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Livermore
Livermore
ZHEN

Courage Capital Management LLC

SEC CIK
0001119376
Latest filing
Aug 11, 2026

The latest 13F from Courage Capital Management LLC covers Q2 2026 (filed Aug 11, 2026): 16 long positions worth $67.3M. The top 10 holdings make up 90.9% of the portfolio, and the largest is Invesco Exch Traded FD Tr II at 19.6%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
2
Est. +$760.0K
Added
0
Reduced
2
Est. −$7.82M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. Invesco Exch Traded FD Tr II46138G508
    19.6%$13.2M
  2. CXWCoreCivic, Inc.
    13.9%$9.39MHistory
  3. PHYSSprott Physical Gold Trust
    11.9%$7.98MHistory
  4. AAAUGoldman Sachs Physical Gold ETF
    10.8%$7.29MHistory
  5. FBTCFidelity Wise Origin Bitcoin Fund
    8.8%$5.92MHistory

Share of portfolio

Top 5 holdings and the other 11 positions, by share of portfolio value

  1. Invesco Exch Traded FD Tr II19.6%
  2. CXW13.9%
  3. PHYS11.9%
  4. AAAU10.8%
  5. FBTC8.8%
  6. Other 11 positions35.0%

Biggest buys

New and added positions, by estimated amount bought

  1. HCAHCA Healthcare, Inc.
    +$468.0KNewHistory
  2. TYLTyler Technologies Inc
    +$292.0KNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. HCAHCA Healthcare, Inc.
    +0.70 pp0.0% → 0.7%History
  2. TYLTyler Technologies Inc
    +0.43 pp0.0% → 0.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. CXWCoreCivic, Inc.
    −$5.01MReducedHistory
  2. FBTCFidelity Wise Origin Bitcoin Fund
    −$2.81MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. FBTCFidelity Wise Origin Bitcoin Fund
    −5.49 pp14.3% → 8.8%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$67.3M
−$3.31M (−4.7%) vs. prior quarter
Positions
16
+2 vs. prior quarter
Top 10 concentration
90.9%
Top 10 as share of value
Turnover
1.1%
Q2 2026, one quarter
Average holding period
13.0 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $185.3M (Q3 2021)

Q1 2021: $136.9MQ2 2021: $166.6MQ3 2021: $185.3MQ4 2021: $149.3MQ1 2022: $104.8MQ2 2022: $60.8MQ3 2022: $46.2MQ4 2022: $35.6MQ1 2023: $41.7MQ2 2023: $36.4MQ3 2023: $29.5MQ4 2023: $24.8MQ1 2024: $34.5MQ2 2024: $39.6MQ3 2024: $40.4MQ4 2024: $48.5MQ1 2025: $49.0MQ2 2025: $67.8MQ3 2025: $75.7MQ4 2025: $72.4MQ1 2026: $70.6MQ2 2026: $67.3M
Q1 2021Q2 2026
13F filings of Courage Capital Management LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 11, 202616$67.3MInvesco Exch Traded FD Tr IICXWPHYSvs. Q1 2026SEC
Q1 2026May 14, 202614$70.6MInvesco Exch Traded FD Tr IIFBTCPHYSvs. Q4 2025SEC
Q4 2025Feb 17, 202613$72.4MInvesco Exch Traded FD Tr IIFBTCCXWvs. Q3 2025SEC
Q3 2025Nov 12, 202514$75.7MFBTCInvesco Exch Traded FD Tr IICXWvs. Q2 2025SEC
Q2 2025Aug 15, 202513$67.8MFBTCInvesco Exch Traded FD Tr IICXWvs. Q1 2025SEC
Q1 2025May 14, 202512$49.0MInvesco Exch Traded FD Tr IICXWPHYSvs. Q4 2024SEC
Q4 2024Feb 14, 202512$48.5MInvesco Exch Traded FD Tr IICXWFBTCvs. Q3 2024SEC
Q3 2024Nov 15, 202411$40.4MInvesco Exch Traded FD Tr IIPHYSCXWvs. Q2 2024SEC
Q2 2024Aug 15, 202412$39.6MInvesco Exch Traded FD Tr IICoherus Biosciences IncCXWvs. Q1 2024SEC
Q1 2024May 10, 202412$34.5MCXWInvesco Exch Traded FD Tr IICoherus Biosciences Incvs. Q4 2023SEC
Q4 2023Feb 12, 202411$24.8MCoherus Biosciences IncPHYSEvolent Health, Inc.vs. Q3 2023SEC
Q3 2023Nov 8, 202312$29.5MCoherus Biosciences IncPHYSEvolent Health, Inc.vs. Q2 2023SEC
Q2 2023Aug 14, 202317$36.4MCoherus Biosciences IncPHYSEvolent Health, Inc.vs. Q1 2023SEC
Q1 2023May 15, 202317$41.7MCoherus Biosciences IncEvolent Health, Inc.AAAUvs. Q4 2022SEC
Q4 2022Feb 14, 202318$35.6MCoherus Biosciences IncEvolent Health, Inc.AAAUvs. Q3 2022SEC
Q3 2022Nov 14, 202218$46.2MCoherus Biosciences IncEvolent Health, Inc.AAAUvs. Q2 2022SEC
Q2 2022Aug 12, 202222$60.8MCoherus Biosciences IncEvolent Health, Inc.EXEvs. Q1 2022SEC
Q1 2022May 16, 202234$104.8MCoherus Biosciences IncEvolent Health, Inc.EXEvs. Q4 2021SEC
Q4 2021Feb 14, 202238$149.3MCoherus Biosciences IncEvolent Health, Inc.EXCvs. Q3 2021SEC
Q3 2021Nov 15, 202140$185.3MCoherus Biosciences IncEvolent Health, Inc.Evolent Health, Inc.vs. Q2 2021SEC
Q2 2021Aug 13, 202138$166.6MCoherus Biosciences IncEvolent Health, Inc.CHRDvs. Q1 2021SEC
Q1 2021May 18, 2021Amended40$136.9MCHRDEXEEvolent Health, Inc.–SEC