First Trust Capital Management L.P.
Long book
$1.90B
Q1 2026
Positions
182
Top-10 weight
42%
concentration
Last quarter
-1.8%
SPY +14.8%
Turnover
54%
of book per quarter
Strategy in plain words
auto-generated from filingsFirst Trust Capital Management L.P. is a quantitative fund whose holdings reflect models, not opinions, specialised in financials (60% of the long book), running a $1.90B US long book across 182 positions.
The portfolio is moderately concentrated (top 10 ≈ 42% of the book). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: CHART INDUSTRIES INC, HOLOGIC INC, SEALED AIR CORP, MASIMO CORP, ELECTRONIC ARTS INC.
Over the last 9 quarters its long book ran on average 3.6pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.5%
Q2 2024
+1.6%
Q3 2024
+0.9%
Q4 2024
+0.2%
Q1 2025
+3.2%
Q2 2025
-0.5%
Q3 2025
+6.6%
Q4 2025
-1.6%
Q1 2026
-1.8%
Sector allocation
Financials 40%
Other 37%
Industrials 8%
Services media 8%
Technology 5%
Consumer discretionary 1%
Communications 0%
Utilities 0%
Long book by quarter
What does First Trust own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GTLS CHART INDUSTRIES INC | Industrials | 631.8K | $130.6M | 6.9% | New |
| HO1 HOLOGIC INC | — | 1.3M | $100.4M | 5.3% | +329.0% |
| SDA SEALED AIR CORP | Services media | 2.3M | $98.2M | 5.2% | +269.1% |
| MASI* MASIMO CORP | — | 479.4K | $85.3M | 4.5% | New |
| EA ELECTRONIC ARTS INC | Technology | 406.0K | $82.8M | 4.3% | +316.1% |
| T86 TRI POINTE HOMES INC | — | 1.6M | $74.7M | 3.9% | New |
| AL AIR LEASE CORP | — | 975.8K | $63.4M | 3.3% | +5626.5% |
| 430 TERNS PHARMACEUTICALS INC | — | 904.2K | $47.7M | 2.5% | New |
| K4F ONESTREAM INC | — | 1.8M | $44.2M | 2.3% | New |
| WBS WEBSTER FINANCIAL CORP | Financials | 498.3K | $34.6M | 1.8% | New |
| DAWNGBX DAY ONE BIOPHARMACEUTICALS I | — | 1.5M | $32.1M | 1.7% | New |
| ALF CENTURION ACQUISITION CORP | Financials | 2.7M | $29.5M | 1.6% | Held |
| ACLXGBX ARCELLX INC | — | 238.2K | $27.4M | 1.4% | New |
| DMAA DRUGS MADE IN AMERICA ACQUIS | Financials | 2.2M | $23.5M | 1.2% | Held |
| CUB LIONHEART HOLDINGS - CL A | Financials | 2.1M | $23.1M | 1.2% | Held |
| GPAT GP-ACT III ACQUISITION-A | Financials | 2.1M | $22.7M | 1.2% | Held |
| LPAA LAUNCH ONE ACQUISITION CORP | Financials | 2.1M | $22.2M | 1.2% | Held |
| AM6 AMICUS THERAPEUTICS INC | — | 1.4M | $20.2M | 1.1% | +28.5% |
| XHC HERITAGE COMMERCE CORP | — | 1.6M | $20.2M | 1.1% | +4.6% |
| MACI MELAR ACQUISITION CORP I-A | Services media | 1.4M | $15.1M | 0.8% | Held |
| ANSC AGRICULTURE & NATURAL SOLUTI | Financials | 1.3M | $14.7M | 0.8% | -52.9% |
| APLSUSD APELLIS PHARMACEUTICALS INC | — | 350.8K | $14.1M | 0.7% | New |
| SIMA SIM ACQUISITION CORP I-A | Financials | 1.3M | $13.9M | 0.7% | -28.1% |
| SDHI SIDDHI ACQUISITION CORP-A | Financials | 1.3M | $13.5M | 0.7% | -21.4% |
