3 q
RSVRReservoir Media, Inc.0.05%576,518$3Mheld—8 q
unresolvedA Spac I Acquisition Corp0.05%290,000$3Mheld—6 q
unresolvedKeyarch Acquisition Corp0.05%290,000$3Mheld—6 q
HOVRNew Horizon Aircraft Ltd. Class A0.05%315,000$3Mnew+0.05 ppnew
AQUCAquaron Acquisition Corp0.04%225,000$2Mheld—3 q
unresolvedHudson Acquisition I Corp0.04%240,000$2Mheld—2 q
unresolvedMobiv Acquisition Corp0.04%245,000$3Mheld—3 q
PPYAPapaya Grwth Opp Cp I A0.04%250,000$3Mheld—6 q
SBCSBC Medical Group Holdings Incorporated0.04%250,000$3Mheld—3 q
2678581DAlphatime Acquisition Corp0.04%250,000$3Mheld—2 q
EMCGFEmbrace Change Acq Corp0.04%245,000$3Mheld—3 q
HSPOFHorizon Space Acq I0.04%250,000$3Mheld—2 q
unresolvedDenali Capital Acquisition Corp0.04%225,000$2Mheld—5 q
unresolvedArisz Acquisition Corp0.03%200,000$2Mheld—7 q
unresolvedBellevue Life Sciences Acquisition Corp0.03%175,000$2Mheld—2 q
unresolvedCetus Capital Acquisition Corp0.03%170,000$2Mheld—2 q
EVCOEverest Consolidator A0.03%200,000$2Mheld—6 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima0.03%235,403$2Mheld—17 q
unresolvedHeartland Media Acquisition Corp0.02%100,000$1Mheld—6 q
unresolvedKnightswan Acquisition Corp0.02%150,000$2Mheld—6 q
unresolvedPlutonian Acquisition Corp0.02%115,000$1Mheld—2 q
AMCIAMC Robotics Corporation0.02%150,000$2Mheld—2 q
unresolvedBioplus Acquisition Corp0.02%100,000$1Mheld—6 q
unresolvedAndretti Acquisition Corp0.02%100,000$1Mheld—6 q
DISTDistoken Acquisition Corp0.02%125,000$1Mheld—2 q
unresolvedGolden Star Acquisition Corp0.02%100,000$1Mnew+0.02 ppnew
WELNFIntegrated Wellness A0.02%100,000$1Mheld—6 q
unresolvedMars Acquisition Corp0.02%150,000$2Mheld—2 q
CTORCitius Oncology, Inc.0.02%135,000$1Mheld—3 q
EVFEaton Vance Senior Income Trust0.01%103,278$563,897held—4 q
OAKUOak Woods Acquisition Corporation Class A0.01%90,000$924,750new+0.01 ppnew
unresolvedLiv Capital Acquisition Corp II0.01%60,000$636,000held—6 q
unresolvedPatria Latin American Opportunity Acquisition Corp0.01%50,000$537,000held—5 q
unresolvedTmt Acquisition Corp0.01%75,000$769,500new+0.01 ppnew
unresolvedVahanna Tech Edge Acquisition I Corp0.01%50,000$532,500held—6 q
CMLSQCumulus Media Inc A0.00%28,937$118,641held—5 q
Garrett Motion Incconvertible—−68,834,814—exited−7.81 pp—
EGLEEagle Bulk Shipping Inc—−3,781,561—exited−2.20 pp—
WFRDWeatherford International plc—−1,843,818—exited−1.40 pp—
PCGPG&E Corporation—−5,600,000—exited−1.16 pp—
TOLToll Brothers, Inc.—−558,000—exited−0.43 pp—
KBHKB Home—−333,992—exited−0.17 pp—
TVGrupo Televisa S.A.—−2,182,167—exited−0.15 pp—
unresolvedEf Hutton Acquisition Corp I—−990,000—exited−0.13 pp—
unresolvedAlset Capital Acquisition Corp—−735,000—exited−0.10 pp—
JFRNuveen Floating Rate Income Fund—−991,759—exited−0.10 pp—
unresolvedBroad Capital Acquisition Corp—−550,000—exited−0.08 pp—
unresolvedNuveen Short Duration Credit Opportunities Fund—−509,049—exited−0.08 pp—
BGBBlackstone Strategic Credit 2027 Term Fund—−512,113—exited−0.07 pp—
unresolvedJupiter Wellness Acquisition Corp—−500,000—exited−0.07 pp—
unresolvedFat Projects Acquisition Corp—−560,000—exited−0.07 pp—
unresolvedRedwoods Acquisition Corp—−450,000—exited−0.06 pp—
