High Ground Investment Management LLP
Long book
$538.6M
Q1 2026
Positions
5
Top-10 weight
100%
concentration
Last quarter
+33.7%
SPY +14.8%
Turnover
17%
of book per quarter
Strategy in plain words
auto-generated from filingsHigh Ground Investment Management LLP is a concentrated fundamental stock-picker, specialised in financials (67% of the long book), running a $538.6M US long book across 5 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: ARCH CAPITAL GROUP LTD, AERCAP HOLDINGS NV, ELEVANCE HEALTH INC, HUMANA INC, WARRIOR MET COAL INC.
Over the last 9 quarters its long book ran on average 2.6pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+5.9%
Q2 2024
-1.5%
Q3 2024
-17.4%
Q4 2024
+7.4%
Q1 2025
-7.1%
Q2 2025
-0.7%
Q3 2025
+7.7%
Q4 2025
-10.9%
Q1 2026
+33.7%
Sector allocation
Financials 67%
Services media 31%
Materials 2%
Long book by quarter
What does High Ground own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ACGL ARCH CAPITAL GROUP LTD | Financials | 1.8M | $172.2M | 32.0% | -1.0% |
| AER AERCAP HOLDINGS NV | Services media | 1.2M | $166.2M | 30.9% | +3.0% |
| ELV ELEVANCE HEALTH INC | Financials | 344.1K | $100.7M | 18.7% | +5.5% |
| HUM HUMANA INC | Financials | 510.9K | $88.6M | 16.4% | +3.4% |
| HCC WARRIOR MET COAL INC | Materials | 117.0K | $10.9M | 2.0% | -26.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 6, 2026 | 5 | $538.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 23, 2026 | 6 | $686.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 5, 2025 | 8 | $601.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 15, 2025 | 6 | $477.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 8, 2025 | 9 | $428.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 9 | $322.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 5, 2024 | 8 | $217.1M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 22, 2024 | 10 | $256.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 9, 2024 | 11 | $208.4M | canonical | SEC ↗ |