Redwood Capital Management, LLC — Inside Their 13F Portfolio

Sector-focusedMomentum followerQuality / disciplined sizing

Total reported value

$674.2M

Reporting period: 2026-03-31 · Number of holdings: 22

REDWOOD CAPITAL MANAGEMENT, LLC disclosed 22 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $674.2M and a quarterly turnover rate of 54.9%.

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Personality snowflake

Concentration: 58.17
Portfolio Stability: 54.86
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 44
Sizing Uniformity: 84.82

Recent moves

Trim AER
-69.0%　-$132.1M
Trim ECHO 3.875 11-30-30
-57.3%　-$96.3M
Add TDS
+45.5%　$17.7M
Add MOH
+181.8%　$22.2M
Add ECHO
-30.1%　-$61.0M
Add GBTG
+2.3%　-$41.6M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	ECHO	Echostar Corp-a	Stock-Comm Services	27.52%	+1.13%	-30.11%
2	GBTG	Global Business Travel Group	Stock-Other	18.17%	+0.60%	+2.33%
3	ECHO 3.875 11-30-30	Echostar CORP	Stock-Comm Services	12.51%	-6.83%	-57.28%
4	AER	AerCap Holdings N.V.	Stock-Industrials	8.23%	-11.85%	-69.02%
5	TDS	Telephone And Data Systems	Stock-Comm Services	7.96%	+4.11%	+45.48%
6	MOH	Molina Healthcare INC	Stock-Healthcare	6.13%	+4.09%	+181.82%
7	VISN	Vistance Networks INC	Stock-Tech	3.69%	+3.69%	NEW
8	ELV	Elevance Health INC	Stock-Healthcare	3.68%	+0.50%	—
9	CZR	Caesars Entertainment INC	Stock-Consumer Disc	1.65%	+0.60%	—
10	MBC	Masterbrand INC	Stock-Consumer Disc	1.59%	+1.59%	NEW
11	OPTU	Optimum Communications Inc-a	Stock-Comm Services	1.58%	+0.13%	—
12	MSC	Studio City Internationa-adr	Stock-Other	1.17%	-0.06%	—
13	AERO	Grupo Aeromexico Sab De Cv	Stock-Other	1.15%	+1.15%	NEW
14	UNH	Unitedhealth Group INC	Stock-Healthcare	1.10%	+0.13%	—
15	CNC	Centene CORP	Stock-Healthcare	1.01%	+0.09%	—
16	MERC	Mercer International INC	Stock-Other	0.98%	-0.01%	—
17	CBL	Cbl & Associates Properties	Stock-Other	0.67%	+0.20%	—
18	AHQ	American Woodmark CORP	Stock-Other	0.43%	+0.43%	NEW
19	KLC	Kindercare Learning Cos INC	Stock-Other	0.41%	+0.41%	NEW
20	GOCOQ	Gohealth Inc-class A	Stock-Other	0.21%	—	—
21	EHTH	Ehealth INC	Stock-Other	0.09%	-0.14%	—
22	APEI	American Public Education	Stock-Other	0.08%	+0.04%	—

Portfolio Performance

Performance for Q3 2026

-13.9%

Performance Last 4 Quarters

+98.9%

Based on 60% of reported portfolio value with available pricing

Stdev: +38.1%
Beta: +1.03
Alpha: +34.7%
Max Drawdown: -14%
Annualized Perf: +62.8%
Batting Avg vs S&P: +56.3%
Sortino: +5.74
Stutzer: +0.51
Treynor: +0.54
Sterling: +2.72
Calmar: +4.48
Information Ratio: +0.98
Tracking Error: +36%
Stdev Down: +9.7%
Winning Months %: +59.4%
Losing Months %: +40.6%
Best 12 Months: +186%
Worst 12 Months: +12.3%
Efficiency Ratio: +1.1
Sharpe: +1.46
Stdev Sectors: +22.7%
Skewness: +1.84
Kurtosis: +3.95
Upside Potential: +7.55

