Conversant Capital LLC
Long book
$745.1M
Q1 2026
Positions
16
Top-10 weight
93%
concentration
Last quarter
+26.9%
SPY +14.8%
Turnover
68%
of book per quarter
Strategy in plain words
auto-generated from filingsConversant Capital LLC is a concentrated fundamental stock-picker, specialised in healthcare (65% of the long book), running a $745.1M US long book across 16 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: SONIDA SENIOR LIVING INC, INVITATION HOMES INC, JANUS LIVING INC CL-A-1, CROWN CASTLE INC, SMARTSTOP SELF STORAGE REIT.
Over the last 9 quarters its long book ran on average 0.1pp per quarter ahead of the S&P 500, beating the index in 4 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
-3.8%
Q2 2024
+2.0%
Q3 2024
-8.1%
Q4 2024
-4.7%
Q1 2025
+8.7%
Q2 2025
+11.5%
Q3 2025
+11.9%
Q4 2025
-2.8%
Q1 2026
+26.9%
Sector allocation
Healthcare 83%
Utilities 4%
Financials 4%
Services media 4%
Industrials 3%
Consumer discretionary 1%
Long book by quarter
What does Conversant Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SNDA SONIDA SENIOR LIVING INC | Healthcare | 14.6M | $471.0M | 63.2% | +57.7% |
| CTRI CENTURI HOLDINGS INC | Utilities | 855.0K | $25.0M | 3.4% | -38.9% |
| WD WALKER & DUNLOP INC | Financials | 560.3K | $24.9M | 3.3% | +33.0% |
| CDNL CARDINAL INFRASTRUCTURE GR-A | Industrials | 471.6K | $18.7M | 2.5% | New |
| DRVN DRIVEN BRANDS HOLDINGS INC | Services media | 1.0M | $12.6M | 1.7% | New |
| H HYATT HOTELS CORP - CL A | Services media | 60.0K | $8.6M | 1.2% | New |
| APC ARKO PETROLEUM CORP | Consumer discretionary | 300.0K | $5.4M | 0.7% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 16 | $745.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 13 | $526.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 10 | $590.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ARESTATEMENT | Aug 15, 2025 | 17 | $621.6M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 19 | $631.4M | SEC ↗ | |
| Q1 2025 | 13F-HR | May 15, 2025 | 18 | $605.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 14 | $724.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 19 | $921.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 17 | $551.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 18 | $680.5M | canonical | SEC ↗ |