COURAGE CAPITAL MANAGEMENT LLC — 13F Holdings & Portfolio
CIK 1119376 · latest 13F-HR filed 2026-08-11
COURAGE CAPITAL MANAGEMENT LLC manages $67.3M in 13F-reported U.S. long-equity assets across 16 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are BKLN (19.61%), CXW (13.94%), PHYS (11.86%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 2 new positions and exited 0; 6 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.
Long-equity book
Distinct positions
Filed 2026-08-11
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 = 90.9%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Mar 30, 2026.
NASHVILLE, TN 37205
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| MILNE, THOMAS, GORDON Control | PRESIDENT, CHIEF OPERATING OFFICER & BOARD MEMBER since Nov 2007 | Less than 5% | Individual |
| PATTON, RICHARD, CONNELL Control | CHIEF MANAGER, MEMBER & BOARD MEMBER since Jul 1998 | 75% or more | Individual |
| SCHNUERER, RICHARD, ANTHONY Control | CHIEF FINANCIAL OFFICER AND CHIEF COMPLIANCE OFFICER since Dec 2022 | Less than 5% | Individual |
Ownership & leadership changes · 4 filings with changes since Mar 29, 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.
- No longer listedHORTON, RICHARD, REEDER · CHIEF FINANCIAL OFFICER AND CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Dec 2004
- AddedSCHNUERER, RICHARD, ANTHONY · CHIEF FINANCIAL OFFICER AND CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- No longer listedBOURGEOIS, MARK, ALAN · SENIOR MANAGING DIRECTOR AND VICE CHAIRMAN OF THE BOARD · Less than 5% · control person · listed since Dec 2020
- AddedBOURGEOIS, MARK, ALAN · SENIOR MANAGING DIRECTOR AND VICE CHAIRMAN OF THE BOARD · Less than 5% · control person
- ChangedMILNE, THOMAS, GORDON · title PRESIDENT & CHIEF OPERATING OFFICER → PRESIDENT, CHIEF OPERATING OFFICER & BOARD MEMBER
- ChangedPATTON, RICHARD, CONNELL · title CHIEF MANAGER, MEMBER & SOLE DIRECTOR → CHIEF MANAGER, MEMBER & BOARD MEMBER
- ChangedMILNE, THOMAS, GORDON · title PRESIDENT & CHIEF RISK OFFICER → PRESIDENT & CHIEF OPERATING OFFICER
- ListedHORTON, RICHARD, REEDER · CHIEF FINANCIAL OFFICER AND CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ListedMILNE, THOMAS, GORDON · PRESIDENT & CHIEF RISK OFFICER · Less than 5% · control person
- ListedPATTON, RICHARD, CONNELL · CHIEF MANAGER, MEMBER & SOLE DIRECTOR · 75% or more · control person
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)
- Alphabet Inc Class C$698.0K +23.2%
- SPDR S&P 500 ETF$691.0K +14.8%
- United Health Group Inc$623.0K +53.5%
- Pinnacle Financial Partners$317.0K +17.1%
- Tesla Inc$263.0K +13.2%
Top Trims
- Fidelity Wise Bitcoin Fund-$4.2M -41.4%
- Sprott Physical Gold Trust-$1.4M -14.9%
- Goldman Sachs Physical Gold-$1.2M -14.3%
- iShares Gold Trust-$354.0K -14.3%
COURAGE CAPITAL MANAGEMENT LLC 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 | Invesco Senior Loan ETF | BKLN | 46138G508 | $13.2M | 19.61% | 648,000 | SH |
| 2 | Core Civic Inc | CXW | 21871N101 | $9.4M | 13.94% | 308,961 | SH |
| 3 | Sprott Physical Gold Trust | PHYS | 85207H104 | $8.0M | 11.86% | 264,500 | SH |
| 4 | Goldman Sachs Physical Gold | AAAU | 38150K103 | $7.3M | 10.83% | 184,254 | SH |
| 5 | Fidelity Wise Bitcoin Fund | FBTC | 315948109 | $5.9M | 8.79% | 115,865 | SH |
| 6 | SPDR S&P 500 ETF | SPY | 78462F103 | $5.4M | 7.96% | 7,171 | SH |
| 7 | Meta Platforms Inc | META | 30303M102 | $3.9M | 5.82% | 6,950 | SH |
| 8 | Alphabet Inc Class C | GOOG | 02079K107 | $3.7M | 5.51% | 10,500 | SH |
| 9 | Tesla Inc | TSLA | 88160R101 | $2.3M | 3.36% | 5,380 | SH |
| 10 | Pinnacle Financial Partners | PNFPP | 72346Q104 | $2.2M | 3.23% | 21,565 | SH |
| 11 | iShares Gold Trust | IAU | 464285204 | $2.1M | 3.14% | 28,000 | SH |
| 12 | United Health Group Inc | UNH | 91324P102 | $1.8M | 2.65% | 4,300 | SH |
| 13 | Amazon Inc | AMZN | 023135106 | $953.0K | 1.42% | 4,000 | SH |
| 14 | Johnson & Johnson Inc | JNJ | 478160104 | $508.0K | 0.75% | 2,000 | SH |
| 15 | HCA Healthcare Inc | HCA | 40412C101 | $468.0K | 0.70% | 1,200 | SH |
| 16 | Tyler Technologies Inc | TYL | 902252105 | $292.0K | 0.43% | 1,000 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-11 | $67.3M | 16 | 0001119376-26-000010 |
| 2026-03-31 | 2026-05-14 | $70.6M | 14 | 0001119376-26-000007 |
| 2025-12-31 | 2026-02-17 | $72.4M | 13 | 0001119376-26-000002 |
| 2025-09-30 | 2025-11-12 | $75.7M | 14 | 0001119376-25-000014 |
SUITE 503
NASHVILLE, TN 37205