BC
Bracebridge Capital, LLC — 13F Filing & Top Stock Positions (Q2 2026)
Bracebridge Capital, LLCCIK: 0001426486
High-turnover traderSector-focusedContrarian
Total reported value
$5.5B
Reporting period: 2026-06-30 · Number of holdings: 40
Bracebridge Capital, LLC disclosed 40 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $5.5B and a quarterly turnover rate of 165.5%.
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Personality snowflake
- Concentration
- 81.8
- Portfolio Stability
- 100
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 80
- Sizing Uniformity
- 72.86
Bracebridge Capital, LLC's disclosed holdings carry a Herfindahl concentration index of 0.204 — mathematically equivalent to about 5 equally-sized positions, well below its 40 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.71), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 6% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim GLD
-33.6% -$176.9M
New buy TLT
Add TLT
+627.8% $1.6B
Sold out 81369Y958
Trim 464287905
+65.0% $207.3M
Add GLD
+31.3% $472.8M
Holdings Map
New buyAddUnchangedTrim
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TLT | iShares 20+ Year Treasury Bond ETF | ETF-Gov Bonds | 31.81% | +31.81% | NEW | |
| 2 | TLT | iShares 20+ Year Treasury Bond ETF | ETF-Gov Bonds | 28.40% | +28.20% | +627.80% | |
| 3 | GLD | SPDR Gold Shares | ETF-Commodities | 8.62% | +8.23% | +31.31% | |
| 4 | ✓ | Ishares Tr | Stock-Other | 7.50% | -11.45% | +65.02% | |
| 5 | ✓ | Ishares Tr | Stock-Other | 7.50% | +7.50% | NEW | |
| 6 | GLD | Spdr Gold Shares | ETF-Commodities | 4.22% | -33.25% | -33.56% | |
| 7 | TSLA | Tesla, Inc. | Stock-Consumer Disc | 3.59% | +3.54% | +231.58% | |
| 8 | UNIT | Uniti Group Inc | Stock-Other | 1.66% | -4.97% | +3.62% | |
| 9 | TSLA | Tesla, Inc. | Stock-Consumer Disc | 1.54% | +1.49% | +42.11% | |
| 10 | GLD | SPDR Gold Shares | ETF-Commodities | 1.46% | +1.38% | +10.00% | |
| 11 | ✓ | Czr 250620c00035000 | Stock-Other | 0.55% | +0.55% | NEW | |
| 12 | CZR | Caesars Entertainment Inc | Stock-Consumer Disc | 0.52% | +0.52% | NEW | |
| 13 | ✓ | Stock-Other | 0.39% | +0.39% | NEW | ||
| 14 | ADT | Adt Inc | Stock-Industrials | 0.37% | -0.91% | +47.04% | |
| 15 | SVC | Service Properties Trust | Stock-Other | 0.35% | +0.35% | NEW | |
| 16 | FWRD | Forward Air CORP | Stock-Other | 0.34% | +0.34% | NEW | |
| 17 | ALVO | Alvotech | Stock-Other | 0.27% | -0.58% | +49.29% | |
| 18 | ✓ | Stock-Other | 0.23% | +0.23% | NEW | ||
| 19 | ✓ | Stock-Other | 0.14% | +0.14% | NEW | ||
| 20 | GNW | Genworth Financial Inc | Stock-Financials | 0.12% | -0.41% | — | |
| 21 | BXMT | Blackstone Mortgage Tru-cl A | Stock-Real Estate | 0.07% | -0.35% | — | |
| 22 | ASTL | Algoma Steel Group Inc | Stock-Other | 0.07% | -0.28% | — | |
