Contrarian Capital Management, L.L.C. In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Contrarian Capital Management, L.L.C. reported 30 stock positions worth $329.0 million . Its top holding was Gerdau SA -Spon ADR (GGB) at 21.6% of the portfolio, followed by Petroleo Brasileiro-Spon ADR (PBR, 18.1% ) and Arch Resources (ARCH, 14.7% ). Compared with Q2 2024, it opened 5 new positions, sold out of 3, added to 11 and reduced 9. The biggest buy was a new position in Sabre (SABR) and the biggest sale Arch Resources (ARCH, shares −4% ).
Location Greenwich, CT
CIK 0001050417
Portfolio Value $329.0M (Q3 2024) Holdings 30 stocks · $329.0M 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 Q2 2024 GGB Gerdau SA -Spon ADR 20,276,940 $71.0M No change PBR Petroleo Brasileiro-Spon ADR 4,125,803 $59.5M No change ARCH Arch Resources Inc. 350,224 $48.4M Reduce -4.3% TX Ternium SA-Sponsored ADR 1,013,367 $37.4M Reduce -4.7% ASTL Algoma Steel Group Inc. 3,623,198 $37.1M Reduce -5.2% VALE Vale SA-SP ADR 2,161,732 $25.2M No change NCMI National Cinemedia Inc. 819,559 $5.8M Reduce -27.0% CZR Caesars Entertainment Inc. 117,500 $4.9M Add +47.0% ADV Advantage Solutions Inc. 1,279,631 $4.4M Add +0.8% VAL Valaris Ltd. 75,000 $4.2M Add +90.2% BV Brightview Holdings Inc. 248,621 $3.9M Reduce -0.4% EEX Emerald Holding Inc. 783,007 $3.9M Add +7.2% M Macy's Inc. 200,000 $3.1M Add +0.9% CCO Clear Channel Outdoor Holdin 1,597,614 $2.6M Reduce -37.7% SABR Sabre Corp. 675,000 $2.5M New CNTY Century Casinos Inc. 889,144 $2.3M No change VNOM Viper Energy Inc. 47,708 $2.2M Reduce -29.4% NE Noble Corp. PLC 41,500 $1.5M New PBI Pitney Bowes Inc. 209,000 $1.5M Add +2.5% CLF Cleveland-Cliffs Inc. 115,000 $1.5M New PRKS United Parks & Resorts Inc. 21,000 $1.1M Add +27.3% AMBP Ardagh Metal Packaging SA 250,000 $943K Reduce -60.8% NATL NCR Atleos Corp. 30,500 $870K Add +48.8% ALTG Alta Equipment Group Inc. 105,000 $708K Reduce -59.4% SKIL Skillsoft Corp. 45,000 $698K Add +15.5% VYX NCR Voyix Corp. 51,000 $692K Add +41.7% GLATFELTER CORP 310,000 $558K Add +33.0% TWI Titan International Inc. 50,000 $407K New MAT Mattel Inc. 11,000 $210K New PBR.A Petroleo Brasil-SP Pref ADR 14,197 $187K No change
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ ARCH Arch Resources Inc. Reduce -4.3% 14.71% −2.79 TX Ternium SA-Sponsored ADR Reduce -4.7% 11.37% −1.17 ALTG Alta Equipment Group Inc. Reduce -59.4% 0.22% −0.44 AMBP Ardagh Metal Packaging SA Reduce -60.8% 0.29% −0.40 CCO Clear Channel Outdoor Holdin Reduce -37.7% 0.78% −0.36 FYBR Frontier Communications Pare Sold out 0.00% −0.29 AGS Playags Inc. Sold out 0.00% −0.27 VNOM Viper Energy Inc. Reduce -29.4% 0.65% −0.14 EBS Emergent Biosolutions Inc. Sold out 0.00% −0.09 BV Brightview Holdings Inc. Reduce -0.4% 1.19% +0.15 NCMI National Cinemedia Inc. Reduce -27.0% 1.76% +0.21 ASTL Algoma Steel Group Inc. Reduce -5.2% 11.27% +2.91
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ SABR Sabre Corp. New 0.75% +0.75 CZR Caesars Entertainment Inc. Add +47.0% 1.49% +0.49 NE Noble Corp. PLC New 0.46% +0.46 CLF Cleveland-Cliffs Inc. New 0.45% +0.45 VAL Valaris Ltd. Add +90.2% 1.27% +0.35 PBI Pitney Bowes Inc. Add +2.5% 0.45% +0.13 TWI Titan International Inc. New 0.12% +0.12 NATL NCR Atleos Corp. Add +48.8% 0.26% +0.09 VYX NCR Voyix Corp. Add +41.7% 0.21% +0.07 GLATFELTER CORP Add +33.0% 0.17% +0.07 MAT Mattel Inc. New 0.06% +0.06 ADV Advantage Solutions Inc. Add +0.8% 1.33% +0.05 SKIL Skillsoft Corp. Add +15.5% 0.21% +0.04 PRKS United Parks & Resorts Inc. Add +27.3% 0.32% +0.04 EEX Emerald Holding Inc. Add +7.2% 1.19% −0.12 M Macy's Inc. Add +0.9% 0.95% −0.24
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ PBI Pitney Bowes Inc. call Sold out 1,000 $15Kbefore exit
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