13F Insight
DOSSIER · 13F-HR · Q4 2025

BRIGADE CAPITAL MANAGEMENT, LP

$331M in tracked AUM across 29 positions as of Q4 2025.

BC
CIK 0001421306 · last filed Dec 31, 2025
Total AUM
$331M
as of Q4 2025
Holdings
29
—
positions
Whale Score
63
63
tracked
Activity
—
no data
changes this Q
AI Analysis · Q4 2025
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.

Quarter at a glance — Q4 2025

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q4 2025.

#HoldingValueSharesWeight
01
GLD
SPDR GOLD TR
$79M200K23.9%02
LNTH 2.625 12/15/27
LANTHEUS HLDGS INC
$43M37.2M12.9%03
G6359F137
NABORS INDUSTRIES LTD
$37M676K11.1%04
SPY
SPDR S&P 500 ETF TR
$31M45K9.3%05
ORCL
ORACLE CORP
$27M140K8.2%06
JAZZ 3.125 09/15/30
JAZZ INVESTMENTS I LTD
$25M19.0M7.6%07
IWM
ISHARES TR
$17M69K5.1%08
LUMN
LUMEN TECHNOLOGIES INC
$14M1.9M4.3%09
G6564A105
NOMAD FOODS LTD
$11M875K3.3%10
EXE
EXPAND ENERGY CORPORATION
$9M77K2.6%

Filing history

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 positionsLocked2023Q1Mar 31
$919M▲ 158.4%
29 positionsLocked
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