Empyrean Capital Partners, LP
SEC Form 13F institutional filer · CIK 0001317195
13F-HR · 24 reported holdings · 2026-03-31
Empyrean Capital Partners, LP is a hedge fund.
Reported long-US-equity value
$0.82B
Top-10 concentration
74.8%
Empyrean Capital Partners, LP — $822M AUM allocation strategy
Empyrean Capital Partners, LP files SEC Form 13F and reports $822M of long US equity value across 24 reported holdings for 2026-03-31.
Its largest sector bet is Communication Services 20.9%, followed by Energy 18.3% and Industrials 18.1%.
The top 10 holdings account for 75% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
Empyrean Capital Partners, LP — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$822M
total across 24 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
75% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$WBD +583K sh · +$13.3M+$CMCSA +476K sh · +$12.6M+$NSC +113K sh · +$32.2M
Biggest trims (shares)
−$COF −284K sh · −$78.4M−$UNP −136K sh · −$28.7M−$MPC −38.4K sh · +$26.2M
Exited to nil (held last quarter, gone now)
$PCG ($94.8M last qtr)$CVS ($92.1M last qtr)$UNH ($63.7M last qtr)$CRL ($24.2M last qtr)$IQV ($23.6M last qtr)
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Rail Transportation18.1%—
- Oil & Gas Refining & Marketing17.0%—
- Broadcasting13.1%—
- Distillers & Vintners11.1%—
- Health Care Distributors6.3%—
- Cable & Satellite4.7%—
- Asset Management & Custody Banks4.5%—
- Personal Care Products3.6%—
- Other holdings21.6%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
10 of 10 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $MPC | Marathon Petroleum Corporation | 398K | $97.2M | -38.4K | 11.8% |
| $NSC | Norfolk Southern Corporation | 317K | $91M | +113K | 11.1% |
| $STZ | Constellation Brands Inc | 606K | $90.9M | +19.5K | 11.1% |
| $WBD | Warner Bros. Discovery Inc. Series A | 2.58M | $70.9M | +583K | 8.6% |
| $UNP | Union Pacific Corporation | 238K | $57.8M | -136K | 7.0% |
| $CAH | Cardinal Health Inc | 248K | $52.4M | +0 | 6.4% |
| $PSX | Phillips 66 | 236K | $43M | -28.6K | 5.2% |
| $CMCSA | Comcast Corporation | 1.34M | $38.6M | +476K | 4.7% |
| $APO | Apollo Global Management Inc | 328K | $36.6M | — | 4.4% |
| $FOX | Fox Corporation | 622K | $36.3M | — | 4.4% |
…and 14 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
← All 13F filers·← QuantOrb.pro
How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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