| 23 | OSG | Octave Specialty Group Inc | Stock-Other | 0.07% | -0.18% | — | |
| 24 | LINTA 4 11-15-29Bond | Liberty Interactive LLC | Bond | 0.04% | -0.15% | — | |
| 25 | AQST | Aquestive Therapeutics Inc | Stock-Other | 0.03% | -0.14% | — | |
| 26 | RNA | Atrium Therapeutics Inc | Stock-Other | 0.03% | -0.14% | — | |
| 27 | TRTX | Tpg Re Finance Trust Inc | Stock-Other | 0.03% | -0.10% | — | |
| 28 | ✓ | Pdd Holdings Inc | Stock-Other | 0.03% | +0.03% | — | |
| 29 | ✓ | Pdd Holdings Inc | Stock-Other | 0.03% | -0.15% | — | |
| 30 | PDD | Pdd Holdings Inc | Stock-Consumer Disc | 0.02% | -0.09% | +17.24% | |
| 31 | AIRJW | Power & Digital Acq -cw24 | Stock-Other | — | — | — | |
| 32 | ✓ | Generation Essentials Group | Stock-Other | — | -0.01% | — | |
| 33 | ✓ | Critical Metals Equity Warrant | Stock-Other | — | — | — | |
| 34 | GCTS-WS | Concord Acq Cl A -cw28 | Stock-Other | — | — | — | |
| 35 | NUCLW | Eagle Nuclear Energy CORP | Stock-Other | — | — | — | |
| 36 | BNAIW | Brand Engagement Netwo -cw27 | Stock-Other | — | — | — | |
| 37 | COCHW | Envoy Medical Inc-cw27 | Stock-Other | — | — | — | |
| 38 | ✓ | Blue Gold LTD | Stock-Other | — | — | — | |
| 39 | DAICW | Cid Holdco Inc -26 | Stock-Other | — | — | — | |
| 40 | TVGNW | Semper Paratus Acqu -cw26 | Stock-Other | — | — | — |
Portfolio Performance
Performance for Q3 2026
-2.1%
Performance Last 4 Quarters
-6.5%
Based on 53% of reported portfolio value with available pricing
- Stdev
- +28.5%
- Beta
- +0.53
- Alpha
- +3.8%
- Max Drawdown
- -19.6%
- Annualized Perf
- +11.6%
- Batting Avg vs S&P
- +48.5%
- Sortino
- +0.94
- Stutzer
- +0.16
- Treynor
- +0.28
- Sterling
- +0.49
- Calmar
- +0.59
- Information Ratio
- -0.22
- Tracking Error
- +28.4%
- Stdev Down
- +15.8%
- Winning Months %
- +48.5%
- Losing Months %
- +51.5%
- Best 12 Months
- +48.1%
- Worst 12 Months
- -18.6%
- Efficiency Ratio
- +0.17
- Sharpe
- +0.52
- Stdev Sectors
- +38.1%
- Skewness
- +0.54
- Kurtosis
- +0.47
- Upside Potential
- +2.87
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 40 | $5.5B | 100 | ||
| 2026 Q1 | 44 | $1.1B | 100 | ||
| 2025 Q4 | 38 | $303.6M | 100 | ||
| 2025 Q3 | 36 | $438.9M | 45 | ||
| 2025 Q2 | 45 | $421.6M | 0 | ||
| 2025 Q1 | 38 | $208.2M | 100 | ||
| 2024 Q4 | 41 | $1.1B | 0 | ||
| 2024 Q3 | 39 | $294.8M | 0 | ||
| 2024 Q2 | 39 | $552.1M | 0 | ||
| 2024 Q1 | 43 | $810.1M | 0 | ||
| 2023 Q4 | 43 | $463.8M | 0 | ||
| 2023 Q3 | 50 | $629.0M | 0 | ||
| 2023 Q2 | 63 | $182.1M | 0 | ||
| 2023 Q1 | 73 | $374.6M | 0 | ||
| 2022 Q4 | 84 | $1.1B | 0 | ||
| 2022 Q3 | 101 | $568.1M | 0 | ||
| 2022 Q2 | 102 | $631.2M | 0 | ||
| 2022 Q1 | 102 | $1.3B | 0 | ||
| 2021 Q4 | 99 | $1.6B | 0 | ||
| 2021 Q3 | 69 | $1.1B | 0 | ||
| 2021 Q2 | 66 | $1.1B | 100 | ||
| 2021 Q1 | 63 | $1.2B | 100 | ||
| 2020 Q4 | 14 | $658.3M | 28 | ||
