CONTRARIAN CAPITAL MANAGEMENT, L.L.C.

Hedge Fund • Distressed

CONTRARIAN CAPITAL MANAGEMENT, L.L.C. is a Distressed Hedge Fund based in Greenwich, CT led by Jon Robert Bauer, reporting $4.6B in AUM as of Q3 2025 with 73% Unknown concentration, 89% concentrated in top 10 holdings, and 24% allocation to HSBC.

Managing PartnerJon Robert Bauer

Portfolio Value: $382.0M
Positions: 35
Top Holding: HSBC at 23.52%
Last Reported: Q3 2025

Address411 West Putnam Avenue, Suite 425, Greenwich, CT, 06830, United States

Top Holdings

Largest long holdings in CONTRARIAN CAPITAL MANAGEMENT, L.L.C.'s portfolio (88.9% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 HSBC HSBC Holdings HSBC	Unknown Unknown	$89.8M	23.52%	—	— 1.3M shares	Q4 2024 Held for 11 months
2 GGB Gerdau GGB	Unknown Unknown	$59.1M	15.47%	—	— 19.1M shares	Q4 2022 Held for 2y 11m
3 Burford Capital BUR	Asset Management Financial Services	$48.4M	12.66%	+$17.8M Bought	1.85% 4.0M shares	Q1 2025 Held for 8 months
4 Vale S.A. VALE	Unknown Unknown	$38.6M	10.10%	—	— 3.6M shares	Q4 2022 Held for 2y 11m
5 TX Ternium S.A. TX	Unknown Unknown	$34.5M	9.02%	—	— 992.4K shares	Q4 2022 Held for 2y 11m
6 BABA Alibaba Group Holding Limited BABA	Unknown Unknown	$25.7M	6.73%	+$25.7M New	— 143.8K shares	Q3 2025 Held for 2 months
7 Cornerstone Building Brands CNR	Unknown Unknown	$18.3M	4.79%	—	— 219.2K shares	Q1 2025 Held for 8 months
8 BIDU Baidu BIDU	Unknown Unknown	$13.5M	3.52%	+$13.5M New	— 102.1K shares	Q3 2025 Held for 2 months
9 Algoma Steel Group Inc. ASTL	Steel Basic Materials	$7.2M	1.90%	-$5.5M Sold	1.94% 2.0M shares	Q4 2021 Held for 3y 11m
10 Emerald Holding EEX	Advertising Agencies Communication Services	$4.5M	1.17%	+$484.3K Bought	0.44% 879.0K shares	Q2 2022 Held for 3y 5m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in CONTRARIAN CAPITAL MANAGEMENT, L.L.C.'s latest filing

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Market Value

$382.0M

Prior: $336.5M

Q/Q Change

+13.52%

+$45.5M

Net Flows % of MV

+8.64%

Turnover Ratio

12.61%

New Purchases

6 stocks

$43.6M

Added To

10 stocks

+$21.1M

Sold Out Of

4 stocks

$25.1M

Reduced Holdings

6 stocks

-$6.5M

Increased Positions

Position	Shares Δ	Change
1 BABA Alibaba Group Holding Limited BABA	New	0 → 143.8K +$25.7M
2 BIDU Baidu BIDU	New	0 → 102.1K +$13.5M
3 Uniti Group Inc. UNIT	New	0 → 454.8K +$2.8M
4 WW International, Inc. WW	New	0 → 28.1K +$768.6K
5 United Natural Foods UNFI	New	0 → 14.5K +$545.5K

Decreased Positions

Position	Shares Δ	Change
1 PBR Petroleo Brasileiro S.A. PBR	Sold	1.9M → 0 −$24.1M
2 Leslie's, Inc. LESL	Sold	44.4K → 0 −$372.5K
3 Magnera MAGN	Sold	28.0K → 0 −$338.2K
4 ON Semiconductor ON	Sold	5.5K → 0 −$288.3K
5 Sabre SABR	-68.09%	705.0K → 225.0K −$878.4K

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Analytics

Portfolio insights and performance metrics for CONTRARIAN CAPITAL MANAGEMENT, L.L.C.

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Sector Allocation

Financial Services

12.70%

Communication Services

3.80%

Consumer Cyclical

3.50%

Basic Materials

2.30%

Energy

1.20%

Industrials

1.20%

Utilities

0.80%

Real Estate

0.70%

Technology

0.50%

Consumer Defensive

0.30%

Healthcare

0.10%

Market Cap Distribution

Large Cap ($10B - $200B)

0.79%

Mid Cap ($2B - $10B)

16.15%

Small Cap ($300M - $2B)

7.94%

Micro Cap ($50M - $300M)

0.95%

Nano Cap (< $50M)

5.82%

N/A (ETF or Unknown)

68.36%

Portfolio Concentration

Top 10 Holdings %

88.88%

Top 20 Holdings %

96.73%

Top 50 Holdings %

100.0%

Top 100 Holdings %