Contrarian Capital Management, L.L.C.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Contrarian Capital Management, L.L.C. reported 21 stock positions worth $356.7 million. Its top holding was Republic Airways (RJET) at 20.1% of the portfolio, followed by Gerdau SA -Spon ADR (GGB, 19.3%) and Futu Holdings Ltd.-ADR (FUTU, 11.6%). Compared with Q4 2025, it opened 1 new position, sold out of 4, added to 4 and reduced 2. The biggest buy was a new position in Futu Holdings Ltd.-ADR (FUTU) and the biggest sale HSBC Holdings PLC-Spons ADR (HSBC, shares −62%).

Most Recent 13F
Q2 2026
Location
Greenwich, CT
CIK
0001050417
Portfolio Value
$356.7M (Q1 2026)
SEC Filing
0000919574-26-003136 ↗ filed May 15, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $366.6M Q1 2024 Q2 2024: $318.4M Q2 2024 Q3 2024: $329.0M Q3 2024 Q4 2024: $295.3M Q4 2024 Q1 2025: $389.4M Q1 2025 Q2 2025: $349.5M Q2 2025 Q3 2025: $396.3M Q3 2025 Q4 2025: $379.7M Q4 2025 Q1 2026: $356.7M $356.7M Q1 2026 Q2 2026: $306.1M Q2 2026

Holdings 21 stocks · $356.7M
RJET Republic Airways Holdings Inc. 20.06% 4,446,210 $71.5M No change
GGB Gerdau SA -Spon ADR 19.30% 19,069,112 $68.8M No change
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 11.60% 302,451 $41.4M New
TX Ternium SA-Sponsored ADR 11.17% 992,413 $39.8M No change
HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC 11.13% 481,063 $39.7M Reduce -62.0%
BABA Alibaba Group Holding-SP ADR 10.76% 305,862 $38.4M Add +84.5%
BIDU Baidu Inc. - Spon ADR 3.19% 102,139 $11.4M No change
AERO Grupo Aeromexico Sab DE CV 2.64% 671,207 $9.4M No change
CCO Clear Channel Outdoor Holdin 1.56% 2,351,871 $5.6M No change
CZR Caesars Entertainment Inc. 1.20% 162,163 $4.3M Add +29.7%
VNOM Viper Energy Inc. Class A 1.12% 85,000 $4.0M Add +99.9%
M Macy's Inc. 1.01% 200,000 $3.6M No change
PCG P G & E Corp. 0.99% 200,000 $3.5M No change
CNR Core Natural Resources Inc. 0.93% 31,567 $3.3M No change
NE Noble Corp. PLC 0.83% 60,000 $2.9M No change
WY Weyerhaeuser Co. 0.82% 120,000 $2.9M Add +57.9%
NCMI National Cinemedia Inc. 0.51% 596,231 $1.8M Reduce -19.4%
AMBP Ardagh Metal Packaging SA 0.47% 413,706 $1.7M No change
CNTY Century Casinos Inc. 0.35% 889,144 $1.2M No change
CLF Cleveland-Cliffs Inc. 0.27% 115,000 $972K No change
WW WW International Inc.-New filed as WW INTL INC 0.11% 28,091 $386K No change

Portfolio Sells Q4 2025 → Q1 2026
HSBC HSBC Holdings PLC-Spons ADR Reduce -62.0% 11.13% −15.10
UNIT Uniti Group Inc. Sold out 0.00% −0.82
VAL Valaris Ltd. Sold out 0.00% −0.42
NCMI National Cinemedia Inc. Reduce -19.4% 0.51% −0.25
ADV Advantage Solutions Inc. Sold out 0.00% −0.23
EEX Emerald Holding Inc. Sold out 0.00% −0.11

Portfolio Buys Q4 2025 → Q1 2026
FUTU Futu Holdings Ltd.-ADR New 11.60% +11.60
BABA Alibaba Group Holding-SP ADR Add +84.5% 10.76% +4.36
VNOM Viper Energy Inc. Class A Add +99.9% 1.12% +0.69
CZR Caesars Entertainment Inc. Add +29.7% 1.20% +0.43
WY Weyerhaeuser Co. Add +57.9% 0.82% +0.35

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 19$306.1MRJET, GGB, TX, FUTU, AERO
Q1 2026 21$356.7MRJET, GGB, FUTU, TX, HSBC
Q4 2025 24$379.7MHSBC, RJET, GGB, TX, BABA
Q3 2025 36$396.3MHSBC, GGB, BUR, VALE, TX
Q2 2025 34$349.5MHSBC, GGB, BUR, VALE, TX
Q1 2025 35$389.4MHSBC, PBR, GGB, VALE, BUR
Q4 2024 34$295.3MGGB, PBR, ASTL, VALE, TX
Q3 2024 30$329.0MGGB, PBR, ARCH, TX, ASTL
Q2 2024 28$318.4MGGB, PBR, ARCH, TX, ASTL
Q1 2024 29$366.6MGGB, PBR, ARCH, TX, ASTL