| 2020 Q3 | 13 | $624.5M | 63 | ||
| 2020 Q2 | 12 | $341.5M | 100 | ||
| 2020 Q1 | 13 | $551.5M | 79 | ||
| 2019 Q4 | 15 | $1.2B | 0 |
Holding changes this quarter
Bracebridge Capital, LLC's most significant position changes for 2026-06-30: New buy: iShares 20+ Year Treasury Bond ETF (TLT); New buy: Ishares Tr; Sold out: Select Sector Spdr Tr; New buy: Czr 250620c00035000; New buy: Caesars Entertainment Inc (CZR).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TLT | iShares 20+ Year Treasury Bond ETF | +31.8% | NEW | New buy |
| 2 | TLT | iShares 20+ Year Treasury Bond ETF | +28.2% | +627.80% | Add |
| 3 | GLD | SPDR Gold Shares | +8.2% | +31.31% | Add |
| 4 | ✓ | Ishares Tr | +7.5% | NEW | New buy |
| 5 | TSLA | Tesla, Inc. | +3.5% | +231.58% | Add |
| 6 | TSLA | Tesla, Inc. | +1.5% | +42.11% | Add |
| 7 | GLD | SPDR Gold Shares | +1.4% | +10.00% | Add |
| 8 | ✓ | Czr 250620c00035000 | +0.6% | NEW | New buy |
| 9 | CZR | Caesars Entertainment Inc | +0.5% | NEW | New buy |
| 10 | ✓ | +0.4% | NEW | New buy | |
| 11 | SVC | Service Properties Trust | +0.4% | NEW | New buy |
| 12 | FWRD | Forward Air CORP | +0.3% | NEW | New buy |
| 13 | ✓ | +0.2% | NEW | New buy | |
| 14 | ✓ | +0.1% | NEW | New buy | |
| 15 | ✓ | Pdd Holdings Inc | 0% | — | Unchanged |
| 16 | AIRJW | Power & Digital Acq -cw24 | — | — | Unchanged |
| 17 | GCTS-WS | Concord Acq Cl A -cw28 | — | — | Unchanged |
| 18 | BNAIW | Brand Engagement Netwo -cw27 | — | — | Unchanged |
| 19 | ✓ | Blue Gold LTD | — | — | Unchanged |
| 20 | COCHW | Envoy Medical Inc-cw27 | — | — | Unchanged |
| 21 | NUCLW | Eagle Nuclear Energy CORP | — | — | Unchanged |
| 22 | ✓ | Critical Metals Equity Warrant | — | — | Unchanged |
| 23 | DAICW | Cid Holdco Inc -26 | — | — | Unchanged |
| 24 | TVGNW | Semper Paratus Acqu -cw26 | — | — | Unchanged |
| 25 | IGV | Ishares Expanded Tech-softwa | 0% | EXIT | Sold out |
| 26 | ✓ | Generation Essentials Group | 0% | — | Unchanged |
| 27 | CRM | Salesforce, Inc. | 0% | EXIT | Sold out |
| 28 | PDD | Pdd Holdings Inc | -0.1% | +17.24% | Add |
| 29 | TRTX | Tpg Re Finance Trust Inc | -0.1% | — | Unchanged |
| 30 | RNA | Atrium Therapeutics Inc | -0.1% | — | Unchanged |
| 31 | AQST | Aquestive Therapeutics Inc | -0.1% | — | Unchanged |
| 32 | ✓ | Pdd Holdings Inc | -0.2% | — | Unchanged |
| 33 | LINTA 4 11-15-29Bond | Liberty Interactive LLC | -0.2% | — | Unchanged |
| 34 | CCO | Clear Channel Outdoor Holdin | -0.2% | EXIT | Sold out |
| 35 | OSG | Octave Specialty Group Inc | -0.2% | — | Unchanged |
| 36 | OPTU | Optimum Communications Inc-a | -0.2% | EXIT | Sold out |
| 37 | SPY | State Street SPDR S&P 500 ETF Trust | -0.2% | EXIT | Sold out |
| 38 | AMC | Amc Entertainment Hlds-cl A | -0.3% | EXIT | Sold out |
