In a significant portfolio shift, Howard Marks' Oaktree Capital Management fully exited its position in Nokia (NOK) during the second quarter of 2026. According to a quarterly 13F filing, which discloses stock holdings with a delay, the firm sold its entire stake of 11.20 million shares. The sale, valued at an estimated $90.05 million, removed what was previously a 1.37% weight in Oaktree's reported portfolio.
The sale occurred during a quarter where Nokia reported a 9% year-over-year increase in constant currency net sales and a notable 105% growth in sales to AI and cloud customers. [1, 3, 5] Despite some reported operating losses due to restructuring charges, Nokia raised its full-year profit forecast and secured €2.8 billion in new AI and cloud orders. [2, 4] The filing does not disclose Oaktree's specific reasons for the sale.