Oaktree Capital Management, L.P. 13F holdings and portfolio analysis

PrêtOaktree Capital Management, L.P. · Howard Marks

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Baseline

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Référence Q&R de stratégie3 Q&R de référence

Q&R pré-générée sur ce fonds. Utilisez-la comme contexte de référence pour votre propre analyse.

baseline13FChat AI
What does directly following the disclosed baseline portfolio expose an investor to?

Directly following the baseline means accepting very heavy concentration and stock-specific risk. In the baseline strategy view, the top 5 holdings are 96.51% of capital and the top 10 are 99.28%, with AU alone at 41.31%, GTX at 22.17%, and INDV at 18.96%. Sector exposure is similarly narrow: Materials 41.31%, Consumer Discretionary 23.10%, Health Care 20.15%, and Real Estate 8.21%. The result is not broad replication of a diversified 13F basket; it is effectively a handful of dominant bets.

↳Ask in the app whether reducing the top holding cap would materially improve diversification without losing the original thesis.
baseline13FChat AI
Which recent baseline periods best explain the risk-return trade-off?

The clearest recent baseline trade-off comes from a few periods with sharp underperformance despite modest turnover. In 2024-06-30, baseline returned 0.52% versus SPY at 12.13%, an excess loss of -11.61% with only 0.46 turnover and 2 trades. In 2025-03-31, baseline returned 0.28% versus SPY at 13.82%, a -13.53% excess result with 0.54 turnover and 2 trades. On the positive side, 2021-12-31 returned 11.30% against SPY at -5.97%, a strong 17.27% excess. These periods show the trade-off clearly: low trading and low beta can still leave the portfolio far behind in broad risk-on markets, but concentrated stock selection can occasionally create strong isolated outperformance.

↳Ask in the app to sort baseline periods by excess return and turnover to see which wins were skill versus concentration luck.
baseline13FChat AI
What should a user inspect next before deciding whether the baseline is acceptable?

Before accepting the baseline, the user should inspect three things: concentration, drawdown behavior, and lag risk. The baseline summary already flags weak alpha (-2.73), low Sharpe (0.12), and max drawdown of -41.14%, while risk notes mention 807 historical transactions and delayed filing-based trades. The top 5 concentration of 96.51% means performance is driven mostly by AU, GTX, INDV, CBL, and STKL, so the next step is to test whether those names still fit the user’s own tolerance for single-name risk and whether the 13F lag still leaves any edge.

↳Ask in the app for a what-if analysis that caps baseline position sizes and re-runs the backtest versus SPY.
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