Return Attribution — Oaktree Capital Management
← Portfolio Analysis
Clone backtest (value-weighted, one-quarter signal lag): each position's contribution = its portfolio weight × next-quarter return. Contribution sums equal the segment return of the clone.
Oaktree Capital Management (13F portfolio cloned at quarter-end weights) delivered a +13.56% return over the 2026-Q2 → latest period. The clone return is the sum of each position's contribution — portfolio weight times next-quarter price return.
Top drivers in 2026-Q2 → latest: XP (+5.00%), AU (+2.60%), ITUB (+2.45%). Biggest drags: MMYT (-1.15%), BTAI (-0.58%), SE (-0.10%). Across all 20 segmented periods, 26 stocks made a positive cumulative contribution and 26 subtracted from performance.
This attribution is a diagnostic tool, not a trading signal. The clone uses end-of-quarter holdings (45+ days after filing, so stale by design), applies quarter-end prices only, and ignores intra-quarter trades, shorts, and derivatives that 13F cannot show.
2026-Q2 → latest segment return
+13.56%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| XP |
6.2% |
+81.1% |
+5.0% |
| AU |
23.6% |
+11.0% |
+2.6% |
| ITUB |
11.8% |
+20.7% |
+2.45% |
| FCX |
9.0% |
+14.6% |
+1.31% |
| B |
15.4% |
+6.9% |
+1.07% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MMYT |
6.2% |
-18.5% |
-1.15% |
| BTAI |
0.6% |
-96.5% |
-0.58% |
| SE |
7.0% |
-1.4% |
-0.1% |
| PEB |
0.1% |
-3.6% |
-0.0% |
| ALVO |
0.5% |
+58.5% |
+0.28% |
2026-Q1 → 2026-Q2 segment return
-9.13%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| FCX |
7.7% |
+5.9% |
+0.46% |
| EMBJ |
2.9% |
+7.7% |
+0.23% |
| HDB |
5.5% |
+3.8% |
+0.21% |
| JBLU |
0.7% |
+29.6% |
+0.21% |
| TX |
2.7% |
+6.4% |
+0.17% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AU |
26.2% |
-17.1% |
-4.48% |
| PBR |
14.0% |
-22.1% |
-3.11% |
| B |
12.8% |
-10.2% |
-1.3% |
| XP |
6.7% |
-15.0% |
-1.0% |
| ITUB |
11.2% |
-4.2% |
-0.47% |
2025-Q4 → 2026-Q1 segment return
-1.56%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AU |
25.6% |
+14.0% |
+3.6% |
| ITUB |
10.3% |
+17.8% |
+1.83% |
| FCX |
7.2% |
+16.4% |
+1.18% |
| XP |
5.7% |
+16.4% |
+0.93% |
| TX |
2.7% |
+5.1% |
+0.14% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| HDB |
8.7% |
-31.1% |
-2.71% |
| GRAB |
6.1% |
-26.7% |
-1.62% |
| BZ |
3.4% |
-34.3% |
-1.15% |
| NU |
7.5% |
-14.2% |
-1.07% |
| YMM |
4.2% |
-22.7% |
-0.94% |
2025-Q3 → 2025-Q4 segment return
+7.42%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AU |
25.3% |
+21.3% |
+5.37% |
| B |
11.6% |
+32.9% |
+3.8% |
| FCX |
5.8% |
+30.4% |
+1.77% |
| HDB |
8.5% |
+5.8% |
+0.5% |
| TX |
3.3% |
+10.0% |
+0.33% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GRAB |
7.7% |
-17.1% |
-1.32% |
| YMM |
5.3% |
-16.3% |
-0.86% |
| SE |
2.7% |
-28.6% |
-0.77% |
| BZ |
4.0% |
-12.8% |
-0.51% |
| XP |
4.0% |
-12.3% |
-0.5% |
2025-Q2 → 2025-Q3 segment return
+15.59%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AU |
20.6% |
+55.5% |
+11.45% |
| B |
7.0% |
+57.8% |
+4.06% |
| GRAB |
6.2% |
+19.7% |
+1.21% |
| BZ |
2.9% |
+30.9% |
+0.91% |
| ITUB |
7.9% |
+8.0% |
+0.63% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| INDA |
21.2% |
-6.5% |
-1.38% |
| HDB |
9.2% |
-10.9% |
-1.0% |
| FCX |
8.8% |
-10.6% |
-0.93% |
| YPF |
2.1% |
-22.5% |
-0.46% |
| ALVO |
1.2% |
-10.2% |
-0.12% |
2025-Q1 → 2025-Q2 segment return
+6.8%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AU |
18.5% |
