Contrarian Capital Management, L.L.C.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Contrarian Capital Management, L.L.C. reported 35 stock positions worth $389.4 million. Its top holding was HSBC Holdings PLC-Spons ADR (HSBC) at 18.7% of the portfolio, followed by Petroleo Brasileiro-Spon ADR (PBR, 14.4%) and Gerdau SA -Spon ADR (GGB, 14.0%). Compared with Q4 2024, it opened 4 new positions, sold out of 3, added to 12 and reduced 7. The biggest buy was HSBC Holdings PLC-Spons ADR (HSBC, shares +425%) and the biggest sale an exit from Arch Resources (ARCH).
- Most Recent 13F
- Q2 2026
- Location
- Greenwich, CT
- CIK
- 0001050417
- Portfolio Value
- $389.4M (Q1 2025)
- SEC Filing
- 0000919574-25-003006 ↗ filed May 14, 2025
Holdings Value
Holdings 35 stocks · $389.4M
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 18.67% | 1,265,656 | $72.7M | Add +425.4% |
| PBR Petroleo Brasileiro-Spon ADR | 14.38% | 3,906,345 | $56.0M | No change |
| GGB Gerdau SA -Spon ADR | 14.02% | 19,219,112 | $54.6M | No change |
| VALE Vale SA-SP ADR | 9.45% | 3,686,411 | $36.8M | No change |
| BUR Burford Capital Ltd. | 8.37% | 2,466,748 | $32.6M | New |
| TX Ternium SA-Sponsored ADR | 7.94% | 992,413 | $30.9M | No change |
| ASTL Algoma Steel Group Inc. | 4.97% | 3,572,018 | $19.4M | No change |
| PBR.A Petroleo Brasil-SP Pref ADR | 4.80% | 1,434,306 | $18.7M | Add +10002.9% |
| CNR Core Natural Resources Inc. | 4.34% | 219,243 | $16.9M | New |
| LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) | 3.38% | 16,000,000 | $13.2M | Add +28.0% |
| NCMI National Cinemedia Inc. | 1.11% | 739,899 | $4.3M | No change |
| EEX Emerald Holding Inc. | 0.83% | 818,862 | $3.2M | Add +3.5% |
| CZR Caesars Entertainment Inc. | 0.77% | 119,500 | $3.0M | Add +1.3% |
| BV Brightview Holdings Inc. | 0.67% | 204,566 | $2.6M | Reduce -13.9% |
| PCG P G & E Corp. | 0.66% | 150,000 | $2.6M | New |
| M Macy's Inc. | 0.65% | 200,000 | $2.5M | No change |
| ADV Advantage Solutions Inc. | 0.56% | 1,451,140 | $2.2M | Add +13.5% |
| SABR Sabre Corp. | 0.51% | 705,000 | $2.0M | Add +2.9% |
| PBI Pitney Bowes Inc. | 0.42% | 180,000 | $1.6M | Reduce -11.3% |
| CCO Clear Channel Outdoor Holdin | 0.41% | 1,452,614 | $1.6M | Reduce -9.1% |
| CNTY Century Casinos Inc. | 0.39% | 889,144 | $1.5M | No change |
| VNOM Viper Energy Inc. | 0.37% | 32,114 | $1.4M | Reduce -32.7% |
| NE Noble Corp. PLC | 0.37% | 60,000 | $1.4M | No change |
| VAL Valaris Ltd. | 0.32% | 31,434 | $1.2M | Reduce -37.1% |
| PRKS United Parks & Resorts Inc. | 0.25% | 21,500 | $977K | Add +10.3% |
| CLF Cleveland-Cliffs Inc. | 0.24% | 115,000 | $945K | No change |
| NATL NCR Atleos Corp. | 0.20% | 30,000 | $791K | Add +11.1% |
| SKIL Skillsoft Corp. | 0.17% | 34,500 | $664K | Reduce -8.0% |
| LESLIES INC | 0.17% | 887,112 | $652K | New |
| MAGN Magnera Corp. | 0.13% | 28,000 | $508K | Add +7.7% |
| VYX NCR Voyix Corp. | 0.12% | 47,000 | $458K | Reduce -7.8% |
| AMBP Ardagh Metal Packaging SA | 0.12% | 150,000 | $453K | Add +17.2% |
| MAT Mattel Inc. | 0.10% | 21,000 | $408K | No change |
| MBC Masterbrand Inc. | 0.09% | 28,000 | $366K | Add +7.7% |
| CPRI Capri Holdings Ltd. | 0.06% | 11,000 | $217K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| ARCH Arch Resources Inc. | Sold out | 0.00% | −7.91 |
| NWL Newell Brands Inc. | Sold out | 0.00% | −0.66 |
| BV Brightview Holdings Inc. | Reduce -13.9% | 0.67% | −0.61 |
| VAL Valaris Ltd. | Reduce -37.1% | 0.32% | −0.43 |
| VNOM Viper Energy Inc. | Reduce -32.7% | 0.37% | −0.42 |
| CCO Clear Channel Outdoor Holdin | Reduce -9.1% | 0.41% | −0.33 |
| ALTG Alta Equipment Group Inc. | Sold out | 0.00% | −0.22 |
| SKIL Skillsoft Corp. | Reduce -8.0% | 0.17% | −0.13 |
| VYX NCR Voyix Corp. | Reduce -7.8% | 0.12% | −0.12 |
| PBI Pitney Bowes Inc. | Reduce -11.3% | 0.42% | −0.08 |
Portfolio Buys Q4 2024 → Q1 2025
| HSBC HSBC Holdings PLC-Spons ADR | Add +425.4% | 18.67% | +14.63 |
| BUR Burford Capital Ltd. | New | 8.37% | +8.37 |
| PBR.A Petroleo Brasil-SP Pref ADR | Add +10002.9% | 4.80% | +4.75 |
| CNR Core Natural Resources Inc. | New | 4.34% | +4.34 |
| PCG P G & E Corp. | New | 0.66% | +0.66 |
| LESLIES INC | New | 0.17% | +0.17 |
| LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) | Add +28.0% | 3.38% | +0.13 |
| AMBP Ardagh Metal Packaging SA | Add +17.2% | 0.12% | −0.01 |
| MAGN Magnera Corp. | Add +7.7% | 0.13% | −0.03 |
| MBC Masterbrand Inc. | Add +7.7% | 0.09% | −0.03 |
| NATL NCR Atleos Corp. | Add +11.1% | 0.20% | −0.11 |
| PRKS United Parks & Resorts Inc. | Add +10.3% | 0.25% | −0.12 |
| SABR Sabre Corp. | Add +2.9% | 0.51% | −0.34 |
| EEX Emerald Holding Inc. | Add +3.5% | 0.83% | −0.46 |
| CZR Caesars Entertainment Inc. | Add +1.3% | 0.77% | −0.57 |
| ADV Advantage Solutions Inc. | Add +13.5% | 0.56% | −0.70 |
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 |