Ararat Capital Management LP
Long book
$177.6M
Q1 2026
Positions
15
Top-10 weight
85%
concentration
Last quarter
+21.7%
SPY +14.8%
Turnover
26%
of book per quarter
Strategy in plain words
auto-generated from filingsArarat Capital Management LP is a concentrated fundamental stock-picker, running a $177.6M US long book across 15 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: BYLINE BANCORP INC, EUROPEAN WAX CENTER INC-A, FLYWIRE CORP-VOTING, REMITLY GLOBAL INC, NATIONAL VISION HOLDINGS INC.
Over the last 9 quarters its long book ran on average 1.1pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-8.7%
Q2 2024
+7.0%
Q3 2024
+3.8%
Q4 2024
-2.5%
Q1 2025
+17.2%
Q2 2025
+3.5%
Q3 2025
-1.6%
Q4 2025
-9.9%
Q1 2026
+21.7%
Sector allocation
Technology 23%
Other 22%
Services media 19%
Healthcare 11%
Financials 11%
Industrials 8%
Consumer discretionary 5%
Long book by quarter
What does Ararat Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BY BYLINE BANCORP INC | Financials | 623.8K | $19.7M | 11.1% | -4.2% |
| EWCZ EUROPEAN WAX CENTER INC-A | — | 3.1M | $17.9M | 10.1% | +44.9% |
| FLYW FLYWIRE CORP-VOTING | Services media | 1.4M | $16.8M | 9.5% | +61.8% |
| RELY REMITLY GLOBAL INC | Services media | 1.0M | $15.9M | 9.0% | +44.5% |
| EYE NATIONAL VISION HOLDINGS INC | Healthcare | 567.1K | $14.7M | 8.3% | +17.6% |
| GIL GILDAN ACTIVEWEAR INC | Other | 246.1K | $13.7M | 7.7% | +38.4% |
| PLOW DOUGLAS DYNAMICS INC | Industrials | 321.8K | $13.5M | 7.6% | -29.7% |
| CARG CARGURUS INC | Technology | 383.9K | $13.1M | 7.4% | +16.0% |
| GLBE GLOBAL-E ONLINE LTD | Technology | 420.7K | $13.0M | 7.3% | +32.0% |
| LZ LEGALZOOMCOM INC | Technology | 2.2M | $12.4M | 7.0% | +17.0% |
| USFD US FOODS HOLDING CORP | Consumer discretionary | 99.0K | $9.1M | 5.1% | +44.7% |
| FNKO FUNKO INC-CLASS A | Other | 2.5M | $7.9M | 4.5% | +196.2% |
| ITGR INTEGER HOLDINGS CORP | Healthcare | 61.5K | $5.4M | 3.0% | New |
| GDDY GODADDY INC - CLASS A | Technology | 39.1K | $3.2M | 1.8% | -4.7% |
| DRVN DRIVEN BRANDS HOLDINGS INC | Services media | 91.6K | $1.2M | 0.7% | -92.8% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 15 | $177.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 18 | $203.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 20 | $186.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 19 | $220.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 16 | $204.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 16 | $250.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 18 | $289.8M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 21 | $325.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 23 | $352.1M | canonical | SEC ↗ |
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