COBALT CAPITAL MANAGEMENT, INC.
Long book
$178.6M
Q1 2026
Positions
24
Top-10 weight
81%
concentration
Last quarter
+15.3%
SPY +14.8%
Turnover
67%
of book per quarter
Strategy in plain words
auto-generated from filingsCOBALT CAPITAL MANAGEMENT, INC. is a concentrated fundamental stock-picker, running a $178.6M US long book across 24 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: NORFOLK SOUTHERN CORP, SPDR GOLD SHARES, AIR LEASE CORP, HONEYWELL INTERNATIONAL INC, LABCORP HOLDINGS INC.
Over the last 9 quarters its long book ran on average 3.6pp per quarter ahead of the S&P 500, beating the index in 8 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+7.0%
Q2 2024
+10.9%
Q3 2024
+16.5%
Q4 2024
-3.9%
Q1 2025
+15.8%
Q2 2025
+12.0%
Q3 2025
+2.6%
Q4 2025
-3.3%
Q1 2026
+15.3%
Sector allocation
Industrials 41%
Other 14%
Energy 11%
Healthcare 10%
Financials 10%
Technology 6%
Services media 4%
Consumer discretionary 2%
Long book by quarter
What does COBALT CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NSC NORFOLK SOUTHERN CORP | Industrials | 115.0K | $33.0M | 18.5% | +15.0% |
| AL AIR LEASE CORP | — | 299.5K | $19.4M | 10.9% | -33.4% |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 85.0K | $19.2M | 10.8% | New |
| LH LABCORP HOLDINGS INC | Healthcare | 40.0K | $10.7M | 6.0% | New |
| MU MICRON TECHNOLOGY INC | Technology | 30.0K | $10.1M | 5.7% | New |
| EXE EXPAND ENERGY CORP | Energy | 89.8K | $9.9M | 5.5% | -25.2% |
| UAL UNITED AIRLINES HOLDINGS INC | Industrials | 85.0K | $7.8M | 4.4% | +70.0% |
| CI THE CIGNA GROUP | Financials | 25.0K | $6.7M | 3.7% | -16.7% |
| FANG DIAMONDBACK ENERGY INC | Energy | 30.0K | $5.9M | 3.3% | New |
| KKR KKR & CO INC | Financials | 60.0K | $5.5M | 3.1% | New |
| BKD BROOKDALE SENIOR LIVING INC | Healthcare | 350.0K | $4.8M | 2.7% | +775.0% |
| DHT DHT HOLDINGS INC | Industrials | 260.0K | $4.8M | 2.7% | New |
| LAD LITHIA MOTORS INC | Consumer discretionary | 14.3K | $3.6M | 2.0% | New |
| OBDC BLUE OWL CAPITAL CORP | — | 270.0K | $3.0M | 1.7% | +348.6% |
| RKT ROCKET COS INC-CLASS A | Financials | 190.0K | $2.7M | 1.5% | New |
| HTZ HERTZ GLOBAL HLDGS INC | Services media | 520.0K | $2.4M | 1.3% | -16.8% |
| SOC SABLE OFFSHORE CORP | Energy | 110.0K | $1.8M | 1.0% | -57.7% |
| FTAI FTAI AVIATION LTD | Services media | 7.0K | $1.7M | 1.0% | New |
| CZR CAESARS ENTERTAINMENT INC | Services media | 60.0K | $1.6M | 0.9% | New |
| VSAT VIASAT INC | Communications | 19.0K | $870K | 0.5% | -81.0% |
| SNDA SONIDA SENIOR LIVING INC | Healthcare | 20.3K | $656K | 0.4% | New |
| AMC AMC ENTERTAINMENT HLDS-CL A | Services media | 170.0K | $167K | 0.1% | -32.0% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 24 | $178.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 28 | $225.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 22 | $217.6M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 26 | $213.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 22 | $203.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 27 | $240.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 26 | $225.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 22 | $230.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 24 | $310.2M | canonical | SEC ↗ |
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