Contrarian Capital Management Llc
- Regulatory AUM
- $4.8B
- Discretionary
- $4.8B
- Clients
- 24
- Avg AUM / client
- $200M
- Accounts
- 24
- Employees
- 47
AUM over time
Annual snapshots from Form ADV filings · as of Mar 27, 2026
Investments (13F portfolio — 21 positions, $356,692,265)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Republic Awys Hldgs Inc | COM SHS | $71,548,411 | 4,446,210 | 20.1% | 1.49% |
| 2 | Gerdau Sa | SPON ADR REP PFD | $68,839,494 | 19,069,112 | 19.3% | 1.44% |
| 3 | Futu Hldgs Ltd | SPON ADS CL A | $41,363,199 | 302,451 | 11.6% | 0.86% |
| 4 | Ternium Sa | SPONSORED ADS | $39,845,382 | 992,413 | 11.2% | 0.83% |
| 5 | Hsbc Hldgs Plc | SPON ADR NEW | $39,682,887 | 481,063 | 11.1% | 0.83% |
| 6 | Alibaba Group Hldg Ltd | SPONSORED ADS | $38,373,447 | 305,862 | 10.8% | 0.8% |
| 7 | Baidu Inc | SPON ADR REP A | $11,380,327 | 102,139 | 3.19% | 0.24% |
| 8 | Grupo Aeromexico Sab De Cv | SPONSORED ADS | $9,403,610 | 671,207 | 2.64% | 0.2% |
| 9 | Clear Channel Outdoor Hldgs | COM | $5,573,934 | 2,351,871 | 1.56% | 0.12% |
| 10 | Caesars Entertainment Inc Ne | COM | $4,285,968 | 162,163 | 1.2% | 0.09% |
| 11 | Viper Energy Inc | CL A | $3,994,150 | 85,000 | 1.12% | 0.08% |
| 12 | Macys Inc | COM | $3,618,000 | 200,000 | 1.01% | 0.08% |
| 13 | Pg&E Corp | COM | $3,514,000 | 200,000 | 0.99% | 0.07% |
| 14 | Core Natural Resources Inc | COM SHS | $3,306,012 | 31,567 | 0.93% | 0.07% |
| 15 | Noble Corp Plc | ORD SHS A | $2,944,200 | 60,000 | 0.83% | 0.06% |
| 16 | Weyerhaeuser Co | COM NEW | $2,931,600 | 120,000 | 0.82% | 0.06% |
| 17 | National Cinemedia Inc | COM NEW | $1,818,505 | 596,231 | 0.51% | 0.04% |
| 18 | Ardagh Metal Packaging S A | SHS | $1,675,509 | 413,706 | 0.47% | 0.03% |
| 19 | Century Casinos Inc | COM | $1,235,910 | 889,144 | 0.35% | 0.03% |
| 20 | Cleveland Cliffs Inc New | COM | $971,750 | 115,000 | 0.27% | 0.02% |
| 21 | Ww Intl Inc | COM NEW | $385,970 | 28,091 | 0.11% | 0.01% |
Top 25 of 21 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 23 | $4.1B | 86.0% |
| Corporations and other businesses | 1 | $671M | 14.0% |
Private funds (18)
View all →Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $4.2B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Contrarian Emerging Markets, L.P. master | Hedge Fund | Delaware | $1.4B | 208 |
| Contrarian Capital Fund I, L.P. master | Hedge Fund | Delaware | $593M | 53 |
| Contrarian Opportunity Fund Iii, L.P. master | Private Equity Fund | Delaware | $377M | 22 |
| Contrarian Opportunity Fund Ii, L.P. master | Private Equity Fund | Delaware | $358M | 29 |
| Contrarian Distressed Real Estate Debt Fund Iv, L.P. | Real Estate Fund | Delaware | $261M | 44 |
| Contrarian Centre Street Partnership, L.P. | Hedge Fund | Delaware | $245M | 5 |
| Contrarian Em Ii, Lp | Hedge Fund | Delaware | $242M | 2 |
| Emma 1 Master Fund, L.P. master | Hedge Fund | Cayman Islands | $184M | 2 |
| Contrarian Distressed Debt Fund, L.P master | Private Equity Fund | Delaware | $144M | 4 |
| Contrarian Distressed Real Estate Debt Fund Iii, L.P. | Real Estate Fund | Delaware | $121M | 26 |
| Contrarian Capital Trade Claims, L.P. master | Hedge Fund | Delaware | $79.5M | 30 |
| Contrarian Advantage B, Lp | Hedge Fund | Delaware | $36.0M | 12 |
| Contrarian Distressed Real Estate Debt Fund Iii Pip, L.P. | Real Estate Fund | Delaware | $33.3M | 6 |
| Contrarian Income Fund, L.P. | Hedge Fund | Delaware | $30.2M | 19 |
| Contrarian Valdis Fund, L.P. | Hedge Fund | Delaware | $15.5M | 13 |
People (13)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Bauer, Jon, Robert | Managing Member | May 1997 (29y) | 25% – 50% | |
| Stanton, Janice, Maria | Member | Dec 1997 (29y) | ≈ 1.25% – 5% via Heritage Investment Llc | |
| Tenzer, Gil, Ashley | Member | Dec 1997 (29y) | Less than 5% | |
| Fields, Kenneth | Trustee | Sep 2014 (12y) | GP / trustee / elected manager of Bauer Family Gst Exempt 2014 Trust (indirect) | |
| Lerner, Mark | Trustee | May 2015 (11y) | GP / trustee / elected manager of Janice Stanton Childrens' 2015 Trust U/A/D 5/21/2015 (indirect) | |
| Lerner, Traci, Joy | Trustee | May 2015 (11y) | GP / trustee / elected manager of Janice Stanton Childrens' 2015 Trust U/A/D 5/21/2015 (indirect) | |
