13F Insight
DOSSIER · 13F-HR · Q2 2026

BRIGADE CAPITAL MANAGEMENT, LP

$534M in tracked AUM across 20 positions as of Q2 2026.

BC
CIK 0001421306 · last filed Jun 30, 2026
Total AUM
$534M
as of Q2 2026
Holdings
20
—
positions
Whale Score
75
75
strong
Activity
—
no data
changes this Q
AI Analysis · Q2 2026
Comprehensive Analysis of Brigade Capital Management, LP 13F Filing
1. Portfolio Overview

Brigade Capital Management, LP has executed a significant portfolio restructuring during the quarter ending September 30, 2025. The total portfolio value contracted sharply by 31.6%, declining from $435.80M to $298.17M. This reduction in assets under management (AUM) is not merely a result of market performance but is primarily driven by a drastic shift in asset allocation, evidenced by th...

The portfolio strategy has shifted from a diversified multi-asset approach to one with high concentration risk. The top holding, SPDR Gold Trust (GLD), now constitutes a dominant 53.65% of the total portfolio value. This indicates a defensive posture, prioritizing capital preservation and liquidity over broad equity market exposure. The turnover was exceptionally high, with the fund exiting 7 major positions and initiating 6 new ones, signaling a complete overhaul of its investment thesis for the current market cycle.

2. Key Holdings

The composition of the top holdings reveals a pivot toward "special situation" equities and gold, moving away from broad market indices.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q2 2026. Methodology

Quarter at a glance — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
TLT
ISHARES TR
$259M3.0M48.5%02
IWM
ISHARES TR
$90M300K16.9%03
LNTH 2.625 12/15/27
LANTHEUS HLDGS INC
$62M43.4M11.7%04
LNTH
LANTHEUS HLDGS INC
$36M329K6.8%05
HYG
ISHARES TR
$32M400K6.0%06
EXE
EXPAND ENERGY CORPORATION
$10M106K1.8%07
VST
VISTRA CORP
$8M51K1.5%08
FOA
FINANCE OF AMERICA COMPAN
$8M280K1.4%09
LMRI
LUMEXA IMAGING HOLDINGS INC
$8M666K1.4%10
UAL
UNITED AIRLS HLDGS INC
$7M54K1.4%

Filing history

2026Q2Jun 30
$534M▲ 61.4%
20 positionsView →2025Q4Dec 31
$331M▲ 11.0%
29 positionsView →2025Q3Sep 30
$298M▼ 31.6%
21 positionsView →2025Q2Jun 30
$436M▼ 45.4%
24 positionsLocked2025Q1Mar 31
$798M▲ 141.1%
24 positionsLocked2024Q4Dec 31
$331M▼ 27.9%
20 positionsLocked2024Q3Sep 30
$459M▲ 4.8%
20 positionsLocked2024Q2Jun 30
$438M▼ 6.1%
22 positionsLocked2024Q1Mar 31
$466M▼ 83.2%
23 positionsLocked2023Q4Dec 31
$2.8B▲ 506.1%
38 positionsLocked2023Q3Sep 30
$458M▲ 107.0%
28 positionsLocked2023Q2Jun 30
$221M▼ 75.9%
23 positionsLocked
Showing 12 of 68