CONTRARIAN CAPITAL MANAGEMENT, L.L.C. — 13F Holdings & Portfolio
CIK 1050417 · latest 13F-HR filed 2026-08-14
CONTRARIAN CAPITAL MANAGEMENT, L.L.C. manages $306.1M in 13F-reported U.S. long-equity assets across 19 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are RJET (29.85%), GGB (25.17%), TX (13.85%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 1 new position and exited 3; 11 existing positions rose in reported value and 4 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Loading holdings…
AUM
$306.1M
Long-equity book
Holdings
19
Distinct positions
Period
2026-06-30
Filed 2026-08-14
Q/Q Activity
+1 / −3 / ↑11 / ↓4
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 94.6%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Mar 27, 2026.
Assets Under Management
$4.79B
Discretionary
$4.79B
Employees
47
Accounts
24
Address
411 WEST PUTNAM AVENUE, SUITE 425
GREENWICH, CT 06830
GREENWICH, CT 06830
Phone
(203) 862-8200
This firm reports 3 disclosure items on its registration.
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| BAUER, JON, ROBERT Control | MANAGING MEMBER since May 1997 | 25–50% | Individual |
| BAUER, JEFFREY, DAVID | MEMBER since Jan 2024 | 10–25% | Individual |
| CCM INVESTMENT, L.L.C. | MEMBER since Jan 2003 | 10–25% | Domestic Entity |
| DIAGONALE, JENNIFER, GERALDINE | CHIEF COMPLIANCE OFFICER since Jul 2020 | Less than 5% | Individual |
| HERITAGE INVESTMENT LLC | MEMBER since Dec 2011 | 5–10% | Domestic Entity |
| MARTEN CCM LLC | MEMBER since Jan 2013 | 5–10% | Domestic Entity |
| NASH HOLDCO LLC | SPECIAL LIMITED MEMBER since Nov 2016 | Less than 5% | Domestic Entity |
| Passantino, Michael, Thomas | CHIEF FINANCIAL OFFICER since Mar 2023 | Less than 5% | Individual |
| RING, MICHAEL, EDWARD | CHIEF OPERATING OFFICER since Jun 2023 | Less than 5% | Individual |
| SONG, XIAOHUI | SPECIAL LIMITED MEMBER since Nov 2016 | Less than 5% | Individual |
| STANTON, JANICE, MARIA | MEMBER since Dec 1997 | 10–25% | Individual |
| TENZER, GIL, ASHLEY | MEMBER since Dec 1997 | Less than 5% | Individual |
| Trump, Joshua, Michael | MEMBER since Jan 2024 | 10–25% | Individual |
| BAUER, JON, ROBERT Control Indirect owner via BAUER FAMILY GST EXEMPT 2026 TRUST | MANAGER since Jan 2026 | General partner, trustee or manager | Individual |
| BAUER FAMILY GST EXEMPT 2026 TRUST Indirect owner via CCM INVESTMENT, L.L.C. | MEMBER since Jan 2026 | 75% or more | Domestic Entity |
| CHRISTIANA TRUST, A DIVISION OF WILMINGTON SAVINGS FUND SOCIETY, FSB Indirect owner via MARTEN INVESTMENT TRUST | TRUSTEE since Jan 2013 | General partner, trustee or manager | Domestic Entity |
| DIAGONALE, JENNIFER, GERALDINE Indirect owner via BAUER FAMILY GST EXEMPT 2026 TRUST | TRUSTEE since Jan 2026 | General partner, trustee or manager | Individual |
