Stonehill Capital Management LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Stonehill Capital Management LLC reported 14 stock positions worth $196.3 million . Its top holding was Echostar Class A (ECHO) at 49.6% of the portfolio, followed by USA Today (TDAY, 10.7% ) and Manpowergroup (MAN, 8.1% ). Compared with Q4 2025, it opened 3 new positions, sold out of 9, added to 6 and reduced 3. The biggest buy was USA Today (TDAY, shares +100% ) and the biggest sale an exit from Joyy Inc.-ADR (JOYY).
Location NEW YORK, NY
CIK 0001266227
Portfolio Value $196.3M (Q1 2026) Holdings 14 stocks · $196.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 ECHO Echostar Corp. Class A 831,480 $97.3M No change TDAY USA Today Co. Inc. 2,981,555 $21.0M Add +100.1% MAN Manpowergroup Inc. 539,162 $15.9M Add +70.3% MBC Masterbrand Inc. 1,456,640 $12.1M Reduce -18.2% HOLX Hologic Inc. 153,267 $11.6M New RHI Robert Half Inc. 405,807 $10.3M Add +17.6% CDZI Cadiz Inc. 1,945,410 $9.6M Add +487.2% AMWD American Woodmark Corp. 211,036 $8.4M Reduce -9.2% ELME Elme Communities 2,038,246 $4.1M Add +17.2% MOMO Hello Group Inc. -SPN ADR 624,196 $3.6M New DDI Doubledown Interactive -ADR 190,605 $1.6M No change NFE New Fortress Energy Inc. 788,842 $465K Add +69.6% SVC Service Pptys TR 124,966 $169K New SEAT Vivid Seats Inc. Class A 26,738 $158K Reduce -58.0%
Other holdings (1): bonds, preferreds, convertibles and warrants · $981K (not counted above) Security Class Shares / Principal Value Change IRS.WS Irsa Inversiones Y Rep -CW26 *W EXP 05/12/202 602,130 $981K No change
Total filed on the 13F, all lines: $197.3M.
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ JOYY Joyy Inc.-ADR Sold out 0.00% −22.98 LBRDK Liberty Broadband-C Sold out 0.00% −6.78 HOUS Anywhere Real Estate Inc. Sold out 0.00% −4.34 XNET Xunlei Ltd.-ADR Sold out 0.00% −2.23 SABR Sabre Corp. Sold out 0.00% −2.14 LBRDA Liberty Broadband-A Sold out 0.00% −1.21 SG Sweetgreen Inc. Class A Sold out 0.00% −0.82 ACH Accendra Health Inc. Sold out 0.00% −0.31 MBC Masterbrand Inc. Reduce -18.2% 6.17% −0.15 NOTE Fiscalnote Holdings Inc. Sold out 0.00% −0.10 SEAT Vivid Seats Inc. Class A Reduce -58.0% 0.08% −0.07 AMWD American Woodmark Corp. Reduce -9.2% 4.28% +0.26
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ TDAY USA Today Co. Inc. Add +100.1% 10.71% +8.24 HOLX Hologic Inc. New 5.90% +5.90 MAN Manpowergroup Inc. Add +70.3% 8.09% +5.07 CDZI Cadiz Inc. Add +487.2% 4.87% +4.27 RHI Robert Half Inc. Add +17.6% 5.25% +2.24 MOMO Hello Group Inc. -SPN ADR New 1.83% +1.83 SVC Service Pptys TR New 0.09% +0.09 NFE New Fortress Energy Inc. Add +69.6% 0.24% +0.07 ELME Elme Communities Add +17.2% 2.09% −7.64
Notes & Other Activity Q4 2025 → Q1 2026 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 15 $350.1M ECHO, MBC, TDAY, SVC, FBIN Q1 2026 14 $196.3M ECHO, TDAY, MAN, MBC, HOLX Q4 2025 20 $311.0M ECHO, JOYY, ELME, LBRDK, MBC Q3 2025 13 $254.4M JOYY, ECHO, LBRDK, MBC, AMWD Q2 2025 12 $221.0M JOYY, LBRDK, ECHO, LBRDA, HOUS Q1 2025 10 $316.6M LBRDK, JOYY, SGI, ECHO, LBRDA Q4 2024 8 $214.7M LBRDK, JOYY, ECHO, ATEX, LBRDA Q3 2024 10 $166.3M LBRDK, JOYY, ATEX, EQC, LBRDA Q2 2024 9 $133.3M LBRDK, JOYY, ATEX, V, LBRDA Q1 2024 5 $44.1M ATEX, JOYY, NXDT, VATE, TRINITY BIOTECH INVT LTD