Glendon Capital Management LP
Long book
$804.2M
Q1 2026
Positions
24
Top-10 weight
92%
concentration
Last quarter
+1.5%
SPY +14.8%
Turnover
22%
of book per quarter
Strategy in plain words
auto-generated from filingsGlendon Capital Management LP is a concentrated fundamental stock-picker, running a $804.2M US long book across 24 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: EXPAND ENERGY CORP, VISTRA CORP, NRG ENERGY INC, TALEN ENERGY CORP, ALLY FINANCIAL INC.
Over the last 9 quarters its long book ran on average 0.5pp per quarter ahead of 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
+2.2%
Q2 2024
+5.1%
Q3 2024
+7.7%
Q4 2024
+2.0%
Q1 2025
+24.6%
Q2 2025
+3.6%
Q3 2025
+0.3%
Q4 2025
-1.8%
Q1 2026
+1.5%
Sector allocation
Utilities 33%
Energy 31%
Financials 26%
Industrials 6%
Technology 3%
Services media 2%
Real estate 1%
Healthcare 0%
Long book by quarter
What does Glendon Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| EXE EXPAND ENERGY CORP | Energy | 2.0M | $221.6M | 27.6% | +0.6% |
| VST VISTRA CORP | Utilities | 629.4K | $94.6M | 11.8% | +6.5% |
| NRG NRG ENERGY INC | Utilities | 573.0K | $83.7M | 10.4% | -9.1% |
| TLN TALEN ENERGY CORP | Utilities | 257.0K | $82.0M | 10.2% | -3.0% |
| ALLY ALLY FINANCIAL INC | Financials | 2.1M | $81.7M | 10.2% | Held |
| ACT ENACT HOLDINGS INC | Financials | 1.3M | $53.0M | 6.6% | Held |
| GASS STEALTHGAS INC | Industrials | 4.7M | $43.5M | 5.4% | Held |
| WSBC WESBANCO INC | Financials | 909.1K | $31.4M | 3.9% | Held |
| CHRD CHORD ENERGY CORP | Energy | 187.8K | $26.7M | 3.3% | -36.9% |
| AFRM AFFIRM HOLDINGS INC | Financials | 514.1K | $23.6M | 2.9% | +23.3% |
| DBD DIEBOLD NIXDORF INC | Technology | 215.6K | $16.3M | 2.0% | -72.6% |
| BBT BEACON FINANCIAL CORP | Financials | 381.2K | $11.4M | 1.4% | Held |
| CNK CINEMARK HOLDINGS INC | Services media | 259.6K | $7.4M | 0.9% | -50.0% |
| NATL NCR ATLEOS CORP | Technology | 143.5K | $6.3M | 0.8% | Held |
| FPH FIVE POINT HOLDINGS LLC-CL A | Real estate | 1.2M | $5.6M | 0.7% | Held |
| NCMI NATIONAL CINEMEDIA INC | Services media | 1.7M | $5.1M | 0.6% | Held |
| OCFC OCEANFIRST FINANCIAL CORP | Financials | 275.5K | $5.0M | 0.6% | New |
| COOK TRAEGER INC | Industrials | 38.0K | $1.1M | 0.1% | New |
| SKIN SKINHEALTH SYSTEMS INC | Healthcare | 637.0K | $567K | 0.1% | Held |
| DEC DIVERSIFIED ENERGY CO | Energy | 17.0K | $297K | 0.0% | Held |
| VAL VALARIS LTD | Energy | 658 | $65K | 0.0% | Held |
| EPR EPR PROPERTIES | Real estate | 1.0K | $23K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 11, 2026 | 25 | $805.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 25 | $1.68B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 24 | $1.83B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 24 | $1.82B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 25 | $1.73B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 24 | $1.66B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 24 | $1.63B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 22 | $1.31B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 22 | $1.29B | canonical | SEC ↗ |
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