TETEFTECHNOLOGY&TELECOMM A—−450,000—exited−0.06 pp—
unresolvedAvalon Acquisition Inc—−375,000—exited−0.05 pp—
GLLIGlobalink Investment Inc.—−350,000—exited−0.05 pp—
unresolvedRf Acquisition Corp—−400,000—exited−0.05 pp—
unresolvedIconic Sports Acquisition Corp—−400,000—exited−0.05 pp—
SACQFSpree Acq Cp 1 Ltd A—−350,000—exited−0.05 pp—
unresolvedBeard Energy Transition Acquisition Corp—−300,000—exited−0.04 pp—
unresolvedClean Earth Acquisitions Corp—−300,000—exited−0.04 pp—
unresolvedFortune Rise Acquisition Corp—−275,000—exited−0.04 pp—
unresolvedKimbell Tiger Acquisition Corp—−300,000—exited−0.04 pp—
unresolvedLiberty Resources Acquisition Corp—−325,000—exited−0.04 pp—
unresolvedPono Capital Three Inc—−315,000—exited−0.04 pp—
unresolvedGogreen Investments Corp—−300,000—exited−0.04 pp—
unresolvedAccretion Acquisition Corp—−200,000—exited−0.03 pp—
unresolvedAlpha Healthcare Acquisition Corp III—−200,000—exited−0.03 pp—
unresolvedAtlantic Coastal Acquisition Corp II—−250,000—exited−0.03 pp—
PNSTQPinstripes Holdings Inc A—−200,000—exited−0.03 pp—
unresolvedBlack Mountain Acquisition Corp—−200,000—exited−0.03 pp—
BSLBlackstone Senior Floating Rate 2027 Term Fund—−160,871—exited−0.03 pp—
unresolvedIndustrial Tech Acquisitions II Inc—−200,000—exited−0.03 pp—
unresolvedJuniper II Corp—−250,000—exited−0.03 pp—
unresolvedBullpen Parlay Acquisition Co—−200,000—exited−0.03 pp—
GTACGlobal Technology Acquisit-a—−200,000—exited−0.03 pp—
FNVTFinnovate Acquisition Corp-a—−220,000—exited−0.03 pp—
unresolvedHcm Acquisition Corp—−200,000—exited−0.03 pp—
TCVATcv Acquisition Corp-a—−250,000—exited−0.03 pp—
unresolvedShoulderup Technology Acquisition Corp—−175,000—exited−0.02 pp—
unresolvedVision Sensing Acquisition Corp—−150,000—exited−0.02 pp—
CLRCFClimaterock A—−140,000—exited−0.02 pp—
unresolvedLakeshore Acquisition II Corp—−175,000—exited−0.02 pp—
unresolvedColombier Acquisition Corp—−50,000—exited−0.01 pp—
unresolvedGraf Acquisition Corp IV—−100,000—exited−0.01 pp—
unresolvedHealthwell Acquisition Corp I—−100,000—exited−0.01 pp—
OAKUUOak Woods Acquisition Corporation—−90,000—exited−0.01 pp—
unresolvedProof Acquisition Corp I—−75,000—exited−0.01 pp—
unresolvedGreen Visor Financial Technology Acquisition Corp I—−50,000—exited−0.01 pp—
unresolvedLamf Global Ventures Corp I—−50,000—exited−0.01 pp—
unresolvedMotive Capital Corp II—−100,000—exited−0.01 pp—
ASBPAspire-Lakewood Holdings, Inc.—−100,000—exited−0.01 pp—
unresolvedTmt Acquisition Corp—−75,000—exited−0.01 pp—
unresolvedTrine II Acquisition Corp—−100,000—exited−0.01 pp—
BLACWBellevue Life Sciences-wrnt—−175,000—exited0.00 pp—
unresolvedBellevue Life Sciences Acquisition Corp—−175,000—exited0.00 pp—
unresolvedCetus Capital Acquisition Corp—−170,000—exited0.00 pp—
unresolvedCetus Capital Acquisition Corp—−170,000—exited0.00 pp—
unresolvedConcord Acquisition Corp III—−25,000—exited0.00 pp—
SRNESorrento Therapeutics Inc—−134,000—exited0.00 pp—
DISTWDistoken Acquisition CORP-28—−125,000—exited0.00 pp—
unresolvedDistoken Acquisition Corp—−125,000—exited0.00 pp—
unresolvedMars Acquisition Corp—−150,000—exited0.00 pp—

