OAKTREE CAPITAL MANAGEMENT LP

The portfolio consists of 146 holdings, indicating a diversified approach. However, the concentration is skewed toward the top names, with the top ten positions accounting for approximately 46% of the total portfolio value. The firm executed a high-turnover strategy this quarter, with 32 positions either newly acquired or completely liquidated (16 new, 16 sold), signaling a dynamic shift in their outlook for specific industries rather than a passive buy-and-hold stance.

2. Key Holdings

The portfolio is characterized by a "barbell" strategy, featuring massive concentration in a select few deep-value or special situations alongside a long tail of smaller positions.