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322<link rel="canonical" href="https://www.oaktreecapital.com/about/investment-philosophy" /><meta name="description" content="Oaktree Capital's investment philosophy focuses on risk control, consistency, market inefficiencies, specialization, and a contrarian approach to achieve superior returns." /></head> <body> <div> <div hidden> <span id="new-window-internal">Opens in a new window</span> <span id="same-window-external">Opens an external site</span> <span id="new-window-external">Opens an external site in a new window</span> </div> 323<div id="HeaderPlaceholder_T0D9A3C58008_Col00" class="sf_colsIn container-fluid px-0" data-sf-element="Container" data-placeholder-label="NonSearchableContainer"> 324 325 326<div > 327 <div ><!-- Google Tag Manager (noscript) --> 328<noscript>&amp;lt;iframe src="https://www.googletagmanager.com/ns.html?id=GTM-KCRTR5H" 329 height="0" width="0" style="display:none;visibility:hidden"&amp;gt;&amp;lt;/iframe&amp;gt;</noscript><!-- End Google Tag Manager (noscript) --> 330<header class="header"><div class="header-content"><div id="menu-toggle"><div id="hamburger"><span></span><span></span><span></span></div><div id="cross"><span></span><span></span></div></div><a class="logo" href="/home"><img src="/docs/oaktreecaplibraries/svgs/new-logo.svg" alt="Oaktree Logo" data-sf-ec-immutable="" /></a> 331 <nav class="navigations" role="navigation"><div class="mega-nav"><div class="mega-nav-container"><div class="form-content d-none" id="msearch"><input type="text" name="searchTerm" id="" placeholder="Search" /><input type="submit" value="" class="do-search" /><span class="closeButton"></span></div><ul class="menu"><li class="has-submenu" aria-label="About"><span tabindex="0">About</span> 332 <ul class="sub-menu2" style="text-indent:577.711px;"><li><a aria-label="Learn More About Oaktree" href="/about">About Oaktree</a></li><li><a href="/about/investment-philosophy">Investment Philosophy</a></li><li><a href="/about/business-principles">Business Principles</a></li><li><a href="/about/leadership">Leadership</a></li></ul></li><li class="has-submenu" aria-label="Strategies"><span tabindex="0">Strategies</span> 333 <ul class="sub-menu2" style="text-indent:677.891px;"><li><a href="/strategies/credit">Credit</a></li><li><a href="/strategies/equity">Equity</a></li><li><a href="/strategies/real-estate">Real Estate</a></li></ul></li><li class="has-submenu" aria-label="Responsibility"><span tabindex="0">Responsibility</span> 334 <ul class="sub-menu2" style="text-indent:831.148px;"><li><a href="/responsibility/sustainability">Sustainability</a></li><li><a href="/responsibility/diversity-inclusion">Diversity & Inclusion</a></li><li><a href="/responsibility/philanthropy">Philanthropy</a></li></ul></li><li aria-label="Insights"><a aria-label="View all Market Commentary, Education and Memos from Howard Marks Insights" href="/insights"><span style="margin-right:-10px;">Insights</span></a> 335 </li><li class="mobile-only has-submenu"><span>Investors</span> 336 <ul class="sub-menu2" style="text-indent:18px;"><li><h5>Public Investors</h5><ul class="sub-sub-menu"><li><a href="/home" data-link="https://www.brookfieldoaktreeholdings.com" style="line-height:16px;margin-bottom:1rem;display:block;padding-top:5px;margin-left:2rem;" data-bs-target="#third-Party-Notice-Popup" data-bs-toggle="modal">Brookfield Oaktree Holdings, LLC<br data-sf-ec-immutable="" />(<span style="text-transform:lowercase;display:inline-block;">f/k/a</span> Oaktree Capital Group, LLC)</a></li><li><a href="https://www.oaktreespecialtylending.com" target="_blank" data-sf-ec-immutable="">Oaktree Specialty Lending Corporation</a></li></ul></li><li><h5>Other Investors</h5><ul class="sub-sub-menu"><li><a href="/home" data-link="https://privatewealth.brookfield.com/" data-bs-target="#third-Party-Notice-Popup" data-bs-toggle="modal">Brookfield Private Wealth</a></li><li><a href="https://www.oaktreeacquisitioncorp.com" target="_blank" data-sf-ec-immutable="">Oaktree Acquisition Corporation</a></li><li><a