Monarch Alternative Capital portfolio

What changed this quarter

8 positions with a change (3 new, 2 added to, 1 trimmed, 2 sold); also, 1 exited through an acquisition or merger. 7 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Keel Infrastructure+29.2 ppof portfolioNew
  — → 29.2%
• Core Scientific+22.8 ppof portfolioNew
  — → 22.8%
• Vistance Networks−68%fewer sharesReduced
  50.3% → 8.0%
• EchoStar+96%more sharesIncreased
  26.3% → 32.1%
• Global Business Travel Group−8.4 ppof portfolioSold out
  11.8% → —
• MasterBrand+85%more sharesIncreased
  4.5% → 7.4%
• Ardagh Metal Packaging−2.3 ppof portfolioSold out
  3.2% → —

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• EchoStarECHO32.1%Since Q3 2025 · 4 quartersDetails ▾
• Keel InfrastructureKEEL29.2%Since Q2 2026 · 1 quarterDetails ▾
• Core ScientificCORZ22.8%Since Q2 2026 · 1 quarterDetails ▾
• Vistance NetworksVISN8.0%Since Q3 2024 · 8 quartersDetails ▾
• MasterBrandMBC7.4%Since Q1 2026 · 2 quartersDetails ▾
• Forward AirFWRD0.5%Since Q2 2026 · 1 quarterDetails ▾

“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.