COURAGE CAPITAL MANAGEMENT LLC

COURAGE CAPITAL MANAGEMENT LLC is an institutional investment manager that appears in the U.S. regulatory record as a Form 13F filer under CIK 0001119376. Structured as a limited liability company, it manages discretionary portfolios of U.S.-listed equities and equity-like instruments on behalf of institutional and high-net-worth clients, most likely through private pooled vehicles and/or separate accounts. The firm maintains a low public profile beyond its regulatory filings. It does not market a large family of retail mutual funds or ETFs, and detailed descriptions of its strategies, team, or history are not broadly circulated in public channels. Consequently, the most consistent and transparent window into COURAGE CAPITAL MANAGEMENT LLC’s U.S. equity activity is the record of its quarterly Form 13F submissions. Each Form 13F report details the manager’s long positions in U.S.-listed common stocks, selected exchange-traded funds (ETFs), and other 13F-reportable instruments as of each calendar quarter-end. These disclosures aggregate positions across all accounts where the firm has investment discretion and report issuer names, tickers or CUSIPs, share counts, and reported market values. They exclude non-U.S.-listed securities, most fixed-income holdings, derivatives, cash, and any short positions. When these filings are organized into a continuous 13F History, they allow a notional long U.S. equity sleeve to be reconstructed for each quarter. That reconstructed sleeve forms the empirical basis for examining the manager’s disclosed 13F Portfolio Composition and for building an indicative Historical Track Record for the segment of its activity that is visible through public holdings data.

COURAGE CAPITAL MANAGEMENT LLC does not publicly disseminate a detailed investment philosophy or a flagship product description, so its strategy must be inferred primarily from the structure and evolution of its 13F-reported holdings rather than from narrative marketing material. Several key dimensions of the approach can be evaluated directly from the 13F data: - Breadth and concentration: The number of positions and the share of capital represented by the largest holdings indicate whether the firm runs a concentrated, high-conviction portfolio or a more diversified, benchmark-like sleeve. A compact roster with heavy top-10 weights would signal focused stock selection; a broader set with flatter weights would suggest a core/blend implementation. - Market-cap orientation: The distribution of exposure across large-, mid-, and small-cap issuers reveals whether the manager primarily traffics in liquid large caps, mid-cap compounders, or smaller, less-followed names where fundamental research might create an analytical edge. - Sector and thematic exposure: Mapping holdings into sectors—such as technology, healthcare, financials, industrials, consumer, and energy—makes it possible to identify any persistent structural tilts (for example, a recurring emphasis on cyclicals, defensives, or dividend payers) or to determine whether exposures cluster around broad index weights over time. - Instrument mix: The degree to which ETFs and other listed funds appear alongside individual stocks shows how much of the implementation is bottom-up security selection versus top-down asset or sector allocation. In the absence of explicit branding as a pure value, growth, income, or quantitative manager, the most neutral characterization from public data is that COURAGE CAPITAL MANAGEMENT LLC executes a discretionary, blend-style long U.S. equity strategy within its mandates. Any systematic tilt toward value, quality, growth, or income factors must be derived empirically from the characteristics of its holdings across multiple reporting periods. Within a Portfolio Simulator or Backtesting Service, the firm’s 13F History can be loaded and normalized to a user-defined starting notional to construct a rules-based replication of the long sleeve, rebalanced on each filing date. This reconstruction is the starting point for analyzing how the manager’s revealed positioning has interacted with different market environments and for quantifying a 13F-derived Historical Track Record of the disclosed book under transparent assumptions.

COURAGE CAPITAL MANAGEMENT LLC, as observed through SEC filings under CIK 0001119376, is a low-profile institutional asset manager whose public footprint is largely defined by its obligation to report long U.S.-listed equity and equity-like positions. In the absence of detailed public commentary or explicit strategy documentation, meaningful insight into its effective mandate and risk posture must come from systematic analysis of its 13F History. When those filings are stitched into a coherent time series and evaluated in a Portfolio Simulator, a normalized portfolio representing the manager’s reportable long U.S. equity exposures can be reconstructed. Structurally, changes in the 13F Portfolio Composition over time highlight how concentrated the book has been, how sector and capitalization exposures have migrated across different market regimes, and whether portfolio adjustments tend to be incremental or more episodic. Outcome-wise, the inferred Historical Track Record, together with indicative efficiency diagnostics such as a reconstructed Sharpe Ratio and observed Max Drawdown Depth, provides a data-grounded view of how the visible long sleeve has navigated bull and bear markets, style rotations, and volatility spikes. Because these analytics are based solely on public 13F data and omit non-reportable exposures and any hedging overlays, they should be treated as a focused, long-only lens on one component of COURAGE CAPITAL MANAGEMENT LLC’s overall activity rather than as a complete representation of the firm’s risk and opportunity set. The key open question for allocators and oversight committees is how the regime sensitivity implied by this reconstructed sleeve—its responses to equity market shocks, sector leadership changes, and shifts in factor premia—is likely to manifest in future environments, and whether that pattern of behavior would complement or amplify existing exposures within a broader multi-manager or multi-asset allocation.

Without publicly available risk reports or formal mandate guidelines, the observable risk profile of COURAGE CAPITAL MANAGEMENT LLC is encoded in the time series of its 13F-reported holdings. From an allocator’s perspective, the main risk drivers that can be quantified from this data are concentration, sector and factor tilts, market-cap distribution, and co-movement with broad equity indices. Key risk dimensions include: - Concentration risk: If a sizeable fraction of the notional portfolio is persistently allocated to a small group of issuers, portfolio outcomes will be heavily influenced by idiosyncratic company events—earnings surprises, regulatory actions, M&A activity, or management changes—rather than by market beta alone. A more widely distributed roster of holdings, by contrast, will dilute single-name shock risk but may more closely track index-level behavior. - Sector and style exposure: Persistent overweights or underweights in sectors such as technology, healthcare, financials, industrials, or energy, and implicit tilts toward value, growth, quality, or income factors, can lead to regime-dependent deviations from benchmark performance. For example, a portfolio biased toward value and cyclicals may lag during momentum-driven growth markets but recover when valuation spreads normalize. - Size and liquidity profile: A tilt toward mid- and small-cap names tends to increase volatility and liquidity risk in stressed markets, while a bias toward large, liquid issuers anchors outcomes more closely to headline indices and generally improves execution flexibility. By associating each disclosed security with its historical price series and reconstructing a time series of notional portfolio values from the 13F History, allocators can estimate realized volatility, beta versus standard indices, and drawdown behavior for the long-only sleeve. A central downside diagnostic in this analysis is historical Max Drawdown Depth, which measures the steepest peak-to-trough decline experienced by the reconstructed 13F-based portfolio over the observation window and synthesizes how combinations of market exposure, sector tilts, and concentration have translated into capital impairment during adverse regimes. From the same reconstructed capital path, risk-adjusted outcome measures—such as an indicative Sharpe Ratio—can be derived, summarizing how the variability of the sleeve has related to its long-run compounding behavior. Interpreting these statistics alongside the evolving 13F Portfolio Composition—including the number of holdings, top-position weights, sector mix, and the role of ETFs versus single stocks—yields a practical Volatility Profile for the portion of COURAGE CAPITAL MANAGEMENT LLC’s activity that is transparent via Form 13F and can be interrogated through Performance Backtests Online. It is important to stress that this is a partial view. Non-U.S. assets, fixed-income allocations, cash balances, derivatives, and any short positions or leverage structures employed at the mandate level are not reported on Form 13F and may significantly alter the true economic risk and return profile experienced by investors.