Incline Global Management LLC

Fundamental concentrated ★Signal CIK 1567195
League rank
#466
in Fundamental concentrated · #1505 overall
Long book
$254.6M
Q1 2026
Positions
24
Top-10 weight
61%
concentration
Last quarter
+15.2%
SPY +14.8%
Turnover
50%
of book per quarter

Strategy in plain words

auto-generated from filings

Incline Global Management LLC is a concentrated fundamental stock-picker, running a $254.6M US long book across 24 positions.

The portfolio is concentrated: the top 10 names carry 61% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: EVERFORTH INC, CARNIVAL PLC-ADR, TE CONNECTIVITY PLC, NORWEGIAN CRUISE LINE HOLDIN, CBRE GROUP INC - A.

Over the last 9 quarters its long book ran on average 2.1pp per quarter ahead of the S&P 500, beating the index in 6 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
-7.3%
Q2 2024
+14.1%
Q3 2024
+1.2%
Q4 2024
-2.0%
Q1 2025
+24.9%
Q2 2025
+10.4%
Q3 2025
+1.6%
Q4 2025
+1.2%
Q1 2026
+15.2%

Sector allocation

Technology
23%
Real estate
18%
Financials
15%
Consumer discretionary
15%
Other
12%
Services media
8%
Industrials
7%
Communications
1%

Long book by quarter

$315.0M
Q1 2024
$242.6M
Q2 2024
$225.1M
Q3 2024
$131.9M
Q4 2024
$162.2M
Q1 2025
$254.3M
Q2 2025
$337.3M
Q3 2025
$292.7M
Q4 2025
$254.6M
Q1 2026

What does Incline Global own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
EFOR EVERFORTH INCServices media439.7K$17.0M6.7%+35.0%
TEL TE CONNECTIVITY PLCConsumer discretionary75.8K$15.8M6.2%+30.6%
NCLH NORWEGIAN CRUISE LINE HOLDINIndustrials839.0K$15.7M6.2%+23.6%
CBRE CBRE GROUP INC - AReal estate115.6K$15.7M6.2%+94.0%
JLL JONES LANG LASALLE INCReal estate49.8K$15.1M5.9%+148.3%
MORN MORNINGSTAR INCFinancials88.4K$14.9M5.9%+1307.4%
MSFT MICROSOFT CORPTechnology40.3K$14.9M5.9%+126.4%
META META PLATFORMS INC-CLASS ATechnology25.9K$14.8M5.8%+1493.8%
OBDC BLUE OWL CAPITAL CORP—1.6M$14.5M5.7%New
ARES ARES MANAGEMENT CORP - AFinancials132.1K$14.4M5.7%New
COHR COHERENT CORPOther58.1K$13.8M5.4%-13.3%
CRDO CREDO TECHNOLOGY GROUP HOLDITechnology144.7K$13.6M5.3%New
AMZN AMAZON.COM INCConsumer discretionary64.1K$13.4M5.2%+10.9%
HHH HOWARD HUGHES HOLDINGS INCReal estate184.9K$11.7M4.6%New
APH AMPHENOL CORP-CL ATechnology53.2K$6.7M2.6%+12.1%
BX BLACKSTONE INCFinancials54.1K$6.2M2.4%New
PLAY DAVE & BUSTER'S ENTERTAINMENConsumer discretionary405.9K$4.4M1.7%+430.2%
WEX WEX INCServices media15.7K$2.4M0.9%-82.9%
STNE STONECO LTD-ATechnology131.5K$1.9M0.7%-83.0%
ZD ZIFF DAVIS INCCommunications40.5K$1.7M0.7%-89.9%
PAGS PAGSEGURO DIGITAL LTD-CL ATechnology167.7K$1.7M0.7%-82.7%
GVA GRANITE CONSTRUCTION INCIndustrials8.4K$1.0M0.4%-93.5%

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 15, 202624$254.6M canonicalSEC ↗
Q4 202513F-HRFeb 17, 202630$292.7M canonicalSEC ↗
Q3 202513F-HRNov 14, 202527$337.3M canonicalSEC ↗
Q2 202513F-HRAug 14, 202525$254.3M canonicalSEC ↗
Q1 202513F-HRMay 15, 202526$162.2M canonicalSEC ↗
Q4 202413F-HRFeb 14, 202524$131.9M canonicalSEC ↗
Q3 202413F-HRNov 14, 202427$225.1M canonicalSEC ↗
Q2 202413F-HRAug 14, 202424$242.6M canonicalSEC ↗
Q1 202413F-HRMay 15, 202422$315.0M canonicalSEC ↗

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