COURAGE CAPITAL MANAGEMENT LLC
Long book
$70.6M
Q1 2026
Positions
14
Top-10 weight
94%
concentration
Last quarter
+7.2%
SPY +14.8%
Turnover
7%
of book per quarter
Strategy in plain words
auto-generated from filingsCOURAGE CAPITAL MANAGEMENT LLC is a wealth-management firm allocating client money, specialised in financials (62% of the long book), running a $70.6M US long book across 14 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: INVESCO SENIOR LOAN ETF, FIDELITY WISE ORIGIN BITCOIN, SPROTT PHYSICAL GOLD TRUST, CORECIVIC INC, GOLDMAN SACHS PHYSICAL GOLD.
Over the last 9 quarters its long book ran on average 0.6pp per quarter behind the S&P 500, beating the index in 3 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
-2.0%
Q2 2024
+6.8%
Q3 2024
+12.4%
Q4 2024
+1.9%
Q1 2025
+8.6%
Q2 2025
+7.0%
Q3 2025
-2.7%
Q4 2025
-4.6%
Q1 2026
+7.2%
Sector allocation
Real estate 44%
Technology 34%
Industrials 10%
Financials 6%
Consumer discretionary 4%
Healthcare 2%
Long book by quarter
What does COURAGE CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CXW CORECIVIC INC | Real estate | 474.0K | $9.0M | 12.7% | Held |
| META META PLATFORMS INC-CLASS A | Technology | 7.0K | $4.0M | 5.6% | Held |
| GOOG ALPHABET INC-CL C | Technology | 10.5K | $3.0M | 4.3% | Held |
| TSLA TESLA INC | Industrials | 5.4K | $2.0M | 2.8% | +73.5% |
| UNH UNITEDHEALTH GROUP INC | Financials | 4.3K | $1.2M | 1.6% | Held |
| AMZN AMAZON.COM INC | Consumer discretionary | 4.0K | $833K | 1.2% | New |
| JNJ JOHNSON & JOHNSON | Healthcare | 2.0K | $489K | 0.7% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 14 | $70.6M | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 13 | $72.4M | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 14 | $75.7M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 15, 2025 | 13 | $67.8M | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 12 | $49.0M | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 12 | $48.5M | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 15, 2024 | 11 | $40.4M | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 15, 2024 | 12 | $39.6M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 12 | $34.5M | $K fixed canonical | SEC ↗ |