| Song, Xiao, Hui | Special Limited Member | Nov 2016 (10y) | Less than 5% | |
| Avila, Emilce, Analia | Manager | Feb 2018 (9y) | GP / trustee / elected manager of Upper Nash Llc (indirect) | |
| Diagonale, Jennifer | Chief Compliance Officer | Jul 2020 (6y) | Less than 5% | |
| Passantino, Michael, Thomas | Chief Financial Officer | Mar 2023 (3y) | Less than 5% | |
| Ring, Michael, Edward | Chief Operating Officer | Jun 2023 (3y) | Less than 5% | |
| Bauer, Jeffrey, David | Member | Jan 2024 (3y) | 10% – 25% | |
| Trump, Joshua, Michael | Member | Jan 2024 (3y) | 10% – 25% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Ccm Investment, L.L.C. | Member | Jan 2003 | A | 10% – 25% |
| Marten Ccm Llc | Member | Jan 2013 | A | 5% – 10% |
| Heritage Investment Llc | Member | Dec 2011 | A | 5% – 10% |
| Nash Holdco Llc | Special Limited Member | Nov 2016 | A | Less than 5% |
| Bauer Family Gst Exempt 2014 Trust | Member | Sep 2014 | B | ≈ 7.5% – 25% via Ccm Investment, L.L.C. |
| Marten Investment Trust | Member | Jan 2013 | B | ≈ 3.75% – 10% via Marten Ccm Llc |
| Song Family Trust U/A/D November 29, 2016 | Member | Feb 2018 | B | ≈ 0% – 5% via Upper Nash Llc |
| Upper Nash Llc | Member | Feb 2018 | B | ≈ 0% – 5% via Nash Holdco Llc |
| Janice Stanton Childrens' 2015 Trust U/A/D 5/21/2015 | Member | May 2015 | B | ≈ 1.25% – 5% via Heritage Investment Llc |
| Fiduciary Trust International Of Delaware | Trustee | Sep 2014 | B | GP / trustee / elected manager of Bauer Family Gst Exempt 2014 Trust (indirect) |
| Christiana Trust, A Division Of Wilmington Savings Fund Society, Fsb | Trustee | Jan 2013 | B | GP / trustee / elected manager of Marten Investment Trust (indirect) |
| South Dakota Trust Company Llc | Trustee | Nov 2016 | B | GP / trustee / elected manager of Song Family Trust U/A/D November 29, 2016 (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Stanton, Janice, Maria: 25% – 50% of Heritage Investment Llc × 5% – 10% direct ≈ 1.25% – 5% of the firm
- Bauer Family Gst Exempt 2014 Trust: 75% – 100% of Ccm Investment, L.L.C. × 10% – 25% direct ≈ 7.5% – 25% of the firm
- Marten Investment Trust: 75% – 100% of Marten Ccm Llc × 5% – 10% direct ≈ 3.75% – 10% of the firm
- Song Family Trust U/A/D November 29, 2016: 75% – 100% of Upper Nash Llc × 75% – 100% of Nash Holdco Llc × 0% – 5% direct ≈ 0% – 5% of the firm
- Upper Nash Llc: 75% – 100% of Nash Holdco Llc × 0% – 5% direct ≈ 0% – 5% of the firm
- Janice Stanton Childrens' 2015 Trust U/A/D 5/21/2015: 25% – 50% of Heritage Investment Llc × 5% – 10% direct ≈ 1.25% – 5% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (18, $4.2B gross assets)
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/27/2026 | 5.18 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: CONTRARIAN CAPITAL MANAGEMENT, L.L.C. ("CONTRARIAN") WAS ALLEGED TO HAVE VIOLATED RULE 105 OF REGULATION M OF THE SECURITIES ACT OF 1934. RULE 105 MAKES IT UNLAWFUL TO BUY AN EQUITY SECURITY IN AN UNDERWRITTEN SECONDARY PUBLIC OFFERING IF THE BUYER SOLD SHORT THE SAME SECURITY DURING THE RESTRICTED PERIOD SPECIFIED IN THE RULE (GENERALLY FIVE BUSINESS DAYS BEFORE PRICING OF THE SECURITY). Status: Final Sanction Detail: CIVIL PENALTY: $140,000; DISGORGEMENT: $351,726.86; PREJUDGMENT INTEREST: $29,600.50 Summary: ON FEBRUARY 21, 2024 CONTRARIAN CONSENTED, WITHOUT ADMITTING OR DENYING THE FINDINGS THEREIN, TO THE ENTRY OF AN ORDER ISSUED BY THE SEC FINDING THAT ON TWO OCCASSIONS IN 2020 IT VIOLATED RULE 105 OF REGULATION M OF THE SECURITIES EXCHANGE ACT OF 1934. IN SETTLEMENT OF THIS MATTER, CONTRARIAN AGREED TO PAY A CIVIL MONETARY FINE OF $140,000, DISGORGMENT OF $351,726.86 AND PREJUDGMENT INTEREST OF $29,600.50; AND TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF RULE 105.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for pooled investment vehicles
Custody
Reported custodians
- J.P. Morgan $513M (11% of AUM) Mar 2026
- Merrill Lynch $71.6M (1% of AUM) Mar 2026
- Wells Fargo $63.8M (1% of AUM) Mar 2026
- Bnp Paribas Securities Corp. $239K (0% of AUM) Feb 2024
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 27, 2026.
View current Form ADV (SEC/IAPD) ↗