KING STREET CAPITAL MANAGEMENT, L.P.
Long book
$328.0M
Q1 2026
Positions
11
Top-10 weight
98%
concentration
Last quarter
+17.0%
SPY +14.8%
Turnover
63%
of book per quarter
Strategy in plain words
auto-generated from filingsKING STREET CAPITAL MANAGEMENT, L.P. is a concentrated fundamental stock-picker, running a $328.0M US long book across 11 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: SURGERY PARTNERS INC, BOEING CO/THE, BLACKSTONE SECURED LENDING F, UWM HOLDINGS CORP, UNITI GROUP INC.
Over the last 9 quarters its long book ran on average 0.2pp per quarter ahead of 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
+11.4%
Q2 2024
+49.9%
Q3 2024
-20.9%
Q4 2024
-2.6%
Q1 2025
+7.3%
Q2 2025
+5.3%
Q3 2025
-12.4%
Q4 2025
-12.5%
Q1 2026
+17.0%
Sector allocation
Healthcare 40%
Industrials 17%
Utilities 13%
Communications 11%
Other 10%
Financials 9%
Long book by quarter
What does KING STREET own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SGRY SURGERY PARTNERS INC | Healthcare | 10.2M | $121.9M | 37.2% | Held |
| BA BOEING CO/THE | Industrials | 258.4K | $51.4M | 15.7% | -61.1% |
| BXSL BLACKSTONE SECURED LENDING F | — | 1.3M | $29.6M | 9.0% | New |
| UWMC UWM HOLDINGS CORP | Financials | 7.8M | $28.2M | 8.6% | +69.8% |
| UNIT UNITI GROUP INC | Communications | 2.5M | $23.4M | 7.1% | Held |
| TLN TALEN ENERGY CORP | Utilities | 47.0K | $15.0M | 4.6% | New |
| VG VENTURE GLOBAL INC-CL A | Utilities | 890.0K | $14.0M | 4.3% | New |
| OPTU OPTIMUM COMMUNICATIONS INC-A | Communications | 8.0M | $10.4M | 3.2% | Held |
| VST VISTRA CORP | Utilities | 59.0K | $8.9M | 2.7% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 11 | $328.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 12 | $724.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 18 | $2.34B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 12 | $1.05B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 14 | $861.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 15 | $659.2M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ARESTATEMENT | Nov 18, 2024 | 10 | $144.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 11 | $146.8M | SEC ↗ | |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 10 | $192.4M | SEC ↗ | |
| Q2 2024 | 13F-HR/ARESTATEMENT | Aug 14, 2024 | 8 | $79.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 8 | $344.7M | canonical | SEC ↗ |
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