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ECP

Empyrean Capital Partners Portfolio holdings

AUM $3.07B
1-Year Est. Return 34.24%
This Fund
S&P 500
This Quarter Est. Return
+12.89%
1 Year Est. Return
+34.24%
3 Year Est. Return
+104.05%
5 Year Est. Return
+133.06%
10 Year Est. Return
+500.1%
AUM
$2.49B
AUM Growth
-$489M
Cap. Flow
-$840M
Cap. Flow %
-33.73%
Top 10 Hldgs %
42.9%
Holding
98
New
26
Increased
14
Reduced
12
Closed
12

Top Buys

Rank Stock Value
1
UNP icon
Union Pacific
UNP
+$74.8M
2
STZ icon
Constellation Brands
STZ
+$71.7M
3
BTI icon
British American Tobacco
BTI
+$67.9M
4
BCSS.U
Bain Capital GSS Investment Corp Units
BCSS.U
+$40.3M
5
NSC icon
Norfolk Southern
NSC
+$37.9M

Top Sells

Rank Stock Value
1
HES
Hess
HES
+$126M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$77.1M
3
SKX
Skechers
SKX
+$51.8M
4
JHX icon
James Hardie Industries
JHX
+$33.8M
5
CCCXU
Churchill Capital Corp X Unit
CCCXU
+$30.9M

Sector Composition

Rank Sector Weight
1 Energy 17.31%
2 Financials 13.69%
3 Industrials 12.56%
4 Communication Services 11.08%
5 Consumer Staples 7.33%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AER icon
1
AerCap
AER
$23.9B
$182M 7.29%
1,500,000
+68,000
+5% +$7.94M
SHEL icon
2
Shell
SHEL
$245B
$179M 7.18%
2,500,000
+200,000
+9% +$14.4M
BTI icon
3
British American Tobacco
BTI
$132B
$117M 4.69%
2,200,000
+1,250,000
+132% +$67.9M
MPC icon
4
Marathon Petroleum
MPC
$90.3B
$108M 4.35%
562,500
+31,500
+6% +$5.54M
PCG icon
5
PG&E
PCG
$47.8B
$89M 3.57%
5,900,000
+1,800,000
+44% +$26.3M
TXNM
6
TXNM Energy Inc
TXNM
$6.47B
$81.6M 3.27%
1,442,554
– –
NMRK icon
7
Newmark Group
NMRK
$2.73B
$81.3M 3.26%
4,360,150
– –
CVS icon
8
CVS Health
CVS
$137B
$78.6M 3.15%
1,042,500
+180,500
+21% +$12.4M
UNP icon
9
Union Pacific
UNP
$183B
$78.5M 3.15%
+332,000
New +$74.8M
AAMI
10
Acadian Asset Management
AAMI
$2.88B
$74.2M 2.98%
1,541,108
-339,526
-18% -$15.1M
COF icon
11
Capital One
COF
$124B
$65.5M 2.63%
308,000
+158,000
+105% +$34.6M
STZ icon
12
Constellation Brands
STZ
$22.2B
$60.7M 2.44%
+451,000
New +$71.7M
LBRDK icon
13
Liberty Broadband Class C
LBRDK
$4.15B
$58.5M 2.35%
920,781
– –
CAH icon
14
Cardinal Health
CAH
$53.4B
$56.1M 2.25%
357,400
+46,100
+15% +$7.12M
OPTU
15
Optimum Communications Inc
OPTU
$316M
$55.7M 2.23%
23,100,000
– –
ENVA icon
16
Enova International
ENVA
$5.91B
$50.8M 2.04%
441,564
-125,974
-22% -$14.4M
VTOL icon
17
Bristow Group
VTOL
$1.35B
$46M 1.85%
1,276,000
– –
ECHO
18
EchoStar
ECHO
$25.5B
$43.5M 1.75%
570,000
+257,000
+82% +$11.6M
NG icon
19
NovaGold Resources
NG
$2.6B
$43.1M 1.73%
4,893,566
-1,645,434
-25% -$10.1M
NSC icon
20
Norfolk Southern
NSC
$78.8B
$41M 1.65%
+136,500
New +$37.9M
BCSS.U
21
Bain Capital GSS Investment Corp Units
BCSS.U
$40.3M 1.62%
+3,990,000
New +$40.3M
CCCX
22
DELISTED
Churchill Capital Corp X
CCCX
$34M 1.36%
+2,640,000
New +$27.9M
VSAT icon
23
Viasat
VSAT
$9.79B
$33.3M 1.34%
+1,138,000
New +$27.2M
LBRDA icon
24
Liberty Broadband Class A
LBRDA
$4.14B
$31.7M 1.27%
500,000
– –
PPTA
25
Perpetua Resources
PPTA
$2.23B
$30.7M 1.23%
1,517,953
+121,453
+9% +$2.05M
1
2 3 4

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Empyrean Capital Partners's Q3 2025 Portfolio in Review

As of Q3 2025, Empyrean Capital Partners held 98 positions worth $2.49B, down 16% from $2.98B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Empyrean Capital Partners withdrew a net $840M in Q3 2025, closing 12 positions and reducing 12 holdings. Its most notable exit was Hess, an estimated $126M position sold in full.

By sector, the portfolio is most concentrated in Energy at 17% of assets, up from 16% a quarter earlier, followed by Financials and Industrials.

Against the trend, Empyrean Capital Partners opened a new position in Union Pacific worth $78.5M.

  • Empyrean Capital Partners's largest Q3 2025 buy was Union Pacific: 332,000 shares worth $78.5M.
  • Empyrean Capital Partners added most to British American Tobacco in Q3 2025, an estimated $67.9M increase.
  • Empyrean Capital Partners's biggest Q3 2025 reduction was Alight, cutting an estimated $15.8M.
  • Empyrean Capital Partners fully exited Hess in Q3 2025, selling an estimated $126M.
  • Empyrean Capital Partners's ten largest holdings make up 43% of its $2.49B portfolio in Q3 2025.
  • Empyrean Capital Partners opened 26 new positions and closed 12 in Q3 2025.
  • Empyrean Capital Partners's portfolio value fell 16% quarter-over-quarter to $2.49B.

Based on Empyrean Capital Partners's 13F filing for Q3 2025, filed 14 Nov 2025.