Diameter Capital Partners LP
Long book
$446.3M
Q1 2026
Positions
17
Top-10 weight
86%
concentration
Last quarter
+0.5%
SPY +14.8%
Turnover
68%
of book per quarter
Strategy in plain words
auto-generated from filingsDiameter Capital Partners LP is a concentrated fundamental stock-picker, specialised in communications (62% of the long book), running a $446.3M US long book across 17 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: ECHOSTAR CORP-A, UNITI GROUP INC, FORTUNE BRANDS INNOVATIONS I, SILAREALTYTRUSTINC, P G & E CORP.
Over the last 9 quarters its long book ran on average 11.6pp per quarter ahead of the S&P 500, beating the index in 6 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
+1.1%
Q2 2024
+14.3%
Q3 2024
+6.3%
Q4 2024
-6.3%
Q1 2025
+23.3%
Q2 2025
+77.2%
Q3 2025
+27.5%
Q4 2025
+0.7%
Q1 2026
+0.5%
Sector allocation
Communications 53%
Other 25%
Industrials 7%
Utilities 5%
Financials 5%
Technology 3%
Consumer discretionary 1%
Long book by quarter
What does Diameter Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ECHO ECHOSTAR CORP-A | Communications | 1.5M | $172.2M | 38.6% | -61.0% |
| UNIT UNITI GROUP INC | Communications | 5.7M | $53.3M | 11.9% | +278.8% |
| FBIN FORTUNE BRANDS INNOVATIONS I | Other | 680.0K | $26.5M | 5.9% | New |
| PCG P G & E CORP | Utilities | 1.2M | $21.1M | 4.7% | New |
| UWMC UWM HOLDINGS CORP | Financials | 5.8M | $21.0M | 4.7% | New |
| AMBP ARDAGH METAL PACKAGING SA | Industrials | 4.5M | $18.1M | 4.1% | -16.9% |
| NCDL NUVEEN CHURCHILL DIRECT LEND | — | 1.4M | $17.5M | 3.9% | +13.0% |
| VISN VISTANCE NETWORKS INC | Technology | 800.0K | $14.6M | 3.3% | New |
| PFLT PENNANTPARK FLOATING RATE CA | — | 1.7M | $13.3M | 3.0% | +39.7% |
| MBC MASTERBRAND INC | Other | 1.5M | $12.8M | 2.9% | -74.3% |
| BBDC BARINGS BDC INC | — | 1.5M | $12.1M | 2.7% | +52.3% |
| SLRC SLR INVESTMENT CORP | — | 827.1K | $11.8M | 2.7% | +109.2% |
| MAGN MAGNERA CORP | Other | 1.2M | $11.5M | 2.6% | Held |
| CMCO COLUMBUS MCKINNON CORP/NY | Industrials | 715.8K | $10.4M | 2.3% | New |
| RH RH | Consumer discretionary | 30.7K | $4.3M | 1.0% | -57.9% |
| JHX JAMES HARDIE IND PLC | Industrials | 50.0K | $947K | 0.2% | -95.0% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 29 | $1.07B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 40 | $1.09B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 41 | $1.62B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 26 | $876.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 23 | $857.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 29 | $677.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 25 | $1.23B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 23 | $848.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 20 | $973.3M | canonical | SEC ↗ |