Bracebridge Capital

BOSTON, MAfiles as Bracebridge Capital, LLC

$460m in 26 US stocks at the end of 30 June 2026. The top 10 are 97.0% of the money. It changed about 27.7% of the portfolio this quarter.

Value

$460m

Stocks

Top 10 share

97.0%

Turnover

27.7%

What changed this quarter

New

Bought for the first time this quarter.

Caesars EntertainmentCZR
6.2% of the fund
Service Properties TrustSVC
4.2% of the fund
Forward AirFWRD
4.1% of the fund
Space Exploration TechnologiesSPCX
1.7% of the fund

Added

Bought more of a stock they already held.

Uniti GroupUNIT
20.0% of the fund
+4%
ADTADT
4.4% of the fund
+47%
AlvotechALVO
3.2% of the fund
+49%
PDD HoldingsPDD
0.2% of the fund
+17%

Cut

Sold some of their stake.

Spdr Gold TRGLD
50.7% of the fund
-34%

Sold out

Sold their entire stake.

Holdings

Spdr Gold TRGLD
Share
50.7%
Value
$233m
Shares
633,450
-34%
Uniti GroupUNIT
Share
20.0%
Value
$92m
Shares
8,023,590
+4%
Caesars EntertainmentCZR
Share
6.2%
Value
$29m
Shares
946,556
New
ADTADT
Share
4.4%
Value
$20m
Shares
3,126,000
+47%
Service Properties TrustSVC
Share
4.2%
Value
$19m
Shares
11,330,218
New
Forward AirFWRD
Share
4.1%
Value
$19m
Shares
1,404,913
New
AlvotechALVO
Share
3.2%
Value
$15m
Shares
4,038,637
+49%
Space Exploration TechnologiesSPCX
Share
1.7%
Value
$8m
Shares
46,345
New
Genworth FinancialGNW
Share
1.5%
Value
$7m
Shares
714,388
Held
Blackstone Mortgage TrustBXMT
Share
0.9%
Value
$4m
Shares
241,700
Held
Algoma Steel GroupASTL
Share
0.8%
Value
$4m
Shares
924,931
Held
Octave Specialty GroupOSG
Share
0.8%
Value
$4m
Shares
579,234
Held
Aquestive TherapeuticsAQST
Share
0.4%
Value
$2m
Shares
459,216
Held
Atrium TherapeuticsRNA
Share
0.4%
Value
$2m
Shares
139,239
Held
TPG RE Finance TrustTRTX
Share
0.3%
Value
$2m
Shares
182,157
Held
PDD HoldingsPDD
Share
0.2%
Value
$1m
Shares
13,600
+17%
Airjoule TechnologiesAIRJW
Share
<0.1%
Value
$65,000
Shares
50,000
Held
Generation Essentials GroupTGE-WS
Share
<0.1%
Value
$58,500
Shares
325,000
Held
Critical MetalsCRMLW
Share
<0.1%
Value
$44,625
Shares
12,500
Held
GCT Semiconductor HldgGCTS-WS
Share
<0.1%
Value
$36,750
Shares
75,000
Held
Eagle Nuclear EnergyNUCLW
Share
<0.1%
Value
$36,250
Shares
25,000
Held
Brand Engagement NetworkBNAIW
Share
<0.1%
Value
$23,333
Shares
166,666
Held
Envoy MedicalCOCHW
Share
<0.1%
Value
$13,055
Shares
262,156
Held
Blue GoldBGLWW
Share
<0.1%
Value
$7,208
Shares
75,000
Held
CID HoldcoDAICW
Share
<0.1%
Value
$769
Shares
62,500
Held
Tevogen BIO HldgsTVGNW
Share
<0.1%
Value
$710
Shares
12,500
Held

