COURAGE CAPITAL MANAGEMENT LLC

CIK 0001119376 · Q2 2026

13F Equity AUM

$67K

-4.7% QoQ

Positions

+2 QoQ

AUM Rank

#12,472

Top 99%

Skill Alpha (FF)

-3.3%/yr^ns

No Clear Edge

Rank #7,036 · Top 85%

vs S&P +2.2%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 65.0%Top 10: 90.9%Top 20: 100.0%

BKLN19.6%

CXW13.9%

PHYS/U11.9%

AAAU10.8%

FBTC8.8%

SPY8.0%

META5.8%

GOOG5.5%

TSLA3.4%

PNFP3.2%

Others (6)9.1%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services50.4%

Financials15.0%

Real Estate13.9%

Communication Services11.3%

Consumer Cyclical4.8%

Healthcare4.1%

Other0.4%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 16Median: 4.44%Avg: 6.25%

0–0.5%

1(0.4%)

0.5–1%

2(1.4%)

1–3%

2(4.1%)

3–5%

3(9.7%)

5%+

8(84.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 16vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New2Increased0Decreased2Exited0

New Positions

HCA0.7%

+1K

TYL0.4%

+1K

Decreased

CXW13.9%

-165,000(-35%)

FBTC8.8%

-55,000(-32%)

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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