Monarch Alternative Capital LP
Long book
$369.1M
Q1 2026
Positions
6
Top-10 weight
100%
concentration
Last quarter
+25.6%
SPY +14.8%
Turnover
33%
of book per quarter
Strategy in plain words
auto-generated from filingsMonarch Alternative Capital LP is a diversified fundamental manager, running a $369.1M US long book across 6 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: VISTANCE NETWORKS INC, ECHOSTAR CORP-A, GLOBAL BUSINESS TRAVEL GROUP, MASTERBRAND INC, BITFARMS LTD/CANADA.
Over the last 9 quarters its long book ran on average 22.7pp per quarter ahead of the S&P 500, beating the index in 9 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
+28.8%
Q2 2024
+39.4%
Q3 2024
+7.6%
Q4 2024
+4.1%
Q1 2025
+27.0%
Q2 2025
+87.0%
Q3 2025
+25.8%
Q4 2025
-0.4%
Q1 2026
+25.6%
Sector allocation
Technology 50%
Communications 26%
Industrials 15%
Other 8%
Long book by quarter
What does Monarch Alternative own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| VISN VISTANCE NETWORKS INC | Technology | 10.2M | $185.8M | 50.3% | +4.1% |
| ECHO ECHOSTAR CORP-A | Communications | 830.7K | $97.2M | 26.3% | -42.5% |
| GBTG GLOBAL BUSINESS TRAVEL GROUP | Industrials | 7.8M | $43.5M | 11.8% | +9.3% |
| MBC MASTERBRAND INC | Other | 2.0M | $16.6M | 4.5% | New |
| 1B2 BITFARMS LTD/CANADA | — | 7.2M | $13.9M | 3.8% | New |
| AMBP ARDAGH METAL PACKAGING SA | Industrials | 3.0M | $12.0M | 3.2% | -44.8% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 9 | $1.63B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 5 | $768.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR/ARESTATEMENT | Feb 5, 2026 | 5 | $744.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 5 | $744.9M | SEC ↗ | |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 3 | $214.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 7 | $1.30B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 6 | $582.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 7 | $654.5M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 5 | $223.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 0 | $224.9M | canonical | SEC ↗ |
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