Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
Oaktree Capital Management
event_distressed
A
Reliability improving可靠性走强
leaderboard rank榜单排名 #15WATCH观察
Book持仓规模
$4.7B
long US listed only仅美股多头
Positions持仓数
51
80% resolved已解析
Top-10 concentration前十集中度
65%
% of book占组合%
Turnover换手
LOW
17.9% per quarter每季
Median excess中位超额
-5%
buys vs SPY, since filing买入相对SPY，自申报起 · n 78
Hit rate胜率
36%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: AI Neoclouds & HPC Hosting — added CORZ (+4.1pp of book this quarter)核心倾向：AI 新云与高性能算力托管 — 本季度加仓 CORZ（占组合 +4.1pp）
AI Neoclouds & HPC HostingAI 新云与高性能算力托管
+4.1pp
4.1% of book held占组合持有
· 1 names标的
· Artificial Intelligence
CORZ
SupplementsSupplements
+0.3pp
0.3% of book held占组合持有
· 1 names标的
· Healthy Food & Nutrition
SMPL
Power & Grid Buildout电力与电网
+0.1pp
3.4% of book held占组合持有
· 2 names标的
· Energy & Power
NRG
Nuclear & SMR Power核电与小型模块化反应堆
+0.1pp
3.4% of book held占组合持有
· 2 names标的
· Energy & Power
NRG
Utilities (Equal-Weight)公用事业（等权）
+0.1pp
0.1% of book held占组合持有
· 1 names标的
· US Sectors (EW)
NRG
E-CommerceE-Commerce
+0.0pp
0.0% of book held占组合持有
· 1 names标的
· Software
PDD
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 12 scored quarters已评分季度 · 25% positive为正 · recent-4 median近4季中位 -8% vs all-time对全期 -10%
Median excess by quarter各季度中位超额: ▁▅█▄▇▅▅▆▅▆▇▆ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 3 | -65% | 0% | -27% |
| 2023-09-30 | 8 | -15% | 38% | -8% |
| 2023-12-31 | 4 | +11% | 50% | +2% |
| 2024-03-31 | 7 | -29% | 14% | -20% |
| 2024-06-30 | 8 | +10% | 50% | +8% |
| 2024-09-30 | 9 | -11% | 44% | +8% |
| 2024-12-31 | 4 | -13% | 50% | +9% |
| 2025-03-31 | 5 | -4% | 40% | +1% |
| 2025-06-30 | 8 | -13% | 25% | -6% |
| 2025-09-30 | 11 | -9% | 46% | +11% |
| 2025-12-31 | 4 | +11% | 50% | +13% |
| 2026-03-31 | 7 | -6% | 14% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Unclassified
47.6%
▲ +1.6pp
Energy
18.7%
▲ +3.3pp
Technology
6.3%
▼ -0.9pp
Consumer Cyclical
5.7%
▼ -0.7pp
Communication Services
5.3%
▲ +1.3pp
Utilities
3.4%
▼ -1.0pp
Consumer Defensive
3.2%
▲ +1.7pp
Real Estate
2.9%
▼ -0.1pp
Basic Materials
2.9%
▼ -0.9pp
Industrials
2.3%
▼ -0.1pp
Healthcare
1.9%
▼ -3.9pp
Theme categories主题类别
US Sectors (EW) 13.8%
Artificial Intelligence 4.1%
Energy & Power 3.4%
Rotating into (QoQ)轮入（环比）
Energy +3.3pp
Consumer Defensive +1.7pp
Communication Services +1.3pp
Rotating out of (QoQ)轮出（环比）
Healthcare -3.9pp
Utilities -1.0pp
Basic Materials -0.9pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Unclassified 48% · Energy 19% · Technology 6% |
| 2025-12-31 | Unclassified 46% · Energy 15% · Technology 7% |
| 2025-09-30 | Unclassified 46% · Energy 16% · Consumer Cyclical 9% |
| 2025-06-30 | Unclassified 58% · Energy 14% · Consumer Cyclical 8% |
| 2025-03-31 | Unclassified 52% · Energy 17% · Consumer Cyclical 9% |
| 2024-12-31 | Unclassified 52% · Energy 18% · Consumer Cyclical 8% |
| 2024-09-30 | Unclassified 61% · Energy 13% · Consumer Cyclical 6% |
