Bracebridge Capital, LLC

Bracebridge Capital's Q1 2026 13F is a $3.73B, 44-position multi-strategy fund executing one of the most dramatic single-quarter rotations in this batch — the fund opened a $1.55B position in IWM (iShares Russell 2000, 41.5% of AUM) that did not exist in Q4 2025 (prior iShares positions were different CUSIPs for mid-cap and small-cap sleeves), simultaneously doubled its gold exposure (GLD SPDR Gold Trust +$252.3M, +139.1% shares to $410.3M; second SPDR gold position +$47.9M, +3.8% shares; combined gold $834.6M, 22.4% of AUM), and completely liquidated what had been its largest Q4 2025 position — an iShares mid-cap sleeve worth $1.04B (-$1.04B, -100%). The fund also opened 14 additional new positions including Tesla ($52.9M, via warrants and common), Salesforce ($37.3M), Warner Bros Discovery ($27.5M), Ares Capital ($24.1M), Adt ($13.9M, increased +1.7M shares), Alvotech ($9.3M), Genworth ($5.8M), Invesco ETF ($5.1M), Blackstone Mortgage ($4.6M), Algoma Steel ($3.8M), SPDR XLE energy ETF ($24.6M), and a scattering of sub-$1M micro-cap and SPAC/warrant positions. Nine positions were sold, led by the iShares mid-cap ($1.04B), Core Scientific ($87.1M), KraneShares trust ($27.2M), and a series of SPAC warrants and micro-caps. The 53 total changes (15 new, 9 sold, 6 increased, 4 decreased) is extraordinarily high churn and reflects a portfolio that appears to have undergone a strategy or manager change between Q4 and Q1. At a 77.25 whaleScore on $3.73B, the Q1 delta is best read as a multi-strategy fund rotating from a prior mid-cap-growth sleeve into a small-cap-value core (IWM at 41.5%) with a massive gold-and-Treasury overlay (combined gold 22.4%, SPY 6.1%) — a positioning consistent with a macro view that favors small-cap value and hard assets (gold) over mid-cap growth in a higher-for-longer rate environment.