Torm Plc and Chesapeake Energy remain the dominant positions, collectively representing over 31% of the portfolio. Despite a nearly 20% reduction in Chesapeake shares, Oaktree's substantial commitment to these sectors signals confidence in global energy demand and shipping constraints. These positions align with Howard Marks' value-investing philosophy of maintaining conviction in out-of-favor sectors with strong fundamentals.

The addition of Nokia as a top-10 holding and new positions in Baidu, Grab Holdings, and Kingsoft Cloud represent a calculated expansion into technology. These additions provide exposure to 5G infrastructure, artificial intelligence, ride-sharing/delivery platforms, and cloud computing respectively, reflecting Oaktree's identification of value opportunities in technology sectors undergoing transformation.

While AngloGold Ashanti saw a slight reduction in shares, it now represents a larger percentage of the portfolio, climbing to the fifth largest position. This is complemented by a significant increase in Barrick Gold holdings (up 147.93%), indicating a strategic rebalancing within the precious metals sector rather than reduced exposure. This suggests Oaktree views gold producers as attractive inflation hedges in the current economic environment.

The substantial increase in Cemex holdings (up 32.87%) and continued positions in construction-related businesses reflect confidence in infrastructure spending and construction activity. This sector provides Oaktree with exposure to both developing and developed markets, particularly as governments worldwide implement infrastructure initiatives.

The significant increase in Indivior holdings (up 26.06%) stands out as a high-conviction move in specialty pharmaceuticals. This targeted healthcare exposure focuses on addiction treatment, an area with growing medical need and potentially stable demand regardless of broader economic conditions.