Flat Footed LLC
Long book
$299.8M
Q1 2026
Positions
14
Top-10 weight
96%
concentration
Last quarter
+25.2%
SPY +14.8%
Turnover
13%
of book per quarter
Strategy in plain words
auto-generated from filingsFlat Footed LLC is a concentrated fundamental stock-picker, specialised in real_estate (61% of the long book), running a $299.8M US long book across 14 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: DIVERSIFIED HEALTHCARE TRUST, BROOKDALE SENIOR LIVING INC, TEEKAY CORP LTD, ARDMORE SHIPPING CORP, HOWARD HUGHES HOLDINGS INC.
Over the last 9 quarters its long book ran on average 7.9pp per quarter ahead of the S&P 500, beating the index in 8 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
+8.8%
Q2 2024
+23.7%
Q3 2024
-32.3%
Q4 2024
+10.4%
Q1 2025
+18.7%
Q2 2025
+20.0%
Q3 2025
+12.7%
Q4 2025
+24.3%
Q1 2026
+25.2%
Sector allocation
Industrials 29%
Healthcare 27%
Services media 18%
Real estate 11%
Materials 11%
Utilities 3%
Long book by quarter
What does Flat Footed own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BKD BROOKDALE SENIOR LIVING INC | Healthcare | 2.4M | $32.7M | 10.9% | -71.9% |
| TK TEEKAY CORP LTD | Industrials | 1.6M | $19.8M | 6.6% | -7.9% |
| ASC ARDMORE SHIPPING CORP | Industrials | 1.0M | $15.3M | 5.1% | -19.6% |
| HHH HOWARD HUGHES HOLDINGS INC | Real estate | 215.3K | $13.6M | 4.5% | New |
| RMR RMR GROUP INC/THE - A | Services media | 802.7K | $12.4M | 4.1% | +2.4% |
| CVEO CIVEO CORP | Services media | 347.2K | $9.2M | 3.1% | -25.0% |
| IAUX I-80 GOLD CORP | Materials | 5.5M | $8.4M | 2.8% | -0.2% |
| CNR CORE NATURAL RESOURCES INC | Materials | 45.0K | $4.7M | 1.6% | -96.8% |
| SMC SUMMIT MIDSTREAM CORP | Utilities | 124.3K | $3.8M | 1.3% | -65.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 39 | $920.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 28 | $914.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 23 | $810.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 20 | $570.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 16 | $397.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 26 | $393.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 46 | $1.29B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 48 | $1.06B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 26 | $577.3M | canonical | SEC ↗ |
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