2026Q1 HOWARD MARKS 和 OAKTREE CAPITAL

TORM $TRMD：7.576億美元
Expand Energy $EXE：5.03億美元
Garrett Motion $GTX：4.61億美元
AngloGold Ashanti $AU：3.128億美元
Core Scientific $CORZ：2.298億美元
Viper Energy $VNOM：1.81億美元
Telephone and Data Systems $TDS：1.78億美元
Nokia $NOK：1.572億美元
SunOpta $STKL：1.347億美元
Petroleo Brasileiro $PBR：1.208億美元
Talen Energy $TLN：1.15億美元
Barrick $B：1.105億美元
CBL & Associates $CBL：9,940萬美元
Itau Unibanco $ITUB： 9,790萬美元
Liberty Global (LBTYA)：9,710萬美元
Credo Technology (CRDO)：9,630萬美元
TransAlta (TAC)：8,420萬美元
Freeport-McMoran (FCX)：7,740萬美元
Kilroy Realty (KRC)：6,570萬美元
Grupo Aeromexico (AERO)：5,960萬美元
XP Inc (XP)：5,650萬美元
Bausch + Lomb (BLCO)：5,410萬美元
Runway Growth Finance (RWAY)：4,680萬美元
Liberty Latin America (LILAK)：4,440萬美元
YPF Sociedad Anonima (YPF)：3,930萬美元
Array Digital Infrastructure (AD)：3,690萬美元
Cemex (CX)：3570萬美元
Ecovyst (ECVT)：3,470萬美元
Embraer (EMBJ)： 2,620萬美元
Ternium $TX：2560萬美元
Rice Acquisition 3 $KRSP：2,490萬美元
Oaktree Specialty Lending $OCSL：2,220萬美元
Telecom Argentina $TEO：2010萬美元
Simply Good Foods $SMPL：1300萬美元
Magnachip Semiconductor $MX：1,210萬美元
SmartRent $SMRT：870萬美元
Battalion Oil $BATL：660萬美元
NRG Energy $NRG：660萬美元
Optimum Communications $OPTU：650萬美元
Liberty Latin America A $LILA：630萬美元
Asertio Holdings $ASRT：500萬美元
Invesco Senior Loan ETF $BKLN：410萬美元
HDFC Bank $HDB：280萬美元
PDD Holdings $PDD：45.9萬美元
Alvotech $ALVO： 33.3萬美元
BioXcel Therapeutics (股票代號：BTAI)：28.9萬美元

NU、ORCL、SMH、GRAB 全部售出

RT Investing visuals
The AI data center bottlenecks map & key players:

Demand:
• $MSFT
• $GOOGL
• $META
• $AMZN
• Leading LLM providers

Layer 1 - Systems & colocation:
• $DELL
• $HPQ
• $SMCI
• $EQIX
• $DLR

Layer 2A - Memory:
• $MU
• $HYNSE
• $SMSD

Layer 2B - Networking & optics:
• $AVGO
• $COHR
• $MRVL

Layer 2C - Power & cooling:
• $VRT
• $ETN
• $BE

Layer 3 - In-rack connectivity:
• $AVGO
• $ALAB
• $CRDO

Layer 4 - Foundry & packaging:
• $INTC
• $ASX
• $TSM
• $AMCR

Layer 5 - Semiconductor equipment:
• $ASML
• $AMAT
• $LRCX
• $KLAC

Note that this isn't an exhaustive list, but rather an overview of the most important businesses per segment.

I hope you found this breakdown insightful!

I've covered the supply chain in more detail in the article linked below.

Investing visuals: I just published my latest research article: The AI data center bottlenecks map, covering:

• The AI supply chain
• The key players at critical bottlenecks
• Where to look as constraints move down the supply chain

I loved diving into this over the past few weeks with the goal

Welcome to all the new $FLNC bulls.

RonnieV: $FLNC fundamentals continue to strengthen:

With $6.1B pipeline, 64% YoY margin growth, positive net income, and wins like the 640MWh AZ project.

Outperforms $EOSE on key metrics with superior scale and software moat.

Trading at $21.42 vs. fair value $25/intrinsic $35, clear

Recent Dividend Increases You Need to Know About:

$PAYX – Paychex raises dividend by 10.2% to $1.19 | Forward yield: 5.19% | 12 years of increases

$HESM – Hess Midstream raises dividend by 2% to $0.78 | Forward yield: 7.97% | 9 years of increases

$ET – Energy Transfer raises dividend by 0.75% to $0.3375 | Forward yield: 6.58% | 19 consecutive quarterly increases

$AAPL – Apple raises dividend by 3.8% to $0.27 | Forward yield: 0.38% | 14 years of increases

$ICE – Intercontinental Exchange raises dividend by 8% to $0.52 | Forward yield: 1.34% | 13 years of increases

$OWL – Blue Owl Capital raises dividend by 2% to $0.23 | Forward yield: 8.68% | 4 years of increases

$POOL – Pool raises quarterly dividend by 4% to $1.30 | Forward yield: 2.76% | 16 years of increases

$GWW – W.W. Grainger raises quarterly dividend by 10.2% to $2.49 | Forward yield: 0.87% | 55 years of increases (Dividend King) 👑

$AWK – American Water Works raises dividend by 8.2% to $0.895 | Forward yield: 2.83% | 17 years of increases

I've been using Perplexity Computer for the majority of my AI workflow lately-

And this is still my favorite project that I've ever built.

The ultimate insider buying tracking tool.

I wanted to find out one question:

Which stocks actually have a high correlation of share price appreciation and insider buying?

What Perplexity Computer built to answer this was truly amazing.

Here's what it did:

It pulled 1,301 real SEC Form 4 insider purchases across 184 S&P 500 stocks over the last 5 years.

Then it tracked what happened to each stock AFTER insiders bought, measuring forward returns, win rates, and purchase frequency.

It combined all of that into a single "Alpha Score" that ranks every stock by how reliably it goes up after insiders buy.

The results?

$COIN: 100% win rate. +187% average return after insider buys.
$ET: 100% win rate. 52 purchases. $514M in total insider buying.
$VST, $LUV, $CAT, $LLY, all 100% win rates.

73% of ALL insider purchases across the S&P 500 led to share price gains.

But it didn't stop there.

It also built:

- A live purchase feed tracking every new SEC filing
- Cluster buy detection (multiple insiders buying the same stock within 14 days)
- A sector heatmap showing where insiders are putting their money
- Top conviction buys (Berkshire's $2.1B OXY position, Musk's $1B TSLA buy)

The whole thing looks like a Bloomberg terminal. Dark theme.

Real time data. Fully interactive. I didn't write a single line of code.

I just told Perplexity Computer what I wanted, and it researched the data, ran the analysis, and built the entire dashboard from scratch.

This is the future of building things with AI.

The best part was that it created a proprietary "Alpha Score" for every stock.

This was a composite ranking from 0 to 100 that weighs four factors:

1. How often insiders bought (frequency)
2. How much money they put in (total value)
3. What percentage of buys led to gains (win rate)
4. How big those gains were (average forward return)

The higher the Alpha Score, the stronger the correlation between insider buying and share price appreciation.

It revealed insights you would've never expected.

The energy sector ended up having the highest Alpha Score, meaning insiders buying energy stocks is very correlated with energy stocks surging.

I have paid for data on insider buying in the past.

I literally built a better tool with Perplexity Computer than the insider buying tools I have been using for the last 3 years.