| 2024-06-30 | Unclassified 66% · Energy 11% · Consumer Cyclical 7% |
| 2024-03-31 | Unclassified 63% · Energy 12% · Consumer Cyclical 8% |
| 2023-12-31 | Unclassified 64% · Energy 10% · Consumer Cyclical 7% |
| 2023-09-30 | Unclassified 61% · Energy 12% · Consumer Cyclical 7% |
| 2023-06-30 | Unclassified 61% · Energy 12% · Utilities 7% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至申报日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。39 positions shown项持仓 · resolved已解析 41/51 (80%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  EXE |
Expand Energy Corp | 12.2% | $575M | hold | +4% | — | 70 · HIGH | Energy | Energy (Equal-Weight) | -10% |
| 2 |  QQQ |
Invesco Qqq Trust Series 1 | 7.0% | $329M | new | — | 1q | 74 · HIGH | — | — | -2% |
| 3 |  GTX |
Garrett Motion Inc | 5.7% | $265M | trim | -15% | — | 68 · MODERATE | Consumer Cyclical | — | — |
| 4 | CORZ |
Core Scientific Inc | 4.1% | $192M | add | +25% | 3q | 82 · HIGH | Technology | AI Neoclouds & HPC Hosting | -8% |
| 5 |  XOP |
State Street Spdr S&p Oil & Gas Exploration & Production Etf | 3.9% | $182M | new | — | 1q | 81 · HIGH | — | — | -3% |
| 6 |  TDS |
Telephone And Data Systems Inc | 3.9% | $181M | add | +16% | 1q | 70 · HIGH | Communication Services | — | -17% |
| 7 |  VNOM |
Viper Energy Inc | 3.8% | $178M | trim | -40% | — | 65 · MODERATE | Energy | — | -10% |
| 8 |  TLN |
Talen Energy Corp | 3.3% | $154M | trim | -24% | — | 64 · MODERATE | Utilities | Power & Grid Buildout, Nuclear & SMR Power | +7% |
| 9 |  STKL |
Sunopta Inc | 2.9% | $134M | hold | +0% | — | 63 · MODERATE | Consumer Defensive | Alt Protein | — |
| 10 |  PBR |
Petroleo Brasileiro Sa - Petrobras | 2.7% | $126M | new | — | 1q | 77 · HIGH | Energy | — | — |
| 11 |  B |
Barrick Mining Corp | 2.3% | $107M | trim | -12% | — | 46 · MODERATE | Industrials | Gold, Precious | — |
| 12 |  ITUB |
Itau Unibanco Holding Sa | 2.2% | $102M | trim | -12% | — | 45 · MODERATE | — | — | — |
| 13 |  NOK |
Nokia Oyj | 1.9% | $90M | trim | -40% | — | 44 · LOW | Technology | Telecom | — |
| 14 |  TAC |
Transalta Corp | 1.8% | $84M | hold | +0% | — | 33 · LOW | — | — | — |
| 15 |  CBL |
Cbl & Associates Properties Inc | 1.8% | $83M | trim | -14% | — | 32 · LOW | Real Estate | — | — |
| 16 |  FCX |
Freeport-Mcmoran Inc | 1.5% | $72M | trim | -12% | — | 32 · LOW | Basic Materials | Materials (Equal-Weight) | -7% |
| 17 |  LILA |
Liberty Latin America Ltd | 1.2% | $58M | hold | +0% | — | 31 · LOW | Communication Services | — | +50% |
| 18 |  AERO |
Grupo Aeromexico Sab De Cv | 1.2% | $56M | hold | +5% | — | 30 · LOW | — | — | — |
| 19 |  BLCO |
Bausch Lomb Corp | 1.1% | $54M | hold | +0% | — | 29 · LOW | Healthcare | — | -1% |
| 20 |  KRC |
Kilroy Realty Corp | 1.1% | $52M | hold | +0% | — | 28 · LOW | Real Estate | Office | +15% |
| 21 |  RWAY |
Runway Growth Finance Corp | 1.0% | $48M | hold | +0% | — | 27 · LOW | — | — | — |
| 22 |  YPF |
