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Hedge fund

Empyrean Capital Partners, LP

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1317195

Reported value
$2.6bn
82% in companies we cover
Positions we cover
73
Largest VSAT 6.6%
Copy, a year
+11.8%
S&P 500 +14.1%
Copy Sharpe ratio
0.53
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$43.4k
CopyS&P 500 $10,000 copying Empyrean Capital Partners, LP's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −56.5% (S&P 500 −31.8%); beta 1.10; alpha −2.1% a year (t = −0.59); last 12 months +20.5% against +12.1%.

Reported value by quarter

Empyrean Capital Partners, LP: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $1T $2T $3T Reported value, 2013-06-30: $1.6B Reported value, 2013-09-30: $1.3B Reported value, 2013-12-31: $1.1B Reported value, 2014-03-31: $770.4M Reported value, 2014-06-30: $1.3B Reported value, 2014-09-30: $1.3B Reported value, 2014-12-31: $1.3B Reported value, 2015-03-31: $1.5B Reported value, 2015-06-30: $1.7B Reported value, 2015-09-30: $929.3M Reported value, 2015-12-31: $1.3B Reported value, 2016-03-31: $1.5B Reported value, 2016-06-30: $1.3B Reported value, 2016-09-30: $1.1B Reported value, 2016-12-31: $1.1B Reported value, 2017-03-31: $1.7B Reported value, 2017-06-30: $1.8B Reported value, 2017-09-30: $2.2B Reported value, 2017-12-31: $1.5B Reported value, 2018-03-31: $1.5B Reported value, 2018-06-30: $1.7B Reported value, 2018-09-30: $1.6B Reported value, 2018-12-31: $907.5M Reported value, 2019-03-31: $1.3B Reported value, 2019-06-30: $1.8B Reported value, 2019-09-30: $1.6B Reported value, 2019-12-31: $1.2B Reported value, 2020-03-31: $1.2B Reported value, 2020-06-30: $1.2B Reported value, 2020-09-30: $2B Reported value, 2020-12-31: $2.7B Reported value, 2021-03-31: $3.2B Reported value, 2021-06-30: $4B Reported value, 2021-09-30: $4B Reported value, 2021-12-31: $3.5B Reported value, 2022-03-31: $4.3B Reported value, 2022-06-30: $2.8B Reported value, 2022-09-30: $2.3B Reported value, 2022-12-31: $2.4T Reported value, 2023-03-31: $2.2B Reported value, 2023-06-30: $1.7B Reported value, 2023-09-30: $1.4B Reported value, 2023-12-31: $1.4B Reported value, 2024-03-31: $1.5B Reported value, 2024-06-30: $1.5B Reported value, 2024-09-30: $1.6B Reported value, 2024-12-31: $1.8B Reported value, 2025-03-31: $1.7B Reported value, 2025-06-30: $1.9B Reported value, 2025-09-30: $2.2B Reported value, 2025-12-31: $2.7B Reported value, 2026-03-31: $2.8B Reported value, 2026-06-30: $2.6B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $2.6B
View chart data
Period Reported value
2013-06-30 $1.6B
2013-09-30 $1.3B
2013-12-31 $1.1B
2014-03-31 $770.4M
2014-06-30 $1.3B
2014-09-30 $1.3B
2014-12-31 $1.3B
2015-03-31 $1.5B
2015-06-30 $1.7B
2015-09-30 $929.3M
2015-12-31 $1.3B
2016-03-31 $1.5B
2016-06-30 $1.3B
2016-09-30 $1.1B
2016-12-31 $1.1B
2017-03-31 $1.7B
2017-06-30 $1.8B
2017-09-30 $2.2B
2017-12-31 $1.5B
2018-03-31 $1.5B
2018-06-30 $1.7B
2018-09-30 $1.6B
2018-12-31 $907.5M
2019-03-31 $1.3B
2019-06-30 $1.8B
2019-09-30 $1.6B
2019-12-31 $1.2B
2020-03-31 $1.2B
2020-06-30 $1.2B
2020-09-30 $2B
2020-12-31 $2.7B
2021-03-31 $3.2B
2021-06-30 $4B
2021-09-30 $4B
2021-12-31 $3.5B
