CC
Courage Capital Management LLC 13F Filings Tracker & Latest Positions (Q2 2026)
Courage Capital Management LLCCIK: 0001119376
ContrarianSector-focusedQuality / disciplined sizing
Total reported value
$67.3M
Reporting period: 2026-06-30 · Number of holdings: 16
COURAGE CAPITAL MANAGEMENT LLC disclosed 16 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $67.3M and a quarterly turnover rate of 16.2%.
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Personality snowflake
- Concentration
- 43.34
- Portfolio Stability
- 16.15
- Momentum
- 0
- Sector conviction
- 94.01
- Diversification
- 32
- Sizing Uniformity
- 91.15
Courage Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.108 — mathematically equivalent to about 9 equally-sized positions, well below its 16 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.88), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
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 24% 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 FBTC
-32.2% -$4.2M
Trim PHYS
0.0% -$1.4M
Add SPY
0.0% $691.0K
Add GOOG
0.0% $698.0K
Add CXW
-34.8% $423.0K
Trim AAAU
0.0% -$1.2M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BKLN | Invesco Senior Loan ETF | ETF-Other | 19.61% | +0.88% | — | |
| 2 | CXW | Corecivic Inc | Stock-Other | 13.94% | +1.25% | -34.81% | |
| 3 | PHYS | Sprott Physical Gold Trust | Stock-Other | 11.86% | -1.41% | — | |
| 4 | AAAU | Goldman Sachs Physical Gold | ETF-Commodities | 10.83% | -1.22% | — | |
| 5 | FBTC | Fidelity Wise Origin Bitcoin | ETF-Crypto | 8.79% | -5.49% | -32.19% | |
| 6 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 7.96% | +1.36% | — | |
| 7 | META | Meta Platforms Inc-class A | Stock-Comm Services | 5.82% | +0.19% | — | |
| 8 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 5.51% | +1.25% | — | |
| 9 | TSLA | Tesla Inc | Stock-Consumer Disc | 3.36% | +0.53% | — | |
| 10 | PNW | Pinnacle West Capital Corporation | Stock-Utilities | 3.23% | +0.60% | — | |
| 11 | IAU | Ishares Gold Trust | ETF-Commodities | 3.14% | -0.35% | — | |
| 12 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 2.65% | +1.00% | — | |
| 13 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 1.42% | +0.24% | — | |
| 14 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.75% | +0.06% | — | |
| 15 | HCA | Hca Healthcare Inc | Stock-Healthcare | 0.70% | +0.70% | NEW | |
| 16 | TYL | Tyler Technologies Inc | Stock-Tech | 0.43% | +0.43% | NEW |
Portfolio Performance
Performance for Q3 2026
+7.4%
Performance Last 4 Quarters
+12.4%
- Stdev
- +12.3%
- Beta
- +0.56
- Alpha
- +8.2%
- Max Drawdown
- -6.4%
- Annualized Perf
- +21.1%
- Batting Avg vs S&P
- +51.5%
- Sortino
- +4.22
- Stutzer
- +0.5
- Treynor
- +0.36
- Sterling
- +1.42
- Calmar
- +3.3
- Information Ratio
- -0.09
- Tracking Error
- +11.6%
- Stdev Down
- +4.7%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +37.6%
- Worst 12 Months
- +4.4%
- Efficiency Ratio
- +0.69
- Sharpe
- +1.62
- Stdev Sectors
- +15.1%
- Skewness
- +0.62
- Kurtosis
- +0.42
- Upside Potential
- +5.97
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 16 | $67.3M | 16 | ||
| 2026 Q1 | 14 | $70.6M | 11 | ||
| 2025 Q4 | 13 | $72.4M | 12 | ||
| 2025 Q3 | 14 | $75.7M | 41 | ||
| 2025 Q2 | 13 | $67.8M | 0 | ||
| 2025 Q1 | 12 | $49.0M | 100 | ||
| 2024 Q4 | 12 | $48.5M | 0 | ||
| 2024 Q3 | 11 | $40.4M | 0 | ||
| 2024 Q2 | 12 | $39.6M | 0 | ||
| 2024 Q1 | 12 | $34.5M | 0 | ||
| 2023 Q4 | 11 | $24.8M | 0 | ||
| 2023 Q3 | 12 | $29.5M | 0 | ||
| 2023 Q2 | 17 | $36.4M | 0 | ||
| 2023 Q1 | 17 | $41.7M | 0 | ||
| 2022 Q4 | 18 | $35.6M | 0 | ||
| 2022 Q3 | 18 | $46.2M | 0 | ||
| 2022 Q2 | 22 | $60.8M | 0 | ||
| 2022 Q1 | 34 | $104.8M | 0 | ||
| 2021 Q4 | 39 | $151.4M | 0 | ||
| 2021 Q3 | 41 | $186.7M | 0 | 119249H2EVH 1.5 10-15-253EVH 3.5 12-01-24 | |
| 2021 Q2 | 39 | $167.3M | 90 | ||
| 2021 Q1 | 40 | $136.9M | 76 | ||
| 2020 Q4 | 33 | $100.4M | 87 | ||
| 2020 Q3 | 31 | $89.5M | 71 | ||
| 2020 Q2 | 24 | $54.3M | 97 | ||
| 2020 Q1 | 26 | $44.3M | 100 | ||
| 2019 Q4 | 13 | $33.1M | 81 | ||
| 2019 Q3 | 16 | $62.4M | 14 | ||
| 2019 Q2 | 14 | $58.9M | 89 | ||
| 2019 Q1 | 14 | $116.5M | 41 | ||