Ypf Sa | 0.9% | $41M | new | — | 1q | 31 · LOW | — | — | — |
| 23 |  AD |
Array Digital Infrastructure Inc | 0.7% | $33M | hold | +0% | — | 25 · LOW | — | — | — |
| 24 |  CX |
Cemex Sab De Cv | 0.7% | $32M | trim | -52% | — | 24 · LOW | Basic Materials | — | — |
| 25 |  ECVT |
Ecovyst Inc | 0.7% | $31M | trim | -44% | — | 24 · LOW | Basic Materials | — | — |
| 26 |  EMBJ |
Embraer Sa | 0.6% | $27M | new | — | 1q | 18 · LOW | Healthcare | — | — |
| 27 |  TX |
Ternium Sa | 0.5% | $23M | trim | -12% | — | 22 · LOW | — | — | — |
| 28 |  OCSL |
Oaktree Specialty Lending Corp | 0.5% | $21M | hold | +0% | — | 21 · LOW | — | — | — |
| 29 |  TEO |
Telecom Argentina Sa | 0.4% | $19M | trim | -31% | — | 20 · LOW | — | — | — |
| 30 | SMPL |
Simply Good Foods Co/the | 0.3% | $16M | new | — | 1q | 14 · LOW | Consumer Defensive | Supplements | -6% |
| 31 |  BATL |
Battalion Oil Corp | 0.2% | $12M | hold | +0% | — | 18 · LOW | — | — | — |
| 32 |  SMRT |
Smartrent Inc | 0.2% | $11M | hold | +0% | — | 17 · LOW | Technology | — | — |
| 33 |  OPTU |
Optimum Communications Inc | 0.2% | $10M | hold | -2% | — | 16 · LOW | Communication Services | — | — |
| 34 |  MX |
Magnachip Semiconductor Corp | 0.2% | $8M | hold | +0% | — | 15 · LOW | — | — | — |
| 35 | NRG |
Nrg Energy Inc | 0.1% | $7M | new | — | 1q | 20 · LOW | Utilities | Power & Grid Buildout, Nuclear & SMR Power, Utilities (Equal-Weight) | +2% |
| 36 |  BKLN |
Invesco Senior Income Trust | 0.1% | $4M | new | — | 1q | 9 · LOW | — | — | — |
| 37 |  HDB |
Hdfc Bank Ltd | 0.1% | $3M | trim | -12% | — | 13 · LOW | — | — | — |
| 38 | PDD |
Pdd Holdings Inc | 0.0% | $492814 | new | — | 1q | 17 · LOW | Technology | E-Commerce, Platforms | -11% |
| 39 |  BTAI |
Bioxcel Therapeutics Inc | 0.0% | $323193 | hold | +0% | — | 12 · LOW | — | — | — |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (11)
| QQQ new |
7.0% | -2% |
| CORZ add |
4.1% | -8% |
| XOP new |
3.9% | -3% |
| TDS add |
3.9% | -17% |
| PBR new |
2.7% | — |
| YPF new |
0.9% | — |
| EMBJ new |
0.6% | — |
| SMPL new |
0.3% | -6% |
| NRG new |
0.1% | +2% |
| BKLN new |
0.1% | — |
| PDD new |
0.0% | -11% |
Rotated out of轮出 (21)
| GTX trim |
-15% | — |
| VNOM trim |
-40% | -10% |
| TLN trim |
-24% | +7% |
| B trim |
-12% | — |
| ITUB trim |
-12% | — |
| NOK trim |
-40% | — |
| CBL trim |
-14% | — |
| FCX trim |
-12% | -7% |
| CX trim |
-52% | — |
| ECVT trim |
-44% | — |
| TX trim |
-12% | — |
| TEO trim |
-31% | — |
| HDB trim |
-12% | — |
 BZ exit |
-100% | +10% |
 CRC exit |
-100% | -14% |
 INDV exit |
-100% | +6% |
 MAR exit |
-100% | +4% |
 ORCL exit |
-100% | -37% |
 SMH exit |
-100% | +0% |
 SPY exit |
-100% | +0% |
 VALE exit |
-100% | -14% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以申报日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, long-only US listed ≥$100M. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量申报日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。