Benchstone Capital Management LP
Long book
$859.5M
Q1 2026
Positions
38
Top-10 weight
44%
concentration
Last quarter
+18.3%
SPY +14.8%
Turnover
63%
of book per quarter
Strategy in plain words
auto-generated from filingsBenchstone Capital Management LP is a diversified fundamental manager, running a $859.5M US long book across 38 positions.
The portfolio is moderately concentrated (top 10 ≈ 44% of the book). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: TAIWAN SEMICONDUCTOR-SP ADR, BROADCOM INC, ECHOSTAR CORP-A, LIBERTY MEDIA CORP-FORMULA-C, SPOTIFY TECHNOLOGY SA.
Over the last 6 quarters its long book ran on average 1.6pp per quarter behind the S&P 500, beating the index in 2 of 6 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
Q4 2024
-7.8%
Q1 2025
+17.5%
Q2 2025
-0.8%
Q3 2025
-1.5%
Q4 2025
-7.7%
Q1 2026
+18.3%
Sector allocation
Technology 36%
Communications 20%
Consumer discretionary 19%
Services media 16%
Industrials 8%
Other 0%
Long book by quarter
What does Benchstone Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AVGO BROADCOM INC | Technology | 147.7K | $45.7M | 5.3% | +156.5% |
| ECHO ECHOSTAR CORP-A | Communications | 389.0K | $45.5M | 5.3% | +130.6% |
| FWONK LIBERTY MEDIA CORP-FORMULA-C | Communications | 445.0K | $37.8M | 4.4% | +8.2% |
| SPOT SPOTIFY TECHNOLOGY SA | Communications | 73.4K | $35.6M | 4.1% | +313.3% |
| H HYATT HOTELS CORP - CL A | Services media | 243.4K | $35.0M | 4.1% | +108.1% |
| GOOGL ALPHABET INC-CL A | Technology | 115.7K | $33.3M | 3.9% | New |
| ADI ANALOG DEVICES INC | Technology | 104.5K | $33.2M | 3.9% | New |
| BURL BURLINGTON STORES INC | Consumer discretionary | 97.1K | $31.6M | 3.7% | +14.4% |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 22.5K | $29.8M | 3.5% | +14.3% |
| AMAT APPLIED MATERIALS INC | Technology | 86.5K | $29.6M | 3.4% | +73.1% |
| SNPS SYNOPSYS INC | Technology | 72.8K | $28.8M | 3.4% | -22.1% |
| AKAM AKAMAI TECHNOLOGIES INC | Services media | 220.1K | $25.3M | 2.9% | New |
| LYV LIVE NATION ENTERTAINMENT IN | Services media | 164.3K | $25.1M | 2.9% | -22.8% |
| BKNG BOOKING HOLDINGS INC | Industrials | 5.5K | $23.2M | 2.7% | +155.3% |
| TGT TARGET CORP | Consumer discretionary | 188.2K | $22.8M | 2.7% | New |
| WH WYNDHAM HOTELS & RESORTS INC | Services media | 268.1K | $21.8M | 2.5% | New |
| AMZN AMAZON.COM INC | Consumer discretionary | 101.8K | $21.2M | 2.5% | -50.5% |
| ROKU ROKU INC | Communications | 222.7K | $21.1M | 2.5% | New |
| ROST ROSS STORES INC | Consumer discretionary | 85.2K | $18.4M | 2.1% | +52.6% |
| ZM ZOOM COMMUNICATIONS INC | Technology | 228.1K | $18.3M | 2.1% | New |
| CSCO CISCO SYSTEMS INC | Technology | 227.3K | $17.6M | 2.1% | New |
| NET CLOUDFLARE INC - CLASS A | Technology | 81.5K | $16.8M | 2.0% | New |
| DASH DOORDASH INC - A | Services media | 107.0K | $16.1M | 1.9% | -9.1% |
| DDOG DATADOG INC - CLASS A | Technology | 131.3K | $15.5M | 1.8% | New |
| WMT WALMART INC | Consumer discretionary | 121.7K | $15.1M | 1.8% | New |
| TJX TJX COMPANIES INC | Consumer discretionary | 94.0K | $15.0M | 1.7% | New |
| TMUS T-MOBILE US INC | Communications | 69.2K | $14.5M | 1.7% | New |
| META META PLATFORMS INC-CLASS A | Technology | 19.1K | $10.9M | 1.3% | -70.3% |
| CMG CHIPOTLE MEXICAN GRILL INC | Consumer discretionary | 324.2K | $10.4M | 1.2% | -42.0% |
| HD HOME DEPOT INC | Consumer discretionary | 30.5K | $10.0M | 1.2% | -60.1% |
| TTWO TAKE-TWO INTERACTIVE SOFTWRE | Technology | 50.2K | $9.9M | 1.2% | -57.0% |
| FIX COMFORT SYSTEMS USA INC | Industrials | 7.0K | $9.6M | 1.1% | New |
| HPE HEWLETT PACKARD ENTERPRISE | Technology | 381.2K | $9.1M | 1.1% | -30.2% |
| INTU INTUIT INC | Technology | 10.5K | $4.5M | 0.5% | New |
| ONTO ONTO INNOVATION INC | Other | 16.1K | $3.3M | 0.4% | -89.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 38 | $859.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 45 | $928.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 27 | $733.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 35 | $1.13B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 35 | $940.9M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 36 | $966.9M | canonical | SEC ↗ |
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