Other 13(f) securities

Options 2

Contract% of notionalSharesNotional
XOP PUT56.09%945,000$122M
SPY PUT43.91%215,000$95M

Notes 123

Issue% of notesPrincipalValue
Eagle Bulk Shipping Inc6.03%40,495,000$62M
Jetblue Airways Corp3.33%41,364,000$34M
Spotify USA Inc3.12%37,549,000$32M
Wayfair Inc2.44%30,350,000$25M
Nuvasive Inc2.37%26,961,000$24M
Coinbase Global Inc2.26%30,636,000$23M
Cable One Inc2.23%27,827,000$23M
Alarm.com Hldgs Inc2.22%26,674,000$23M
Haemonetics Corp2.18%26,145,000$22M
Western Digital Corp2.13%22,413,000$22M
Sea Ltd1.90%24,167,000$20M
Perficient Inc1.84%22,927,000$19M
Rwt Holdings Inc1.69%19,848,000$17M
Itron Inc1.58%18,208,000$16M
Snap Inc1.44%20,802,000$15M
Affirm Holdings Inc1.42%19,626,000$15M
Shopify Inc1.35%15,213,000$14M
Mfa Financial Inc1.32%13,588,000$14M
Pennymac Corp1.28%13,911,000$13M
Kaman Corp1.27%13,497,000$13M
Digitalocean Holdings1.26%16,422,000$13M
Chegg Inc1.24%16,918,000$13M
Livongo Health1.22%13,807,000$13M
Apollo Cmmrl Real Est Fi1.21%12,381,000$12M
New Mountain Finance Cor1.16%11,951,000$12M
Tripadvisor Inc1.08%13,186,000$11M
Eventbrite Inc1.05%13,051,000$11M
Microstrategy Inc1.05%16,099,000$11M
Ford Motor Company1.03%9,599,000$11M
Dish Network Corp0.99%18,995,000$10M
Blackline Inc0.96%11,613,000$10M
Airbnb Inc0.95%11,153,000$10M
Fiverr International Ltd0.95%11,531,000$10M
Intercept Pharmas0.93%9,506,000$10M
Intercept Pharmas0.93%11,824,000$10M
Lumentum Holdings Inc0.92%11,896,000$9M
Air Transport Services G0.91%9,798,000$9M
Ezcorp Inc0.91%10,119,000$9M
Alteryx Inc0.89%9,653,000$9M
Neogenomics Inc0.89%12,276,000$9M
Techtarget Holdings Inc0.89%11,707,000$9M
8X8 Inc0.85%9,116,000$9M
Dayforce Inc0.81%9,353,000$8M
Greenlight Capital Re0.80%8,363,000$8M
Shake Shack Inc0.79%9,953,000$8M
Etsy Inc0.78%10,247,000$8M
Zscaler Inc.0.78%6,826,000$8M
Sea Ltd0.77%7,780,000$8M
Magnite Inc0.74%8,903,000$8M
Joyy Inc0.74%8,109,000$8M
Turning Point Brands Inc0.73%7,742,000$7M
Okta Inc0.72%8,595,000$7M
Enphase Energy Inc0.71%7,726,000$7M
Ionis Pharmaceuticals In0.70%7,702,000$7M
Accolade Inc0.69%8,520,000$7M
Splunk Inc0.69%7,060,000$7M
Liberty Latin America0.68%7,287,000$7M
Pdd Holdings Inc0.67%7,085,000$7M
Unity Software Inc0.67%8,617,000$7M
Viavi Solutions Inc0.67%6,862,000$7M
Integra Lifesciences Hld0.65%7,236,000$7M
