Empyrean Capital Partners, LP
Long book
$2.82B
Q1 2026
Positions
115
Top-10 weight
33%
concentration
Last quarter
+7.5%
SPY +14.8%
Turnover
48%
of book per quarter
Strategy in plain words
auto-generated from filingsEmpyrean Capital Partners, LP is a diversified fundamental manager, running a $2.82B US long book across 115 positions.
The portfolio is moderately concentrated (top 10 ≈ 33% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: AERCAP HOLDINGS NV, BRITISH AMERICAN TOB-SP ADR, SHELL PLC-ADR, MARATHON PETROLEUM CORP, NORFOLK SOUTHERN CORP.
Over the last 9 quarters its long book ran on average 0.2pp per quarter behind the S&P 500, beating the index in 5 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
-0.8%
Q2 2024
+8.7%
Q3 2024
+0.4%
Q4 2024
+1.4%
Q1 2025
+5.5%
Q2 2025
+8.5%
Q3 2025
+4.6%
Q4 2025
+2.8%
Q1 2026
+7.5%
Sector allocation
Financials 17%
Communications 17%
Technology 11%
Energy 10%
Industrials 10%
Services media 8%
Other 6%
Utilities 5%
Long book by quarter
What does Empyrean Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AER AERCAP HOLDINGS NV | Services media | 1.0M | $137.2M | 4.9% | -9.1% |
| MPC MARATHON PETROLEUM CORP | Energy | 398.1K | $97.2M | 3.4% | -8.8% |
| NSC NORFOLK SOUTHERN CORP | Industrials | 317.1K | $91.0M | 3.2% | +55.6% |
| STZ CONSTELLATION BRANDS INC-A | Consumer staples | 606.2K | $90.9M | 3.2% | +3.3% |
| TXNM TXNM ENERGY INC | Utilities | 1.4M | $84.3M | 3.0% | Held |
| AAMI ACADIAN ASSET MANAGEMENT INC | Financials | 1.3M | $71.2M | 2.5% | -6.9% |
| WBD WARNER BROS DISCOVERY INC | Communications | 2.6M | $70.9M | 2.5% | +29.2% |
| VISN VISTANCE NETWORKS INC | Technology | 3.7M | $67.9M | 2.4% | +81.2% |
| NMRK NEWMARK GROUP INC-CLASS A | Real estate | 4.4M | $65.4M | 2.3% | Held |
| UNP UNION PACIFIC CORP | Industrials | 238.3K | $57.8M | 2.1% | -36.2% |
| AXTA AXALTA COATING SYSTEMS LTD | Other | 2.0M | $56.8M | 2.0% | Held |
| VTOL BRISTOW GROUP INC | Industrials | 1.2M | $54.9M | 1.9% | -3.7% |
| ENVA ENOVA INTERNATIONAL INC | Financials | 394.1K | $53.5M | 1.9% | -10.8% |
| CAH CARDINAL HEALTH INC | Consumer discretionary | 247.8K | $52.4M | 1.9% | Held |
| VSAT VIASAT INC | Communications | 1.1M | $52.1M | 1.8% | Held |
| LBRDK LIBERTY BROADBAND-C | Communications | 920.8K | $46.3M | 1.6% | Held |
| EA ELECTRONIC ARTS INC | Technology | 227.0K | $46.3M | 1.6% | New |
| PSX PHILLIPS 66 | Energy | 236.2K | $43.0M | 1.5% | -10.8% |
| BCSS BAIN CAPITAL GSS INV- A | Financials | 4.0M | $40.3M | 1.4% | New |
| CMCSA COMCAST CORP-CLASS A | Communications | 1.3M | $38.6M | 1.4% | +54.8% |
| APO APOLLO GLOBAL MANAGEMENT INC | Financials | 328.2K | $36.6M | 1.3% | New |
| FOXA FOX CORP - CLASS A | Communications | 622.0K | $36.3M | 1.3% | New |
| PPLI PEOPLE INC | Technology | 820.0K | $32.8M | 1.2% | +21.1% |
| OPTU OPTIMUM COMMUNICATIONS INC-A | Communications | 24.6M | $32.0M | 1.1% | -1.8% |
| RIG TRANSOCEAN LTD | Energy | 4.6M | $30.3M | 1.1% | New |
| ASH ASHLAND INC | Consumer discretionary | 542.0K | $30.1M | 1.1% | Held |
| KVUE KENVUE INC | Other | 1.7M | $29.9M | 1.1% | Held |
| NNI NELNET INC-CL A | Financials | 231.0K | $29.8M | 1.1% | Held |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 160.0K | $29.2M | 1.0% | -64.0% |
| CCIX CHURCHILL CAPITAL CORP IX | Technology | 2.6M | $28.1M | 1.0% | Held |
| PEN PENUMBRA INC | Healthcare | 85.0K | $27.9M | 1.0% | New |
| WAT WATERS CORP | Healthcare | 92.0K | $27.4M | 1.0% | New |
| B BARRICK MINING CORP | Materials | 667.8K | $27.2M | 1.0% | -18.7% |
| ECHO ECHOSTAR CORP-A | Communications | 228.0K | $26.7M | 0.9% | +20.6% |
| KBON KARBON CAPITAL PARTNERS-CL A | Financials | 2.6M | $26.5M | 0.9% | New |
| SNAP SNAP INC - A | Technology | 5.5M | $25.3M | 0.9% | New |
| LBRDA LIBERTY BROADBAND-A | Communications | 500.0K | $25.1M | 0.9% | Held |
| FVAV FORTRESS VALUE ACQUIS V-CL A | Financials | 2.5M | $24.8M | 0.9% | New |
| NG NOVAGOLD RESOURCES INC | Materials | 2.7M | $24.2M | 0.9% | -0.2% |
| QRVO QORVO INC | Technology | 309.0K | $23.9M | 0.8% | Held |
| PPTA PERPETUA RESOURCES CORP | Materials | 840.0K | $23.6M | 0.8% | -18.4% |
| RAC RITHM ACQUISITION CORP-A | Financials | 2.2M | $23.2M | 0.8% | +60.5% |
| NN NEXTNAV INC | Technology | 1.4M | $22.9M | 0.8% | -24.1% |
| UNF UNIFIRST CORP/MA | Services media | 81.0K | $20.4M | 0.7% | New |
| KMB KIMBERLY-CLARK CORP | Other | 187.2K | $18.1M | 0.6% | Held |
| SNCY SUN COUNTRY AIRLINES HOLDING | — | 1.0M | $17.1M | 0.6% | +61.6% |
| AMBP ARDAGH METAL PACKAGING SA | Industrials | 4.0M | $16.2M | 0.6% | Held |
| SIRI SIRIUS XM HOLDINGS INC | Communications | 692.8K | $16.0M | 0.6% | Held |
| GTEN GORES HOLDINGS X INC-CL A | Financials | 1.5M | $15.1M | 0.5% | Held |
| VSNT VERSANT MEDIA GROUP INC | Communications | 384.7K | $14.2M | 0.5% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 124 | $3.07B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 94 | $2.87B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 86 | $2.49B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 75 | $2.98B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 59 | $2.82B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 71 | $2.19B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 69 | $2.37B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 69 | $1.71B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 66 | $1.74B | canonical | SEC ↗ |
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