KETTLE HILL CAPITAL MANAGEMENT, LLC
Long book
$399.1M
Q1 2026
Positions
45
Top-10 weight
49%
concentration
Last quarter
+20.2%
SPY +14.8%
Turnover
75%
of book per quarter
Strategy in plain words
auto-generated from filingsKETTLE HILL CAPITAL MANAGEMENT, LLC is a concentrated fundamental stock-picker, running a $399.1M US long book across 45 positions.
The portfolio is moderately concentrated (top 10 ≈ 49% of the book). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: CHURCHILL DOWNS INC, VAIL RESORTS INC, ROCKET COS INC-CLASS A, FRANKLIN RESOURCES INC, NXP SEMICONDUCTORS NV.
Over the last 9 quarters its long book ran on average 0.7pp per quarter behind the S&P 500, beating the index in 3 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
-1.9%
Q2 2024
+11.1%
Q3 2024
+1.1%
Q4 2024
-9.9%
Q1 2025
+8.6%
Q2 2025
+13.3%
Q3 2025
-0.9%
Q4 2025
-7.2%
Q1 2026
+20.2%
Sector allocation
Financials 23%
Services media 23%
Technology 17%
Other 11%
Industrials 10%
Communications 5%
Consumer staples 3%
Consumer discretionary 3%
Long book by quarter
What does KETTLE HILL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CHDN CHURCHILL DOWNS INC | Services media | 296.6K | $26.6M | 6.7% | New |
| MTN VAIL RESORTS INC | Services media | 206.7K | $26.5M | 6.6% | New |
| RKT ROCKET COS INC-CLASS A | Financials | 1.6M | $22.4M | 5.6% | +111.0% |
| BEN FRANKLIN RESOURCES INC | Financials | 933.2K | $22.0M | 5.5% | +139.1% |
| NXPI NXP SEMICONDUCTORS NV | Technology | 101.9K | $20.1M | 5.0% | New |
| IFF INTL FLAVORS & FRAGRANCES | Other | 251.2K | $18.2M | 4.6% | +79.7% |
| PENN PENN ENTERTAINMENT INC | Services media | 1.1M | $17.0M | 4.3% | -36.1% |
| GFS GLOBALFOUNDRIES INC | Technology | 252.5K | $11.2M | 2.8% | New |
| PRMB PRIMO BRANDS CORP | Consumer staples | 588.6K | $11.1M | 2.8% | +57.6% |
| LULU LULULEMON ATHLETICA INC | Other | 72.1K | $11.0M | 2.8% | New |
| ZION ZIONS BANCORP NA | Financials | 190.8K | $11.0M | 2.8% | New |
| TOL TOLL BROTHERS INC | Industrials | 80.2K | $10.9M | 2.7% | New |
| VSNT VERSANT MEDIA GROUP INC | Communications | 294.4K | $10.9M | 2.7% | New |
| WYNN WYNN RESORTS LTD | Services media | 104.4K | $10.6M | 2.7% | -51.5% |
| UAA UNDER ARMOUR INC-CLASS A | Other | 1.8M | $10.5M | 2.6% | New |
| MC MOELIS & CO - CLASS A | Financials | 155.4K | $8.9M | 2.2% | New |
| AVTR AVANTOR INC | Healthcare | 1.1M | $8.8M | 2.2% | New |
| GLNG GOLAR LNG LTD | Industrials | 163.0K | $8.8M | 2.2% | +2.8% |
| KMI KINDER MORGAN INC | Utilities | 253.7K | $8.5M | 2.1% | -60.5% |
| WOLF WOLFSPEED INC | Technology | 365.9K | $6.0M | 1.5% | New |
| ALGM ALLEGRO MICROSYSTEMS INC | Technology | 181.5K | $5.7M | 1.4% | New |
| CCL CARNIVAL CORP LTD | Industrials | 221.1K | $5.7M | 1.4% | New |
| JPM JPMORGAN CHASE & CO | Financials | 19.1K | $5.6M | 1.4% | -48.4% |
| MCHP MICROCHIP TECHNOLOGY INC | Technology | 86.1K | $5.6M | 1.4% | New |
| FITB FIFTH THIRD BANCORP | Financials | 119.6K | $5.6M | 1.4% | New |
| ADI ANALOG DEVICES INC | Technology | 17.4K | $5.5M | 1.4% | New |
| RJF RAYMOND JAMES FINANCIAL INC | Financials | 38.3K | $5.5M | 1.4% | New |
| VZ VERIZON COMMUNICATIONS INC | Communications | 107.3K | $5.4M | 1.3% | -81.4% |
| HII HUNTINGTON INGALLS INDUSTRIE | Industrials | 13.0K | $4.9M | 1.2% | -27.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 22.9K | $4.8M | 1.2% | +534.2% |
| BOBS BOB'S DISCOUNT FURNITURE | Consumer discretionary | 299.5K | $3.5M | 0.9% | New |
| FND FLOOR & DECOR HOLDINGS INC-A | Consumer discretionary | 50.0K | $2.5M | 0.6% | New |
| ESTC ELASTIC NV | Technology | 44.3K | $2.2M | 0.6% | -88.8% |
| ALK ALASKA AIR GROUP INC | Industrials | 59.6K | $2.2M | 0.5% | New |
| S SENTINELONE INC -CLASS A | Technology | 169.4K | $2.2M | 0.5% | -90.1% |
| CMC COMMERCIAL METALS CO | Industrials | 35.3K | $2.2M | 0.5% | -78.7% |
| AMRZ AMRIZE LTD | Industrials | 34.5K | $1.9M | 0.5% | New |
| MANU MANCHESTER UNITED PLC-CL A | Services media | 10.5K | $176K | 0.0% | New |
| MTRX MATRIX SERVICE CO | Industrials | 15.0K | $172K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 45 | $399.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 39 | $448.4M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 36 | $444.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 41 | $432.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 41 | $364.3M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 36 | $460.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 35 | $389.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 47 | $396.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 39 | $411.3M | canonical | SEC ↗ |
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