Managers / Q2 2025 · 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 $228M in U.S.-listed holdings across 14 positions for Q2 2025.
The portfolio is heavily concentrated: JOYY alone accounts for 46.6% of reported value.
Compared with Q1 2025, the fund opened 5 new positions and exited 3.
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
- ADR · 47.1% · $108M
- Common Stock · 46.4% · $106M
- Other · 3.7% · $8M
- GLOBAL · 2.8% · $6M
Quarter-over-Quarter Changes full breakdown →
vs Q1 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| TDSTELEPHONE AND DATA SYSTEMS COMMON | NEW | +188.2K | 188.2K | +$7M | $7M |
| MBCMASTERBRAND INC COMMON | NEW | +475.0K | 475.0K | +$5M | $5M |
| DDIDOUBLEDOWN INTERACTIVE CO LTD ADR | NEW | +127.9K | 127.9K | +$1M | $1M |
| AHQAMERICAN WOODMARK CORP COMMON | NEW | +20.0K | 20.0K | +$1M | $1M |
| BURBURFORD CAPITAL LTD COMMON | NEW | +47.2K | 47.2K | +$673,000 | $673,000 |
| FISCALNOTE HOLDINGS INC COMMON | ADDED | +936.8K | 1.67M | +$302,000 | $898,000 |
| SGISOMNIGROUP INTL INC RESTRICTED COMMON | SOLD OUT | −650.1K | 0 | −$39M | $0 |
| EQUITY COMMONWEALTH REAL ESTATE FUND | SOLD OUT | −3.16M | 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 — Q2 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | JOYYJOYY INC ADRhistory → | CMN | 46.57% | $106M | 2.09M |
| 2 | LBRDKLIBERTY BROADBAND CORP CL C COMMON | CMN | 29.67% | $68M | 688.9K |
| 3 | ECHOECHOSTAR CORP CL A COMMONhistory → | CMN | 9.12% | $21M | 751.4K |
| 4 | ANYWHERE REAL ESTATE INC COMMON | CMN | 3.35% | $8M | 2.11M |
| 5 | TDSTELEPHONE AND DATA SYSTEMS COMMONhistory → | CMN | 2.93% | $7M | 188.2K |
| 6 | ECHOSTAR SR UNSEC CONV PIK 3.875 11/30/2030 | NOTE | 2.82% | $6M | 5.47M |
| 7 | MBCMASTERBRAND INC COMMONhistory → | CMN | 2.27% | $5M | 475.0K |
| 8 | PCGP G & E CORP COMMONhistory → | CMN | 1.23% | $3M | 200.7K |
| 9 | DDIDOUBLEDOWN INTERACTIVE CO LTD ADR | CMN | 0.54% | $1M | 127.9K |
| 10 | AHQAMERICAN WOODMARK CORP COMMON | CMN | 0.47% | $1M | 20.0K |
| 11 | FISCALNOTE HOLDINGS INC COMMON | CMN | 0.39% | $898,000 | 1.67M |
| 12 | IRSA INVERSIONES SA WTS EXP 03/25/2026 | CMN | 0.35% | $807,000 | 602.1K |
| 13 | BURBURFORD CAPITAL LTD COMMON | CMN | 0.29% | $673,000 | 47.2K |
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 ↗.