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	22	$674.2M	55	1ECHO 2GBTG 3ECHO 3.875 11-30-30 Top holdings2026-03-31 1.ECHO 2.GBTG 3.ECHO 3.875 11-30-30 4.AER 5.TDS 6.MOH 7.VISN 8.ELV 9.CZR 10.MBC
2025-12-31	17	$934.2M	31	1ECHO 2AER 3ECHO 3.875 11-30-30 Top holdings2025-12-31 1.ECHO 2.AER 3.ECHO 3.875 11-30-30 4.GBTG 5.TDS 6.ELV 7.MOH 8.OPTU 9.MSC 10.CZR
2025-09-30	17	$1.0B	94	1ECHO 2GBTG 3AER Top holdings2025-09-30 1.ECHO 2.GBTG 3.AER 4.ECHO 3.875 11-30-30 5.TDS 6.OPTU 7.ELV 8.MERC 9.MOH 10.UNH
2025-06-30	11	$550.6M	0	1ECHO 2AER 3ECHO 3.875 11-30-30 Top holdings2025-06-30 1.ECHO 2.AER 3.ECHO 3.875 11-30-30 4.TDS 5.APEI 6.OPTU 7.MERC 8.CZR 9.MSC 10.CBL
2025-03-31	13	$669.9M	100	1AER 2ECHO 3USX1 Top holdings2025-03-31 1.AER 2.ECHO 3.USX1 4.ECHO 3.875 11-30-30 5.APEI 6.TDS 7.OPTU 8.MERC 9.MSC 10.CZR
2024-12-31	12	$603.2M	0	1AER 2ECHO 3ECHO 3.875 11-30-30 Top holdings2024-12-31 1.AER 2.ECHO 3.ECHO 3.875 11-30-30 4.USX1 5.APEI 6.OPTU 7.MSC 8.MERC 9.CZR 10.ATRO
2024-09-30	15	$656.6M	0	1AER 2ECHO 3DISH 0 12-15-25 Top holdings2024-09-30 1.AER 2.ECHO 3.DISH 0 12-15-25 4.DISH 3.375 08-15-26 5.LOMA 6.USX1 7.CCL1EUR 8.OPTU 9.APEI 10.MSC
2024-06-30	17	$650.4M	0	1AER 2ECHO 3DISH 0 12-15-25 Top holdings2024-06-30 1.AER 2.ECHO 3.DISH 0 12-15-25 4.UPST 0.25 08-15-26 5.DISH 3.375 08-15-26 6.LOMA 7.APEI 8.CCL1EUR 9.MSC 10.OPTU
2024-03-31	20	$709.6M	0	1AER 2DISH 0 12-15-25 3ECHO Top holdings2024-03-31 1.AER 2.DISH 0 12-15-25 3.ECHO 4.UPST 0.25 08-15-26 5.DISH 3.375 08-15-26 6.ALLY 7.LOMA 8.DOLE 9.MSC 10.OPTU
2023-12-31	19	$552.3M	0	1AER 2DISH 0 12-15-25 3UPST 0.25 08-15-26 Top holdings2023-12-31 1.AER 2.DISH 0 12-15-25 3.UPST 0.25 08-15-26 4.LOMA 5.ALLY 6.OPTU 7.TEO 8.DOLE 9.MSC 10.CCL1EUR
2023-09-30	23	$532.4M	0	1AER 2OPTU 3LOMA Top holdings2023-09-30 1.AER 2.OPTU 3.LOMA 4.DISH 0 12-15-25 5.ETRNUSD 6.UPST 0.25 08-15-26 7.ALLY 8.COIN 0.5 06-01-26 9.DOLE 10.VMWEUR
2023-06-30	28	$682.1M	0	1AER 2COIN 0.5 06-01-26 3OPTU Top holdings2023-06-30 1.AER 2.COIN 0.5 06-01-26 3.OPTU 4.UPST 0.25 08-15-26 5.LOMA 6.CCL1EUR 7.VMWEUR 8.DOLE 9.ETRNUSD 10.ALLY
2023-03-31	34	$676.1M	0	1AER 2IQ 4 12-15-26 3COIN 0.5 06-01-26 Top holdings2023-03-31 1.AER 2.IQ 4 12-15-26 3.COIN 0.5 06-01-26 4.LOMA 5.UPST 0.25 08-15-26 6.VMWEUR 7.DOLE 8.S9Q 9.VRM 0.75 07-01-26 10.MSC
2022-12-31	37	$826.6M	0	1AER 2OPTU 3COIN 0.5 06-01-26 Top holdings2022-12-31 1.AER 2.OPTU 3.COIN 0.5 06-01-26 4.IQ 4 12-15-26 5.LOMA 6.UPST 0.25 08-15-26 7.ADNT 8.MMM 9.S9Q 10.C
2022-09-30	41	$670.8M	0	1AER 2OPTU 3IQ 4 12-15-26 Top holdings2022-09-30 1.AER 2.OPTU 3.IQ 4 12-15-26 4.C 5.LOMA 6.MMM 7.ADNT 8.S9Q 9.ETRNUSD 10.MERC
2022-06-30	42	$739.0M	0	1OPTU 2AER 3IQ 4 12-15-26 Top holdings2022-06-30 1.OPTU 2.AER 3.IQ 4 12-15-26 4.C 5.MERC 6.S9Q 7.BFH 8.ADNT 9.APEI 10.LOMA
2022-03-31	46	$1.1B	0	1OPTU 2AER 3BHC Top holdings2022-03-31 1.OPTU 2.AER 3.BHC 4.S9Q 5.BFH 6.C 7.IQ 4 12-15-26 8.ADNT 9.MERC 10.VNO
2021-12-31	45	$1.2B	0	1OPTU 2ADNT 3S9Q Top holdings2021-12-31 1.OPTU 2.ADNT 3.S9Q 4.AER 5.BHC 6.BFH 7.C 8.RDN 9.LYLTUSD 10.IQ 4 12-15-26
2021-09-30	45	$1.3B	0	1PCG 2C 3ADNT Top holdings2021-09-30 1.PCG 2.C 3.ADNT 4.S9Q 5.BFH 6.BHC 7.RDN 8.IQ 4 12-15-26 9.OPTU 10.MTG
2021-06-30	41	$1.5B	100	1BFH 2PCG 3WFC Top holdings2021-06-30 1.BFH 2.PCG 3.WFC 4.C 5.SVC 6.BHC 7.FYBR 8.ADNT 9.RDN 10.IQ 4 12-15-26
2021-03-31	41	$2.1B	47	1TSLA 2BFH 3EPR Top holdings2021-03-31 1.TSLA 2.BFH 3.EPR 4.VER 5.PCG 6.WFC 7.C 8.SVC 9.BHC 10.RDN
2020-12-31	43	$1.6B	64	1EPR 2WFC 3VER Top holdings2020-12-31 1.EPR 2.WFC 3.VER 4.PCG 5.BFH 6.SVC 7.C 8.BHC 9.ADNT 10.RDN
2020-09-30	47	$1.3B	43	1PCG 2ARCPEUR 3EPR Top holdings2020-09-30 1.PCG 2.ARCPEUR 3.EPR 4.BFH 5.WFC 6.SVC 7.BHC 8.VNO 9.RDN 10.TCO
2020-06-30	43	$940.1M	83	1PCG 2ARCPEUR 3EPR Top holdings2020-06-30 1.PCG 2.ARCPEUR 3.EPR 4.BHC 5.TCO 6.VNO 7.ETRNUSD 8.THC 9.LOMA 10.MSC