href="/home" data-link="https://www.brookfieldoaktree.com/fund/oaktree-diversified-income-fund-inc" data-bs-target="#third-Party-Notice-Popup" data-bs-toggle="modal">Oaktree Diversified Income Fund Inc. (ODIDX)</a></li><li><a href="/home" data-link="https://www.brookfieldoaktree.com/fund/oaktree-emerging-markets-equity-fund" data-bs-target="#third-Party-Notice-Popup" data-bs-toggle="modal">Oaktree Emerging Markets Equity Fund (OEQIX)</a></li><li><a href="https://www.oaktreereif.com" target="_blank" data-sf-ec-immutable="">Oaktree Real Estate Income</a></li><li><a href="https://www.oaktreesicav.com" target="_blank" data-sf-ec-immutable="">Oaktree SICAV Funds</a></li><li><a href="/home" data-link="https://osc.brookfieldoaktree.com/" data-bs-target="#third-Party-Notice-Popup" data-bs-toggle="modal">Oaktree Strategic Credit Fund</a></li><li><a href="/home" data-link="https://www.17capital.com/" data-bs-target="#third-Party-Notice-Popup" data-bs-toggle="modal">17Capital</a></li></ul></li><li><h5>Investor Login</h5><ul class="sub-sub-menu"><li><a href="https://ocp.oaktreecapital.com" aria-label="Oaktree Client Portal Login" data-sf-ec-immutable="">Client Portal Login</a></li><li><a href="https://www.taxpackagesupport.com/oaktree" target="_blank" data-sf-ec-immutable="">Brookfield Oaktree Holdings, LLC Tax Package</a></li></ul></li></ul></li><li class="mobile-only"><a href="/careers"><span>Careers</span></a> 337 </li><li class="mobile-only"><a href="/contact-us"><span>Contact Us</span></a> 338 </li><li class="login mobile-only"><a href="https://ocp.oaktreecapital.com" class="btn primary" aria-label="Oaktree Client Portal Login" data-sf-ec-immutable="">Login</a> 339 </li></ul></div></div><div class="separator-nav"><span style="color:#e1e1e1;">|</span></div><div class="sub-nav"><ul class="menu"><li aria-label="Investors"><span tabindex="0">Investors</span>
340 <div class="sub-menu-wrapper2"><ul class="sub-menu"><li><h5>Public Investors</h5><ul class="sub-sub-menu"><li><a href="/home" data-link="https://www.brookfieldoaktreeholdings.com" style="line-height:16px;margin-bottom:0.5rem;display:block;padding-top:5px;" data-bs-target="#third-Party-Notice-Popup" data-bs-toggle="modal">Brookfield Oaktree Holdings, LLC<br data-sf-ec-immutable="" />(<span style="text-transform:lowercase;">f/k/a</span> Oaktree Capital Group, LLC)</a></li><li><a href="https://www.oaktreespecialtylending.com" target="_blank" data-sf-ec-immutable="">Oaktree Specialty Lending Corporation</a></li></ul></li><li><h5>Other Investors</h5><ul class="sub-sub-menu"><li><a href="/home" data-link="https://privatewealth.brookfield.com/" data-bs-target="#third-Party-Notice-Popup" data-bs-toggle="modal">Brookfield Private Wealth</a></li><li><a href="https://www.oaktreeacquisitioncorp.com" target="_blank" data-sf-ec-immutable="">Oaktree Acquisition Corporation</a></li><li><a href="/home" data-link="https://www.brookfieldoaktree.com/fund/oaktree-diversified-income-fund-inc" data-bs-target="#third-Party-Notice-Popup" data-bs-toggle="modal">Oaktree Diversified Income Fund Inc. (ODIDX)</a></li><li><a href="/home" data-link="https://www.brookfieldoaktree.com/fund/oaktree-emerging-markets-equity-fund" data-bs-target="#third-Party-Notice-Popup" data-bs-toggle="modal">Oaktree Emerging Markets Equity Fund (OEQIX)</a></li><li><a href="https://www.oaktreereif.com" target="_blank" data-sf-ec-immutable="">Oaktree Real Estate Income</a></li><li><a href="https://www.oaktreesicav.com" target="_blank" data-sf-ec-immutable="">Oaktree SICAV Funds</a></li><li><a href="/home" data-link="https://osc.brookfieldoaktree.com/" data-bs-target="#third-Party-Notice-Popup" data-bs-toggle="modal">Oaktree Strategic Credit Fund</a></li><li><a href="/home" data-link="https://www.17capital.com/" data-bs-target="#third-Party-Notice-Popup" data-bs-toggle="modal">17Capital</a></li></ul></li><li><h5>Investor Login</h5><ul class="sub-sub-menu"><li><a href="https://ocp.oaktreecapital.com/" aria-label="Oaktree Client Portal Login" data-sf-ec-immutable="">Client Portal Login</a></li><li><a href="https://taxpackagesupport.com/oaktree" target="_blank" data-sf-ec-immutable="">Brookfield