| 2018 Q4 | 17 | $128.3M | 36 | ||
| 2018 Q3 | 24 | $184.6M | 49 | ||
| 2018 Q2 | 26 | $133.8M | 21 | ||
| 2018 Q1 | 28 | $131.1M | 42 | ||
| 2017 Q4 | 27 | $139.8M | 39 | ||
| 2017 Q3 | 20 | $149.5M | 73 | ||
| 2017 Q2 | 20 | $194.5M | 100 | ||
| 2017 Q1 | 16 | $121.5M | 56 | ||
| 2016 Q4 | 18 | $161.6M | 82 | ||
| 2016 Q3 | 17 | $259.3M | 47 | ||
| 2016 Q2 | 14 | $178.9M | 31 | ||
| 2016 Q1 | 16 | $209.4M | 48 | ||
| 2015 Q4 | 19 | $200.4M | 94 | ||
| 2015 Q3 | 34 | $130.9M | 68 | ||
| 2015 Q2 | 32 | $183.5M | 85 | ||
| 2015 Q1 | 32 | $104.2M | 79 | ||
| 2014 Q4 | 25 | $88.9M | 100 | ||
| 2014 Q3 | 23 | $109.1M | 61 | ||
| 2014 Q2 | 27 | $156.2M | 44 | ||
| 2014 Q1 | 24 | $184.0M | 92 | ||
| 2013 Q4 | 29 | $285.6M | 58 | ||
| 2013 Q3 | 41 | $220.2M | 53 | ||
| 2013 Q2 | 40 | $260.1M | 0 |
Holding changes this quarter
Courage Capital Management LLC's most significant position changes for 2026-06-30: New buy: Hca Healthcare Inc (HCA); New buy: Tyler Technologies Inc (TYL); Trim: Fidelity Wise Origin Bitcoin (FBTC) — shares -32.19%; Trim: Corecivic Inc (CXW) — shares -34.81%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | +1.4% | — | Unchanged |
| 2 | GOOG | Alphabet Inc-cl C | +1.3% | — | Unchanged |
| 3 | CXW | Corecivic Inc | +1.3% | -34.81% | Trim |
| 4 | UNH | Unitedhealth Group Inc | +1% | — | Unchanged |
| 5 | BKLN | Invesco Senior Loan ETF | +0.9% | — | Unchanged |
| 6 | HCA | Hca Healthcare Inc | +0.7% | NEW | New buy |
| 7 | PNW | Pinnacle West Capital Corporation | +0.6% | — | Unchanged |
| 8 | TSLA | Tesla Inc | +0.5% | — | Unchanged |
| 9 | TYL | Tyler Technologies Inc | +0.4% | NEW | New buy |
| 10 | AMZN | Amazon.com Inc | +0.2% | — | Unchanged |
| 11 | META | Meta Platforms Inc-class A | +0.2% | — | Unchanged |
| 12 | JNJ | Johnson & Johnson | +0.1% | — | Unchanged |
| 13 | IAU | Ishares Gold Trust | -0.4% | — | Unchanged |
| 14 | AAAU | Goldman Sachs Physical Gold | -1.2% | — | Unchanged |
| 15 | PHYS | Sprott Physical Gold Trust | -1.4% | — | Unchanged |
| 16 | FBTC | Fidelity Wise Origin Bitcoin | -5.5% | -32.19% | Trim |
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Filing History
FAQ
What is Courage Capital Management LLC and what type of investor is it?
Courage Capital Management 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 $67.3M, spread across 16 disclosed positions.
What are Courage Capital Management LLC's largest equity positions?
Based on the latest 13F filing, Courage Capital Management LLC's top holdings by market value are:
1. Invesco Senior Loan ETF (BKLN) — $13.2M (19.6%)
2. Corecivic Inc (CXW) — $9.4M (13.9%)
3. Sprott Physical Gold Trust (PHYS) — $8.0M (11.9%)
4. Goldman Sachs Physical Gold (AAAU) — $7.3M (10.8%)
5. Fidelity Wise Origin Bitcoin (FBTC) — $5.9M (8.8%)
What changes did Courage Capital Management LLC make in its most recent portfolio filing?
In the latest reported quarter, Courage Capital Management LLC made 4 notable position adjustments: 2 new positions were initiated, 0 existing holdings were added to, 2 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: Hca Healthcare Inc (HCA); New buy: Tyler Technologies Inc (TYL); Trim: Fidelity Wise Origin Bitcoin (FBTC) — shares -32.19%; Trim: Corecivic Inc (CXW) — shares -34.81%
What sectors does Courage Capital Management LLC focus on?
Courage Capital Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Communication Services: 47.5%
• Consumer Discretionary: 20.0%
• Health Care: 17.2%
• Utilities: 13.5%
• Information Technology: 1.8%
Investment Profile
Courage Capital Management LLC returned an annualized 21.1% over the trailing 33 months — outperforming the S&P 500 by 8.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.56 (less volatile than the market) and a 52% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 47.5% of the portfolio concentrated in Communication Services.
Its turnover score has risen from 0 to 16 over the past 4 quarters — a shift toward more active trading.
It has added to its TSLA position over the past two quarters (+$869.0K, now $2.3M), while trimming FBTC over the same stretch (-$7.1M, still holding $5.9M).
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