| 39 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | -0.3% | EXIT | Sold out |
| 40 | ASTL | Algoma Steel Group Inc | -0.3% | — | Unchanged |
| 41 | BXMT | Blackstone Mortgage Tru-cl A | -0.4% | — | Unchanged |
| 42 | GNW | Genworth Financial Inc | -0.4% | — | Unchanged |
| 43 | ✓ | Invesco Exchng Traded Fd Tr | -0.5% | EXIT | Sold out |
| 44 | ALVO | Alvotech | -0.6% | +49.29% | Add |
| 45 | ADT | Adt Inc | -0.9% | +47.04% | Add |
| 46 | TSLA | Tesla Inc | -1.3% | EXIT | Sold out |
| 47 | IWM | Ishares Russell 2000 ETF | -1.4% | EXIT | Sold out |
| 48 | ✓ | Ares Capital CORP | -2.2% | EXIT | Sold out |
| 49 | ✓ | Warner Bros Discovery Inc | -2.5% | EXIT | Sold out |
| 50 | UNIT | Uniti Group Inc | -5% | +3.62% | Add |
1–50 of 53
Filing History
FAQ
What is Bracebridge Capital, LLC and what type of investor is it?
Bracebridge Capital, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $5.5B, spread across 40 disclosed positions.
What are Bracebridge Capital, LLC's largest equity positions?
Based on the latest 13F filing, Bracebridge Capital, LLC's top holdings by market value are:
1. iShares 20+ Year Treasury Bond ETF (TLT) — $1.8B (31.8%)
2. iShares 20+ Year Treasury Bond ETF (TLT) — $1.6B (28.4%)
3. SPDR Gold Shares (GLD) — $477.1M (8.6%)
4. Ishares Tr — $414.7M (7.5%)
5. Ishares Tr — $414.7M (7.5%)
What changes did Bracebridge Capital, LLC make in its most recent portfolio filing?
In the latest reported quarter, Bracebridge Capital, LLC made 33 notable position adjustments: 9 new positions were initiated, 10 existing holdings were added to, 1 positions were partially reduced, and 13 were completely exited. The largest of these moves: New buy: iShares 20+ Year Treasury Bond ETF (TLT); New buy: Ishares Tr; Sold out: Select Sector Spdr Tr; New buy: Czr 250620c00035000; New buy: Caesars Entertainment Inc (CZR)
What sectors does Bracebridge Capital, LLC focus on?
Bracebridge Capital, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 91.0%
• Industrials: 5.9%
• Financials: 2.0%
• Real Estate: 1.2%
Investment Profile
Bracebridge Capital, LLC returned an annualized 11.6% over the trailing 33 months — outperforming the S&P 500 by 3.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.53 (less volatile than the market) and a 48% quarterly batting average against the index.
Its portfolio is concentrated and fast-trading, with 91.0% of the portfolio concentrated in Consumer Discretionary.
Its turnover score has risen from 0 to 100 over the past 4 quarters — a shift toward more active trading.
It has added to its GLD position over the past two quarters (+$473.3M, now $477.1M), while trimming BLUE GOLD LTD over the same stretch (-$24.4K, still holding $7.2K).
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Developer Access
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