Contrarian Capital Management, L.L.C.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Contrarian Capital Management, L.L.C. reported 24 stock positions worth $379.7 million. Its top holding was HSBC Holdings PLC-Spons ADR (HSBC) at 26.2% of the portfolio, followed by Republic Airways (RJET, 21.5%) and Gerdau SA -Spon ADR (GGB, 18.5%). Compared with Q3 2025, it opened 3 new positions, sold out of 15, added to 3 and reduced 6. The biggest buy was a new position in Republic Airways (RJET) and the biggest sale an exit from Burford Capital (BUR).
- Most Recent 13F
- Q2 2026
- Location
- Greenwich, CT
- CIK
- 0001050417
- Portfolio Value
- $379.7M (Q4 2025)
- SEC Filing
- 0000919574-26-000946 ↗ filed Feb 13, 2026
Holdings Value
Holdings 24 stocks · $379.7M
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 26.23% | 1,265,656 | $99.6M | No change |
| RJET Republic Airways Holdings Inc. | 21.51% | 4,446,210 | $81.7M | New |
| GGB Gerdau SA -Spon ADR | 18.53% | 19,069,112 | $70.4M | No change |
| TX Ternium SA-Sponsored ADR | 9.98% | 992,413 | $37.9M | No change |
| BABA Alibaba Group Holding-SP ADR | 6.40% | 165,787 | $24.3M | Add +15.3% |
| AERO Grupo Aeromexico Sab DE CV | 3.88% | 671,207 | $14.7M | New |
| BIDU Baidu Inc. - Spon ADR | 3.52% | 102,139 | $13.3M | No change |
| CCO Clear Channel Outdoor Holdin | 1.37% | 2,351,871 | $5.2M | Reduce -6.7% |
| M Macy's Inc. | 1.16% | 200,000 | $4.4M | No change |
| PCG P G & E Corp. | 0.85% | 200,000 | $3.2M | No change |
| UNIT Uniti Group Inc. | 0.82% | 443,810 | $3.1M | Reduce -2.4% |
| CZR Caesars Entertainment Inc. | 0.77% | 125,000 | $2.9M | Reduce -14.1% |
| NCMI National Cinemedia Inc. | 0.76% | 739,899 | $2.9M | No change |
| CNR Core Natural Resources Inc. | 0.74% | 31,567 | $2.8M | Reduce -85.6% |
| WY Weyerhaeuser Co. | 0.47% | 76,019 | $1.8M | New |
| AMBP Ardagh Metal Packaging SA | 0.45% | 413,706 | $1.7M | Add +335.5% |
| NE Noble Corp. PLC | 0.45% | 60,000 | $1.7M | No change |
| VNOM Viper Energy Inc. Class A | 0.43% | 42,516 | $1.6M | Add +32.4% |
| VAL Valaris Ltd. | 0.42% | 31,434 | $1.6M | No change |
| CLF Cleveland-Cliffs Inc. | 0.40% | 115,000 | $1.5M | No change |
| CNTY Century Casinos Inc. | 0.31% | 889,144 | $1.2M | No change |
| ADV Advantage Solutions Inc. | 0.23% | 1,000,000 | $880K | Reduce -41.2% |
| WW WW International Inc.-New filed as WW INTL INC | 0.22% | 28,091 | $821K | No change |
| EEX Emerald Holding Inc. | 0.11% | 93,118 | $416K | Reduce -89.4% |
Portfolio Sells Q3 2025 → Q4 2025
| BUR Burford Capital Ltd. | Sold out | 0.00% | −12.21 |
| VALE Vale SA-SP ADR | Sold out | 0.00% | −9.73 |
| CNR Core Natural Resources Inc. | Reduce -85.6% | 0.74% | −3.88 |
| LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) | Sold out | 0.00% | −3.60 |
| ASTL Algoma Steel Group Inc. | Sold out | 0.00% | −1.83 |
| EEX Emerald Holding Inc. | Reduce -89.4% | 0.11% | −1.02 |
| BV Brightview Holdings Inc. | Sold out | 0.00% | −0.67 |
| PBI Pitney Bowes Inc. | Sold out | 0.00% | −0.46 |
| ADV Advantage Solutions Inc. | Reduce -41.2% | 0.23% | −0.42 |
| NATL NCR Atleos Corp. | Sold out | 0.00% | −0.28 |
| PRKS United Parks & Resorts Inc. | Sold out | 0.00% | −0.28 |
| CZR Caesars Entertainment Inc. | Reduce -14.1% | 0.77% | −0.22 |
| VYX NCR Voyix Corp. | Sold out | 0.00% | −0.15 |
| UNFI United Natural Foods Inc. | Sold out | 0.00% | −0.14 |
| SKIL Skillsoft Corp. | Sold out | 0.00% | −0.14 |
| MBC Masterbrand Inc. | Sold out | 0.00% | −0.11 |
| SABR Sabre Corp. | Sold out | 0.00% | −0.10 |
| MAT Mattel Inc. | Sold out | 0.00% | −0.09 |
| HSIC Henry Schein Inc. | Sold out | 0.00% | −0.08 |
| UNIT Uniti Group Inc. | Reduce -2.4% | 0.82% | +0.12 |
| CCO Clear Channel Outdoor Holdin | Reduce -6.7% | 1.37% | +0.36 |
Portfolio Buys Q3 2025 → Q4 2025
| RJET Republic Airways Holdings Inc. | New | 21.51% | +21.51 |
| AERO Grupo Aeromexico Sab DE CV | New | 3.88% | +3.88 |
| WY Weyerhaeuser Co. | New | 0.47% | +0.47 |
| AMBP Ardagh Metal Packaging SA | Add +335.5% | 0.45% | +0.35 |
| VNOM Viper Energy Inc. Class A | Add +32.4% | 0.43% | +0.12 |
| BABA Alibaba Group Holding-SP ADR | Add +15.3% | 6.40% | −0.08 |
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 |