AREX Capital Management, LP
Long book
$60.5M
Q1 2026
Positions
26
Top-10 weight
93%
concentration
Last quarter
+19.0%
SPY +14.8%
Turnover
75%
of book per quarter
Strategy in plain words
auto-generated from filingsAREX Capital Management, LP is a concentrated fundamental stock-picker, running a $60.5M US long book across 26 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: ENHABIT INC, PEOPLE INC, GENWORTH FINANCIAL INC, CALLAWAY GOLF COMPANY, NCR VOYIX CORP.
Over the last 9 quarters its long book ran on average 4.4pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.8%
Q2 2024
+2.0%
Q3 2024
+0.6%
Q4 2024
-13.5%
Q1 2025
+2.2%
Q2 2025
-0.3%
Q3 2025
-4.1%
Q4 2025
-4.0%
Q1 2026
+19.0%
Sector allocation
Other 64%
Technology 22%
Financials 8%
Services media 2%
Industrials 2%
Utilities 1%
Healthcare 1%
Materials 1%
Long book by quarter
What does AREX Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| EHABUSD ENHABIT INC | — | 2.5M | $35.1M | 58.1% | 0.0% |
| PPLI PEOPLE INC | Technology | 250.0K | $10.0M | 16.5% | +437.6% |
| GNW GENWORTH FINANCIAL INC | Financials | 515.6K | $4.2M | 6.9% | New |
| CALY CALLAWAY GOLF COMPANY | Other | 178.7K | $2.5M | 4.1% | -60.6% |
| VYX NCR VOYIX CORP | Technology | 158.9K | $1.0M | 1.7% | +30.9% |
| SKIL SKILLSOFT CORP | Technology | 213.2K | $914K | 1.5% | -11.4% |
| XPOF XPONENTIAL FITNESS INC-A | Services media | 150.0K | $903K | 1.5% | New |
| TAC TRANSALTA CORP | Utilities | 40.0K | $526K | 0.9% | New |
| RIOT RIOT PLATFORMS INC | Financials | 42.5K | $525K | 0.9% | New |
| GOOG ALPHABET INC-CL C | Technology | 1.7K | $488K | 0.8% | New |
| PRGO PERRIGO CO PLC | Healthcare | 45.0K | $483K | 0.8% | New |
| KBR KBR INC | Industrials | 12.5K | $461K | 0.8% | New |
| WEX WEX INC | Services media | 3.0K | $459K | 0.8% | New |
| AAPL APPLE INC | Technology | 1.8K | $457K | 0.8% | New |
| CNR CORE NATURAL RESOURCES INC | Materials | 4.3K | $445K | 0.7% | New |
| KD KYNDRYL HOLDINGS INC | Technology | 30.0K | $394K | 0.7% | New |
| FIP FTAI INFRASTRUCTURE INC | Industrials | 75.0K | $371K | 0.6% | +50.0% |
| APTV APTIV PLC | Industrials | 3.0K | $208K | 0.3% | New |
| ARCC ARES CAPITAL CORP | — | 9.5K | $171K | 0.3% | New |
| PSEC PROSPECT CAPITAL CORP | — | 65.0K | $170K | 0.3% | New |
| BXSL BLACKSTONE SECURED LENDING F | — | 7.0K | $166K | 0.3% | New |
| OCSL OAKTREE SPECIALTY LENDING CO | — | 12.5K | $141K | 0.2% | New |
| MSDL MORGAN STANLEY DIRECT LENDIN | — | 9.5K | $133K | 0.2% | New |
| HTGC HERCULES CAPITAL INC | — | 8.0K | $118K | 0.2% | New |
| NN NEXTNAV INC | Technology | 5.5K | $88K | 0.1% | -78.0% |
| GSBD GOLDMAN SACHS BDC INC | — | 8.9K | $79K | 0.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 26 | $60.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 9 | $35.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 12 | $43.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 19 | $51.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 13 | $49.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 14 | $70.2M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 13 | $82.3M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 13 | $87.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 10 | $89.3M | canonical | SEC ↗ |
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