+22.6% |
+4.2% |
| INDA |
19.0% |
+8.2% |
+1.55% |
| FCX |
7.9% |
+14.9% |
+1.18% |
| HDB |
6.6% |
+15.4% |
+1.02% |
| ITUB |
3.8% |
+23.6% |
+0.9% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| JD |
3.9% |
-20.5% |
-0.8% |
| GOLD |
4.9% |
-12.6% |
-0.62% |
| EC |
3.2% |
-15.2% |
-0.49% |
| PBR |
3.8% |
-12.8% |
-0.48% |
| BEKE |
2.5% |
-10.9% |
-0.27% |
2024-Q4 → 2025-Q1 segment return
+10.64%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AU |
14.0% |
+60.7% |
+8.49% |
| BZ |
2.9% |
+38.9% |
+1.11% |
| JD |
5.8% |
+18.3% |
+1.06% |
| NTES |
4.2% |
+15.4% |
+0.64% |
| PDD |
3.0% |
+21.4% |
+0.64% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ALVO |
2.7% |
-26.9% |
-0.73% |
| INFY |
4.2% |
-16.7% |
-0.71% |
| MESO |
1.7% |
-37.0% |
-0.62% |
| TCOM |
5.6% |
-7.5% |
-0.42% |
| INDA |
17.4% |
-2.2% |
-0.38% |
2024-Q3 → 2024-Q4 segment return
-6.11%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| YPF |
1.5% |
+103.4% |
+1.58% |
| TCOM |
4.0% |
+15.7% |
+0.63% |
| ALVO |
1.7% |
+11.2% |
+0.19% |
| HDB |
5.7% |
+2.0% |
+0.12% |
| GH |
0.0% |
+33.2% |
+0.01% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FCX |
9.9% |
-23.4% |
-2.31% |
| AU |
12.2% |
-13.5% |
-1.65% |
| ITUB |
4.8% |
-25.3% |
-1.22% |
| PDD |
3.2% |
-26.9% |
-0.85% |
| JD |
6.5% |
-12.4% |
-0.8% |
2024-Q2 → 2024-Q3 segment return
+7.52%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| JD |
8.3% |
+53.1% |
+4.42% |
| AU |
16.9% |
+6.2% |
+1.04% |
| TCOM |
3.0% |
+26.1% |
+0.78% |
| ITUB |
4.1% |
+13.4% |
+0.55% |
| BABA |
1.0% |
+46.6% |
+0.47% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| HDB |
4.8% |
-2.7% |
-0.13% |
| TX |
3.7% |
-1.7% |
-0.06% |
| ALVO |
1.4% |
-2.1% |
-0.03% |
| PBR |
6.8% |
-0.2% |
-0.01% |
| GH |
0.0% |
-20.6% |
-0.01% |
2024-Q1 → 2024-Q2 segment return
-0.95%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AU |
12.9% |
+12.2% |
+1.58% |
| IBN |
7.1% |
+9.3% |
+0.66% |
| HDB |
3.4% |
+14.9% |
+0.5% |
| FCX |
13.9% |
+3.1% |
+0.43% |
| YPF |
1.1% |
+1.6% |
+0.02% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| LI |
3.0% |
-41.0% |
-1.23% |
| ITUB |
6.0% |
-15.7% |
-0.95% |
| BIDU |
4.4% |
-17.9% |
-0.79% |
| TX |
4.1% |
-9.9% |
-0.4% |
| JD |
6.2% |
-6.2% |
-0.38% |
2023-Q4 → 2024-Q1 segment return
+3.87%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AU |
10.2% |
+20.8% |
+2.11% |
| FCX |
11.8% |
+10.8% |
+1.27% |
| IBN |
6.5% |
+10.6% |
+0.69% |
| HTHT |
3.5% |
+15.7% |
+0.55% |
| ALVO |
5.4% |
+6.4% |
+0.35% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| HDB |
2.2% |
-16.6% |
-0.37% |
| PBR |
7.1% |
-4.6% |
-0.33% |
| JD |
6.1% |
-4.8% |
-0.29% |
| TX |
3.9% |
-1.8% |
-0.07% |
| BABA |
0.9% |
-6.5% |
-0.06% |
2023-Q3 → 2023-Q4 segment return
+7.59%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AU |
9.2% |
+17.2% |
+1.58% |
| FCX |
11.1% |
+14.0% |
+1.55% |
| ITUB |
4.7% |
+32.1% |
+1.5% |
| ALVO |
4.3% |
+25.9% |
+1.12% |
| BAP |
4.1% |
+17.2% |
+0.7% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| JD |
5.6% |
-0.6% |
-0.03% |
| SE |
0.0% |
-8.1% |
-0.0% |
| ETSY |
0.0% |
+25.5% |
+0.0% |
| WDC |
0.0% |
+14.5% |
+0.0% |
| LITE |
0.0% |
+16.0% |
+0.0% |
2023-Q2 → 2023-Q3 segment return
-0.49%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ALVO |
6.0% |
+17.8% |
+1.07% |
| PBR |
11.5% |
+9.2% |
+1.06% |
| IBN |
8.9% |
+0.2% |
+0.02% |
| TX |
4.1% |
+0.3% |
+0.01% |
| WDC |
0.1% |
+20.3% |
+0.01% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FCX |
