CONTRARIAN CAPITAL MANAGEMENT, L.L.C.
Long book
$356.7M
Q1 2026
Positions
21
Top-10 weight
93%
concentration
Last quarter
+4.4%
SPY +14.8%
Turnover
20%
of book per quarter
Strategy in plain words
auto-generated from filingsCONTRARIAN CAPITAL MANAGEMENT, L.L.C. is a concentrated fundamental stock-picker, running a $356.7M US long book across 21 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: REPUBLIC AIRWAYS HOLDINGS IN, GERDAU SA -SPON ADR, FUTU HOLDINGS LTD-ADR, TERNIUM SA-SPONSORED ADR, HSBC HOLDINGS PLC-SPONS ADR.
Over the last 9 quarters its long book ran on average 3.5pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-6.4%
Q2 2024
+9.1%
Q3 2024
-10.9%
Q4 2024
-3.9%
Q1 2025
+2.3%
Q2 2025
+6.7%
Q3 2025
+7.6%
Q4 2025
-0.2%
Q1 2026
+4.4%
Sector allocation
Industrials 70%
Services media 13%
Energy 7%
Materials 4%
Consumer discretionary 3%
Utilities 3%
Long book by quarter
What does CONTRARIAN CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| RJET REPUBLIC AIRWAYS HOLDINGS IN | Industrials | 4.4M | $71.5M | 20.1% | Held |
| CCO CLEAR CHANNEL OUTDOOR HOLDIN | Services media | 2.4M | $5.6M | 1.6% | Held |
| CZR CAESARS ENTERTAINMENT INC | Services media | 162.2K | $4.3M | 1.2% | +29.7% |
| VNOM VIPER ENERGY INC-CL A | Energy | 85.0K | $4.0M | 1.1% | +99.9% |
| M MACY'S INC | Consumer discretionary | 200.0K | $3.6M | 1.0% | Held |
| PCG P G & E CORP | Utilities | 200.0K | $3.5M | 1.0% | Held |
| CNR CORE NATURAL RESOURCES INC | Materials | 31.6K | $3.3M | 0.9% | Held |
| NE NOBLE CORP PLC | Energy | 60.0K | $2.9M | 0.8% | Held |
| NCMI NATIONAL CINEMEDIA INC | Services media | 596.2K | $1.8M | 0.5% | -19.4% |
| AMBP ARDAGH METAL PACKAGING SA | Industrials | 413.7K | $1.7M | 0.5% | Held |
| CNTY CENTURY CASINOS INC | Services media | 889.1K | $1.2M | 0.3% | Held |
| CLF CLEVELAND-CLIFFS INC | Materials | 115.0K | $972K | 0.3% | Held |
| WW WW INTERNATIONAL INC-NEW | Services media | 28.1K | $386K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 21 | $356.7M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 24 | $379.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 36 | $396.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 34 | $349.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 35 | $389.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 34 | $295.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 30 | $329.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 29 | $318.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 29 | $366.6M | canonical | SEC ↗ |
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