CASPIAN CAPITAL LP
Registered adviserRegulatory profile
From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.
| Rosters | Regulatory AUM | Main clients |
|---|---|---|
| Apr 2026 to Oct 2026 | $7,026,185,000 | Pooled investment vehicles (81%) |
| Mar 2026 | $6,090,393,000 | Pooled investment vehicles (79%) |
| Apr 2025 to Feb 2026 | $6,090,393,000 | Pooled investment vehicles (79%) |
| Apr 2024 to Mar 2025 | $5,057,526,000 | Pooled investment vehicles (74%) |
| May 2023 to Mar 2024 | $4,794,675,000 | Pooled investment vehicles (79%) |
| Apr 2023 | $4,794,675,000 | Pooled investment vehicles (79%) |
In the firm's words
- Fundamental active:
Generally, Caspian’s investment approach is based on fundamental analysis, with valuation work and models focusing on, among other things, going concern and asset liquidation scenarios.
- Value:
an inherent part of Caspian’s strategy for certain Clients will be to identify securities that we believe are undervalued by the marketplace
- Income:
Investment in the high-yield market is for both income and capital appreciation.
- Fixed income / rates:
we expect to invest (long and short) in credit instruments such as (i) first and second lien bank loans, and (ii) high yield, senior secured, junior secured, senior unsecured, junior unsecured, mezzanine, and subordinated corporate bonds.
- Multi-asset:
Caspian invests in multiple asset classes including bank loans, bonds, equities, speculative investments and cash equivalents.
- Long/short hedge:
We also seek to establish short positions in companies whose business models we believe expose them to significant cyclicality or potential negative events with asymmetric risk/reward.
- Private markets:
We are permitted to trade and make investments in public and private debt and equity securities.
Portfolio style
Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.
Closest benchmark: every 13F filer's combined book, active share 95.5%; sector active share 60.7% against the combined 13F book's sector weights.
Over time 18 measured quarters
How the bands are measured
Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.
Clone Performance
Build a hypothetical price-return history from this filer's public 13F holdings.
View clone backtestPortfolio Concentration
13 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026Portfolio Trend
Sector Breakdown
As of Jun 30, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Industrials | 45.8% | $80,706,032 |
| Unclassified | 22.7% | $39,985,000 |
| Healthcare | 22.3% | $39,272,126 |
| Utilities | 3.3% | $5,842,400 |
| Basic Materials | 2.4% | $4,180,476 |
| Consumer Cyclical | 1.8% | $3,124,606 |
| Technology | 1.7% | $3,017,530 |
Last Quarter's Activity
Export CSVTrimmed
Positions the filer reduced| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| CTEV | Claritev Corp | −175,424 | 180,826 | $6,167,974 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarterSold Out
Positions the filer fully exited| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| HYG |
iShares iBoxx $ High Yield Corporate Bond ETF
|
NEW | 500,000 | $39,985,000 | 22.70% | |
| BLCO |
Bausch & Lomb Corp
Healthcare
|
Held | 1,999,043 | $33,104,152 | 18.80% | |
| FIP |
FTAI Infrastructure Inc.
Industrials
|
Held | 5,211,307 | $24,180,464 | 13.73% | |
| ATRO |
Astronics Corp
Industrials
|
Added | 285,965 | $23,237,515 | 13.19% | |
| FTAI |
FTAI Aviation Ltd.
Industrials
|
Held | 46,441 | $12,563,683 | 7.13% | |
| UNP |
Union Pacific Corp
Industrials
|
NEW | 42,000 | $11,424,000 | 6.49% | |
| AZUL |
Azul SA
Industrials
|
NEW | 1,034,524 | $9,300,370 | 5.28% | |
| CTEV |
Claritev Corp
Healthcare
|
Reduced | 180,826 | $6,167,974 | 3.50% | |
| NRG |
Nrg Energy, Inc.
Utilities
|
Added | 40,000 | $5,842,400 | 3.32% | |
| HDSN |
Hudson Technologies Inc
Basic Materials
|
Held | 728,306 | $4,180,476 | 2.37% | |
| XPOF |
Xponential Fitness, Inc.
Consumer Cyclical
|
Held | 450,355 | $3,116,456 | 1.77% | |
| AZ |
A2z Cust2mate Solutions Corp.
Technology
|
NEW | 518,476 | $3,017,530 | 1.71% | |
| SDAWW |
SunCar Technology Group Inc.
Consumer Cyclical
|
Held | 50,000 | $8,150 | 0.00% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.