BC
Brigade Capital Management, LP 13F Filings & Institutional Holdings (Q2 2026)
Brigade Capital Management, LPCIK: 0001421306
Concentrated strategySector-focusedMomentum follower
Total reported value
$534.3M
Reporting period: 2026-06-30 · Number of holdings: 20
BRIGADE CAPITAL MANAGEMENT, LP disclosed 20 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $534.3M and a quarterly turnover rate of 81.4%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 81.39
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 30
- Sizing Uniformity
- 81.17
Brigade Capital Management, LP's disclosed holdings carry a Herfindahl concentration index of 0.287 — mathematically equivalent to about 3 equally-sized positions, well below its 20 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 1.88), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 6.5 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 25% 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 HYG
-88.9% -$254.4M
Add TLT
+46.3% $81.5M
Sold out LQD
Add IWM
-1.6% $14.5M
Add LNTH 2.625 12-15-27
-11.0% $4.2M
Add LNTH
-29.1% $1.3M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 15 holdings (of 20 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TLT | Ishares 20+ Year Treasury Bd | ETF-Gov Bonds | 48.52% | +26.47% | +46.34% | |
| 2 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 16.87% | +7.48% | -1.64% | |
| 3 | LNTH 2.625 12-15-27Bond | Lantheus Holdings Inc | Bond | 11.69% | +4.46% | -10.96% | |
| 4 | LNTH | Lantheus Holdings Inc | Stock-Healthcare | 6.83% | +2.46% | -29.11% | |
| 5 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-High Yield | 5.99% | -29.55% | -88.89% | |
| 6 | EXE | Expand Energy CORP | Stock-Energy | 1.81% | +0.76% | +37.28% | |
| 7 | VST | Vistra CORP | Stock-Utilities | 1.52% | +1.52% | NEW | |
| 8 | FOA | Finance Of America Cos Inc-a | Stock-Other | 1.44% | +1.12% | +78.65% | |
| 9 | LMRI | Lumexa Imaging Holdings Inc | Stock-Other | 1.41% | +1.41% | NEW | |
| 10 | UAL | United Airlines Holdings Inc | Stock-Industrials | 1.37% | +1.37% | NEW | |
| 11 | EMBC | Embecta CORP | Stock-Healthcare | 0.93% | +0.93% | NEW | |
| 12 | LUMN | Lumen Technologies Inc | Stock-Comm Services | 0.79% | -0.80% | -70.27% | |
| 13 | LINTA 3.75 02-15-30Bond | Liberty Interactive LLC | Bond | 0.74% | +0.38% | -4.49% | |
| 14 | LINTA 4 11-15-29Bond | Liberty Interactive LLC | Bond | 0.07% | +0.03% | — | |
| 15 | CNTY | Century Casinos Inc | Stock-Other | 0.03% | +0.01% | — |
Portfolio Performance
Performance for Q3 2026
-1.7%
Performance Last 4 Quarters
+25.8%
- Stdev
- +14.1%
- Beta
- +0.77
- Alpha
- +3%
- Max Drawdown
- -6.7%
- Annualized Perf
- +19.1%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +2.58
- Stutzer
- +0.38
- Treynor
- +0.24
- Sterling
- +1.21
- Calmar
- +2.85
- Information Ratio
- -0.14
- Tracking Error
- +10.4%
- Stdev Down
- +7.2%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +40.5%
- Worst 12 Months
