Contrarian Capital Management, L.L.C. In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 13, 2024), Contrarian Capital Management, L.L.C. reported 28 stock positions worth $318.4 million . Its top holding was Gerdau SA -Spon ADR (GGB) at 21.0% of the portfolio, followed by Petroleo Brasileiro-Spon ADR (PBR, 18.8% ) and Arch Resources (ARCH, 17.5% ). Compared with Q1 2024, it opened 2 new positions, sold out of 3, added to 9 and reduced 8. The biggest buy was a new position in Caesars Entertainment (CZR) and the biggest sale an exit from Cleveland-Cliffs (CLF).
Location Greenwich, CT
CIK 0001050417
Portfolio Value $318.4M (Q2 2024) Holdings 28 stocks · $318.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2024 GGB Gerdau SA -Spon ADR 20,276,940 $66.9M Add +12.8% PBR Petroleo Brasileiro-Spon ADR 4,125,803 $59.8M Reduce -6.2% ARCH Arch Resources Inc. 365,910 $55.7M Reduce -3.8% TX Ternium SA-Sponsored ADR 1,062,813 $39.9M Reduce -4.9% ASTL Algoma Steel Group Inc. 3,822,915 $26.6M Reduce -2.9% VALE Vale SA-SP ADR 2,161,732 $24.1M Reduce -6.6% NCMI National Cinemedia Inc. 1,122,187 $4.9M No change EEX Emerald Holding Inc. 730,424 $4.2M Add +2.3% ADV Advantage Solutions Inc. 1,269,631 $4.1M No change M Macy's Inc. 198,194 $3.8M Add +0.5% CCO Clear Channel Outdoor Holdin 2,562,614 $3.6M Add +2.4% BV Brightview Holdings Inc. 249,621 $3.3M Reduce -16.3% CZR Caesars Entertainment Inc. 79,925 $3.2M New VAL Valaris Ltd. 39,434 $2.9M No change VNOM Viper Energy Inc. 67,557 $2.5M No change CNTY Century Casinos Inc. 889,144 $2.5M No change AMBP Ardagh Metal Packaging SA 638,400 $2.2M No change ALTG Alta Equipment Group Inc. 258,679 $2.1M Add +38.5% PBI Pitney Bowes Inc. 204,000 $1.0M Add +5.2% FYBR Frontier Communications Pare 35,500 $929K Add +9.2% PRKS United Parks & Resorts Inc. 16,500 $896K Add +26.9% AGS Playags Inc. 74,598 $858K Reduce -26.9% NATL NCR Atleos Corp. 20,500 $554K No change SKIL Skillsoft Corp. 38,950 $539K No change VYX NCR Voyix Corp. 36,000 $445K No change GLATFELTER CORP 233,074 $324K Add +80.8% EBS Emergent Biosolutions Inc. 40,000 $273K New PBR.A Petroleo Brasil-SP Pref ADR 14,197 $194K Reduce -15.0%
Options reported separately and not counted above: PBI calls ($15K).
Portfolio Sells Q1 2024 → Q2 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▲ CLF Cleveland-Cliffs Inc. Sold out 0.00% −0.92 ASTL Algoma Steel Group Inc. Reduce -2.9% 8.36% −0.76 WBD Warner Bros Discovery Inc. Sold out 0.00% −0.42 TX Ternium SA-Sponsored ADR Reduce -4.9% 12.53% −0.16 VALE Vale SA-SP ADR Reduce -6.6% 7.58% −0.12 ACI Albertsons Cos Inc. Class A Sold out 0.00% −0.06 PBR.A Petroleo Brasil-SP Pref ADR Reduce -15.0% 0.06% −0.01 AGS Playags Inc. Reduce -26.9% 0.27% +0.02 BV Brightview Holdings Inc. Reduce -16.3% 1.04% +0.07 PBR Petroleo Brasileiro-Spon ADR Reduce -6.2% 18.78% +0.53 ARCH Arch Resources Inc. Reduce -3.8% 17.50% +0.82
Portfolio Buys Q1 2024 → Q2 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▼ CZR Caesars Entertainment Inc. New 1.00% +1.00 M Macy's Inc. Add +0.5% 1.20% +0.12 PBI Pitney Bowes Inc. Add +5.2% 0.33% +0.10 EBS Emergent Biosolutions Inc. New 0.09% +0.09 PRKS United Parks & Resorts Inc. Add +26.9% 0.28% +0.08 FYBR Frontier Communications Pare Add +9.2% 0.29% +0.07 GLATFELTER CORP Add +80.8% 0.10% +0.03 CCO Clear Channel Outdoor Holdin Add +2.4% 1.13% +0.01 ALTG Alta Equipment Group Inc. Add +38.5% 0.65% −0.01 EEX Emerald Holding Inc. Add +2.3% 1.31% −0.02 GGB Gerdau SA -Spon ADR Add +12.8% 21.02% −0.66
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ PBI Pitney Bowes Inc. call New 1,000 $15K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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