10.9% |
-6.0% |
-0.66% |
| BAP |
4.3% |
-13.3% |
-0.58% |
| JD |
3.6% |
-14.8% |
-0.54% |
| ITUB |
4.7% |
-10.6% |
-0.5% |
| YPF |
1.8% |
-18.0% |
-0.32% |
2023-Q1 → 2023-Q2 segment return
+0.54%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PBR |
9.7% |
+31.4% |
+3.04% |
| ITUB |
6.8% |
+19.6% |
+1.34% |
| BAP |
6.4% |
+17.3% |
+1.11% |
| YPF |
2.5% |
+36.0% |
+0.92% |
| IBN |
9.3% |
+7.0% |
+0.65% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ALVO |
15.3% |
-40.0% |
-6.11% |
| FCX |
12.6% |
-3.1% |
-0.39% |
| TX |
2.4% |
-3.6% |
-0.09% |
| BL |
0.0% |
-19.9% |
-0.0% |
| SE |
0.0% |
-33.2% |
-0.0% |
2022-Q4 → 2023-Q1 segment return
+5.05%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ALVO |
11.4% |
+29.0% |
+3.31% |
| FCX |
13.5% |
+7.9% |
+1.07% |
| TX |
2.1% |
+35.0% |
+0.72% |
| ITUB |
7.7% |
+4.1% |
+0.31% |
| SPOT |
0.0% |
+69.2% |
+0.03% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BAP |
7.6% |
-2.4% |
-0.18% |
| IBN |
11.1% |
-1.4% |
-0.16% |
| PBR |
11.3% |
-1.3% |
-0.15% |
| DBX |
0.0% |
-3.4% |
-0.0% |
| BL |
0.0% |
-0.2% |
-0.0% |
2022-Q3 → 2022-Q4 segment return
+8.55%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| VALE |
15.8% |
+27.4% |
+4.34% |
| FCX |
9.8% |
+39.0% |
+3.83% |
| ALVO |
7.7% |
+47.9% |
+3.71% |
| BAP |
6.9% |
+10.5% |
+0.73% |
| IBN |
11.9% |
+4.4% |
+0.52% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| PBR |
12.7% |
-13.7% |
-1.75% |
| BBD |
6.2% |
-21.7% |
-1.34% |
| ITUB |
12.4% |
-9.2% |
-1.13% |
| PAGS |
3.1% |
-33.9% |
-1.06% |
| ALRM |
0.0% |
-23.7% |
-0.0% |
2022-Q2 → 2022-Q3 segment return
+2.78%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| IBN |
12.5% |
+18.3% |
+2.29% |
| ITUB |
10.3% |
+21.4% |
+2.21% |
| PBR |
17.8% |
+5.7% |
+1.01% |
| AFYA |
2.0% |
+36.3% |
+0.73% |
| BBD |
5.5% |
+12.9% |
+0.71% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ALVO |
10.7% |
-17.7% |
-1.88% |
| VALE |
14.6% |
-9.0% |
-1.31% |
| FCX |
9.9% |
-6.4% |
-0.64% |
| TX |
2.5% |
-24.1% |
-0.6% |
| UPLD |
0.0% |
-44.0% |
-0.01% |
2022-Q1 → 2022-Q2 segment return
-15.79%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| DBX |
0.0% |
-9.7% |
-0.0% |
| INSM |
0.0% |
-17.0% |
-0.01% |
| SE |
0.0% |
-44.0% |
-0.01% |
| SPOT |
0.0% |
-37.7% |
-0.01% |
| MTN |
0.1% |
-15.5% |
-0.01% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FCX |
12.3% |
-41.6% |
-5.12% |
| PBR |
16.4% |
-21.3% |
-3.5% |
| ITUB |
10.2% |
-24.9% |
-2.54% |
| BAP |
7.0% |
-28.1% |
-1.97% |
| CX |
7.5% |
-25.9% |
-1.94% |
2021-Q4 → 2022-Q1 segment return
+11.39%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PBR |
15.1% |
+35.6% |
+5.38% |
| ITUB |
8.3% |
+50.1% |
+4.18% |
| FCX |
12.8% |
+19.9% |
+2.55% |
| BAP |
6.2% |
+40.8% |
+2.52% |
| PEB |
0.1% |
+11.5% |
+0.01% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CX |
11.9% |
-22.0% |
-2.62% |
| IBN |
12.9% |
-4.2% |
-0.55% |
| MTN |
0.2% |
-20.0% |
-0.04% |
| GH |
0.1% |
-33.8% |
-0.02% |
| INSM |
0.1% |
-12.8% |
-0.01% |
2021-Q3 → 2021-Q4 segment return
+1.6%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| FCX |
5.0% |
+28.1% |
+1.41% |
| PBR |
7.3% |
+5.9% |
+0.43% |
| IBN |
8.0% |
+4.9% |
+0.39% |
| ITUB |
5.2% |
-12.1% |
-0.63% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ITUB |
5.2% |
-12.1% |
-0.63% |
| IBN |
8.0% |
+4.9% |
+0.39% |
| PBR |
7.3% |
+5.9% |
+0.43% |
| FCX |
5.0% |
+28.1% |
+1.41% |
Cumulative Contribution (all segments)