Oaktree Holdings, LLC Tax Package</a></li></ul></li></ul></div></li><li><a href="/careers" aria-label="Careers"><span>Careers</span></a></li><li><a href="/contact-us" aria-label="Contact Us"><span>Contact Us</span></a></li><li><a aria-label="Oaktree Client Portal Login" href="https://ocp.oaktreecapital.com" data-sf-ec-immutable=""><span>Login</span></a></li></ul></div><div class="actions-nav"><a href="javascript:void(0)" class="action-search" aria-label="Open Search" tabindex="0" data-sf-ec-immutable=""></a><div class="form-content d-none" id="dsearch"><input tabindex="0" type="text" name="searchTerm" id="search-field" placeholder="Search" /><input type="submit" value="" class="do-search" aria-label="Search" /><a href="javascript:void(0)" class="closeButton" tabindex="0" data-sf-ec-immutable="">Close Search</a></div></div></nav></div></header></div> 341</div> 342</div> 343 344 <main id="main"> 345<section class="page-banner" style="background-image: url(/images/oaktreecaplibraries/banners/credit-hero.jpg?sfvrsn=66497c66_3)"> 346 <div class="overlay"> 347 <h1 class="oc-text-white">Investment Philosophy</h1> 348 <div class="social-links-wrapper d-md-flex d-none flex-column justify-content-end"> 349 <span class="oc-text-white">Follow Us</span> 350 <ul class="mt-4"> 351 <li class="m-1"><a href="https://www.twitter.com/oaktree" class="svg-twitter" aria-label="View All Oaktree on Twitter" data-sf-ec-immutable=""></a></li> 352 <li class="m-1"><a href="https://www.linkedin.com/company/oaktree-capital-management" class="svg-linkedin" aria-label="Oaktree on LinkedIn" data-sf-ec-immutable=""></a></li> 353 <li class="m-1"><a href="https://www.facebook.com/oaktreecapital" class="svg-facebook" aria-label="Oaktree on Facebook" data-sf-ec-immutable=""></a></li> 354 <li class="m-1 mb-0"><a href="https://www.youtube.com/oaktreecapital" class="svg-youtube" aria-label="Oaktree on Youtube" data-sf-ec-immutable=""></a></li> 355 </ul> 356 </div> 357 </div> 358</section> 359<div id="ContentPlaceholder_C005_Col00" class="sf_colsIn container" data-sf-element="Container" data-placeholder-label="Container"><div class="row pt-5" data-sf-element="Row"> 360<div id="ContentPlaceholder_C006_Col00" class="sf_colsIn col-lg-6 col-md-6 mb-0" data-sf-element="Column 1" data-placeholder-label="Column 1"><div class="row justify-content-md-end" data-sf-element="Row"> 361 <div id="ContentPlaceholder_C007_Col00" class="sf_colsIn col-lg-10 col-12" data-sf-element="Column 1" data-placeholder-label="Column 1"> 362<div > 363 <div ><p class="highlighted-text highlighted-text-md highlighted-text-lg">Our <em>investment philosophy</em> consists of six enduring tenets that have remained unchanged since our founding over 30 years ago. </p><br />
363<p class="paragraph">All of our investment activities operate according to the unifying philosophy that follows:</p></div> 364</div> 365 </div> 366</div> 367 368</div> 369<div id="ContentPlaceholder_C006_Col01" class="sf_colsIn col-lg-5 col-md-6 d-none d-md-block" data-sf-element="Column 2" data-placeholder-label="Column 2"> 370<div > 371 <div ><img src="/images/oaktreecaplibraries/banners/investment-philosophy---cityscape.png?Status=Master&sfvrsn=42bf7266_1" class="img-fluid" alt="Investment Philosophy - Cityscape" sf-size="100" /></div> 372</div> 373</div> 374</div> 375 376</div> 377<div id="ContentPlaceholder_C003_Col00" class="sf_colsIn container-fluid px-0 py-lg-5" data-sf-element="Container" data-placeholder-label="Container"> 378<section class="group oc-2cols-2colbg-light-grey container-fluid"> 379 <div class="container"> 380 <div class="row justify-content-center"> 381 <div class="grouped-content flex-row col-lg-11 col-12 px-0"> 382 <ul id=d255c14e-40bb-42ba-b1e8-2b33cee68479 class="tabs flex-column"> 383 <li data-target=#f35117f2-db87-6b3c-8afe-ff02002d04a8 class=active> 384 <h5>The primacy of risk control</h5> 385 </li> 386 <li data-target=#025217f2-db87-6b3c-8afe-ff02002d04a8 class=> 387 <h5>Emphasis on consistency</h5> 388 </li> 389 <li data-target=#205217f2-db87-6b3c-8afe-ff02002d04a8 class=> 390 <h5>The importance