2020-03-31	53	$547.2M	69	1PCG 2BHC 3ARCPEUR Top holdings2020-03-31 1.PCG 2.BHC 3.ARCPEUR 4.VICI 5.MSC 6.THC 7.WMB 8.ETRNUSD 9.LOMA 10.MERC
2019-12-31	49	$728.8M	54	1PCG 2ARCPEUR 3THC Top holdings2019-12-31 1.PCG 2.ARCPEUR 3.THC 4.C 5.BHC 6.MERC 7.MSC 8.CZREUR 9.TPICQ 10.PRU
2019-09-30	62	$917.5M	58	1AABAUSD 2PCG 3ARCPEUR Top holdings2019-09-30 1.AABAUSD 2.PCG 3.ARCPEUR 4.CELG 5.C 6.THC 7.BHC 8.MERC 9.MSC 10.TPICQ
2019-06-30	61	$1.5B	24	1AABAUSD 2PCG 3ARCPEUR Top holdings2019-06-30 1.AABAUSD 2.PCG 3.ARCPEUR 4.CELG 5.C 6.DAL 7.MERC 8.APC3EUR 9.THC 10.MU
2019-03-31	59	$1.5B	44	1AABAUSD 2PCG 3CELG Top holdings2019-03-31 1.AABAUSD 2.PCG 3.CELG 4.ARCPEUR 5.C 6.DAL 7.WFRD 5.875 07-01-21 8.MU 9.THC 10.MERC
2018-12-31	63	$1.2B	63	1AABAUSD 2PCG 3ARCPEUR Top holdings2018-12-31 1.AABAUSD 2.PCG 3.ARCPEUR 4.C 5.DAL 6.XXI 7.82481R 8.WFRD 5.875 07-01-21 9.MU 10.GM
2018-09-30	53	$1.4B	22	1AABAUSD200817Y3DELL Top holdings2018-09-30 1.AABAUSD 2.00817Y 3.DELL 4.ARCPEUR 5.PCG 6.C 7.DAL 8.MU 9.JPM 10.MERC
2018-06-30	53	$1.5B	27	1AABAUSD200817Y3ARCPEUR Top holdings2018-06-30 1.AABAUSD 2.00817Y 3.ARCPEUR 4.DELL 5.C 6.DAL 7.JPM 8.MU 9.GM 10.MERC
2018-03-31	49	$1.4B	25	1AABAUSD200817Y3TWXCHF Top holdings2018-03-31 1.AABAUSD 2.00817Y 3.TWXCHF 4.ARCPEUR 5.DAL 6.C 7.DELL 8.JPM 9.MU 10.GM
2017-12-31	43	$1.2B	44	1AABAUSD200817Y3ARCPEUR Top holdings2017-12-31 1.AABAUSD 2.00817Y 3.ARCPEUR 4.C 5.DAL 6.TWXCHF 7.DELL 8.JPM 9.PCG 10.MERC
2017-09-30	47	$978.3M	17	1AABAUSD 2ARCPEUR 3C Top holdings2017-09-30 1.AABAUSD 2.ARCPEUR 3.C 4.DAL 5.JPM 6.BAC 7.MERC 8.FE 9.GM 10.PRU
2017-06-30	49	$930.6M	82	1AABAUSD 2ARCPEUR 3DAL Top holdings2017-06-30 1.AABAUSD 2.ARCPEUR 3.DAL 4.C 5.JPM 6.CI 7.BAC 8.UAL 9.MERC 10.PRU
2017-03-31	46	$847.7M	26	19843322ARCPEUR 3CI Top holdings2017-03-31 1.984332 2.ARCPEUR 3.CI 4.C 5.DAL 6.BAC 7.JPM 8.UAL 9.YPF 10.MERC
2016-12-31	43	$735.1M	20	19843322ARCPEUR 3CI Top holdings2016-12-31 1.984332 2.ARCPEUR 3.CI 4.DAL 5.C 6.JPM 7.BAC 8.UAL 9.YPF 10.GM
2016-09-30	46	$732.8M	46	19843322ARCPEUR 3CI Top holdings2016-09-30 1.984332 2.ARCPEUR 3.CI 4.DAL 5.C 6.YPF 7.JPM 8.UAL 9.BAC 10.GM
2016-06-30	43	$611.4M	16	1ARCPEUR 2CI3984332 Top holdings2016-06-30 1.ARCPEUR 2.CI 3.984332 4.DAL 5.268648 6.YPF 7.C 8.JPM 9.BAC 10.UAL
2016-03-31	48	$634.9M	27	1ARCPEUR 2CI 3DAL Top holdings2016-03-31 1.ARCPEUR 2.CI 3.DAL 4.984332 5.YPF 6.C 7.268648 8.UAL 9.JPM 10.BAC
2015-12-31	47	$687.9M	36	1CI 2ARCPEUR 3DAL Top holdings2015-12-31 1.CI 2.ARCPEUR 3.DAL 4.C 5.GM 6.JPM 7.UTIW 4.5 03-01-19 8.984332 9.YPF 10.UAL
2015-09-30	43	$685.1M	46	1CI 2ARCPEUR 3MET Top holdings2015-09-30 1.CI 2.ARCPEUR 3.MET 4.DAL 5.C 6.GM 7.HP5A 8.JPM 9.HTZ 10.YPF
2015-06-30	42	$835.7M	13	1CI 2ARL 3MET Top holdings2015-06-30 1.CI 2.ARL 3.MET 4.YPF 5.GM 6.AIG 7.C 8.DAL 9.JPM 10.HP5A
2015-03-31	41	$865.1M	23	1ARL 2CI 3GM Top holdings2015-03-31 1.ARL 2.CI 3.GM 4.MET 5.YPF 6.DAL 7.AIG 8.C 9.HTZ 10.HP5A
2014-12-31	49	$953.0M	41	1ARL 2MET 3GM Top holdings2014-12-31 1.ARL 2.MET 3.GM 4.CI 5.YPF 6.HTZ 7.ELV 8.C 9.AIG 10.HP5A
2014-09-30	55	$938.9M	25	1YPF 2MET 3GM Top holdings2014-09-30 1.YPF 2.MET 3.GM 4.94973V 5.CI 6.C 7.AIG 8.JPM 9.HP5A 10.HTZ
2014-06-30	53	$950.5M	25	1YPF 2GM 3MET Top holdings2014-06-30 1.YPF 2.GM 3.MET 4.CI 5.USA 6.JPM 7.94973V 8.HTZ 9.AIG 10.203233
2014-03-31	49	$877.8M	26	1GM 2YPF 3MET Top holdings2014-03-31 1.GM 2.YPF 3.MET 4.JPM 5.CI 6.HTZ 7.94973V 8.203233 9.C 10.AIG
2013-12-31	44	$852.9M	32	1GM 2YPF 3MET Top holdings2013-12-31 1.GM 2.YPF 3.MET 4.JPM 5.CI 6.HTZ 7.C 8.AIG 9.94973V 10.203233
2013-09-30	40	$761.4M	26	1MET 2LEA 3AIG Top holdings2013-09-30 1.MET 2.LEA 3.AIG 4.JPM 5.CI 6.C 7.YPF 8.G27823 9.94973V 10.203233
2013-06-30	42	$746.1M	0	1MET 2AIG 3LEA Top holdings2013-06-30 1.MET 2.AIG 3.LEA 4.JPM 5.C 6.CI 7.94973V 8.UAL 9.G27823 10.PLCE

