Howard Marks, co-founder of Oaktree Capital Management, built his reputation by focusing on cycles, capital flows, and where the risk-reward has shifted in his favor. When Oaktree starts adding to positions, it usually reflects a broader view about where real-world demand is heading, not just short-term price action. Recent filings show the asset manager has been building positions in EQ Resources (NYSE:EQR), Core Scientific (NASDAQ:CORZ), and Talen Energy (NASDAQ:TLN | TLN Price Prediction). The common thread is demand for physical assets tied to energy and computing. Whether it’s powering AI data centers, supplying electricity, or owning scarce resources, Oaktree is positioning around parts of the economy where supply is tight, and capital is flowing. It’s a broader wager that real assets and power infrastructure are becoming more valuable as the global economy becomes more energy-intensive.
EQ Resources: A Massive Add Signals Conviction in Hard Assets
EQ Resources stands out as one of the most aggressive moves in the portfolio. The company operates in the natural resources space, giving it direct exposure to commodities tied to global supply constraints and real asset demand. Oaktree increased its position by roughly 20%, adding about 145 million shares and bringing the holding to approximately 3.17% of the portfolio. That’s a meaningful allocation paired with a large absolute add, which signals growing conviction rather than passive exposure.
The broader thesis ties back to scarcity. As capital has stayed tight across commodity markets, assets tied to physical production have become more valuable. Oaktree appears to be leaning into that dynamic, positioning for a cycle where supply remains constrained and pricing power improves.
Core Scientific: Betting on Power-Hungry Compute Demand
Core Scientific sits at the intersection of energy and compute. While historically tied to crypto mining, the business is increasingly relevant as demand for high-performance data centers continues to rise. Oaktree increased its position by about 30%, adding nearly 2 million shares and bringing the position to roughly 2.04% of the portfolio. That kind of build suggests the firm sees more than just a cyclical recovery story.
As AI workloads expand, demand for energy-intensive compute capacity continues to grow. Companies that already operate large-scale power and data infrastructure are positioned to benefit, and Core Scientific fits directly into that trend.
Talen Energy: Power Infrastructure Becomes a Strategic Asset
Talen Energy represents a more direct play on electricity demand. The company operates a large fleet of generation assets, including nuclear and fossil fuel capacity, making it a key supplier in an increasingly power-constrained environment. Oaktree increased its stake by about 14%, bringing its stake in Talen to roughly 2.08% of the portfolio. While smaller than some of its top holdings, the consistent buying points to a steady build in a strategic area.
The demand picture is shifting quickly. Talen’s partnership with AWS highlights how power generation is becoming a critical input for data centers and AI infrastructure. With electricity demand rising and new supply harder to bring online, existing generation assets are becoming more valuable, which aligns directly with Oaktree’s broader real asset thesis.
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