Bracebridge Capital, LLC
Long book
$554.1M
Q1 2026
Positions
27
Top-10 weight
98%
concentration
Last quarter
-6.0%
SPY +14.8%
Turnover
34%
of book per quarter
Strategy in plain words
auto-generated from filingsBracebridge Capital, LLC is a wealth-management firm allocating client money, specialised in financials (76% of the long book), running a $554.1M US long book across 27 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: SPDR GOLD SHARES, UNITI GROUP INC, TESLA INC, ADT INC, ALVOTECH SA.
Over the last 9 quarters its long book ran on average 2.5pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-14.1%
Q2 2024
+4.8%
Q3 2024
+27.0%
Q4 2024
-6.7%
Q1 2025
+2.4%
Q2 2025
+7.4%
Q3 2025
-2.7%
Q4 2025
+6.1%
Q1 2026
-6.0%
Sector allocation
Communications 56%
Industrials 14%
Services media 14%
Healthcare 10%
Financials 6%
Long book by quarter
What does Bracebridge Capital, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| UNIT UNITI GROUP INC | Communications | 7.7M | $72.6M | 13.1% | +11.5% |
| TSLA TESLA INC | Industrials | 39.4K | $14.6M | 2.6% | New |
| ADT ADT INC | Services media | 2.1M | $14.0M | 2.5% | Held |
| ALVO ALVOTECH SA | Healthcare | 2.7M | $9.3M | 1.7% | Held |
| GNW GENWORTH FINANCIAL INC | Financials | 714.4K | $5.8M | 1.0% | New |
| ASTL ALGOMA STEEL GROUP INC | Industrials | 924.9K | $3.8M | 0.7% | Held |
| AMC AMC ENTERTAINMENT HLDS-CL A | Services media | 2.8M | $2.7M | 0.5% | New |
| OSG OCTAVE SPECIALTY GROUP INC | Financials | 579.2K | $2.7M | 0.5% | Held |
| OPTU OPTIMUM COMMUNICATIONS INC-A | Communications | 1.8M | $2.3M | 0.4% | -43.6% |
| AQST AQUESTIVE THERAPEUTICS INC | Healthcare | 459.2K | $1.9M | 0.3% | Held |
| RNA ATRIUM THERAPEUTICS INC | Healthcare | 139.2K | $1.9M | 0.3% | New |
| CCO CLEAR CHANNEL OUTDOOR HOLDIN | Services media | 756.4K | $1.8M | 0.3% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 44 | $3.73B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 38 | $3.12B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 36 | $1.91B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 45 | $1.87B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 38 | $1.48B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 41 | $1.41B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 39 | $612.8M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 39 | $552.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 43 | $810.1M | canonical | SEC ↗ |