Holding changes this quarter

Redwood Capital Management, LLC's most significant position changes for 2026-03-31: New buy: Vistance Networks INC (VISN); New buy: Masterbrand INC (MBC); New buy: Grupo Aeromexico Sab De Cv (AERO); New buy: American Woodmark CORP (AHQ); New buy: Kindercare Learning Cos INC (KLC).

Position changes disclosed by Redwood Capital Management, LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	TDS	Telephone And Data Systems	+4.1%	+45.48%	Add
2	MOH	Molina Healthcare INC	+4.1%	+181.82%	Add
3	ECHO	Echostar Corp-a	+1.1%	-30.11%	Trim
4	GBTG	Global Business Travel Group	+0.6%	+2.33%	Add
5	CZR	Caesars Entertainment INC	+0.6%	—	Unchanged
6	ELV	Elevance Health INC	+0.5%	—	Unchanged
7	CBL	Cbl & Associates Properties	+0.2%	—	Unchanged
8	OPTU	Optimum Communications Inc-a	+0.1%	—	Unchanged
9	UNH	Unitedhealth Group INC	+0.1%	—	Unchanged
10	CNC	Centene CORP	+0.1%	—	Unchanged
11	APEI	American Public Education	0%	—	Unchanged
12	GOCOQ	Gohealth Inc-class A	—	—	Unchanged
13	MERC	Mercer International INC	0%	—	Unchanged
14	MSC	Studio City Internationa-adr	-0.1%	—	Unchanged
15	EHTH	Ehealth INC	-0.1%	—	Unchanged
16	ECHO 3.875 11-30-30	Echostar CORP	-6.8%	-57.28%	Trim
17	AER	AerCap Holdings N.V.	-11.9%	-69.02%	Trim
18	VISN	Vistance Networks INC	—	NEW	New buy
19	MBC	Masterbrand INC	—	NEW	New buy
20	AERO	Grupo Aeromexico Sab De Cv	—	NEW	New buy
21	AHQ	American Woodmark CORP	—	NEW	New buy
22	KLC	Kindercare Learning Cos INC	—	NEW	New buy

FAQ

What is Redwood Capital Management, LLC and what type of investor is it?

Redwood Capital Management, LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $674.2M, spread across 22 disclosed positions.

What are Redwood Capital Management, LLC's largest equity positions?

Based on the latest 13F filing, Redwood Capital Management, LLC's top holdings by market value are: 1. Echostar Corp-a (ECHO) — $185.5M (27.5%) 2. Global Business Travel Group (GBTG) — $122.5M (18.2%) 3. Echostar CORP (ECHO 3.875 11-30-30) — $84.3M (12.5%) 4. AerCap Holdings N.V. (AER) — $55.5M (8.2%) 5. Telephone And Data Systems (TDS) — $53.7M (8.0%)

What changes did Redwood Capital Management, LLC make in its most recent portfolio filing?