- +9.9%
- Efficiency Ratio
- +0.56
- Sharpe
- +1.31
- Stdev Sectors
- +29%
- Skewness
- -0.02
- Kurtosis
- -0.4
- Upside Potential
- +4.16
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 20 | $534.3M | 81 | ||
| 2026 Q1 | 23 | $805.8M | 100 | ||
| 2025 Q4 | 29 | $331.1M | 100 | ||
| 2025 Q3 | 33 | $815.2M | 100 | ||
| 2025 Q2 | 24 | $435.8M | 0 | ||
| 2025 Q1 | 24 | $797.9M | 100 | ||
| 2024 Q4 | 20 | $330.9M | 0 | ||
| 2024 Q3 | 20 | $458.9M | 0 | ||
| 2024 Q2 | 22 | $437.7M | 0 | ||
| 2024 Q1 | 23 | $466.2M | 0 | ||
| 2023 Q4 | 38 | $2.8B | 0 | ||
| 2023 Q3 | 28 | $457.8M | 0 | ||
| 2023 Q2 | 23 | $221.1M | 0 | ||
| 2023 Q1 | 29 | $919.3M | 0 | ||
| 2022 Q4 | 28 | $355.7M | 0 | ||
| 2022 Q3 | 58 | $988.9M | 0 | ||
| 2022 Q2 | 55 | $891.6M | 0 | ||
| 2022 Q1 | 74 | $750.9M | 0 | ||
| 2021 Q4 | 90 | $874.4M | 0 | ||
| 2021 Q3 | 78 | $1.2B | 0 | ||
| 2021 Q2 | 91 | $1.7B | 90 | ||
| 2021 Q1 | 95 | $1.4B | 100 | ||
| 2020 Q4 | 86 | $1.7B | 73 | ||
| 2020 Q3 | 88 | $2.4B | 63 | ||
| 2020 Q2 | 91 | $2.4B | 66 | ||
| 2020 Q1 | 86 | $2.2B | 93 | ||
| 2019 Q4 | 92 | $1.3B | 55 | ||
| 2019 Q3 | 97 | $1.9B | 63 | ||
| 2019 Q2 | 97 | $2.0B | 56 | ||
| 2019 Q1 | 96 | $1.6B | 88 | ||
| 2018 Q4 | 123 | $3.0B | 89 | ||
| 2018 Q3 | 98 | $1.7B | 51 | ||
| 2018 Q2 | 87 | $1.5B | 68 | ||
| 2018 Q1 | 95 | $2.2B | 54 | ||
| 2017 Q4 | 84 | $1.8B | 69 | ||
| 2017 Q3 | 83 | $1.2B | 44 | ||
| 2017 Q2 | 73 | $1.2B | 82 | ||
| 2017 Q1 | 68 | $771.8M | 100 | ||
| 2016 Q4 | 68 | $2.4B | 34 | ||
| 2016 Q3 | 59 | $2.0B | 100 | ||
| 2016 Q2 | 48 | $643.2M | 51 | ||
| 2016 Q1 | 49 | $579.9M | 100 | ||
| 2015 Q4 | 49 | $10.3M | 100 | ||
| 2015 Q3 | 69 | $813.8M | 100 | ||
| 2015 Q2 | 80 | $1.8B | 55 | ||
| 2015 Q1 | 77 | $1.5B | 88 | ||
| 2014 Q4 | 76 | $1.7B | 78 | ||
| 2014 Q3 | 98 | $2.3B | 74 | ||
| 2014 Q2 | 86 | $2.9B | 100 | ||
| 2014 Q1 | 84 | $1.4B | 75 | ||
| 2013 Q4 | 82 | $1.7B | 75 | ||
| 2013 Q3 | 70 | $1.3B | 100 | ||
| 2013 Q2 | 84 | $2.9B | 0 |
Holding changes this quarter
Brigade Capital Management, LP's most significant position changes for 2026-06-30: Sold out: Ishr Ibx Usd Invgd Cb Etf-ui (LQD); Sold out: Ecovyst Inc (ECVT); Sold out: Ss Spdr S&p 500 ETF Trust-us (SPY); Sold out: Nomad Foods Limited (NOMD); New buy: Vistra CORP (VST).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TLT | Ishares 20+ Year Treasury Bd | +26.5% | +46.34% | Add |
| 2 | IWM | Ishares Russell 2000 ETF | +7.5% | -1.64% | Trim |
| 3 | LNTH 2.625 12-15-27Bond | Lantheus Holdings Inc | +4.5% | -10.96% | Trim |
| 4 | LNTH | Lantheus Holdings Inc | +2.5% | -29.11% | Trim |
| 5 | VST | Vistra CORP | +1.5% | NEW | New buy |
| 6 | LMRI | Lumexa Imaging Holdings Inc | +1.4% | NEW | New buy |
| 7 | UAL | United Airlines Holdings Inc | +1.4% | NEW | New buy |
| 8 | FOA | Finance Of America Cos Inc-a | +1.1% | +78.65% | Add |
| 9 | EMBC | Embecta CORP | +0.9% | NEW | New buy |
| 10 | EXE | Expand Energy CORP | +0.8% | +37.28% | Add |
