Oaktree's Largest Position Is SPY, and the Filing Shows Why It's Bearish
As seen on the 24/7 Wall St. homepage on August 14, 2026.
- Underlying shares
- 1.4M
- Option value
- $1.0B
- % of portfolio
- —
As of Jun 30, 2026 · disclosed Aug 14, 2026 · ~45 days stale — may not reflect current positions.
Howard Marks' Oaktree ended June with the S&P 500 ETF as its largest disclosed position at 14% of the portfolio, ahead of QQQ. The same filing shows new stakes in Uber, Alibaba and Cloudflare alongside full exits from Coinbase, Block and Strategy, a clean rotation out of crypto-levered names.
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Oaktree Capital's 13F for the quarter ended June 30, 2026, disclosed on August 14, shows the S&P 500 ETF as the firm's single largest holding at just over $1 billion. Oaktree is holding it through bearish options.
A bearish options structure on the S&P 500 ETF as a top holding signals that Oaktree is using its biggest disclosed bet to hedge against, or profit from, a broad market decline. Howard Marks has long been associated with credit and distressed investing, so a prominent macro hedge of this size in the equity filing stands out.
The same filing shows Oaktree building new stakes in Uber, Alibaba, and Cloudflare while fully exiting Coinbase, Block, and Strategy. That is a clean rotation away from names whose returns are tightly tied to cryptocurrency prices, suggesting the firm wanted less speculative exposure at the same time it was pressing its bearish S&P 500 bet.
Share-equivalent exposure jumped sharply in the prior quarter before pulling back and then surging again, marking this as an actively managed position. Investors watching Oaktree's macro posture will want to track whether it grows further in the September quarter filing.
Mentioned: SPY