Incision Capital Management LP

Fundamental diversified ★Signal CIK 2049997
Long book
$90.6M
Q1 2026
Positions
4
Top-10 weight
100%
concentration
Last quarter
+23.7%
SPY +14.8%
Turnover
50%
of book per quarter

Strategy in plain words

auto-generated from filings

Incision Capital Management LP is a diversified fundamental manager, running a $90.6M US long book across 4 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: CROCS INC, SEA LTD-ADR, TECK RESOURCES LTD-CLS B, EXPAND ENERGY CORP.

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
Q4 2025
+5.7%
Q1 2026
+23.7%

Sector allocation

Other
45%
Materials
30%
Energy
25%

Long book by quarter

$110.2M
Q4 2025
$90.6M
Q1 2026

What does Incision Capital own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
CROX CROCS INCOther350.0K$29.1M32.1%+7.7%
TECK TECK RESOURCES LTD-CLS BMaterials375.0K$19.4M21.4%-21.1%
EXE EXPAND ENERGY CORPEnergy150.0K$16.5M18.2%New

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 15, 20264$90.6M canonicalSEC ↗
Q4 202513F-HRFeb 17, 20266$110.2M canonicalSEC ↗

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