The hedge fund disclosed a new $47.02 million position in Futu Holdings, now valued at $41.36 million after a sharp share decline.
Contrarian Capital Management disclosed a $47.02 million stake in Futu Holdings (NASDAQ:FUTU) during the first quarter, purchasing 302,451 shares. By quarter-end, the position had fallen to $41.36 million, reflecting a nearly 25% drop in FUTU’s share price.
The new position accounted for 11.6% of the fund’s reportable assets as of March 31, 2026. FUTU underperformed the S&P 500, rising just 2% over the past year compared to the index’s 28% gain. The fund’s top holdings include RJET ($71.55 million) and GGB ($68.84 million).
Futu shares closed at $104.07 on May 14, 2026, after the disclosure. The company operates digital brokerage platforms in Hong Kong and internationally, generating revenue from trading commissions and margin financing.