Contrarian Capital Management, L.L.C.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Contrarian Capital Management, L.L.C. reported 19 stock positions worth $306.1 million. Its top holding was Republic Airways (RJET) at 29.8% of the portfolio, followed by Gerdau SA -Spon ADR (GGB, 25.2%) and Ternium SA-Sponsored ADR (TX, 13.8%). Compared with Q1 2026, it opened 1 new position, sold out of 3, added to 3 and reduced 2. The biggest buy was a new position in Six Flags Entertainment (FUN) and the biggest sale an exit from HSBC Holdings PLC-Spons ADR (HSBC).

Most Recent 13F
Q2 2026
Location
Greenwich, CT
CIK
0001050417
Portfolio Value
$306.1M (Q2 2026)
SEC Filing
0000919574-26-005156 ↗ filed Aug 14, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $366.6M Q1 2024 Q2 2024: $318.4M Q2 2024 Q3 2024: $329.0M Q3 2024 Q4 2024: $295.3M Q4 2024 Q1 2025: $389.4M Q1 2025 Q2 2025: $349.5M Q2 2025 Q3 2025: $396.3M Q3 2025 Q4 2025: $379.7M Q4 2025 Q1 2026: $356.7M Q1 2026 Q2 2026: $306.1M $306.1M Q2 2026

Holdings 19 stocks · $306.1M
RJET Republic Airways Holdings Inc. 29.85% 4,347,756 $91.3M Reduce -2.2%
GGB Gerdau SA -Spon ADR 25.17% 19,069,112 $77.0M No change
TX Ternium SA-Sponsored ADR 13.85% 992,413 $42.4M No change
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 11.90% 388,611 $36.4M Add +28.5%
AERO Grupo Aeromexico Sab DE CV 3.95% 671,207 $12.1M No change
BIDU Baidu Inc. - Spon ADR 3.81% 102,139 $11.7M No change
CZR Caesars Entertainment Inc. 1.87% 189,287 $5.7M Add +16.7%
M Macy's Inc. 1.54% 200,000 $4.7M No change
VNOM Viper Energy Inc. Class A 1.52% 110,000 $4.7M Add +29.4%
PCG P G & E Corp. 1.10% 200,000 $3.4M No change
WY Weyerhaeuser Co. 0.94% 120,000 $2.9M No change
CCO Clear Channel Outdoor Holdin 0.83% 1,044,257 $2.5M Reduce -55.6%
NCMI National Cinemedia Inc. 0.74% 596,231 $2.3M No change
NE Noble Corp. PLC 0.73% 60,000 $2.2M No change
FUN Six Flags Entertainment Corp. 0.70% 100,000 $2.1M New
AMBP Ardagh Metal Packaging SA 0.64% 413,706 $2.0M No change
CNTY Century Casinos Inc. 0.37% 889,144 $1.1M No change
CLF Cleveland-Cliffs Inc. 0.35% 115,000 $1.1M No change
WW WW International Inc.-New filed as WW INTL INC 0.15% 28,091 $449K No change

Portfolio Sells Q1 2026 → Q2 2026
HSBC HSBC Holdings PLC-Spons ADR Sold out 0.00% −11.13
BABA Alibaba Group Holding-SP ADR Sold out 0.00% −10.76
CNR Core Natural Resources Inc. Sold out 0.00% −0.93
CCO Clear Channel Outdoor Holdin Reduce -55.6% 0.83% −0.74
RJET Republic Airways Holdings Inc. Reduce -2.2% 29.85% +9.79

Portfolio Buys Q1 2026 → Q2 2026
FUN Six Flags Entertainment Corp. New 0.70% +0.70
CZR Caesars Entertainment Inc. Add +16.7% 1.87% +0.67
VNOM Viper Energy Inc. Class A Add +29.4% 1.52% +0.40
FUTU Futu Holdings Ltd.-ADR Add +28.5% 11.90% +0.31

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 19$306.1MRJET, GGB, TX, FUTU, AERO
Q1 2026 21$356.7MRJET, GGB, FUTU, TX, HSBC
Q4 2025 24$379.7MHSBC, RJET, GGB, TX, BABA
Q3 2025 36$396.3MHSBC, GGB, BUR, VALE, TX
Q2 2025 34$349.5MHSBC, GGB, BUR, VALE, TX
Q1 2025 35$389.4MHSBC, PBR, GGB, VALE, BUR
Q4 2024 34$295.3MGGB, PBR, ASTL, VALE, TX
Q3 2024 30$329.0MGGB, PBR, ARCH, TX, ASTL
Q2 2024 28$318.4MGGB, PBR, ARCH, TX, ASTL
Q1 2024 29$366.6MGGB, PBR, ARCH, TX, ASTL