REDWOOD CAPITAL MANAGEMENT, LLC
Long book
$589.9M
Q1 2026
Positions
21
Top-10 weight
92%
concentration
Last quarter
+20.7%
SPY +14.8%
Turnover
24%
of book per quarter
Strategy in plain words
auto-generated from filingsREDWOOD CAPITAL MANAGEMENT, LLC is a concentrated fundamental stock-picker, running a $589.9M 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: ECHOSTAR CORP-A, GLOBAL BUSINESS TRAVEL GROUP, AERCAP HOLDINGS NV, TELEPHONE AND DATA SYSTEMS, MOLINA HEALTHCARE INC.
Over the last 9 quarters its long book ran on average 12.5pp per quarter ahead of the S&P 500, beating the index in 7 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
+4.9%
Q2 2024
+12.0%
Q3 2024
+2.5%
Q4 2024
+7.0%
Q1 2025
+8.7%
Q2 2025
+82.8%
Q3 2025
+21.2%
Q4 2025
-7.2%
Q1 2026
+20.7%
Sector allocation
Communications 44%
Industrials 22%
Financials 14%
Services media 12%
Technology 4%
Other 4%
Long book by quarter
What does REDWOOD CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ECHO ECHOSTAR CORP-A | Communications | 1.6M | $185.5M | 31.5% | -30.1% |
| GBTG GLOBAL BUSINESS TRAVEL GROUP | Industrials | 22.0M | $122.5M | 20.8% | +2.3% |
| AER AERCAP HOLDINGS NV | Services media | 404.3K | $55.5M | 9.4% | -69.0% |
| TDS TELEPHONE AND DATA SYSTEMS | Communications | 1.3M | $53.7M | 9.1% | +45.5% |
| MOH MOLINA HEALTHCARE INC | Financials | 310.0K | $41.3M | 7.0% | +181.8% |
| VISN VISTANCE NETWORKS INC | Technology | 1.4M | $24.9M | 4.2% | New |
| ELV ELEVANCE HEALTH INC | Financials | 84.8K | $24.8M | 4.2% | Held |
| CZR CAESARS ENTERTAINMENT INC | Services media | 420.0K | $11.1M | 1.9% | Held |
| MBC MASTERBRAND INC | Other | 1.3M | $10.7M | 1.8% | New |
| OPTU OPTIMUM COMMUNICATIONS INC-A | Communications | 8.2M | $10.6M | 1.8% | Held |
| UNH UNITEDHEALTH GROUP INC | Financials | 27.5K | $7.4M | 1.3% | Held |
| CNC CENTENE CORP | Financials | 208.5K | $6.8M | 1.2% | Held |
| MERC MERCER INTERNATIONAL INC | Other | 4.6M | $6.6M | 1.1% | Held |
| AHQ AMERICAN WOODMARK CORP | — | 72.4K | $2.9M | 0.5% | New |
| KLC KINDERCARE LEARNING COS INC | Services media | 1.3M | $2.8M | 0.5% | New |
| GOCOQ GOHEALTH INC-CLASS A | Financials | 924.2K | $1.4M | 0.2% | Held |
| EHTH EHEALTH INC | Financials | 467.4K | $603K | 0.1% | Held |
| APEI AMERICAN PUBLIC EDUCATION | Services media | 10.0K | $569K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 22 | $674.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 17 | $934.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 17 | $1.03B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 11 | $550.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 13 | $669.9M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 12 | $603.2M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 15 | $656.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 17 | $650.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 20 | $709.6M | canonical | SEC ↗ |
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