| FIDUCIARY TRUST INTERNATIONAL OF DELAWARE Indirect owner via BAUER FAMILY GST EXEMPT 2026 TRUST | TRUSTEE since Jan 2026 | General partner, trustee or manager | Domestic Entity |
| JANICE M. STANTON REVOCABLE TRUST Indirect owner via HERITAGE INVESTMENT LLC | MEMBER since Mar 2025 | 25–50% | Domestic Entity |
| JANICE STANTON CHILDRENS' 2015 TRUST U/A/D 5/21/2015 Indirect owner via HERITAGE INVESTMENT LLC | MEMBER since May 2015 | 50–75% | Domestic Entity |
| LERNER, MARK, DAVID Indirect owner via JANICE STANTON CHILDRENS' 2015 TRUST U/A/D 5/21/2015 | TRUSTEE since May 2015 | General partner, trustee or manager | Individual |
| LERNER, TRACI, JOY Indirect owner via JANICE STANTON CHILDRENS' 2015 TRUST U/A/D 5/21/2015 | TRUSTEE since May 2015 | General partner, trustee or manager | Individual |
| MARTEN INVESTMENT TRUST Indirect owner via MARTEN CCM LLC | MEMBER since Jan 2013 | 75% or more | Domestic Entity |
| SONG FAMILY TRUST U/A/D NOVEMBER 29, 2016 Indirect owner via UPPER NASH LLC | MEMBER since Feb 2018 | 75% or more | Domestic Entity |
| SONG, EMILCE, ANALIA Indirect owner via UPPER NASH LLC | MANAGER since Feb 2018 | General partner, trustee or manager | Individual |
| SONG, EMILCE, ANALIA Indirect owner via NASH HOLDCO LLC | MANAGER since Nov 2016 | General partner, trustee or manager | Individual |
| SOUTH DAKOTA TRUST COMPANY LLC Indirect owner via SONG FAMILY TRUST U/A/D NOVEMBER 29, 2016 | TRUSTEE since Nov 2016 | General partner, trustee or manager | Domestic Entity |
| STANTON, JANICE, MARIA Indirect owner via HERITAGE INVESTMENT LLC | MANAGER since Aug 2016 | General partner, trustee or manager | Individual |
| STANTON, JANICE, MARIA Indirect owner via JANICE M. STANTON REVOCABLE TRUST | TRUSTEE since Jul 2024 | General partner, trustee or manager | Individual |
| TENZER, GIL, ASHLEY Indirect owner via MARTEN INVESTMENT TRUST | MANAGER since Jan 2013 | General partner, trustee or manager | Individual |
| UPPER NASH LLC Indirect owner via NASH HOLDCO LLC | MEMBER since Feb 2018 | 75% or more | Domestic Entity |
Ownership & leadership changes · 15 filings with changes since Mar 20, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Mar 27, 2026 filing
- No longer listedBAUER FAMILY GST EXEMPT 2014 TRUST · MEMBER · 75% or more · indirect via CCM INVESTMENT, L.L.C. · listed since Sep 2014
- No longer listedBAUER, JON, ROBERT · MANAGER · General partner, trustee or manager · indirect via BAUER FAMILY GST EXEMPT 2014 TRUST · listed since Sep 2014
- No longer listedFIDUCIARY TRUST INTERNATIONAL OF DELAWARE · TRUSTEE · General partner, trustee or manager · indirect via BAUER FAMILY GST EXEMPT 2014 TRUST · listed since Sep 2014
- No longer listedFIELDS, KENNETH · TRUSTEE · General partner, trustee or manager · indirect via BAUER FAMILY GST EXEMPT 2014 TRUST · listed since Sep 2014
- AddedBAUER FAMILY GST EXEMPT 2026 TRUST · MEMBER · 75% or more · indirect via CCM INVESTMENT, L.L.C.
