Oaktree Reported a Decent Quarter, but No Progress on Investing Its Pile of Capital Commitments
Oaktree’s second-quarter results had some positives, including improvements in fee-related earnings, fund returns, and incentive income, but the firm is struggling to put cash to work, pushing out further the long-awaited recovery in earnings. We plan to maintain our $50 fair value estimate and narrow moat rating. Oaktree noted that low interest rates, ample liquidity, and investors searching for yield made it difficult to put cash to work. It was only able to invest about $2.4 billion during th...
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