In the latest reported quarter, Redwood Capital Management, LLC made 11 notable position adjustments: 5 new positions were initiated, 3 existing holdings were added to, 3 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: Vistance Networks INC (VISN); New buy: Masterbrand INC (MBC); New buy: Grupo Aeromexico Sab De Cv (AERO); New buy: American Woodmark CORP (AHQ); New buy: Kindercare Learning Cos INC (KLC)

What sectors does Redwood Capital Management, LLC focus on?

Redwood Capital Management, LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Communication Services: 64.7% • Health Care: 15.6% • Industrials: 10.7% • Information Technology: 4.8% • Consumer Discretionary: 4.2%

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Redwood Capital Management, LLC — Inside Their 13F Portfolio

Sector-focusedMomentum followerQuality / disciplined sizing

Total reported value

$674.2M

Reporting period: 2026-03-31 · Number of holdings: 22

REDWOOD CAPITAL MANAGEMENT, LLC disclosed 22 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $674.2M and a quarterly turnover rate of 54.9%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "R"

Personality snowflake

Concentration: 58.17
Portfolio Stability: 54.86
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 44
Sizing Uniformity: 84.82

Recent moves

Trim AER
-69.0%　-$132.1M
Trim ECHO 3.875 11-30-30
-57.3%　-$96.3M
Add TDS
+45.5%　$17.7M
Add MOH
+181.8%　$22.2M
Add ECHO
-30.1%　-$61.0M
Add GBTG
+2.3%　-$41.6M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	ECHO	Echostar Corp-a	Stock-Comm Services	27.52%	+1.13%	-30.11%
2	GBTG	Global Business Travel Group	Stock-Other	18.17%	+0.60%	+2.33%
3	ECHO 3.875 11-30-30	Echostar CORP	Stock-Comm Services	12.51%	-6.83%	-57.28%
4	AER	AerCap Holdings N.V.	Stock-Industrials	8.23%	-11.85%	-69.02%
5	TDS	Telephone And Data Systems	Stock-Comm Services	7.96%	+4.11%	+45.48%
6	MOH	Molina Healthcare INC	Stock-Healthcare	6.13%	+4.09%	+181.82%
7	VISN	Vistance Networks INC	Stock-Tech	3.69%	+3.69%	NEW
8	ELV	Elevance Health INC	Stock-Healthcare	3.68%	+0.50%	—
9	CZR	Caesars Entertainment INC	Stock-Consumer Disc	1.65%	+0.60%	—
10	MBC	Masterbrand INC	Stock-Consumer Disc	1.59%	+1.59%	NEW
11	OPTU	Optimum Communications Inc-a	Stock-Comm Services	1.58%	+0.13%	—
12	MSC	Studio City Internationa-adr	Stock-Other	1.17%	-0.06%	—
13	AERO	Grupo Aeromexico Sab De Cv	Stock-Other	1.15%	+1.15%	NEW
14	UNH	Unitedhealth Group INC	Stock-Healthcare	1.10%	+0.13%	—
15	CNC	Centene CORP	Stock-Healthcare	1.01%	+0.09%	—
16	MERC	Mercer International INC	Stock-Other	0.98%	-0.01%	—
17	CBL	Cbl & Associates Properties	Stock-Other	0.67%	+0.20%	—
18	AHQ	American Woodmark CORP	Stock-Other	0.43%	+0.43%	NEW
19	KLC	Kindercare Learning Cos INC	Stock-Other	0.41%	+0.41%	NEW
20	GOCOQ	Gohealth Inc-class A	Stock-Other	0.21%	—	—
21	EHTH	Ehealth INC	Stock-Other	0.09%	-0.14%	—
22	APEI	American Public Education	Stock-Other	0.08%	+0.04%	—

Portfolio Performance

Performance for Q3 2026

-13.9%

Performance Last 4 Quarters

+98.9%

Based on 60% of reported portfolio value with available pricing

Stdev: +38.1%
Beta: +1.03
Alpha: +34.7%
Max Drawdown: -14%
Annualized Perf: +62.8%
Batting Avg vs S&P: +56.3%
Sortino: +5.74
Stutzer: +0.51
Treynor: +0.54
Sterling: +2.72
Calmar: +4.48
Information Ratio: +0.98
Tracking Error: +36%
Stdev Down: +9.7%
Winning Months %: +59.4%
Losing Months %: +40.6%
Best 12 Months: +186%
Worst 12 Months: +12.3%
Efficiency Ratio: +1.1
Sharpe: +1.46
Stdev Sectors: +22.7%
Skewness: +1.84
Kurtosis: +3.95
Upside Potential: +7.55