- AddedBAUER, JON, ROBERT · MANAGER · General partner, trustee or manager · indirect via BAUER FAMILY GST EXEMPT 2026 TRUST · control person
- AddedDIAGONALE, JENNIFER, GERALDINE · TRUSTEE · General partner, trustee or manager · indirect via BAUER FAMILY GST EXEMPT 2026 TRUST
- AddedFIDUCIARY TRUST INTERNATIONAL OF DELAWARE · TRUSTEE · General partner, trustee or manager · indirect via BAUER FAMILY GST EXEMPT 2026 TRUST
- AddedJANICE M. STANTON REVOCABLE TRUST · MEMBER · 25–50% · indirect via HERITAGE INVESTMENT LLC
- AddedSTANTON, JANICE, MARIA · TRUSTEE · General partner, trustee or manager · indirect via JANICE M. STANTON REVOCABLE TRUST
- ChangedJANICE STANTON CHILDRENS' 2015 TRUST U/A/D 5/21/2015 · indirect via HERITAGE INVESTMENT LLC: ownership 25–50% → 50–75%
- ChangedSTANTON, JANICE, MARIA · indirect via HERITAGE INVESTMENT LLC: title MEMBER → MANAGER; ownership 25–50% → General partner, trustee or manager
Feb 23, 2024 filing
- ChangedBAUER, JEFFREY, DAVID · title SPECIAL LIMITED MEMBER → MEMBER; ownership Less than 5% → 10–25%
- ChangedTENZER, GIL, ASHLEY · ownership 10–25% → Less than 5%
- ChangedTrump, Joshua, Michael · title SPECIAL LIMITED MEMBER → MEMBER; ownership Less than 5% → 10–25%
Jun 26, 2023 filing
- AddedRING, MICHAEL, EDWARD · CHIEF OPERATING OFFICER · Less than 5%
May 3, 2023 filing
- No longer listedSCHWARTZ, LEWIS, BENJAMIN · CHIEF OPERATING OFFICER · Less than 5% · listed since Jan 2015
Mar 30, 2023 filing
- No longer listedKRAVETZ, JEFFREY, ADAM · CHIEF FINANCIAL OFFICER · Less than 5% · listed since Mar 2015
- AddedPassantino, Michael, Thomas · CHIEF FINANCIAL OFFICER · Less than 5%
Mar 31, 2022 filing
- AddedTrump, Joshua, Michael · SPECIAL LIMITED MEMBER · Less than 5%
Mar 31, 2021 filing
- ChangedSTANTON, JANICE, MARIA · indirect via HERITAGE INVESTMENT LLC: ownership 75% or more → 25–50%
Jul 15, 2020 filing
- No longer listedSCIANNI, GINA, NICOLE · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since Jun 2010
- AddedDIAGONALE, JENNIFER, GERALDINE · CHIEF COMPLIANCE OFFICER · Less than 5%
Mar 29, 2019 filing
- No longer listedRAINE, WILLIAM, JAMES · SPECIAL LIMITED MEMBER · Less than 5% · listed since Nov 2016
Mar 29, 2018 filing
- No longer listedSONG FAMILY TRUST U/A/D NOVEMBER 29, 2016 · MEMBER · 75% or more · indirect via NASH HOLDCO LLC · listed since Nov 2016
- AddedSONG FAMILY TRUST U/A/D NOVEMBER 29, 2016 · MEMBER · 75% or more · indirect via UPPER NASH LLC
- AddedSONG, EMILCE, ANALIA · MANAGER · General partner, trustee or manager · indirect via UPPER NASH LLC
- AddedSONG, EMILCE, ANALIA · MANAGER · General partner, trustee or manager · indirect via NASH HOLDCO LLC
- AddedUPPER NASH LLC · MEMBER · 75% or more · indirect via NASH HOLDCO LLC
- ChangedBAUER FAMILY GST EXEMPT 2014 TRUST · indirect via CCM INVESTMENT, L.L.C.: no longer a control person
- ChangedBAUER, JON, ROBERT · indirect via BAUER FAMILY GST EXEMPT 2014 TRUST: no longer a control person
- ChangedCCM INVESTMENT, L.L.C. · no longer a control person
Older changes (6 more filings)
Jun 7, 2017 filing