of market inefficiency</h5> 391 </li> 392 <li data-target=#e82219f2-db87-6b3c-8afe-ff02002d04a8 class=> 393 <h5>The benefits of specialization</h5> 394 </li> 395 <li data-target=#2f5217f2-db87-6b3c-8afe-ff02002d04a8 class=> 396 <h5>Macro-forecasting not critical to investing</h5> 397 </li> 398 <li data-target=#3e5217f2-db87-6b3c-8afe-ff02002d04a8 class=> 399 <h5>Disavowal of market timing</h5> 400 </li> 401 </ul> 402 <ul id=067d3b60-9b55-4e20-8f09-73e248322c21 class="breakdown tabs-content"> 403 <li id="f35117f2-db87-6b3c-8afe-ff02002d04a8" class="active"> 404 <h5>The primacy of risk control</h5> 405 <div class="content"> 406 <div class="asset-wrap"> 407 408 <p>Our goal is not superior investment performance but superior performance with less-than-commensurate risk. Above-average gains in good times are not necessarily proof of a manager's skill; it takes superior performance in bad times to prove that those good-time gains were earned through skill, not simply the acceptance of above average risk. Thus, rather than merely searching for prospective profits, we place the highest priority on preventing losses. It is our overriding belief that, especially in the opportunistic markets in which we work, "if we avoid the losers, the winners will take care of themselves."</p> 409 </div> 410 </div> 411 </li> 412 <li id="025217f2-db87-6b3c-8afe-ff02002d04a8" class=""> 413 <h5>Emphasis on consistency</h5> 414 <div class="content"> 415 <div class="asset-wrap"> 416 417 <p>Oscillating between top-quartile results in good years and bottom-quartile results in bad years is not acceptable to us. It is our belief that a superior record
417is best built on a high batting average rather than a mix of brilliant successes and dismal failures.</p> 418 </div> 419 </div> 420 </li> 421 <li id="205217f2-db87-6b3c-8afe-ff02002d04a8" class=""> 422 <h5>The importance of market inefficiency</h5> 423 <div class="content"> 424 <div class="asset-wrap"> 425 426 <p>We feel that skill and hard work can lead to a "knowledge advantage," and thus to potentially superior investment results. But we do not believe this can occur in so-called efficient markets, where large numbers of participants share roughly equal access to information and act in an unbiased fashion to incorporate that information into asset prices. We believe there are less efficient markets in which dispassionate application of skill and effort should pay off for our clients, and it is only in such markets that we invest.</p> 427 </div> 428 </div> 429 </li> 430 <li id="e82219f2-db87-6b3c-8afe-ff02002d04a8" class=""> 431 <h5>The benefits of specialization</h5> 432 <div class="content"> 433 <div class="asset-wrap"> 434 435 <p class="paragraph">Specialization offers the surest path to the results we, and our clients, seek. Thus, we insist that each of our portfolios do just one thing — practice a single investment specialty — and do it absolutely as well as it can be done. We establish the charter for each investment specialty as explicitly as possible and do not deviate. In this way, there are no surprises; our actions and performance always follow directly from the job we're hired to do. The availability of specialized portfolios enables Oaktree clients interested in a single asset class to get exactly what they want; clients interested in more than one class can combine our portfolios for the mix they desire.</p> 436 </div> 437 </div> 438 </li> 439 <li id="2f5217f2-db87-6b3c-8afe-ff02002d04a8" class=""> 440 <h5>Macro-forecasting not critical to investing</h5> 441 <div class="content"> 442 <div class="asset-wrap"> 443 444 <p>We believe consistently excellent performance can only be achieved through superior knowledge of companies and their securities, not through attempts at predicting what is in store for the economy, interest rates or the securities markets. Therefore, our investment process is entirely bottom-up, based on proprietary, company-specific research. We use overall portfolio structuring as a defensive tool to help us avoid dangerous concentration, rather than as an aggressive weapon expected to enable us to hold more of the things that do best.