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	22	$674.2M	55	1ECHO 2GBTG 3ECHO 3.875 11-30-30 Top holdings2026-03-31 1.ECHO 2.GBTG 3.ECHO 3.875 11-30-30 4.AER 5.TDS 6.MOH 7.VISN 8.ELV 9.CZR 10.MBC
2025-12-31	17	$934.2M	31	1ECHO 2AER 3ECHO 3.875 11-30-30 Top holdings2025-12-31 1.ECHO 2.AER 3.ECHO 3.875 11-30-30 4.GBTG 5.TDS 6.ELV 7.MOH 8.OPTU 9.MSC 10.CZR
2025-09-30	17	$1.0B	94	1ECHO 2GBTG 3AER Top holdings2025-09-30 1.ECHO 2.GBTG 3.AER 4.ECHO 3.875 11-30-30 5.TDS 6.OPTU 7.ELV 8.MERC 9.MOH 10.UNH
2025-06-30	11	$550.6M	0	1ECHO 2AER 3ECHO 3.875 11-30-30 Top holdings2025-06-30 1.ECHO 2.AER 3.ECHO 3.875 11-30-30 4.TDS 5.APEI 6.OPTU 7.MERC 8.CZR 9.MSC 10.CBL
2025-03-31	13	$669.9M	100	1AER 2ECHO 3USX1 Top holdings2025-03-31 1.AER 2.ECHO 3.USX1 4.ECHO 3.875 11-30-30 5.APEI 6.TDS 7.OPTU 8.MERC 9.MSC 10.CZR
2024-12-31	12	$603.2M	0	1AER 2ECHO 3ECHO 3.875 11-30-30 Top holdings2024-12-31 1.AER 2.ECHO 3.ECHO 3.875 11-30-30 4.USX1 5.APEI 6.OPTU 7.MSC 8.MERC 9.CZR 10.ATRO
2024-09-30	15	$656.6M	0	1AER 2ECHO 3DISH 0 12-15-25 Top holdings2024-09-30 1.AER 2.ECHO 3.DISH 0 12-15-25 4.DISH 3.375 08-15-26 5.LOMA 6.USX1 7.CCL1EUR 8.OPTU 9.APEI 10.MSC
2024-06-30	17	$650.4M	0	1AER 2ECHO 3DISH 0 12-15-25 Top holdings2024-06-30 1.AER 2.ECHO 3.DISH 0 12-15-25 4.UPST 0.25 08-15-26 5.DISH 3.375 08-15-26 6.LOMA 7.APEI 8.CCL1EUR 9.MSC 10.OPTU
2024-03-31	20	$709.6M	0	1AER 2DISH 0 12-15-25 3ECHO Top holdings2024-03-31 1.AER 2.DISH 0 12-15-25 3.ECHO 4.UPST 0.25 08-15-26 5.DISH 3.375 08-15-26 6.ALLY 7.LOMA 8.DOLE 9.MSC 10.OPTU
2023-12-31	19	$552.3M	0	1AER 2DISH 0 12-15-25 3UPST 0.25 08-15-26 Top holdings2023-12-31 1.AER 2.DISH 0 12-15-25 3.UPST 0.25 08-15-26 4.LOMA 5.ALLY 6.OPTU 7.TEO 8.DOLE 9.MSC 10.CCL1EUR
2023-09-30	23	$532.4M	0	1AER 2OPTU 3LOMA Top holdings2023-09-30 1.AER 2.OPTU 3.LOMA 4.DISH 0 12-15-25 5.ETRNUSD 6.UPST 0.25 08-15-26 7.ALLY 8.COIN 0.5 06-01-26 9.DOLE 10.VMWEUR
2023-06-30	28	$682.1M	0	1AER 2COIN 0.5 06-01-26 3OPTU Top holdings2023-06-30 1.AER 2.COIN 0.5 06-01-26 3.OPTU 4.UPST 0.25 08-15-26 5.LOMA 6.CCL1EUR 7.VMWEUR 8.DOLE 9.ETRNUSD 10.ALLY
2023-03-31	34	$676.1M	0	1AER 2IQ 4 12-15-26 3COIN 0.5 06-01-26 Top holdings2023-03-31 1.AER 2.IQ 4 12-15-26 3.COIN 0.5 06-01-26 4.LOMA 5.UPST 0.25 08-15-26 6.VMWEUR 7.DOLE 8.S9Q 9.VRM 0.75 07-01-26 10.MSC
2022-12-31	37	$826.6M	0	1AER 2OPTU 3COIN 0.5 06-01-26 Top holdings2022-12-31 1.AER 2.OPTU 3.COIN 0.5 06-01-26 4.IQ 4 12-15-26 5.LOMA 6.UPST 0.25 08-15-26 7.ADNT 8.MMM 9.S9Q 10.C
2022-09-30	41	$670.8M	0	1AER 2OPTU 3IQ 4 12-15-26 Top holdings2022-09-30 1.AER 2.OPTU 3.IQ 4 12-15-26 4.C 5.LOMA 6.MMM 7.ADNT 8.S9Q 9.ETRNUSD 10.MERC
2022-06-30	42	$739.0M	0	1OPTU 2AER 3IQ 4 12-15-26 Top holdings2022-06-30 1.OPTU 2.AER 3.IQ 4 12-15-26 4.C 5.MERC 6.S9Q 7.BFH 8.ADNT 9.APEI 10.LOMA
2022-03-31	46	$1.1B	0	1OPTU 2AER 3BHC Top holdings2022-03-31 1.OPTU 2.AER 3.BHC 4.S9Q 5.BFH 6.C 7.IQ 4 12-15-26 8.ADNT 9.MERC 10.VNO
2021-12-31	45	$1.2B	0	1OPTU 2ADNT 3S9Q Top holdings2021-12-31 1.OPTU 2.ADNT 3.S9Q 4.AER 5.BHC 6.BFH 7.C 8.RDN 9.LYLTUSD 10.IQ 4 12-15-26
2021-09-30	45	$1.3B	0	1PCG 2C 3ADNT Top holdings2021-09-30 1.PCG 2.C 3.ADNT 4.S9Q 5.BFH 6.BHC 7.RDN 8.IQ 4 12-15-26 9.OPTU 10.MTG
2021-06-30	41	$1.5B	100	1BFH 2PCG 3WFC Top holdings2021-06-30 1.BFH 2.PCG 3.WFC 4.C 5.SVC 6.BHC 7.FYBR 8.ADNT 9.RDN 10.IQ 4 12-15-26
2021-03-31	41	$2.1B	47	1TSLA 2BFH 3EPR Top holdings2021-03-31 1.TSLA 2.BFH 3.EPR 4.VER 5.PCG 6.WFC 7.C 8.SVC 9.BHC 10.RDN
2020-12-31	43	$1.6B	64	1EPR 2WFC 3VER Top holdings2020-12-31 1.EPR 2.WFC 3.VER 4.PCG 5.BFH 6.SVC 7.C 8.BHC 9.ADNT 10.RDN
2020-09-30	47	$1.3B	43	1PCG 2ARCPEUR 3EPR Top holdings2020-09-30 1.PCG 2.ARCPEUR 3.EPR 4.BFH 5.WFC 6.SVC 7.BHC 8.VNO 9.RDN 10.TCO
2020-06-30	43	$940.1M	83	1PCG 2ARCPEUR 3EPR Top holdings2020-06-30 1.PCG 2.ARCPEUR 3.EPR 4.BHC 5.TCO 6.VNO 7.ETRNUSD 8.THC 9.LOMA 10.MSC
