What if you had copied Oaktree Capital?
Howard Marks
The verdict
Copying Oaktree Capital's 13F filings from Feb 2020 would have turned $10,000 into $41,753, more than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned +23.7% a year against +14.4% for the S&P 500, 9.3 points a year ahead. Its worst fall was 41.2%, from Feb 20, 2020 to Mar 23, 2020. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Oaktree Capital$41,753
- S&P 500$24,639
- Bought their first portfolio and never traded$53,533
If you had bought their first portfolio and never traded, you would have ended at $53,533, so following every move cost $11,781.
- $10,000 copied
- $41,753
- +317.5%, +23.7% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $53,533
- Bought their first portfolio and never traded
- Worst fall
- −41.2%
- Feb 20, 2020 to Mar 23, 2020
- Trades
- 364
- 205 buys, 159 sales over 43 filings; about 61% of the copy traded a year
The moves that made the most
- TRMDTorm+$8,006
Held since Feb 2020, the stock up 883%
- GTXGarrett Motion+$3,799
Held since Nov 2020, the stock up 379%
- AUAnglogold Ashanti+$3,129
Held since Nov 2023, the stock up 550%
- SBLKStar Bulk Carriers+$2,414
Held from Feb 2020 to May 2026, the stock up 467%
- EXEExpand Energy+$2,385
Held since May 2021, the stock up 114%
- VSTVistra+$1,528
Held from Feb 2020 to Feb 2024, the stock up 114%
The moves that cost the most
- SESea−$304
Held since Aug 2025, the stock down 58%
Held since Nov 2025, the stock down 11%
- GRAB−$180
Held from May 2025 to May 2026, the stock down 30%
- CORZCore Scientific−$165
Held since Nov 2025, the stock down 15%
Held from Nov 2025 to May 2026, the stock down 22%
- BBDBanco Bradesco−$152
Held from Feb 2020 to Feb 2025, the stock down 62%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +7.2% | +13.1% | −5.9 |
| 2021 | +41.5% | +28.7% | +12.7 |
| 2022 | +35.2% | −18.2% | +53.4 |
| 2023 | +27.8% | +26.2% | +1.6 |
| 2024 | −1.9% | +24.9% | −26.7 |
| 2025 | +38.3% | +17.7% | +20.6 |
| 2026to Nov 2026 | +17.4% | +11.5% | +5.9 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.