</p> 445 </div> 446 </div> 447 </li> 448 <li id="3e5217f2-db87-6b3c-8afe-ff02002d04a8" class=""> 449 <h5>Disavowal of market timing</h5> 450 <div class="content"> 451 <div class="asset-wrap"> 452 453 <p>Because we do not believe in the predictive ability required to correctly time markets, we keep portfolios fully invested whenever attractively priced assets can be bought. Concern about the market climate may cause us to tilt toward more defensive investments, increase selectivity or act more deliberately, but we never move to raise cash. Clients hire us to invest in specific market niches, and we must never fail to do our job. Holding investments that decline in price is unpleasant, but missing out on returns because we failed to buy what we were hired to buy is inexcusable.</p> 454 </div> 455 </div> 456 </li> 457 </ul> 458 </div> 459 </div> 460 </div> 461</section> 462
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507 508</div> 509</main> 510<div id="FooterPlaceholder_T0D9A3C58007_Col00" class="sf_colsIn container-fluid px-0" data-sf-element="Container" data-placeholder-label="NonSearchableContainer"> 511<div > 512 <div ><div class="modal fade" id="third-Party-Notice-Popup" tabindex="-1" role="dialog" aria-labelledby="third-Party-Notice-Popup" aria-hidden="true"><div class="modal-dialog modal-dialog-centered oc-modal-important" role="document"><div class="modal-content"><div class="modal-body"><h5>Important Notice</h5><p class="paragraph">You are leaving the Oaktree website and are being redirected to a third-party website. This link is being provided as a convenience and does not constitute an endorsement or approval by Oaktree of any products, services, or opinions of the corporation, organization or individual. Your access to, and use of, this website will be subject to the applicable Terms of Use, Privacy Policy and Use of Cookies.</p><div><a class="okLink" data-sf-ec-immutable=""><button tabindex="-1">OK</button></a> 513 <button data-dismiss="modal" data-bs-dismiss="modal">Cancel</button></div></div></div></div></div></div> 514</div> 515<div > 516 <div ><div class="modal fade" id="third-Party-Notice-Popup-2" tabindex="-1" role="dialog" aria-labelledby="third-Party-Notice-Popup" aria-hidden="true"><div class="modal-dialog modal-dialog-centered oc-modal-important" role="document"><div class="modal-content"><div class="modal-body"><h5>Important Notice</h5><p class="paragraph">You are leaving the Oaktree website and are being redirected to a third-party website. This link is being provided as a convenience and does not constitute an endorsement or approval by Oaktree of any products, services, or opinions of 517 the corporation, organization or individual. Your access to, and use of, this website will be subject to the applicable Terms of Use, Privacy Policy and Use of Cookies.</p><p class="paragraph">The statements in this video represent the opinions of the individual speaker. This video does not constitute an offer to sell or the solicitation of an offer to purchase any security. Any investment involves substantial risks including 518 complete loss of capital. There can be no assurance that Oaktree will be able to implement the strategy described herein or, if implemented, it will lead to successful results. There can be no assurance Oaktree will be able to maintain 519 the advantages discussed herein over time, or outperform third parties or the financial markets generally.</p><p class="paragraph">Certain information contained in the video constitutes “forward-looking statements,” which can be identified by the use of terms such as “may,” “will,” “expects,” “intends,” “plans,” 520 “believes,” “estimates” or comparable terminology. Forward looking statements are subject to a number of known and unknown risks and uncertainties, including without limitation changes in economic conditions, 521 political changes, legal and regulatory requirements, interest rate fluctuations, as well as changes in the markets, prospects and competition. 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