Oaktree Capital Management 13F Portfolio

The biggest new bet is Indivior, a 4.7% position worth $251.4M. Oaktree bought it at an average cost near $19.2, and the position is already up 104.1% versus that basis. That is classic Oaktree: a misunderstood pharmaceutical with litigation and addiction-treatment cash flows, bought after the story has been de-risked enough to matter.

The credit build is just as telling. OCSL was increased by 325.0% to 1.8% of the book, a $71.9M add. As Oaktree's own specialty-lending vehicle, it gives the fund a yield-heavy, internally managed credit exposure that fits the firm's DNA better than a generic bank stock.

Emerging-market consumer is the second new theme. Sea and MakeMyTrip were both opened, at $60.9M and $52.4M, respectively. These are asset-light platforms with operating leverage, and Oaktree is buying them after the initial growth scare has passed.

Connectivity is the third leg. Viasat is a new $56.6M position, while TDS was increased by 23.1% to 3.7% of the book. Both are deep-value telecom and satellite names where cash flow, not subscriber growth, is the thesis. Matthews International and tiny SharonAI/Quantum adds are optionality, not core bets.

The sell side is mostly harvest, not retreat. Oaktree cut Garrett Motion by 48.0%, selling $253.6M, but the position was still up 275.4% versus its average cost. That is a textbook trim of a cyclical auto-parts winner after a huge run, not a statement that the business is broken.

Other trims look like funding trades:

• SunOpta was nearly eliminated, down 99.6%, freeing $113.0M after a -41.6% gain versus cost. The fund kept only a tiny stub.
• Core Scientific was cut 46.9%, raising $112.8M, after a 19.1% gain. Oaktree reduced bitcoin-miner and data-center risk without abandoning the power-demand theme entirely.
• TORM was trimmed 14.7%, freeing $90.5M, but it remains the top holding at 9.9% of the book. This is profit-taking in product tankers after a 381.3% gain versus cost.
• TransAlta was cut 53.2% and Cemex was nearly exited, down 96.4%, as Oaktree recycled capital from utilities and building materials into higher-conviction ideas.

The message is not a bearish macro call. Expand Energy, Viper Energy, Talen Energy, Liberty Global, Aeromexico, and Kilroy were left unchanged. Oaktree is curating the edges of the book while protecting the cash-flow core.

The headline sector chart says consumer discretionary fell to 26.1% from 32.4%, but read past the label. TORM is a product tanker, not a consumer stock; Garrett Motion is auto parts; Aeromexico is an airline. The true reduction is in auto and transport cyclicals, plus the exit from SunOpta and Cemex.

Oaktree still wants energy and shipping cash flow, but it is no longer adding to the most extended cyclical winners. Health care is the genuine new allocation, rising to 8.6% from 1.5%. That jump is almost entirely Indivior, with Bausch + Lomb, Surgery Partners, BioXcel, and Alvotech as smaller satellites.

This is event-driven, cash-flow value, not a defensive sector punt. Telecom moved to 11.6% from 9.7%, helped by TDS and Liberty Latin America. Technology rose to 3.2% from 0.6%, via Viasat, SharonAI, Quantum, and SmartRent.

Some of those are speculative, but the direction is clear: Oaktree wants connectivity and data-infrastructure optionality. Energy stayed roughly flat at 18.5% versus 18.2%, and basic materials ticked up to 11.9% from 11.6%.

Gold and copper remain the inflation-and-crisis hedge. Finance fell to 10.9% from 12.1% as Core Scientific was cut, even though OCSL was added. The net shift is toward idiosyncratic healthcare and connectivity, funded by cyclical profit-taking.

Going forward, Oaktree looks positioned for a market where cash flow and catalysts matter more than headline growth. The core bet is still energy, gold, and power: Expand Energy, Viper Energy, AngloGold, Barrick, and Talen Energy are unchanged or added to, and they give the book inflation protection and real-asset cash generation. That is the anchor.

The newer bet is healthcare special situations. Indivior is already a 4.7% position and up 104.1% versus cost, so Oaktree is not waiting for the market to agree before sizing up. If litigation and commercial execution break the right way, the position can become a top-five holding; if not, the gain gives some cushion.

The third leg is credit and connectivity. OCSL, TDS, Viasat, Liberty Global, and Liberty Latin America are yield-and-infrastructure plays that fit Oaktree's preference for contractual or sticky cash flows. Sea, MakeMyTrip, Itau, and XP add emerging-market consumer and fintech beta, while SharonAI, Quantum, and Core Scientific are small data-infrastructure options.

The risk is concentration. The top 10 names are 47.4% of the book, and several are commodity or cyclical. Oaktree has been trimming winners to fund new themes, but it has not abandoned the old core. The next quarter's 13F should show whether the healthcare and telecom adds are the start of a larger shift or just a tactical upgrade.