- AddedCHRISTIANA TRUST, A DIVISION OF WILMINGTON SAVINGS FUND SOCIETY, FSB · TRUSTEE · General partner, trustee or manager · indirect via MARTEN INVESTMENT TRUST
- AddedFIDUCIARY TRUST INTERNATIONAL OF DELAWARE · TRUSTEE · General partner, trustee or manager · indirect via BAUER FAMILY GST EXEMPT 2014 TRUST
- AddedFIELDS, KENNETH · TRUSTEE · General partner, trustee or manager · indirect via BAUER FAMILY GST EXEMPT 2014 TRUST
- AddedLERNER, MARK, DAVID · TRUSTEE · General partner, trustee or manager · indirect via JANICE STANTON CHILDRENS' 2015 TRUST U/A/D 5/21/2015
- AddedLERNER, TRACI, JOY · TRUSTEE · General partner, trustee or manager · indirect via JANICE STANTON CHILDRENS' 2015 TRUST U/A/D 5/21/2015
- AddedSOUTH DAKOTA TRUST COMPANY LLC · TRUSTEE · General partner, trustee or manager · indirect via SONG FAMILY TRUST U/A/D NOVEMBER 29, 2016
Mar 30, 2017 filing
- No longer listedBAUER FAMILY 2003 TRUST · MEMBER · 75% or more · indirect via CCM INVESTMENT, L.L.C. · control person · listed since Feb 2003
- No longer listedBAUER, JON, ROBERT · MANAGER · General partner, trustee or manager · indirect via BAUER FAMILY 2003 TRUST · control person · listed since Feb 2003
- No longer listedJANICE STANTON 2010 FAMILY TRUST U/A/D 4/26/10 · MEMBER · 25–50% · indirect via HERITAGE INVESTMENT LLC · listed since Dec 2011
- AddedBAUER FAMILY GST EXEMPT 2014 TRUST · MEMBER · 75% or more · indirect via CCM INVESTMENT, L.L.C. · control person
- AddedBAUER, JEFFREY, DAVID · SPECIAL LIMITED MEMBER · Less than 5%
- AddedBAUER, JON, ROBERT · MANAGER · General partner, trustee or manager · indirect via BAUER FAMILY GST EXEMPT 2014 TRUST · control person
- AddedJANICE STANTON CHILDRENS' 2015 TRUST U/A/D 5/21/2015 · MEMBER · 25–50% · indirect via HERITAGE INVESTMENT LLC
- AddedNASH HOLDCO LLC · SPECIAL LIMITED MEMBER · Less than 5%
- AddedRAINE, WILLIAM, JAMES · SPECIAL LIMITED MEMBER · Less than 5%
- AddedSONG FAMILY TRUST U/A/D NOVEMBER 29, 2016 · MEMBER · 75% or more · indirect via NASH HOLDCO LLC
- AddedSONG, XIAOHUI · SPECIAL LIMITED MEMBER · Less than 5%
Mar 31, 2015 filing
- AddedKRAVETZ, JEFFREY, ADAM · CHIEF FINANCIAL OFFICER · Less than 5%
Jan 8, 2015 filing
- No longer listedRESTIFO, MICHAEL, JOSEPH · COO/CFO · Less than 5% · listed since Dec 1997
- AddedSCHWARTZ, LEWIS, BENJAMIN · CHIEF OPERATING OFFICER · Less than 5%
Mar 28, 2014 filing
- No longer listedJON R BAUER · MEMBER · 75% or more · indirect via CCM INVESTMENT, L.L.C. · control person · listed since Feb 2003
- AddedBAUER FAMILY 2003 TRUST · MEMBER · 75% or more · indirect via CCM INVESTMENT, L.L.C. · control person
- AddedBAUER, JON, ROBERT · MANAGER · General partner, trustee or manager · indirect via BAUER FAMILY 2003 TRUST · control person
- AddedHERITAGE INVESTMENT LLC · MEMBER · 5–10%
- AddedJANICE STANTON 2010 FAMILY TRUST U/A/D 4/26/10 · MEMBER · 25–50% · indirect via HERITAGE INVESTMENT LLC
- AddedMARTEN CCM LLC · MEMBER · 5–10%
- AddedMARTEN INVESTMENT TRUST · MEMBER · 75% or more · indirect via MARTEN CCM LLC
- AddedSTANTON, JANICE, MARIA · MEMBER · 75% or more · indirect via HERITAGE INVESTMENT LLC
- AddedTENZER, GIL, ASHLEY · MANAGER · General partner, trustee or manager · indirect via MARTEN INVESTMENT TRUST