Q2 Holdings Inc0.65%7,688,000$7M
Cloudflare Inc0.64%7,704,000$7M
Upstart Holdings Inc0.63%9,353,000$6M
Coherus Oncology Inc0.62%10,306,000$6M
Iqiyi Inc0.59%6,477,000$6M
Ringcentral Inc0.57%6,333,000$6M
Health Catalyst Inc0.55%5,836,000$6M
Bandwidth Inc0.54%6,976,000$6M
Redfin Corp0.52%7,734,000$5M
Hci Group Inc0.51%5,293,000$5M
Bill Holdings Inc0.50%4,892,000$5M
Expedia Group Inc0.48%5,580,000$5M
Exact Sciences Corp0.47%4,493,000$5M
Hello Group Inc0.47%4,832,000$5M
Datadog Inc0.46%3,794,000$5M
Akamai Technologies Inc0.45%4,729,000$5M
Dish Network Corp0.45%5,250,000$5M
Jazz Investments I Ltd0.45%4,857,000$5M
Nrg Energy Inc0.45%4,360,000$5M
Bridgebio Pharma Inc0.44%7,287,000$5M
Greenbrier Cos Inc0.44%4,646,000$5M
Biomarin Pharmaceutical0.43%4,448,000$4M
Mesa Laboratories Inc0.41%4,655,000$4M
Splunk Inc0.41%4,819,000$4M
Nutanix Inc0.40%4,798,000$4M
Wix Ltd0.38%4,449,000$4M
Wisdomtree Investments0.38%3,967,000$4M
Innoviva Inc0.37%4,590,000$4M
Snap Inc0.36%4,000,000$4M
Southwest Airlines Co0.34%3,000,000$3M
Zillow Group Inc0.34%2,750,000$3M
American Airlines Group0.30%2,400,000$3M
Fastly Inc0.29%3,641,000$3M
Nabors Industries Inc0.28%2,974,000$3M
Splunk Inc0.27%2,833,000$3M
Redwood Trust Inc0.26%2,814,000$3M
Uber Technologies Inc0.26%2,968,000$3M
Bandwidth Inc0.25%3,973,000$3M
Lyft Inc0.25%2,855,000$3M
SHIFT4 Payments Inc0.24%2,300,000$3M
Wolfspeed Inc0.24%3,200,000$2M
Nio Inc0.23%2,429,000$2M
Nio Inc0.23%2,789,000$2M
Solar Edge Technologies0.23%1,955,000$2M
Tyler Technologies Inc0.21%2,100,000$2M
Bentley Systems0.20%2,225,000$2M
Conmed Corp0.20%1,800,000$2M
Lumentum Holdings Inc0.17%1,600,000$2M
SHIFT4 Payments Inc0.17%1,975,000$2M
Greenbrier Cos Inc0.16%1,620,000$2M
M/A-COM Tech Solutions0.15%1,500,000$2M
Omnicell Inc0.15%1,500,000$2M
Chegg Inc0.14%1,628,000$1M
Novocure Ltd0.14%1,621,000$1M
Sunrun Inc0.14%2,037,000$1M
Ncl Corporation Ltd0.13%1,415,000$1M
Draftkings Holdings Inc0.12%1,619,000$1M
Helix Energy Solutions0.11%1,169,000$1M
Herbalife Ltd0.11%1,213,000$1M
Illumina Inc0.10%1,000,000$997,989
Neogenomics Inc0.09%1,014,000$952,526
Mitek Systems Inc0.07%810,000$710,680

Source

Form
13F-HR
Reading
0 defects · 35 unresolved
Accession
0001790787-23-000005
SEC cross-check
SEC data set not published yet