Contrarian Capital Management, L.L.C.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Contrarian Capital Management, L.L.C. reported 29 stock positions worth $366.6 million. Its top holding was Gerdau SA -Spon ADR (GGB) at 21.7% of the portfolio, followed by Petroleo Brasileiro-Spon ADR (PBR, 18.2%) and Arch Resources (ARCH, 16.7%). Compared with Q4 2023, it opened 3 new positions, sold out of 5, added to 9 and reduced 9. The biggest buy was a new position in Cleveland-Cliffs (CLF) and the biggest sale Algoma Steel (ASTL, shares −12%).
- Most Recent 13F
- Q2 2026
- Location
- Greenwich, CT
- CIK
- 0001050417
- Portfolio Value
- $366.6M (Q1 2024)
- SEC Filing
- 0000919574-24-003075 ↗ filed May 15, 2024
Holdings Value
Holdings 29 stocks · $366.6M
| GGB Gerdau SA -Spon ADR | 21.68% | 17,980,579 | $79.5M | Reduce -1.4% |
| PBR Petroleo Brasileiro-Spon ADR | 18.25% | 4,398,024 | $66.9M | Reduce -2.8% |
| ARCH Arch Resources Inc. | 16.68% | 380,263 | $61.1M | Reduce -4.5% |
| TX Ternium SA-Sponsored ADR | 12.69% | 1,117,981 | $46.5M | No change |
| ASTL Algoma Steel Group Inc. | 9.12% | 3,936,095 | $33.4M | Reduce -11.8% |
| VALE Vale SA-SP ADR | 7.70% | 2,315,507 | $28.2M | Add +11.4% |
| NCMI National Cinemedia Inc. | 1.58% | 1,122,187 | $5.8M | Reduce -27.2% |
| ADV Advantage Solutions Inc. | 1.50% | 1,269,631 | $5.5M | No change |
| EEX Emerald Holding Inc. | 1.33% | 713,890 | $4.9M | Reduce -3.5% |
| CCO Clear Channel Outdoor Holdin | 1.13% | 2,502,614 | $4.1M | Reduce -16.6% |
| M Macy's Inc. | 1.08% | 197,194 | $3.9M | Add +6.5% |
| BV Brightview Holdings Inc. | 0.97% | 298,379 | $3.6M | No change |
| CLF Cleveland-Cliffs Inc. | 0.92% | 149,000 | $3.4M | New |
| VAL Valaris Ltd. | 0.81% | 39,434 | $3.0M | Add +25.4% |
| CNTY Century Casinos Inc. | 0.77% | 889,144 | $2.8M | No change |
| VNOM Viper Energy Inc. | 0.71% | 67,557 | $2.6M | No change |
| ALTG Alta Equipment Group Inc. | 0.66% | 186,774 | $2.4M | Add +159.4% |
| AMBP Ardagh Metal Packaging SA | 0.60% | 638,400 | $2.2M | No change |
| WBD Warner Bros Discovery Inc. | 0.42% | 176,000 | $1.5M | Add +5.4% |
| AGS Playags Inc. | 0.25% | 102,000 | $916K | No change |
| PBI Pitney Bowes Inc. | 0.23% | 194,000 | $840K | Reduce -20.8% |
| FYBR Frontier Communications Pare | 0.22% | 32,500 | $796K | Add +8.3% |
| PRKS United Parks & Resorts Inc. | 0.20% | 13,000 | $731K | Add +4.0% |
| VYX NCR Voyix Corp. | 0.12% | 36,000 | $455K | Add +5.9% |
| NATL NCR Atleos Corp. | 0.11% | 20,500 | $405K | Add +5.1% |
| SKIL Skillsoft Corp. | 0.10% | 38,950 | $351K | New |
| GLATFELTER CORP | 0.07% | 128,916 | $258K | New |
| PBR.A Petroleo Brasil-SP Pref ADR | 0.07% | 16,695 | $249K | No change |
| ACI Albertsons Cos Inc. Class A | 0.06% | 9,500 | $204K | Reduce -50.0% |
Portfolio Sells Q4 2023 → Q1 2024
| ASTL Algoma Steel Group Inc. | Reduce -11.8% | 9.12% | −1.79 |
| BROOKDALE SENIOR LIVING (BKD 2 10/15/26) | Sold out | 0.00% | −1.36 |
| DAL Delta Air Lines Inc. | Sold out | 0.00% | −0.70 |
| IHRT Iheartmedia Inc. Class A | Sold out | 0.00% | −0.40 |
| NE Noble Corp. PLC | Sold out | 0.00% | −0.37 |
| SAFEGUARD SCIENTIFICS INC | Sold out | 0.00% | −0.23 |
| CCO Clear Channel Outdoor Holdin | Reduce -16.6% | 1.13% | −0.20 |
| ACI Albertsons Cos Inc. Class A | Reduce -50.0% | 0.06% | −0.05 |
| PBI Pitney Bowes Inc. | Reduce -20.8% | 0.23% | −0.03 |
| NCMI National Cinemedia Inc. | Reduce -27.2% | 1.58% | +0.02 |
| GGB Gerdau SA -Spon ADR | Reduce -1.4% | 21.68% | +0.14 |
| EEX Emerald Holding Inc. | Reduce -3.5% | 1.33% | +0.25 |
| ARCH Arch Resources Inc. | Reduce -4.5% | 16.68% | +0.58 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -2.8% | 18.25% | +0.65 |
Portfolio Buys Q4 2023 → Q1 2024
| CLF Cleveland-Cliffs Inc. | New | 0.92% | +0.92 |
| ALTG Alta Equipment Group Inc. | Add +159.4% | 0.66% | +0.44 |
| VAL Valaris Ltd. | Add +25.4% | 0.81% | +0.28 |
| M Macy's Inc. | Add +6.5% | 1.08% | +0.17 |
| SKIL Skillsoft Corp. | New | 0.10% | +0.10 |
| GLATFELTER CORP | New | 0.07% | +0.07 |
| PRKS United Parks & Resorts Inc. | Add +4.0% | 0.20% | +0.04 |
| FYBR Frontier Communications Pare | Add +8.3% | 0.22% | +0.03 |
| NATL NCR Atleos Corp. | Add +5.1% | 0.11% | −0.00 |
| VYX NCR Voyix Corp. | Add +5.9% | 0.12% | −0.02 |
| WBD Warner Bros Discovery Inc. | Add +5.4% | 0.42% | −0.04 |
| VALE Vale SA-SP ADR | Add +11.4% | 7.70% | −0.32 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 19 | $306.1M | RJET, GGB, TX, FUTU, AERO |
| Q1 2026 | 21 | $356.7M | RJET, GGB, FUTU, TX, HSBC |
| Q4 2025 | 24 | $379.7M | HSBC, RJET, GGB, TX, BABA |
| Q3 2025 | 36 | $396.3M | HSBC, GGB, BUR, VALE, TX |
| Q2 2025 | 34 | $349.5M | HSBC, GGB, BUR, VALE, TX |
| Q1 2025 | 35 | $389.4M | HSBC, PBR, GGB, VALE, BUR |
| Q4 2024 | 34 | $295.3M | GGB, PBR, ASTL, VALE, TX |
| Q3 2024 | 30 | $329.0M | GGB, PBR, ARCH, TX, ASTL |
| Q2 2024 | 28 | $318.4M | GGB, PBR, ARCH, TX, ASTL |
| Q1 2024 | 29 | $366.6M | GGB, PBR, ARCH, TX, ASTL |