Empyrean Capital Partners, LP

CIK 0001317195 · Q2 2026

13F Equity AUM

$3.0B

-1.4% QoQ

Positions

121

-2 QoQ

AUM Rank

#1,919

Top 15%

Skill Alpha (FF)

-0.3%/yr^ns

No Clear Edge

Rank #3,261 · Top 39%

vs S&P -3.2%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 20.5%Top 10: 33.4%Top 20: 50.9%

VSAT5.8%

AER4.3%

BMTA3.9%

MPC3.3%

ENVA3.1%

AAMI3.1%

NSC2.9%

UNP2.5%

NMRK2.2%

SPY2.2%

Others (111)66.7%

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

Sector Allocation

Financial Services19.2%

Unclassified15.3%

Industrials11.1%

Energy10.2%

Communication Services9.2%

Technology8.3%

Consumer Defensive6.5%

Healthcare6.3%

Other13.8%

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

Position Sizing

Positions: 121Median: 0.53%Avg: 0.83%

0–0.5%

55(11.4%)

0.5–1%

35(24.6%)

1–3%

25(40.4%)

3–5%

5(17.8%)

5%+

1(5.8%)

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

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Portfolio Overlap

Shared: 0Unique: 121vs 20 funds

0%Low

121

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

New42Increased13Decreased31Exited44

New Positions

BLACKSTONE DIGITAL I…2.1%

+3.0M

CHURCHILL CAP CORP X…1.8%

+3.1M

IWM1.8%

+180K

TPD1.6%

+632K

ROKU1.5%

+320K

NDQ1.1%

+45K

SMH1.1%

+50K

CHURCHILL CAP CORP X…1.0%

+2.7M

AESI0.9%

+1.6M

WULF0.7%

+882K

Increased

AMPH 2 03/15/290.7%

+4.0M(+20%)

ITRI 1.375 07/15/300.3%

+2.9M(+47%)

VSAT5.8%

+804K(+71%)

BP0.5%

+215K(+98%)

APO2.1%

+212K(+65%)

COF2.0%

+140K(+88%)

INVH0.5%

+118K(+31%)

DK0.5%

+57K(+27%)

UNP2.5%

+44K(+18%)

CPT0.5%

+43K(+46%)

Decreased

OPTU0.2%

-10,539,395(-43%)

SNAP0.3%

-3,200,000(-58%)

PD 1.5 10/15/28 *0.9%

-2,600,000(-8%)

AXTA0.4%

-1,713,000(-84%)

ACIC0.1%

-896,110(-80%)

WBD1.6%

-799,913(-31%)

TXNM1.5%

-630,000(-44%)

SHEL1.5%

-558,012(-49%)

ANIP 2.25 09/01/291.0%

-500,000(-2%)

CB1A0.8%

-424,902(-70%)

Exited

-3,732,000

-52,000,000

-1,345,000

-622,000

-3,500,000

-820,000

-4,570,463

-4,250,000

-25,000,000

-2,230,000

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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