Contrarian Capital Management, L.L.C.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Contrarian Capital Management, L.L.C. reported 34 stock positions worth $295.3 million. Its top holding was Gerdau SA -Spon ADR (GGB) at 18.7% of the portfolio, followed by Petroleo Brasileiro-Spon ADR (PBR, 17.0%) and Algoma Steel (ASTL, 11.8%). Compared with Q3 2024, it opened 6 new positions, sold out of 2, added to 6 and reduced 15. The biggest buy was a new position in HSBC Holdings PLC-Spons ADR (HSBC) and the biggest sale Arch Resources (ARCH, shares −53%).
- Most Recent 13F
- Q2 2026
- Location
- Greenwich, CT
- CIK
- 0001050417
- Portfolio Value
- $295.3M (Q4 2024)
- SEC Filing
- 0000919574-25-001121 ↗ filed Feb 13, 2025
Holdings Value
Holdings 34 stocks · $295.3M
| GGB Gerdau SA -Spon ADR | 18.74% | 19,219,112 | $55.4M | Reduce -5.2% |
| PBR Petroleo Brasileiro-Spon ADR | 17.01% | 3,906,345 | $50.2M | Reduce -5.3% |
| ASTL Algoma Steel Group Inc. | 11.83% | 3,572,018 | $34.9M | Reduce -1.4% |
| VALE Vale SA-SP ADR | 11.07% | 3,686,411 | $32.7M | Add +70.5% |
| TX Ternium SA-Sponsored ADR | 9.77% | 992,413 | $28.9M | Reduce -2.1% |
| ARCH Arch Resources Inc. | 7.91% | 165,343 | $23.3M | Reduce -52.8% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 4.03% | 240,876 | $11.9M | New |
| LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) | 3.25% | 12,500,000 | $9.6M | New |
| NCMI National Cinemedia Inc. | 1.66% | 739,899 | $4.9M | Reduce -9.7% |
| CZR Caesars Entertainment Inc. | 1.34% | 118,000 | $3.9M | Add +0.4% |
| EEX Emerald Holding Inc. | 1.29% | 790,885 | $3.8M | Add +1.0% |
| BV Brightview Holdings Inc. | 1.29% | 237,621 | $3.8M | Reduce -4.4% |
| ADV Advantage Solutions Inc. | 1.26% | 1,278,140 | $3.7M | Reduce -0.1% |
| M Macy's Inc. | 1.15% | 200,000 | $3.4M | No change |
| CNTY Century Casinos Inc. | 0.98% | 889,144 | $2.9M | No change |
| SABR Sabre Corp. | 0.85% | 685,000 | $2.5M | Add +1.5% |
| VNOM Viper Energy Inc. | 0.79% | 47,708 | $2.3M | No change |
| VAL Valaris Ltd. | 0.75% | 50,000 | $2.2M | Reduce -33.3% |
| CCO Clear Channel Outdoor Holdin | 0.74% | 1,597,614 | $2.2M | No change |
| NWL Newell Brands Inc. | 0.66% | 195,729 | $1.9M | New |
| NE Noble Corp. PLC | 0.64% | 60,000 | $1.9M | Add +44.6% |
| PBI Pitney Bowes Inc. | 0.50% | 203,000 | $1.5M | Reduce -2.9% |
| PRKS United Parks & Resorts Inc. | 0.37% | 19,500 | $1.1M | Reduce -7.1% |
| CLF Cleveland-Cliffs Inc. | 0.37% | 115,000 | $1.1M | No change |
| NATL NCR Atleos Corp. | 0.31% | 27,000 | $916K | Reduce -11.5% |
| SKIL Skillsoft Corp. | 0.30% | 37,500 | $899K | Reduce -16.7% |
| VYX NCR Voyix Corp. | 0.24% | 51,000 | $706K | No change |
| ALTG Alta Equipment Group Inc. | 0.22% | 100,000 | $654K | Reduce -4.8% |
| MAGN Magnera Corp. | 0.16% | 26,000 | $472K | New |
| AMBP Ardagh Metal Packaging SA | 0.13% | 128,000 | $385K | Reduce -48.8% |
| MBC Masterbrand Inc. | 0.13% | 26,000 | $380K | New |
| MAT Mattel Inc. | 0.13% | 21,000 | $372K | Add +90.9% |
| CPRI Capri Holdings Ltd. | 0.08% | 11,000 | $232K | New |
| PBR.A Petroleo Brasil-SP Pref ADR | 0.06% | 14,197 | $168K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| ARCH Arch Resources Inc. | Reduce -52.8% | 7.91% | −6.80 |
| GGB Gerdau SA -Spon ADR | Reduce -5.2% | 18.74% | −2.83 |
| TX Ternium SA-Sponsored ADR | Reduce -2.1% | 9.77% | −1.60 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -5.3% | 17.01% | −1.06 |
| VAL Valaris Ltd. | Reduce -33.3% | 0.75% | −0.52 |
| GLATFELTER CORP | Sold out | 0.00% | −0.17 |
| AMBP Ardagh Metal Packaging SA | Reduce -48.8% | 0.13% | −0.16 |
| TWI Titan International Inc. | Sold out | 0.00% | −0.12 |
| NCMI National Cinemedia Inc. | Reduce -9.7% | 1.66% | −0.09 |
| ADV Advantage Solutions Inc. | Reduce -0.1% | 1.26% | −0.07 |
| ALTG Alta Equipment Group Inc. | Reduce -4.8% | 0.22% | +0.01 |
| PBI Pitney Bowes Inc. | Reduce -2.9% | 0.50% | +0.04 |
| NATL NCR Atleos Corp. | Reduce -11.5% | 0.31% | +0.05 |
| PRKS United Parks & Resorts Inc. | Reduce -7.1% | 0.37% | +0.05 |
| SKIL Skillsoft Corp. | Reduce -16.7% | 0.30% | +0.09 |
| BV Brightview Holdings Inc. | Reduce -4.4% | 1.29% | +0.10 |
| ASTL Algoma Steel Group Inc. | Reduce -1.4% | 11.83% | +0.56 |
Portfolio Buys Q3 2024 → Q4 2024
| HSBC HSBC Holdings PLC-Spons ADR | New | 4.03% | +4.03 |
| VALE Vale SA-SP ADR | Add +70.5% | 11.07% | +3.40 |
| LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) | New | 3.25% | +3.25 |
| NWL Newell Brands Inc. | New | 0.66% | +0.66 |
| NE Noble Corp. PLC | Add +44.6% | 0.64% | +0.18 |
| MAGN Magnera Corp. | New | 0.16% | +0.16 |
| MBC Masterbrand Inc. | New | 0.13% | +0.13 |
| EEX Emerald Holding Inc. | Add +1.0% | 1.29% | +0.10 |
| SABR Sabre Corp. | Add +1.5% | 0.85% | +0.09 |
| CPRI Capri Holdings Ltd. | New | 0.08% | +0.08 |
| MAT Mattel Inc. | Add +90.9% | 0.13% | +0.06 |
| CZR Caesars Entertainment Inc. | Add +0.4% | 1.34% | −0.16 |
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 |