Anchorage Capital Advisors, L.P.

Key Holdings

The portfolio is currently dominated by two new, large-scale equity positions.

• Global Business Travel Group (GBTG): This is the largest holding, comprising 49.67% of the portfolio ($58.07M). Anchorage acquired 7.19 million shares, representing a massive bet on the industrials sector, specifically the corporate travel recovery and managed travel space.
• Xplr Infrastructure LP (XIFR): The second largest position is Xplr Infrastructure, representing 28.61% of the portfolio ($33.44M). This 3.29 million share stake indicates a tilt toward infrastructure and midstream energy assets, likely seeking yield and stability.
• Liberty Media Corps: The firm maintains positions in two Liberty Media tracking stocks (LSXMK and LSXMA), which combined represent roughly 13.36% of the portfolio. While these positions saw minor reductions of approximately 12-14% during the quarter, they remain core holdings, likely representing a value-oriented investment in the media and telecommunications sectors.
• Ardagh Metal Packaging S.A.: A smaller position ($9.78M), representing 8.37% of the portfolio, provides exposure to the consumer packaging materials sector.