In a notable portfolio shift, Howard Marks' Oaktree Capital Management fully divested its position in Petróleo Brasileiro S.A. (Petrobras), according to its latest quarterly disclosure. The firm sold all 6.09 million shares it held, which were previously valued at approximately $126.36 million. The move is particularly interesting as Oaktree had just initiated this substantial stake in the Brazilian oil and gas giant during the first quarter of 2026, making it a very short-term holding.
As with all 13F filings, this report reflects trades made in the quarter ending June 30, 2026, and was publicly disclosed on August 14th, so the transactions occurred sometime in the preceding months. The sale took place during a period of strong operational performance for Petrobras, which reported record production levels for the second quarter. [4, 9, 11] Oaktree has not publicly commented on its rationale for entering and exiting the position within such a short timeframe.