2020-03-31	53	$547.2M	69	1PCG 2BHC 3ARCPEUR Top holdings2020-03-31 1.PCG 2.BHC 3.ARCPEUR 4.VICI 5.MSC 6.THC 7.WMB 8.ETRNUSD 9.LOMA 10.MERC
2019-12-31	49	$728.8M	54	1PCG 2ARCPEUR 3THC Top holdings2019-12-31 1.PCG 2.ARCPEUR 3.THC 4.C 5.BHC 6.MERC 7.MSC 8.CZREUR 9.TPICQ 10.PRU
2019-09-30	62	$917.5M	58	1AABAUSD 2PCG 3ARCPEUR Top holdings2019-09-30 1.AABAUSD 2.PCG 3.ARCPEUR 4.CELG 5.C 6.THC 7.BHC 8.MERC 9.MSC 10.TPICQ
2019-06-30	61	$1.5B	24	1AABAUSD 2PCG 3ARCPEUR Top holdings2019-06-30 1.AABAUSD 2.PCG 3.ARCPEUR 4.CELG 5.C 6.DAL 7.MERC 8.APC3EUR 9.THC 10.MU
2019-03-31	59	$1.5B	44	1AABAUSD 2PCG 3CELG Top holdings2019-03-31 1.AABAUSD 2.PCG 3.CELG 4.ARCPEUR 5.C 6.DAL 7.WFRD 5.875 07-01-21 8.MU 9.THC 10.MERC
2018-12-31	63	$1.2B	63	1AABAUSD 2PCG 3ARCPEUR Top holdings2018-12-31 1.AABAUSD 2.PCG 3.ARCPEUR 4.C 5.DAL 6.XXI 7.82481R 8.WFRD 5.875 07-01-21 9.MU 10.GM
2018-09-30	53	$1.4B	22	1AABAUSD200817Y3DELL Top holdings2018-09-30 1.AABAUSD 2.00817Y 3.DELL 4.ARCPEUR 5.PCG 6.C 7.DAL 8.MU 9.JPM 10.MERC
2018-06-30	53	$1.5B	27	1AABAUSD200817Y3ARCPEUR Top holdings2018-06-30 1.AABAUSD 2.00817Y 3.ARCPEUR 4.DELL 5.C 6.DAL 7.JPM 8.MU 9.GM 10.MERC
2018-03-31	49	$1.4B	25	1AABAUSD200817Y3TWXCHF Top holdings2018-03-31 1.AABAUSD 2.00817Y 3.TWXCHF 4.ARCPEUR 5.DAL 6.C 7.DELL 8.JPM 9.MU 10.GM
2017-12-31	43	$1.2B	44	1AABAUSD200817Y3ARCPEUR Top holdings2017-12-31 1.AABAUSD 2.00817Y 3.ARCPEUR 4.C 5.DAL 6.TWXCHF 7.DELL 8.JPM 9.PCG 10.MERC
2017-09-30	47	$978.3M	17	1AABAUSD 2ARCPEUR 3C Top holdings2017-09-30 1.AABAUSD 2.ARCPEUR 3.C 4.DAL 5.JPM 6.BAC 7.MERC 8.FE 9.GM 10.PRU
2017-06-30	49	$930.6M	82	1AABAUSD 2ARCPEUR 3DAL Top holdings2017-06-30 1.AABAUSD 2.ARCPEUR 3.DAL 4.C 5.JPM 6.CI 7.BAC 8.UAL 9.MERC 10.PRU
2017-03-31	46	$847.7M	26	19843322ARCPEUR 3CI Top holdings2017-03-31 1.984332 2.ARCPEUR 3.CI 4.C 5.DAL 6.BAC 7.JPM 8.UAL 9.YPF 10.MERC
2016-12-31	43	$735.1M	20	19843322ARCPEUR 3CI Top holdings2016-12-31 1.984332 2.ARCPEUR 3.CI 4.DAL 5.C 6.JPM 7.BAC 8.UAL 9.YPF 10.GM
2016-09-30	46	$732.8M	46	19843322ARCPEUR 3CI Top holdings2016-09-30 1.984332 2.ARCPEUR 3.CI 4.DAL 5.C 6.YPF 7.JPM 8.UAL 9.BAC 10.GM
2016-06-30	43	$611.4M	16	1ARCPEUR 2CI3984332 Top holdings2016-06-30 1.ARCPEUR 2.CI 3.984332 4.DAL 5.268648 6.YPF 7.C 8.JPM 9.BAC 10.UAL
2016-03-31	48	$634.9M	27	1ARCPEUR 2CI 3DAL Top holdings2016-03-31 1.ARCPEUR 2.CI 3.DAL 4.984332 5.YPF 6.C 7.268648 8.UAL 9.JPM 10.BAC
2015-12-31	47	$687.9M	36	1CI 2ARCPEUR 3DAL Top holdings2015-12-31 1.CI 2.ARCPEUR 3.DAL 4.C 5.GM 6.JPM 7.UTIW 4.5 03-01-19 8.984332 9.YPF 10.UAL
2015-09-30	43	$685.1M	46	1CI 2ARCPEUR 3MET Top holdings2015-09-30 1.CI 2.ARCPEUR 3.MET 4.DAL 5.C 6.GM 7.HP5A 8.JPM 9.HTZ 10.YPF
2015-06-30	42	$835.7M	13	1CI 2ARL 3MET Top holdings2015-06-30 1.CI 2.ARL 3.MET 4.YPF 5.GM 6.AIG 7.C 8.DAL 9.JPM 10.HP5A
2015-03-31	41	$865.1M	23	1ARL 2CI 3GM Top holdings2015-03-31 1.ARL 2.CI 3.GM 4.MET 5.YPF 6.DAL 7.AIG 8.C 9.HTZ 10.HP5A
2014-12-31	49	$953.0M	41	1ARL 2MET 3GM Top holdings2014-12-31 1.ARL 2.MET 3.GM 4.CI 5.YPF 6.HTZ 7.ELV 8.C 9.AIG 10.HP5A
2014-09-30	55	$938.9M	25	1YPF 2MET 3GM Top holdings2014-09-30 1.YPF 2.MET 3.GM 4.94973V 5.CI 6.C 7.AIG 8.JPM 9.HP5A 10.HTZ
2014-06-30	53	$950.5M	25	1YPF 2GM 3MET Top holdings2014-06-30 1.YPF 2.GM 3.MET 4.CI 5.USA 6.JPM 7.94973V 8.HTZ 9.AIG 10.203233
2014-03-31	49	$877.8M	26	1GM 2YPF 3MET Top holdings2014-03-31 1.GM 2.YPF 3.MET 4.JPM 5.CI 6.HTZ 7.94973V 8.203233 9.C 10.AIG
2013-12-31	44	$852.9M	32	1GM 2YPF 3MET Top holdings2013-12-31 1.GM 2.YPF 3.MET 4.JPM 5.CI 6.HTZ 7.C 8.AIG 9.94973V 10.203233
2013-09-30	40	$761.4M	26	1MET 2LEA 3AIG Top holdings2013-09-30 1.MET 2.LEA 3.AIG 4.JPM 5.CI 6.C 7.YPF 8.G27823 9.94973V 10.203233
2013-06-30	42	$746.1M	0	1MET 2AIG 3LEA Top holdings2013-06-30 1.MET 2.AIG 3.LEA 4.JPM 5.C 6.CI 7.94973V 8.UAL 9.G27823 10.PLCE