| BLFY BLUE FOUNDRY BANCORP | — | 1.0M | $13.3M | 0.7% | +66.7% |
| PSBD PALMER SQUARE CAPITAL BDC IN | — | 1.3M | $12.6M | 0.7% | Held |
| CAEP CANTOR EQUITY PARTNERS III-A | — | 1.2M | $12.5M | 0.7% | -0.4% |
| TMS TEAMSHARES INC | Consumer discretionary | 1.1M | $11.4M | 0.6% | Held |
| VNME VENDOME ACQUISITION CORP-A | Financials | 1.1M | $11.0M | 0.6% | -40.9% |
| GRAF GRAF GLOBAL CORP-CL A | Financials | 1.0M | $10.7M | 0.6% | -53.1% |
| SOUL SOULPOWER ACQUISITION CO-A | Financials | 1.0M | $10.7M | 0.6% | Held |
| DMII DRUGS MADE IN AMERICA ACQUIS | Financials | 1.1M | $10.6M | 0.6% | -48.4% |
| CEPF CANTOR EQUITY PARTNERS-CL A | Financials | 1.0M | $10.2M | 0.5% | Held |
| CHYM CHIME FINANCIAL INC-CL A | Financials | 537.0K | $10.1M | 0.5% | Held |
| NHIC NEWHOLD INVESTMENT COR III-A | Financials | 930.4K | $9.6M | 0.5% | Held |
| CTRA COTERRA ENERGY INC | — | 272.6K | $9.6M | 0.5% | New |
| DAAQ DIGITAL ASSET ACQUISITI-CL A | Financials | 876.5K | $9.0M | 0.5% | -0.9% |
| CHAR CHARLTON ARIA ACQUISITI-CL A | Financials | 828.8K | $8.8M | 0.5% | Held |
| RANG RANGE CAPITAL ACQUISITION CO | Financials | 750.0K | $7.9M | 0.4% | Held |
| AFJK AIMEI HEALTH TECHNOLOGY CO | Financials | 680.0K | $7.7M | 0.4% | Held |
| 628 SEMRUSH HOLDINGS INC-A | — | 625.2K | $7.5M | 0.4% | Held |
| MESH MESHFLOW ACQUISITION CO-CL A | Financials | 750.0K | $7.4M | 0.4% | New |
| BDCI BTC DEVELOPMENT CORP-CL A | Financials | 738.8K | $7.4M | 0.4% | -1.5% |
| GLDD GREAT LAKES DREDGE & DOCK CO | — | 434.1K | $7.4M | 0.4% | New |
| CCAQ COLLECTIVE ACQUISITION CORP | Financials | 700.0K | $7.2M | 0.4% | Held |
| SCII SC II ACQUISITION CORP-CL A | Financials | 675.0K | $6.7M | 0.4% | New |
| TVA TEXAS VENTURES ACQUISITION-A | Financials | 645.0K | $6.7M | 0.4% | -49.0% |
| APXT APEX TREASURY CORP-CL A | Financials | 655.0K | $6.5M | 0.3% | -22.9% |
| VACI VIKING ACQUISITION CORP - A | Communications | 650.0K | $6.5M | 0.3% | Held |
| EVAC EQV VENTURES ACQUISITION C-A | Financials | 627.0K | $6.3M | 0.3% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 197 | $1.90B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 174 | $1.65B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 17, 2025 | 123 | $1.55B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 133 | $1.48B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR/ARESTATEMENT | Jul 25, 2025 | 111 | $1.38B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 111 | $1.38B | SEC ↗ | |
| Q4 2024 | 13F-HR/ARESTATEMENT | Jul 25, 2025 | 102 | $1.31B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 102 | $1.31B | SEC ↗ | |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 134 | $1.50B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 119 | $1.10B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 121 | $1.18B | canonical | SEC ↗ |