- ChangedRESTIFO, MICHAEL, JOSEPH · title CFO → COO/CFO
Mar 20, 2012 filing (earliest on record)
- ListedBAUER, JON, ROBERT · MANAGING MEMBER · 25–50% · control person
- ListedCCM INVESTMENT, L.L.C. · MEMBER · 10–25% · control person
- ListedJON R BAUER · MEMBER · 75% or more · indirect via CCM INVESTMENT, L.L.C. · control person
- ListedRESTIFO, MICHAEL, JOSEPH · CFO · Less than 5%
- ListedSCIANNI, GINA, NICOLE · CHIEF COMPLIANCE OFFICER · Less than 5%
- ListedSTANTON, JANICE, MARIA · MEMBER · 10–25%
- ListedTENZER, GIL, ASHLEY · MEMBER · 10–25%
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- REPUBLIC AWYS HLDGS INC$19.8M +27.7%
- GERDAU SA$8.2M +11.9%
- GRUPO AEROMEXICO SAB DE CV$2.7M +28.5%
- TERNIUM SA$2.5M +6.4%
- CAESARS ENTERTAINMENT INC NE$1.4M +33.3%
Top Trims
- FUTU HLDGS LTD-$4.9M -11.9%
- CLEAR CHANNEL OUTDOOR HLDGS-$3.0M -54.7%
- NOBLE CORP PLC-$706.2K -24.0%
- CENTURY CASINOS INC-$97.8K -7.9%
Exited Positions
- HSBC HLDGS PLC$39.7M
- ALIBABA GROUP HLDG LTD$38.4M
- CORE NATURAL RESOURCES INC$3.3M
CONTRARIAN CAPITAL MANAGEMENT, L.L.C. Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | REPUBLIC AWYS HLDGS INC | RJET | 590479408 | $91.3M | 29.85% | 4,347,756 | SH |
| 2 | GERDAU SA | GGB | 373737105 | $77.0M | 25.17% | 19,069,112 | SH |
| 3 | TERNIUM SA | TX | 880890108 | $42.4M | 13.85% | 992,413 | SH |
| 4 | FUTU HLDGS LTD | FUTU | 36118L106 | $36.4M | 11.90% | 388,611 | SH |
| 5 | GRUPO AEROMEXICO SAB DE CV | AERO | 40054J109 | $12.1M | 3.95% | 671,207 | SH |
| 6 | BAIDU INC | BIDU | 056752108 | $11.7M | 3.81% | 102,139 | SH |
| 7 | CAESARS ENTERTAINMENT INC NE | CZR | 12769G100 | $5.7M | 1.87% | 189,287 | SH |
| 8 | MACYS INC | M | 55616P104 | $4.7M | 1.54% | 200,000 | SH |
| 9 | VIPER ENERGY INC | VNOM | 64361Q101 | $4.7M | 1.52% | 110,000 | SH |
| 10 | PG&E CORP | PCG | 69331C108 | $3.4M | 1.10% | 200,000 | SH |
| 11 | WEYERHAEUSER CO | WY | 962166104 | $2.9M | 0.94% | 120,000 | SH |
| 12 | CLEAR CHANNEL OUTDOOR HLDGS | CCO | 18453H106 | $2.5M | 0.83% | 1,044,257 | SH |
| 13 | NATIONAL CINEMEDIA INC | NCMI | 635309206 | $2.3M | 0.74% | 596,231 | SH |
| 14 | NOBLE CORP PLC | NE | G65431127 | $2.2M | 0.73% | 60,000 | SH |
| 15 | SIX FLAGS ENTERTAINMENT CORP | FUN | 83001C108 | $2.1M | 0.70% | 100,000 | SH |
| 16 | ARDAGH METAL PACKAGING S A | AMBP | L02235106 | $2.0M | 0.64% | 413,706 | SH |
| 17 | CENTURY CASINOS INC | CNTY | 156492100 | $1.1M | 0.37% | 889,144 | SH |
| 18 | CLEVELAND-CLIFFS INC NEW | CLF | 185899101 | $1.1M | 0.35% | 115,000 | SH |
| 19 | WW INTL INC | WW | 98262P200 | $448.9K | 0.15% | 28,091 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | $306.1M | 19 | 0000919574-26-005156 |
| 2026-03-31 | 2026-05-15 | $356.7M | 21 | 0000919574-26-003136 |
| 2025-12-31 | 2026-02-13 | $379.7M | 24 | 0000919574-26-000946 |
| 2025-09-30 | 2025-11-13 | $396.3M | 36 | 0000919574-25-006672 |
Filer Information
Address
411 WEST PUTNAM AVENUESUITE 425
GREENWICH, CT 06830
Phone
(203) 862-8201
Filing Manager
CONTRARIAN CAPITAL MANAGEMENT, L.L.C.
Greenwich, CT
Signatory
Jon R. Bauer
Managing Member