2022-03-31 $4.3B
2022-06-30 $2.8B
2022-09-30 $2.3B
2022-12-31 $2.4T
2023-03-31 $2.2B
2023-06-30 $1.7B
2023-09-30 $1.4B
2023-12-31 $1.4B
2024-03-31 $1.5B
2024-06-30 $1.5B
2024-09-30 $1.6B
2024-12-31 $1.8B
2025-03-31 $1.7B
2025-06-30 $1.9B
2025-09-30 $2.2B
2025-12-31 $2.7B
2026-03-31 $2.8B
2026-06-30 $2.6B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
VSATViasat Inc6.63%$174.4m1.94M+70.7% Added
AERAercap Holdings N.V.4.99%$131.2m900.0K−10.0% Reduced
BTIBritish American Tobacco P.l.c.4.52%$118.9m1.93M0.0%
MPCMarathon Petroleum3.85%$101.1m395.6K−0.6% Reduced
ENVAEnova International, Inc.3.58%$94.1m391.0K−0.8% Reduced
AAMIAcadian Asset Management Inc.3.56%$93.5m1.31M0.0%
NSCNorfolk Southern3.35%$88.0m279.8K−11.8% Reduced
UNPUnion Pacific Corporation2.92%$76.8m282.2K+18.4% Added
NMRKNewmark Group, Inc.2.50%$65.9m4.36M0.0%
BXDCBlackstone Digital Infrastructure Trust Inc.2.46%$64.6m2.98MNew
APOApollo Global Management2.43%$63.9m540.0K+64.5% Added
COFCapital One2.29%$60.2m300.0K+87.5% Added
CCXIChurchill Capital Corp XI2.09%$55.0m3.15MNew
SGISomnigroup International Inc.1.88%$49.5m632.0KNew
TXNMTxnm Energy Inc1.75%$46.1m812.6K−43.7% Reduced
SHELShell plc1.72%$45.3m583.7K−48.9% Reduced
ROKURoku, Inc1.68%$44.2m320.0KNew
VTOLBristow Group Inc.1.68%$44.1m1.07M−8.8% Reduced
CAHCardinal Health1.66%$43.8m184.2K−25.7% Reduced
WATWaters Corporation1.50%$39.6m105.5K+14.7% Added
ASHAshland Inc.1.36%$35.7m542.0K0.0%
KVUEKenvue1.26%$33.1m1.73M0.0%
NNINelnet Inc1.17%$30.8m231.0K0.0%
AESIAtlas Energy Solutions Inc.1.02%$26.9m1.62MNew
PENPenumbra Inc1.02%$26.8m85.0K0.0%
PSXPhillips 660.96%$25.3m149.6K−36.7% Reduced
STZConstellation Brands0.96%$25.2m181.3K−70.1% Reduced
WULFTerawulf Inc.0.83%$21.8m882.0KNew
UNFUnifirst Corp0.81%$21.4m81.0K0.0%
KMBKimberly-Clark0.78%$20.5m187.2K0.0%
SIRISirius XM Holdings Inc.0.78%$20.5m692.8K0.0%
BBarrick Mining Corp0.77%$20.2m550.0K−17.6% Reduced
HONAHoneywell Aerospace0.76%$19.9m90.0KNew
AMBPArdagh Metal Packaging S.a.0.72%$19.0m4.00M0.0%
ALGTAllegiant Travel Co0.72%$18.9m161.1KNew
CPTCamden Property Trust0.60%$15.7m137.0K+45.7% Added
FWONKLiberty Media Corp0.59%$15.6m164.0KNew
INVHInvitation Homes0.58%$15.2m503.0K+30.6% Added
LLYVKLiberty Live Holdings, Inc.0.54%$14.2m134.3K0.0%
RVMDRevolution Medicines, Inc.0.54%$14.1m75.4K−26.4% Reduced
PPTAPerpetua Resources Corp.0.53%$14.1m677.0K−19.4% Reduced
NGNovagold Resources Inc0.53%$13.8m2.31M−14.3% Reduced
TFXTeleflex Inc0.52%$13.6m107.0KNew
DKDelek US Holdings, Inc.0.51%$13.5m265.3K+27.1% Added
SBGISinclair, Inc.0.51%$13.5m944.5K−9.6% Reduced
CTRICenturi Holdings, Inc.0.48%$12.5m414.1K+4.3% Added
ECHOEchoStar0.46%$12.1m119.0K−47.8% Reduced
AXTAAxalta Coating Systems Ltd.0.44%$11.5m337.0K−83.6% Reduced
TRIPTripadvisor, Inc.0.43%$11.3m827.0KNew
SNAPSnap Inc0.39%$10.2m2.30M−58.2% Reduced
ARIApollo Commercial Real Estate Finance, Inc.0.36%$9.4m883.8K0.0%
TDSTelephone & Data Systems Inc0.34%$9.1m245.0K−18.3% Reduced
LIONLionsgate Studios Corp.0.29%$7.6m494.0KNew
OPTUOptimum Communications, Inc.0.24%$6.4m14.04M−42.9% Reduced
EQTEQT Corporation0.22%$5.9m110.4K0.0%
DVNDevon Energy0.21%$5.6m134.4KNew
OXYOccidental Petroleum0.19%$5.1m104.9K−32.7% Reduced
VGVenture Global, Inc.0.19%$5.0m451.0K−45.7% Reduced
