Torm Plc and Expand Energy remain top holdings, underscoring Oaktree's belief in stable demand for shipping and integrated energy solutions. Together comprising about one-third of the portfolio, these positions suggest confidence in sectors tied to global economic activity and commodity flows, reflecting Howard Marks' typical contrarian approach to finding value in essential services.

Slight reductions in AngloGold Ashanti, Vista Oil & Gas, and Indivior point to tactical rebalancing, capturing gains or mitigating risk while still retaining core exposure to gold, Latin American energy, and pharmaceutical demand. These modest trims suggest fine-tuning rather than a fundamental shift in strategy, as all three positions remain significant enough to benefit from potential sector recoveries.

Garrett Motion (auto technology), Infinera (telecom infrastructure), and SunOpta (plant-based foods) highlight Oaktree's strategy of investing in essential, high-potential industries. These holdings align with structural shifts in consumer preferences and technological innovation, balancing the portfolio's heavier commodity and energy focus with exposure to growth sectors.

Sitio Royalties (energy royalties) and Runway Growth Finance (venture debt) provide cash-flow-focused investments, consistent with Oaktree's emphasis on stable, yield-generating assets that can weather market volatility. These positions reflect Marks' philosophy of seeking both value and income, particularly in areas where the market may be underappreciating the consistency of future cash flows.