Company	Share of fund	Value	Shares	Change
Spdr Gold TRGLD	50.7%	$233m	633,450	-34%
Uniti GroupUNIT	20.0%	$92m	8,023,590	+4%
Caesars EntertainmentCZR	6.2%	$29m	946,556	New
ADTADT	4.4%	$20m	3,126,000	+47%
Service Properties TrustSVC	4.2%	$19m	11,330,218	New
Forward AirFWRD	4.1%	$19m	1,404,913	New
AlvotechALVO	3.2%	$15m	4,038,637	+49%
Space Exploration TechnologiesSPCX	1.7%	$8m	46,345	New
Genworth FinancialGNW	1.5%	$7m	714,388	Held
Blackstone Mortgage TrustBXMT	0.9%	$4m	241,700	Held
Algoma Steel GroupASTL	0.8%	$4m	924,931	Held
Octave Specialty GroupOSG	0.8%	$4m	579,234	Held
Aquestive TherapeuticsAQST	0.4%	$2m	459,216	Held
Atrium TherapeuticsRNA	0.4%	$2m	139,239	Held
TPG RE Finance TrustTRTX	0.3%	$2m	182,157	Held
PDD HoldingsPDD	0.2%	$1m	13,600	+17%
Airjoule TechnologiesAIRJW	<0.1%	$65,000	50,000	Held
Generation Essentials GroupTGE-WS	<0.1%	$58,500	325,000	Held
Critical MetalsCRMLW	<0.1%	$44,625	12,500	Held
GCT Semiconductor HldgGCTS-WS	<0.1%	$36,750	75,000	Held
Eagle Nuclear EnergyNUCLW	<0.1%	$36,250	25,000	Held
Brand Engagement NetworkBNAIW	<0.1%	$23,333	166,666	Held
Envoy MedicalCOCHW	<0.1%	$13,055	262,156	Held
Blue GoldBGLWW	<0.1%	$7,208	75,000	Held
CID HoldcoDAICW	<0.1%	$769	62,500	Held
Tevogen BIO HldgsTVGNW	<0.1%	$710	12,500	Held

Options (13)

Ishares TR
Type
Call
Value
$1.8bn
Contracts
220,101
Ishares TR
Type
Put
Value
$1.6bn
Contracts
196,507
Spdr Gold TR
Type
Put
Value
$477m
Contracts
12,950
Ishares TR
Type
Call
Value
$415m
Contracts
13,804
Ishares TR
Type
Put
Value
$415m
Contracts
13,804
Tesla
Type
Call
Value
$199m
Contracts
4,725
Tesla
Type
Put
Value
$85m
Contracts
2,025
Spdr Gold TR
Type
Call
Value
$81m
Contracts
2,200
Caesars Entertainment INC NE
Type
Call
Value
$30m
Contracts
10,000
Space Exploration Techn
Type
Put
Value
$22m
Contracts
1,265
Space Exploration Techn
Type
Call
Value
$13m
Contracts
735
PDD Holdings
Type
Call
Value
$1m
Contracts
193
PDD Holdings
Type
Put
Value
$1m
Contracts
193

Company	Type	Value	Contracts
Ishares TR	Call	$1.8bn	220,101
Ishares TR	Put	$1.6bn	196,507
Spdr Gold TR	Put	$477m	12,950
Ishares TR	Call	$415m	13,804
Ishares TR	Put	$415m	13,804
Tesla	Call	$199m	4,725
Tesla	Put	$85m	2,025
Spdr Gold TR	Call	$81m	2,200
Caesars Entertainment INC NE	Call	$30m	10,000
Space Exploration Techn	Put	$22m	1,265
Space Exploration Techn	Call	$13m	735
PDD Holdings	Call	$1m	193
PDD Holdings	Put	$1m	193

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 151.1% since 30 June 2025.

Where the money is

Media & telecom20.0%

Retail & consumer6.2%

Technology6.1%

Real estate5.4%

Industrials4.1%

Health care4.1%

Financial services2.3%

Materials0.8%

Other51.0%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.