| 11 | LINTA 3.75 02-15-30Bond | Liberty Interactive LLC | +0.4% | -4.49% | Trim |
| 12 | LINTA 4 11-15-29Bond | Liberty Interactive LLC | 0% | — | Unchanged |
| 13 | CNTY | Century Casinos Inc | 0% | — | Unchanged |
| 14 | LUMN | Lumen Technologies Inc | -0.8% | -70.27% | Trim |
| 15 | CRWV | Coreweave Inc-cl A | -1% | EXIT | Sold out |
| 16 | NOMD | Nomad Foods Limited | -1% | EXIT | Sold out |
| 17 | SPY | Ss Spdr S&p 500 ETF Trust-us | -1.2% | EXIT | Sold out |
| 18 | ECVT | Ecovyst Inc | -1.3% | EXIT | Sold out |
| 19 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | -13.5% | EXIT | Sold out |
| 20 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | -29.6% | -88.89% | Trim |
* 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.
Filing History
FAQ
What is Brigade Capital Management, LP and what type of investor is it?
Brigade Capital Management, LP 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 $534.3M, spread across 20 disclosed positions.
What are Brigade Capital Management, LP's largest equity positions?
Based on the latest 13F filing, Brigade Capital Management, LP's top holdings by market value are:
1. Ishares 20+ Year Treasury Bd (TLT) — $259.3M (48.5%)
2. Ishares Russell 2000 ETF (IWM) — $90.1M (16.9%)
3. Lantheus Holdings Inc (LNTH 2.625 12-15-27) — $62.5M (11.7%)
4. Lantheus Holdings Inc (LNTH) — $36.5M (6.8%)
5. Ishr Ibx Usd Hiyld Cb Etf-ui (HYG) — $32.0M (6.0%)
What changes did Brigade Capital Management, LP make in its most recent portfolio filing?
In the latest reported quarter, Brigade Capital Management, LP made 18 notable position adjustments: 4 new positions were initiated, 3 existing holdings were added to, 6 positions were partially reduced, and 5 were completely exited. The largest of these moves: Sold out: Ishr Ibx Usd Invgd Cb Etf-ui (LQD); Sold out: Ecovyst Inc (ECVT); Sold out: Ss Spdr S&p 500 ETF Trust-us (SPY); Sold out: Nomad Foods Limited (NOMD); New buy: Vistra CORP (VST)
What sectors does Brigade Capital Management, LP focus on?
Brigade Capital Management, LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 78.0%
• Energy: 7.2%
• Utilities: 6.1%
• Industrials: 5.5%
• Communication Services: 3.2%
Investment Profile
Brigade Capital Management, LP returned an annualized 19.1% over the trailing 36 months — outperforming the S&P 500 by 3.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.77 (less volatile than the market) and a 39% quarterly batting average against the index.
Its portfolio is concentrated and fast-trading, with 78.0% of the portfolio concentrated in Health Care.
Its turnover score has risen from 0 to 81 over the past 4 quarters — a shift toward more active trading.
It has added to its IWM position over the past two quarters (+$73.1M, now $90.1M), while trimming LUMN over the same stretch (-$10.2M, still holding $4.2M).
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Developer Access
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