Stocks/Funds/CIK 1119376

COURAGE CAPITAL MANAGEMENT LLC

microcap filerlong-term holderconcentrated
Quarterly 13F filings · Latest period 2026-03-31 · CIK 1119376
Assets
$71M
+44.2% YoY
Holdings
14
Lifetime alpha vs market
-4.10% annual
Average hold time
4.5 yr
median 4.1 yr

Quarterly history

Cum return +142% vs S&P +272% · α -130% lifetimeAUM $71M · peak $171MFlow $3M (+4%)2016-062017-122019-062020-122022-062023-122025-062026-03
AUM ($B)fundS&P 500(gap = α)/ Flow in/out

Behavior signals (lifetime)

Dip response
+2.34%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.11%
baseline attrition
Rally response
-3.60%
trims into rallies
when a holding rises +10%+

Top positions · 14

Ticker$ value% portYoYHold time
BKLNInvesco Senior Loan ETF$13M18.7%2.3 yr
FBTCFidelity Wise Origin Bit$10M14.3%2.3 yr
PHYSSprott Physical Gold Tru$9M13.3%5.0 yr
CXWCoreCivic, Inc.$9M12.7%-6.8%2.3 yr
AAAUGoldman Sachs Physical G$9M12.1%5.3 yr
SPYState Street SPDR S&P 50$5M6.6%+17.6%8.0 yr
METAMeta Platforms, Inc.$4M5.6%-0.4%9.5 yr
GOOGAlphabet Inc.$3M4.3%+84.3%9.8 yr
IAUiShares Gold Trust$2M3.5%5.0 yr
TSLATesla, Inc.$2M2.8%+43.4%1.0 yr
PNFPPinnacle Financial Partn$2M2.6%-17.7%3.3 yr
UNHUnitedHealth Group Incor$1M1.6%-46.9%1.8 yr
AMZNAmazon.com, Inc.$1M1.2%+9.5%1.5 yr
JNJJohnson & Johnson$0M0.7%+51.5%6.0 yr

Portfolio composition (YoY)

Industry mix
Asset Management54.2%-2.4pp$38M
Asset Management - Cryptocurrency14.3%+2.3pp$10M
REIT - Specialty12.7%-7.6pp$9M
Internet Content & Information9.9%+1.3pp$7M
Auto - Manufacturers2.8%$2M
Banks - Regional2.6%$2M
Medical - Healthcare Plans1.6%$1M
Specialty Retail1.2%$1M
Drug Manufacturers - General0.7%+0.0pp$0M
Country
US86.7%-0.3pp
CA13.3%+0.3pp
Top 5: 71.0% · Top 10: 93.8% · Top 25: 100.0%

Winners

TickerPrev $PnLYoY %
GOOG$2M+0.00B84.3%
JNJ$0M+0.00B51.5%
SPY$1M+0.00B17.6%
META$3M-0.00B-0.4%
CXW$9M-0.00B-6.8%

Losers

TickerPrev $PnLYoY %
CXW$9M-0.00B-6.8%
META$3M-0.00B-0.4%

Top buys this quarter · 3

TSLA Tesla, Inc.+$1M
AMZN Amazon.com, Inc.+$1M
SPY State Street SPDR S&P 500 ETF +$0M

Top sells this quarter · 0

No sells this quarter

Quarterly history (TTM returns)

PeriodAUM# PosReturn (1yr)SPY (1yr)Alpha (1yr)Flow
2026-03-31$71M14+5.15%+17.59%-12.44%+0.00B
2025-12-31$72M13+8.70%+17.72%-9.02%-0.00B
2025-09-30$76M14+40.58%+17.52%+23.07%+0.00B
2025-06-30$68M13+40.71%+14.94%+25.76%+0.01B
2025-03-31$49M12+22.74%+8.30%+14.43%+0.00B
2024-12-31$48M12+42.77%+24.89%+17.88%-0.00B
2024-09-30$40M11+23.31%+36.04%-12.73%+0.00B
2024-06-30$34M11+2.33%+24.49%-22.16%+0.01B
2024-03-31$30M11-0.77%+29.62%-30.39%+0.01B
2023-12-31$17M9-7.88%+26.18%-34.06%+0.00B
2023-09-30$15M10-26.65%+21.57%-48.22%-0.00B
2023-06-30$21M15-25.17%+19.42%-44.59%+0.00B
2023-03-31$20M15-22.65%-7.82%-14.83%+0.00B
2022-12-31$16M16-29.19%-18.17%-11.02%-0.00B
2022-09-30$23M16-10.75%-15.51%+4.75%-0.01B
2022-06-30$41M20+0.86%-10.62%+11.48%-0.01B