BRIGADE CAPITAL MANAGEMENT, LP
CIK 1421306 · View on SEC EDGAR ↗
- Portfolio value
- $474.2M
- Positions
- 15
- As of
- June 30, 2026
Portfolio value QoQ: -36.8% 13F does not disclose cash
- Top 10 holdings weight
- 97.90%
- Top 25 holdings weight
- 100.00%
- Positions above 1%
- 11
- Effective number of positions
- 2.9
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 33.68% Est. buys $206,152,333 · sells $319,218,299
Median holding: 3.0 quarters Tracked Q4 2024–Q2 2026 · 38.5% still held
- New positions
- 5
- Increased
- 3
- Decreased
- 3
- Closed
- 5
Put-notional exposure: 80.4% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
- Related The person behind this filer, where we can match one.
Performance vs S&P 500
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Priceable coverage: 92.2% · Options excluded: 80.7%
Sector breakdown
Full portfolio 15 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| TLT iShares 20+ Year Treasury Bond ETF | $259,260,000 | 54.67% | 3,000,000 | Put option | $81,545,500 | Up ×1 | |
| IWM | $90,135,000 | 19.01% | 300,000 | Put option | |||
| LNTH Lantheus Holdings, Inc. - Common Stock | $36,484,120 | 7.69% | 328,745 | $8,894,062 | Down ×1 | ||
| HYG | $31,988,000 | 6.75% | 400,000 | Put option | $-158,956,000 | Down ×1 | |
| EXE Expand Energy Corporation - Common Stock | $9,649,083 | 2.03% | 105,871 | $1,182,849 | Up ×1 | ||
| VST Vistra Corp. Common Stock | $8,121,856 | 1.71% | 51,200 | Up ×1 | |||
| FOA Finance of America Companies Inc. Class A Common Stock | $7,718,700 | 1.63% | 280,476 | $5,112,500 | Up ×3 | ||
| LMRI Lumexa Imaging Holdings, Inc. - Common Stock | $7,511,352 | 1.58% | 665,900 | Up ×1 | |||
| UAL United Airlines Holdings, Inc. - Common Stock | $7,323,062 | 1.54% | 53,850 | Up ×1 | |||
| Unknown issuer (CUSIP: 516544AB9) | $6,099,682 | 1.29% | 4,240,000 | $1,033,336 | |||
| EMBC Embecta Corp. - Common Stock | $4,943,637 | 1.04% | 1,516,453 | Up ×1 | |||
| LUMN Lumen Technologies, Inc. Common Stock | $4,224,000 | 0.89% | 550,000 | $-8,596,500 | Down ×1 | ||
| Unknown issuer (CUSIP: 530715AL5) | $552,281 | 0.12% | 10,275,000 | $166,968 | |||
| CNTY Century Casinos, Inc. - Common Stock | $150,463 | 0.03% | 117,549 | $-12,930 | |||
| Unknown issuer (CUSIP: 530715AG6) | $68,000 | 0.01% | 1,360,000 | $17,000 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
| Security | Value | % of portfolio | Streak |
|---|---|---|---|
| FOA | $7,718,700 | 1.63% | up ×3 |
Biggest new bets
New positions opened this quarter, largest first.
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| TLT | Bought more | +950K | +$81.5M |
| LNTH | Trimmed | -35K | +$8.9M |
| LUMN | Trimmed | -1.3M | -$8.6M |
| FOA | Bought more | +123K | +$5.1M |
| EXE | Bought more | +29K | +$1.2M |
| — | Price move only | +0 | +$1.0M |
| — | Price move only | +0 | +$167K |
| — | Price move only | +0 | +$17K |
| CNTY | Price move only | +0 | -$13K |
1 position hidden (data completeness check)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| LQD | Dec. 31, 2025 | 2,000,000 | $222,940,000 | No longer tracked |
| HYG | June 30, 2025 | 2,500,000 | $197,225,000 | No longer tracked |
| TLT | Dec. 31, 2025 | 1,725,000 | $154,163,250 | |
| LQD | June 30, 2026 | 1,000,000 | $108,990,000 | No longer tracked |
| GLD | March 31, 2026 | 200,000 | $79,262,000 | No longer tracked |
| TLT | March 31, 2025 | 750,000 | $65,497,500 | |
| GLD | March 31, 2025 | 220,000 | $53,268,600 | No longer tracked |
| NBR | March 31, 2026 | 675,879 | $36,700,230 | 5.5% |
| ORCL | March 31, 2026 | 140,000 | $27,287,400 | -0.4% |
| ECVT | June 30, 2026 | 817,255 | $10,509,899 | -16.8% |
| SPY | June 30, 2026 | 15,000 | $9,754,350 | No longer tracked |
| NCLH | Dec. 31, 2025 | 347,600 | $8,561,388 | -22.8% |
| NOMD | June 30, 2026 | 875,000 | $8,408,750 | 6.8% |
| DHC | March 31, 2026 | 1,600,000 | $7,760,000 | 21.5% |
| CRWV | June 30, 2026 | 100,000 | $7,747,000 | -9.5% |
| MLCO | March 31, 2025 | 1,001,215 | $5,797,035 | 3.4% |
| FWRDXXXX | June 30, 2025 | 166,000 | $3,334,940 | No longer tracked |
| SVC | March 31, 2026 | 1,075,000 | $1,978,000 | 487.1% |
| FWRD | March 31, 2026 | 77,357 | $1,933,925 | 10.8% |
| GNW | Dec. 31, 2025 | 160,000 | $1,424,000 | 9.5% |
| CHKEL | March 31, 2026 | 197 | $19,635 | No longer tracked |
| BBGI | Dec. 31, 2025 | 1,409 | $6,310 | 308.0% |