Oaktree Fund Advisors, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Oaktree Fund Advisors, LLC reported 15 stock positions worth $53.8 million. Its top holding was Anglogold Ashanti (AU) at 25.5% of the portfolio, followed by Barrick Mining (B, 11.6%) and Itau Unibanco H-Spon PRF ADR (ITUB, 10.3%). Compared with Q2 2025, it opened 3 new positions, sold out of 4, added to 3 and reduced 2. The biggest buy was a new position in Nu Holdings Ltd./Cayman Isl-A (NU) and the biggest sale an exit from iShares MSCI India ETF (INDA).

Most Recent 13F
Q2 2026
Location
LOS ANGLES, CA
CIK
0001822973
Portfolio Value
$53.8M (Q3 2025)
SEC Filing
0001822973-25-000002 ↗ filed Nov 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $110.2M Q1 2024 Q2 2024: $105.7M Q2 2024 Q3 2024: $87.7M Q3 2024 Q4 2024: $58.4M Q4 2024 Q1 2025: $67.7M Q1 2025 Q2 2025: $56.6M Q2 2025 Q3 2025: $53.8M $53.8M Q3 2025 Q4 2025: $53.4M Q4 2025 Q1 2026: $56.5M Q1 2026 Q2 2026: $57.7M Q2 2026

Holdings 15 stocks · $53.8M
AU Anglogold Ashanti PLC 25.48% 195,040 $13.7M Reduce -24.1%
B Barrick Mining Corp. 11.65% 191,394 $6.3M No change
ITUB Itau Unibanco H-Spon PRF ADR 10.26% 752,641 $5.5M Add +14.6%
HDB HDFC Bank Ltd.-ADR 8.62% 135,884 $4.6M No change
GRAB Grab Holdings Ltd. Class A 7.78% 695,616 $4.2M No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 7.05% 237,253 $3.8M New
FCX Freeport-McMoran Inc. 5.87% 80,595 $3.2M Reduce -30.1%
YMM Full Truck Alliance -SPN ADR 5.31% 220,499 $2.9M Add +104.4%
XP XP Inc. Class A 4.08% 116,927 $2.2M New
BZ Kanzhun Ltd. - ADR 4.06% 93,647 $2.2M No change
TX Ternium SA-Sponsored ADR 3.32% 51,529 $1.8M No change
SE Sea Ltd.-ADR 2.70% 8,141 $1.5M Add +60.4%
JBS JBS NV-A 2.45% 88,298 $1.3M New
ALVO Alvotech SA 1.16% 76,023 $623K No change
BTAIQ Bioxcel Therapeutics Inc. 0.20% 42,913 $110K No change
Other holdings (3): bonds, preferreds, convertibles and warrants · $457K (not counted above)
SecurityClassShares / PrincipalValueChange
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) CONVERTIBLE BOND · principal 230,000$225KReduce -3.8%
CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal 175,000$171KReduce -4.4%
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) NOTE 1.750%12/1 · principal 62,000$61KReduce -67.4%

Total filed on the 13F, all lines: $54.3M.

Portfolio Sells Q2 2025 → Q3 2025
INDA iShares MSCI India ETF Sold out 0.00% −21.26
EC Ecopetrol SA-Sponsored ADR Sold out 0.00% −3.25
FCX Freeport-McMoran Inc. Reduce -30.1% 5.87% −2.96
BEKE Ke Holdings Inc.-ADR Sold out 0.00% −2.84
YPF YPF S.A.-Sponsored ADR Sold out 0.00% −2.07
AU Anglogold Ashanti PLC Reduce -24.1% 25.48% +4.79

Portfolio Buys Q2 2025 → Q3 2025
NU Nu Holdings Ltd./Cayman Isl-A New 7.05% +7.05
XP XP Inc. Class A New 4.08% +4.08
YMM Full Truck Alliance -SPN ADR Add +104.4% 5.31% +3.06
JBS JBS NV-A New 2.45% +2.45
ITUB Itau Unibanco H-Spon PRF ADR Add +14.6% 10.26% +2.38
SE Sea Ltd.-ADR Add +60.4% 2.70% +1.27

Notes & Other Activity Q2 2025 → Q3 2025
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) CONVERTIBLE BOND · principal Reduce -3.8% 230,000 $225K
CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal Reduce -4.4% 175,000 $171K
ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) NOTE 0.250% 6/1 · principal Sold out 130,000 $128Kbefore exit
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) NOTE 1.750%12/1 · principal Reduce -67.4% 62,000 $61K
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal Sold out 20,000 $21Kbefore exit
MERITAGE HOMES CORP (MTH 1.75 05/15/28) NOTE 1.750% 5/1 · principal Sold out 20,000 $19Kbefore exit
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal Sold out 20,000 $19Kbefore exit
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal Sold out 18,000 $17Kbefore exit
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal Sold out 15,000 $17Kbefore exit
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal Sold out 14,000 $16Kbefore exit
TELADOC HEALTH INC (TDOC 1.25 06/01/27) NOTE 1.250% 6/0 · principal Sold out 17,000 $16Kbefore exit
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal Sold out 14,000 $15Kbefore exit
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal Sold out 15,000 $15Kbefore exit
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal Sold out 17,000 $15Kbefore exit
CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal Sold out 15,000 $14Kbefore exit
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal Sold out 13,000 $14Kbefore exit
SNAP INC (SNAP 0.125 03/01/28) NOTE 0.125% 3/0 · principal Sold out 16,000 $14Kbefore exit
WEC ENERGY GROUP INC (WEC 4.375 06/01/29) NOTE 4.375% 6/0 · principal Sold out 12,000 $14Kbefore exit
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) NOTE 1.500% 2/1 · principal Sold out 14,000 $14Kbefore exit
SEA LTD (SEALTD 0.25 09/15/26) NOTE 0.250% 9/1 · principal Sold out 13,000 $12Kbefore exit
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) NOTE 1.750% 8/1 · principal Sold out 13,000 $12Kbefore exit
WIX LTD (WIX 0 08/15/25) NOTE 8/1 · principal Sold out 12,000 $12Kbefore exit
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal Sold out 12,000 $11Kbefore exit
SHAKE SHACK INC (SHAK 0 03/01/28) NOTE 3/0 · principal Sold out 10,000 $11Kbefore exit
ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal Sold out 11,000 $11Kbefore exit
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal Sold out 11,000 $10Kbefore exit
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal Sold out 10,000 $10Kbefore exit
OKTA INC (OKTA 0.125 09/01/25) NOTE 0.125% 9/0 · principal Sold out 10,000 $10Kbefore exit
ENPHASE ENERGY INC (ENPH 0 03/01/26) NOTE 3/0 · principal Sold out 10,000 $10Kbefore exit
ENPHASE ENERGY INC (ENPH 0 03/01/28) NOTE 3/0 · principal Sold out 11,000 $9Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 13$57.7MAU, B, ITUB, YPF, FCX
Q1 2026Amended 12$56.5MAU, PBR, B, ITUB, YPF
Q4 2025 14$53.4MAU, B, ITUB, HDB, NU
Q3 2025 15$53.8MAU, B, ITUB, HDB, GRAB
Q2 2025 16$56.6MINDA, AU, HDB, FCX, ITUB
Q1 2025 21$67.7MINDA, AU, FCX, HDB, B
Q4 2024 20$58.4MINDA, AU, HDB, FCX, JD
Q3 2024 23$87.7MINDA, AU, FCX, JD, VALE
Q2 2024 17$105.7MAU, VALE, FCX, INDA, JD
Q1 2024 19$110.2MFCX, AU, VALE, BBD, PBR