Holding changes this quarter

Position changes disclosed by Redwood Capital Management, LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	TDS	Telephone And Data Systems	+4.1%	+45.48%	Add
2	MOH	Molina Healthcare INC	+4.1%	+181.82%	Add
3	ECHO	Echostar Corp-a	+1.1%	-30.11%	Trim
4	GBTG	Global Business Travel Group	+0.6%	+2.33%	Add
5	CZR	Caesars Entertainment INC	+0.6%	—	Unchanged
6	ELV	Elevance Health INC	+0.5%	—	Unchanged
7	CBL	Cbl & Associates Properties	+0.2%	—	Unchanged
8	OPTU	Optimum Communications Inc-a	+0.1%	—	Unchanged
9	UNH	Unitedhealth Group INC	+0.1%	—	Unchanged
10	CNC	Centene CORP	+0.1%	—	Unchanged
11	APEI	American Public Education	0%	—	Unchanged
12	GOCOQ	Gohealth Inc-class A	—	—	Unchanged
13	MERC	Mercer International INC	0%	—	Unchanged
14	MSC	Studio City Internationa-adr	-0.1%	—	Unchanged
15	EHTH	Ehealth INC	-0.1%	—	Unchanged
16	ECHO 3.875 11-30-30	Echostar CORP	-6.8%	-57.28%	Trim
17	AER	AerCap Holdings N.V.	-11.9%	-69.02%	Trim
18	VISN	Vistance Networks INC	—	NEW	New buy
19	MBC	Masterbrand INC	—	NEW	New buy
20	AERO	Grupo Aeromexico Sab De Cv	—	NEW	New buy
21	AHQ	American Woodmark CORP	—	NEW	New buy
22	KLC	Kindercare Learning Cos INC	—	NEW	New buy