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

HOW I WILL PLAY THE NEXT MONTHS AND WHAT I EXPECT:

I want to touch on 5 important things:

1. First, I’m sad to see the lunch of $ASTS fail. I sold a while ago. “$Execution delays is a risks. Sold and took profit recently.”

Still saddens me to see.

2. I see a lot of new concerns on US/Iran. Here’s my take and how I will play it:

Overall I believe we have see the worst. I could be wrong. But usually when ceasefire and ‘talks’ have been somehow ongoing it’s very rare a full blown war will continue.

I expect some volatility short-term. I’ll be DCA’en through if it plays out.

Long-term I have NO concerns. US are on their way to a ‘goldilocks’ era. So many investments are being made INTO US.

I expect inflation to rise short-term. Fall afterwards towards the goldilock-era for US where AI infrastructure will play out and dominate.

Lastly. I see some concerns about ‘oh, but $SPY $SPX $QQQ are all back to ATH and topping.

Yes. But MAG7 is not topping. $NVDA $GOOG $AMZN are close to touching Octobers high. But recently. $MSFT $AAPL $TSLA are far from it.

Meaning the ‘top’ is not driven by small cap or MAG7.

But the middle-layer of $SPYx / SP500.

I’m not concerned. But expect more of a rotation to continue into risk-on - when US/Iran clears.

3. A couple of hours ago I released a FREE NEW extensive deep dive on $OUST. You should go read it.

4. I’m considering creating a FREE group-chat here on X. A community.

What I expect of the group:

This is not a buy/sell signal group.

But a group to connect with like-minded. Analyzing the market, sharing ideas, research, insights, learnings and Go deep on finding gems together.

There’s limited spots.

If you want to join. Comment: “YES.”

And just to be clear: I dont have a course or offer no paid services.

5. Based on 2) - I’ll sit tight in my long-term high conviction plays with ease and peace. Add on dips. Pure DCA.

Meanwhile I’ll soon open up my short-term account again and begin some short-term swing trades in the timeframe of less than

Black Panther Capital: → PORTFOLIO UPDATE & REFLECTIONS:

Here’s what have changed:

I used the recent volatility to take some profit and consolidate around my highest conviction names.

LONG-TERM PORTFOLIO:
$IREN – 24.2%
$CIFR – 22.2%
$TE – 16.2%
$ONDS – 14.1%
$RKLB – 14.1%
$OSS – 9.1%

SHORT-TERM