Granby Capital Management, LLC

Granby Capital Management, LLC is a wealth-management firm allocating client money, specialised in communications (61% of the long book), running a $174.5M 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: SS SPDR S&P 500 ETF TRUST-US, VANGUARD FTSE ALL-WORLD EX-U, INVESCO S&P 500 EQUAL WEIGHT, ISHARES 20+ YEAR TREASURY BD, ALERIAN MLP ETF.

Over the last 9 quarters its long book ran on average 0.9pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.