Forest Avenue Capital Management LP

Fundamental concentrated ★Signal CIK 1944889
League rank
#750
in Fundamental concentrated · #5982 overall
Long book
$1.58B
Q1 2026
Positions
25
Top-10 weight
69%
concentration
Last quarter
+8.9%
SPY +14.8%
Turnover
62%
of book per quarter

Strategy in plain words

auto-generated from filings

Forest Avenue Capital Management LP is a concentrated fundamental stock-picker, running a $1.58B US long book across 25 positions.

The portfolio is concentrated: the top 10 names carry 69% of the portfolio. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: VISTRA CORP, VIKING HOLDINGS LTD, CARPENTER TECHNOLOGY, QXO INC, CORE & MAIN INC-CLASS A.

Over the last 9 quarters its long book ran on average 3.2pp 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
-1.2%
Q2 2024
+8.4%
Q3 2024
+6.9%
Q4 2024
-14.3%
Q1 2025
+38.9%
Q2 2025
+0.5%
Q3 2025
+7.1%
Q4 2025
+14.1%
Q1 2026
+8.9%

Sector allocation

Industrials
44%
Utilities
20%
Consumer discretionary
11%
Energy
9%
Other
7%
Materials
6%
Financials
2%

Long book by quarter

$407.2M
Q1 2024
$722.4M
Q2 2024
$823.7M
Q3 2024
$1.06B
Q4 2024
$732.2M
Q1 2025
$1.28B
Q2 2025
$1.33B
Q3 2025
$1.52B
Q4 2025
$1.58B
Q1 2026

What does Forest Avenue own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
VST VISTRA CORPUtilities1.3M$195.0M12.3%+15.7%
VIK VIKING HOLDINGS LTDIndustrials2.0M$149.7M9.5%-28.8%
CRS CARPENTER TECHNOLOGYIndustrials375.0K$147.8M9.3%-40.5%
QXO QXO INCConsumer discretionary4.6M$89.8M5.7%+23.8%
CNM CORE & MAIN INC-CLASS AConsumer discretionary1.8M$89.3M5.6%-3.8%
PARR PAR PACIFIC HOLDINGS INCEnergy1.4M$88.8M5.6%+79.0%
MTZ MASTEC INCIndustrials269.9K$86.8M5.5%-45.4%
ECG EVERUS CONSTRUCTION GROUPIndustrials715.3K$84.4M5.3%New
WWD WOODWARD INCIndustrials222.1K$79.5M5.0%-35.6%
SGI SOMNIGROUP INTERNATIONAL INCOther1.0M$74.8M4.7%+45.5%
BTU PEABODY ENERGY CORPMaterials1.6M$54.2M3.4%+40.2%
LNG CHENIERE ENERGY INCUtilities172.2K$48.9M3.1%New
RRX REGAL REXNORD CORPIndustrials239.2K$44.8M2.8%New
AGX ARGAN INCIndustrials74.5K$40.6M2.6%-59.8%
CEG CONSTELLATION ENERGYUtilities133.7K$37.3M2.4%New
NCLH NORWEGIAN CRUISE LINE HOLDINIndustrials2.0M$36.9M2.3%New
LEG LEGGETT & PLATT INCOther3.7M$36.6M2.3%+200.1%
VG VENTURE GLOBAL INC-CL AUtilities2.0M$32.1M2.0%New
AR ANTERO RESOURCES CORPEnergy748.3K$31.8M2.0%New
HII HUNTINGTON INGALLS INDUSTRIEIndustrials82.8K$31.5M2.0%New
DK DELEK US HOLDINGS INCEnergy653.8K$29.5M1.9%New
WULF TERAWULF INCFinancials2.0M$28.4M1.8%New
HCC WARRIOR MET COAL INCMaterials285.8K$26.6M1.7%-29.9%
CNR CORE NATURAL RESOURCES INCMaterials151.5K$15.9M1.0%New

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 14, 202626$1.69B canonicalSEC ↗
Q4 202513F-HRFeb 13, 202622$1.52B canonicalSEC ↗
Q3 202513F-HRNov 14, 202522$1.36B canonicalSEC ↗
Q2 202513F-HRAug 14, 202517$1.28B canonicalSEC ↗
Q1 202513F-HRMay 14, 202515$732.2M canonicalSEC ↗
Q4 202413F-HRFeb 13, 202522$1.09B canonicalSEC ↗
Q3 202413F-HRNov 13, 202421$823.7M canonicalSEC ↗
Q2 202413F-HRAug 13, 202422$722.4M canonicalSEC ↗
Q1 202413F-HRMay 13, 202420$407.2M canonicalSEC ↗

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