Managers / Q4 2019 · view latest →
STONEHILL CAPITAL MANAGEMENT LLC
CIK 0001266227 · 320 PARK AVE., 26TH FLOOR, NEW YORK, NY, 10022 · 212 739 7474
Summary
Stonehill Capital Management LLC reported $294M in U.S.-listed holdings across 16 positions for Q4 2019.
The portfolio is heavily concentrated: PCG alone accounts for 33.5% of reported value.
Compared with Q3 2019, the fund opened 4 new positions and exited 4.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 54.9% · $161M
- Other · 34.6% · $102M
- GLOBAL · 8.0% · $24M
- ADR · 2.4% · $7M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2019 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| SPDR S&P 500 ETF TRUST | NEW | +170.0K | 170.0K | +$55M | $55M |
| BHCBAUSCH HEALTH COMPANIES INC COMMON | NEW | +400.0K | 400.0K | +$12M | $12M |
| TMHCTAYLOR MORRISON HOME CORP-A | NEW | +366.3K | 366.3K | +$8M | $8M |
| IRSA PROPIEDADES COMERCIALES S.A. ADR | NEW | +12.6K | 12.6K | +$211,000 | $211,000 |
| MDCAMDC PARTNERS INC CL A COMMON | ADDED | +1.94M | 2.68M | +$5M | $7M |
| ALTABA INC COMMON | SOLD OUT | −8.83M | 0 | −$172M | $0 |
| INTELSAT SA COMMON | SOLD OUT | −568.6K | 0 | −$13M | $0 |
| LNWOSCIENTIFIC GAMES CORP COMMON | SOLD OUT | −236.7K | 0 | −$5M | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2019
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | PCGP G & E CORP COMMONhistory → | CMN | 33.55% | $99M | 9.07M |
| 2 | SANOFI CVR | CMN | 15.92% | $47M | 54.41M |
| 3 | TRINITY BIOTECH SR UNSEC CONV | NOTE | 8.02% | $24M | 32.50M |
| 4 | LORAL SPACE & COMMUNICATIONS COMMON | CMN | 5.10% | $15M | 464.0K |
| 5 | BHCBAUSCH HEALTH COMPANIES INC COMMONhistory → | CMN | 4.07% | $12M | 400.0K |
| 6 | WILLIAM LYON HOMES CL A COMMON | CMN | 3.61% | $11M | 530.4K |
| 7 | TMHCTAYLOR MORRISON HOME CORP-Ahistory → | CMN | 2.72% | $8M | 366.3K |
| 8 | MDCAMDC PARTNERS INC CL A COMMONhistory → | CMN | 2.54% | $7M | 2.68M |
| 9 | CCOCLEAR CHANNEL OUTDOOR HOLDINGS, INC. COMMONhistory → | CMN | 2.19% | $6M | 2.25M |
| 10 | TRIBGBPTRINITY BIOTECH PLC ADRhistory → | CMN | 1.06% | $3M | 3.00M |
| 11 | THCTENET HEALTHCARE CORP COMMON | CMN | 0.99% | $3M | 76.3K |
| 12 | IRSA ADR | CMN | 0.97% | $3M | 412.7K |
| 13 | OI SA ADR | CMN | 0.40% | $1M | 1.27M |
| 14 | AKORN INC COMMON | CMN | 0.18% | $515,000 | 343.5K |
| 15 | IRSA PROPIEDADES COMERCIALES S.A. ADR | CMN | 0.07% | $211,000 | 12.6K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $197M | 15 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $334M | 22 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $280M | 15 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $228M | 14 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $328M | 12 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $236M | 10 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $167M | 11 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $134M | 10 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $45M | 6 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $51M | 9 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $63M | 9 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $169M | 11 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $193M | 13 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $93M | 13 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $123M | 14 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $150M | 14 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $216M | 16 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $455M | 25 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $210M | 18 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $206M | 17 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $213M | 13 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $330M | 19 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $185M | 14 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $383M | 20 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $302M | 31 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $294M | 16 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $368M | 16 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $349M | 12 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $332M | 14 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.