FINDELL CAPITAL MANAGEMENT LLC
Long book
$339.5M
Q1 2026
Positions
17
Top-10 weight
91%
concentration
Last quarter
+72.4%
SPY +14.8%
Turnover
40%
of book per quarter
Strategy in plain words
auto-generated from filingsFINDELL CAPITAL MANAGEMENT LLC is a concentrated fundamental stock-picker, specialised in healthcare (63% of the long book), running a $339.5M US long book across 17 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: LIQUIDIA CORP, ESTABLISHMENT LABS HOLDINGS, DAVE INC, ROOT INC/OH -CLASS A, SUPER GROUP SGHC LTD.
Over the last 9 quarters its long book ran on average 6.1pp per quarter ahead of the S&P 500, beating the index in 5 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
-10.7%
Q2 2024
-9.6%
Q3 2024
+9.4%
Q4 2024
+0.9%
Q1 2025
-1.4%
Q2 2025
+10.0%
Q3 2025
+35.0%
Q4 2025
-10.6%
Q1 2026
+72.4%
Sector allocation
Healthcare 62%
Financials 18%
Services media 5%
Consumer staples 5%
Energy 5%
Industrials 4%
Technology 1%
Materials 0%
Long book by quarter
What does FINDELL CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| LQDA LIQUIDIA CORP | Healthcare | 3.5M | $132.2M | 38.9% | +22.8% |
| ESTA ESTABLISHMENT LABS HOLDINGS | Healthcare | 997.7K | $56.7M | 16.7% | -11.7% |
| DAVE DAVE INC | Financials | 170.0K | $29.6M | 8.7% | +142.9% |
| ROOT ROOT INC/OH -CLASS A | Financials | 375.0K | $16.6M | 4.9% | +59.6% |
| SGHC SUPER GROUP SGHC LTD | Services media | 1.5M | $16.2M | 4.8% | +59.6% |
| GEO GEO GROUP INC/THE | Industrials | 875.0K | $14.7M | 4.3% | +34.6% |
| OPRT OPORTUN FINANCIAL CORP | Financials | 2.7M | $12.7M | 3.7% | +7.0% |
| CVE CENOVUS ENERGY INC | Energy | 375.0K | $9.9M | 2.9% | New |
| ACHC ACADIA HEALTHCARE CO INC | Healthcare | 380.0K | $8.9M | 2.6% | New |
| TPB TURNING POINT BRANDS INC | Consumer staples | 95.0K | $8.2M | 2.4% | -25.2% |
| CELH CELSIUS HOLDINGS INC | Consumer staples | 200.0K | $7.1M | 2.1% | -4.8% |
| MLYS MINERALYS THERAPEUTICS INC | Healthcare | 202.0K | $5.5M | 1.6% | +304.0% |
| VET VERMILION ENERGY INC | Energy | 370.0K | $5.1M | 1.5% | New |
| APLD APPLIED DIGITAL CORP | Technology | 170.0K | $4.0M | 1.2% | New |
| BTU PEABODY ENERGY CORP | Materials | 8.4K | $276K | 0.1% | New |
| EHTH EHEALTH INC | Financials | 179.0K | $231K | 0.1% | -87.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 18 | $341.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 17 | $347.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 15 | $253.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 12 | $205.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 13 | $208.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 18 | $244.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 21 | $198.5M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 19 | $207.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 18 | $190.8M | canonical | SEC ↗ |