TDAYUSA Today Co., Inc.0.16%$4.3m500.0KNew
RRCRange Resources Corp0.14%$3.8m101.3K0.0%
ARAntero Resources Corp0.14%$3.6m101.4K0.0%
EXEExpand Energy0.12%$3.1m34.5K0.0%
SSMRSunshine Silver Mining & Refining Co0.12%$3.1m237.0KNew
INBXInhibrx Biosciences, Inc.0.11%$2.8m30.0KNew
AGIAlamos Gold Inc0.10%$2.8m91.0K0.0%
PUMPPropetro Holding Corp.0.10%$2.7m188.5KNew
ACICAmerican Coastal Insurance Corp0.10%$2.6m230.9K−79.5% Reduced
CCChemours Co0.10%$2.5m124.0KNew
UWMCUWM Holdings Corp0.07%$1.9m815.0KNew
CRKComstock Resources Inc0.07%$1.8m118.9K0.0%
VIRVir Biotechnology, Inc.0.04%$1.2m114.0K−78.4% Reduced
REARare Earths Americas, Inc.0.02%$458,40030.0KNew
THMInternational Tower Hill Mines LTD0.01%$179,10090.0K0.0%
CompanyBought (value)Shares
VSATViasat Inc$72.2m804.0K
BXDCBlackstone Digital Infrastructure Trust Inc.$64.6m2.98M
CCXIChurchill Capital Corp XI$55.0m3.15M
SGISomnigroup International Inc.$49.5m632.0K
ROKURoku, Inc$44.2m320.0K
COFCapital One$28.1m140.0K
AESIAtlas Energy Solutions Inc.$26.9m1.62M
APOApollo Global Management$25.1m211.8K
WULFTerawulf Inc.$21.8m882.0K
HONAHoneywell Aerospace$19.9m90.0K
ALGTAllegiant Travel Co$18.9m161.1K
FWONKLiberty Media Corp$15.6m164.0K
TFXTeleflex Inc$13.6m107.0K
UNPUnion Pacific Corporation$11.9m43.9K
TRIPTripadvisor, Inc.$11.3m827.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
VISNVistance Networks, Inc.−$67.9m−3.73M
STZConstellation Brands−$59.1m−424.9K
AXTAAxalta Coating Systems Ltd.−$58.6m−1.71M
SHELShell plc−$43.3m−558.0K
CMCSAComcast−$38.6m−1.34M
FOXAFox Corporation (Class A)−$36.3m−622.0K
TXNMTxnm Energy Inc−$35.8m−630.0K
PPLIPeople Inc−$32.8m−820.0K
RIGTransocean Ltd.−$30.3m−4.57M
NNNextnav Inc.−$22.9m−1.43M
SBACSBA Communications−$17.6m−102.0K
CAHCardinal Health−$15.1m−63.6K
PSXPhillips 66−$14.6m−86.6K
AERAercap Holdings N.V.−$14.6m−100.0K
VSNTVersant Media Group, Inc.−$14.2m−384.7K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
VISNVistance Networks, Inc.$67.9m3.73M
CMCSAComcast$38.6m1.34M
FOXAFox Corporation (Class A)$36.3m622.0K
PPLIPeople Inc$32.8m820.0K
RIGTransocean Ltd.$30.3m4.57M
NNNextnav Inc.$22.9m1.43M
SBACSBA Communications$17.6m102.0K
VSNTVersant Media Group, Inc.$14.2m384.7K
LBRTLiberty Energy Inc.$11.5m400.0K
CCICrown Castle$8.7m107.0K
HNRGHallador Energy Co$8.1m500.0K
APAAPA Corporation$6.0m142.0K
GLIBALiberty Capital Corp$3.7m100.0K
CRCCalifornia Resources Corp$3.3m48.0K
SMSM Energy Co$2.3m74.0K
YSSYork Space Systems Inc.$2.1m95.0K
ARKOArko Corp.$1.8m327.2K
UMACUnusual Machines, Inc.$620,00050.0K
FPSForgent Power Solutions, Inc.$585,40020.0K
  • Industrials19.6%
  • Financials16.5%
  • Energy13.6%
  • Consumer Staples9.2%
  • Technology9.1%
  • Communication Services7.8%
  • Real Estate7.5%
  • Health Care6.6%
  • Materials5.7%
  • Consumer Discretionary2.3%
  • Utilities2.1%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+11.8%+14.1%0.530.78−56.5%1.10
2018 onwardsJanuary 5, 2018 to November 2, 2026+11.3%+13.9%0.450.66−56.5%1.13
Last three yearsNovember 3, 2023 to November 2, 2026+27.1%+21.8%1.421.16−14.8%0.67
Last yearNovember 7, 2025 to November 2, 2026+21.1%+14.2%1.310.84−7.0%0.41

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.