Greenhouse Funds LLLP

Fundamental diversified ★Signal CIK 1626220
League rank
#154
in Fundamental diversified · #668 overall
Long book
$2.11B
Q1 2026
Positions
28
Top-10 weight
54%
concentration
Last quarter
+19.3%
SPY +14.8%
Turnover
26%
of book per quarter

Strategy in plain words

auto-generated from filings

Greenhouse Funds LLLP is a diversified fundamental manager, running a $2.11B US long book across 28 positions.

The portfolio is concentrated: the top 10 names carry 54% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: SPORTRADAR GROUP AG-A, GLOBALSTAR INC, RBC BEARINGS INC, NCR VOYIX CORP, BILL HOLDINGS INC.

Over the last 9 quarters its long book ran on average 1.2pp per quarter behind the S&P 500, beating the index in 4 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
+8.1%
Q3 2024
+11.7%
Q4 2024
-11.3%
Q1 2025
+11.4%
Q2 2025
+5.9%
Q3 2025
-0.4%
Q4 2025
-14.1%
Q1 2026
+19.3%

Sector allocation

Technology
34%
Industrials
23%
Services media
14%
Healthcare
11%
Communications
8%
Energy
4%
Financials
3%
Consumer discretionary
2%

Long book by quarter

$1.58B
Q1 2024
$1.91B
Q2 2024
$2.02B
Q3 2024
$2.26B
Q4 2024
$2.05B
Q1 2025
$2.39B
Q2 2025
$2.57B
Q3 2025
$2.59B
Q4 2025
$2.11B
Q1 2026

What does Greenhouse Funds own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
SRAD SPORTRADAR GROUP AG-ATechnology9.4M$156.8M7.4%+41.4%
GSAT GLOBALSTAR INCCommunications2.2M$146.2M6.9%-1.1%
RBC RBC BEARINGS INCIndustrials234.1K$127.1M6.0%-0.5%
VYX NCR VOYIX CORPTechnology19.7M$124.8M5.9%+7.4%
BILL BILL HOLDINGS INCTechnology3.2M$122.2M5.8%+8.7%
HQY HEALTHEQUITY INCServices media1.3M$105.1M5.0%+16.5%
NCLH NORWEGIAN CRUISE LINE HOLDINIndustrials5.1M$95.6M4.5%-3.5%
CDRE CADRE HOLDINGS INCHealthcare2.9M$88.0M4.2%+2.7%
HAYW HAYWARD HOLDINGS INCIndustrials6.4M$85.9M4.1%+7.8%
VMI VALMONT INDUSTRIESIndustrials213.0K$85.1M4.0%+4.4%
MMSI MERIT MEDICAL SYSTEMS INCHealthcare1.1M$77.4M3.7%+29.4%
OII OCEANEERING INTL INCEnergy2.0M$72.1M3.4%-17.7%
TDY TELEDYNE TECHNOLOGIES INCTechnology117.8K$71.3M3.4%-21.2%
GTM ZOOMINFO TECHNOLOGIES INCTechnology11.5M$68.5M3.2%+7.8%
NEO NEOGENOMICS INCServices media9.1M$67.5M3.2%+5.3%
CHYM CHIME FINANCIAL INC-CL AFinancials3.4M$64.1M3.0%+3.9%
CSGP COSTAR GROUP INCServices media1.4M$55.6M2.6%New
TOST TOAST INC-CLASS ATechnology2.0M$52.3M2.5%+6.1%
MSGS MADISON SQUARE GARDEN SPORTSServices media154.2K$49.5M2.3%-63.5%
LIVN LIVANOVA PLCHealthcare768.3K$48.8M2.3%+538.4%
FLS FLOWSERVE CORPIndustrials658.5K$48.4M2.3%+19.1%
ALAB ASTERA LABS INCTechnology355.3K$38.9M1.8%+13.0%
SG SWEETGREEN INC - CLASS AConsumer discretionary5.0M$26.2M1.2%+42.2%
NOVT NOVANTA INCTechnology196.6K$23.2M1.1%-13.0%
PZZA PAPA JOHN'S INTL INCConsumer discretionary546.0K$17.7M0.8%New
CLAR CLARUS CORPOther5.4M$14.8M0.7%Held

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 15, 202633$2.23B canonicalSEC ↗
Q4 202513F-HRFeb 17, 202640$2.77B canonicalSEC ↗
Q3 202513F-HRNov 13, 202539$2.73B canonicalSEC ↗
Q2 202513F-HRAug 13, 202534$2.42B canonicalSEC ↗
Q1 202513F-HRMay 15, 202539$2.13B canonicalSEC ↗
Q4 202413F-HRFeb 14, 202539$2.40B canonicalSEC ↗
Q3 202413F-HRNov 14, 202438$2.61B canonicalSEC ↗
Q2 202413F-HRAug 14, 202440$1.99B canonicalSEC ↗
Q1 202413F-HRMay 15, 202437$1.66B canonicalSEC ↗

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