Contrarian Capital Management, L.L.C.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Contrarian Capital Management, L.L.C. reported 36 stock positions worth $396.3 million. Its top holding was HSBC Holdings PLC-Spons ADR (HSBC) at 22.7% of the portfolio, followed by Gerdau SA -Spon ADR (GGB, 14.9%) and Burford Capital (BUR, 12.2%). Compared with Q2 2025, it opened 7 new positions, sold out of 5, added to 10 and reduced 6. The biggest buy was a new position in Alibaba Group Holding-SP ADR (BABA) and the biggest sale an exit from Petroleo Brasileiro-Spon ADR (PBR).
- Most Recent 13F
- Q2 2026
- Location
- Greenwich, CT
- CIK
- 0001050417
- Portfolio Value
- $396.3M (Q3 2025)
- SEC Filing
- 0000919574-25-006672 ↗ filed Nov 13, 2025
Holdings Value
Holdings 36 stocks · $396.3M
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 22.67% | 1,265,656 | $89.8M | No change |
| GGB Gerdau SA -Spon ADR | 14.92% | 19,069,112 | $59.1M | No change |
| BUR Burford Capital Ltd. | 12.21% | 4,044,998 | $48.4M | Add +58.2% |
| VALE Vale SA-SP ADR | 9.73% | 3,551,171 | $38.6M | No change |
| TX Ternium SA-Sponsored ADR | 8.70% | 992,413 | $34.5M | No change |
| BABA Alibaba Group Holding-SP ADR | 6.48% | 143,760 | $25.7M | New |
| CNR Core Natural Resources Inc. | 4.62% | 219,243 | $18.3M | No change |
| LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) | 3.60% | 16,000,000 | $14.3M | No change |
| BIDU Baidu Inc. - Spon ADR | 3.40% | 102,139 | $13.5M | New |
| ASTL Algoma Steel Group Inc. | 1.83% | 2,037,686 | $7.2M | Reduce -43.0% |
| EEX Emerald Holding Inc. | 1.13% | 879,000 | $4.5M | Add +12.1% |
| CCO Clear Channel Outdoor Holdin | 1.01% | 2,521,871 | $4.0M | Add +73.6% |
| CZR Caesars Entertainment Inc. | 0.99% | 145,500 | $3.9M | Add +21.8% |
| M Macy's Inc. | 0.90% | 200,000 | $3.6M | No change |
| NCMI National Cinemedia Inc. | 0.84% | 739,899 | $3.3M | No change |
| PCG P G & E Corp. | 0.76% | 200,000 | $3.0M | No change |
| UNIT Uniti Group Inc. | 0.70% | 454,810 | $2.8M | New |
| BV Brightview Holdings Inc. | 0.67% | 197,000 | $2.6M | Reduce -4.6% |
| ADV Advantage Solutions Inc. | 0.66% | 1,700,000 | $2.6M | Add +5.5% |
| CNTY Century Casinos Inc. | 0.59% | 889,144 | $2.3M | No change |
| PBI Pitney Bowes Inc. | 0.46% | 159,000 | $1.8M | Reduce -0.6% |
| NE Noble Corp. PLC | 0.43% | 60,000 | $1.7M | No change |
| VAL Valaris Ltd. | 0.39% | 31,434 | $1.5M | No change |
| CLF Cleveland-Cliffs Inc. | 0.35% | 115,000 | $1.4M | No change |
| VNOM Viper Energy Inc. Class A | 0.31% | 32,114 | $1.2M | New |
| NATL NCR Atleos Corp. | 0.28% | 28,500 | $1.1M | Reduce -1.7% |
| PRKS United Parks & Resorts Inc. | 0.28% | 21,500 | $1.1M | Reduce -4.4% |
| WW WW International Inc.-New filed as WW INTL INC | 0.19% | 28,091 | $769K | New |
| VYX NCR Voyix Corp. | 0.15% | 48,000 | $602K | Add +2.1% |
| UNFI United Natural Foods Inc. | 0.14% | 14,500 | $545K | New |
| SKIL Skillsoft Corp. | 0.14% | 41,500 | $540K | Add +20.3% |
| MBC Masterbrand Inc. | 0.11% | 33,000 | $435K | Add +37.5% |
| SABR Sabre Corp. | 0.10% | 225,000 | $412K | Reduce -68.1% |
| AMBP Ardagh Metal Packaging SA | 0.10% | 95,000 | $379K | Add +5.6% |
| MAT Mattel Inc. | 0.09% | 22,000 | $370K | Add +10.0% |
| HSIC Henry Schein Inc. | 0.08% | 5,000 | $332K | New |
Portfolio Sells Q2 2025 → Q3 2025
| PBR Petroleo Brasileiro-Spon ADR | Sold out | 0.00% | −6.90 |
| ASTL Algoma Steel Group Inc. | Reduce -43.0% | 1.83% | −5.21 |
| SABR Sabre Corp. | Reduce -68.1% | 0.10% | −0.53 |
| VNOM Viper Energy Inc. | Sold out | 0.00% | −0.35 |
| BV Brightview Holdings Inc. | Reduce -4.6% | 0.67% | −0.32 |
| LESLIES INC | Sold out | 0.00% | −0.11 |
| MAGN Magnera Corp. | Sold out | 0.00% | −0.10 |
| ON On Semiconductor | Sold out | 0.00% | −0.08 |
| PBI Pitney Bowes Inc. | Reduce -0.6% | 0.46% | −0.04 |
| PRKS United Parks & Resorts Inc. | Reduce -4.4% | 0.28% | −0.02 |
| NATL NCR Atleos Corp. | Reduce -1.7% | 0.28% | +0.05 |
Portfolio Buys Q2 2025 → Q3 2025
| BABA Alibaba Group Holding-SP ADR | New | 6.48% | +6.48 |
| BIDU Baidu Inc. - Spon ADR | New | 3.40% | +3.40 |
| BUR Burford Capital Ltd. | Add +58.2% | 12.21% | +1.78 |
| UNIT Uniti Group Inc. | New | 0.70% | +0.70 |
| CCO Clear Channel Outdoor Holdin | Add +73.6% | 1.01% | +0.52 |
| VNOM Viper Energy Inc. Class A | New | 0.31% | +0.31 |
| WW WW International Inc.-New | New | 0.19% | +0.19 |
| UNFI United Natural Foods Inc. | New | 0.14% | +0.14 |
| HSIC Henry Schein Inc. | New | 0.08% | +0.08 |
| ADV Advantage Solutions Inc. | Add +5.5% | 0.66% | +0.05 |
| EEX Emerald Holding Inc. | Add +12.1% | 1.13% | +0.04 |
| MBC Masterbrand Inc. | Add +37.5% | 0.11% | +0.03 |
| CZR Caesars Entertainment Inc. | Add +21.8% | 0.99% | +0.02 |
| VYX NCR Voyix Corp. | Add +2.1% | 0.15% | −0.01 |
| AMBP Ardagh Metal Packaging SA | Add +5.6% | 0.10% | −0.01 |
| MAT Mattel Inc. | Add +10.0% | 0.09% | −0.02 |
| SKIL Skillsoft Corp. | Add +20.3% | 0.14% | −0.02 |
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 |