Lumbard & Kellner, LLC
Long book
$288.6M
Q1 2026
Positions
99
Top-10 weight
37%
concentration
Last quarter
+12.3%
SPY +14.8%
Turnover
12%
of book per quarter
Strategy in plain words
auto-generated from filingsLumbard & Kellner, LLC is an institutional manager, running a $288.6M US long book across 99 positions.
The portfolio is moderately concentrated (top 10 ≈ 37% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: PETROLEO BRASILEIRO-SPON ADR, ALPHABET INC-CL C, SS SPDR BB 1-3M T-BILL ETF, HUDBAY MINERALS INC, SS SPDR P S&P 400 MIDCAP ETF.
Over the last 9 quarters its long book ran on average 2pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.9%
Q2 2024
+6.3%
Q3 2024
+0.7%
Q4 2024
-5.2%
Q1 2025
+13.9%
Q2 2025
+19.7%
Q3 2025
+4.8%
Q4 2025
+4.7%
Q1 2026
+12.3%
Sector allocation
Technology 35%
Industrials 21%
Financials 15%
Healthcare 9%
Materials 8%
Utilities 6%
Consumer discretionary 4%
Energy 1%
Long book by quarter
What does Lumbard & own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GOOG ALPHABET INC-CL C | Technology | 48.8K | $14.0M | 4.9% | +1.1% |
| HBM HUDBAY MINERALS INC | Materials | 519.4K | $10.9M | 3.8% | 0.0% |
| GS GOLDMAN SACHS GROUP INC | Financials | 11.9K | $10.1M | 3.5% | +0.1% |
| KMI KINDER MORGAN INC | Utilities | 245.5K | $8.2M | 2.9% | +0.1% |
| CSCO CISCO SYSTEMS INC | Technology | 106.0K | $8.2M | 2.8% | +0.1% |
| ENS ENERSYS | Technology | 44.2K | $7.7M | 2.7% | +0.1% |
| MET METLIFE INC | Financials | 106.9K | $7.6M | 2.6% | +0.2% |
| MTRN MATERION CORP | Industrials | 51.6K | $7.5M | 2.6% | +0.1% |
| KTOS KRATOS DEFENSE & SECURITY | Industrials | 105.3K | $7.4M | 2.6% | +0.8% |
| FSLR FIRST SOLAR INC | Technology | 36.3K | $7.2M | 2.5% | +0.1% |
| AMZN AMAZON.COM INC | Consumer discretionary | 32.6K | $6.8M | 2.4% | +15.7% |
| LMT LOCKHEED MARTIN CORP | Industrials | 10.8K | $6.5M | 2.3% | +0.2% |
| NOC NORTHROP GRUMMAN CORP | Technology | 8.9K | $6.0M | 2.1% | +0.5% |
| PRIM PRIMORIS SERVICES CORP | Industrials | 41.5K | $5.9M | 2.1% | +0.4% |
| JBL JABIL INC | Technology | 19.3K | $5.1M | 1.8% | +0.6% |
| ETON ETON PHARMACEUTICALS INC | Healthcare | 175.9K | $4.3M | 1.5% | +0.6% |
| MSFT MICROSOFT CORP | Technology | 10.5K | $3.9M | 1.3% | Held |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 5 | $3.6M | 1.2% | Held |
| ASIX ADVANSIX INC | Materials | 145.7K | $3.6M | 1.2% | +0.4% |
| HROW HARROW INC | Healthcare | 88.6K | $3.1M | 1.1% | +0.3% |
| AAPL APPLE INC | Technology | 11.4K | $2.9M | 1.0% | Held |
| AMSC AMERICAN SUPERCONDUCTOR CORP | Industrials | 73.7K | $2.5M | 0.9% | +3.5% |
| LLY ELI LILLY & CO | Healthcare | 2.5K | $2.3M | 0.8% | Held |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 4.3K | $2.1M | 0.7% | +3.5% |
| ALKS ALKERMES PLC | Healthcare | 52.6K | $1.9M | 0.6% | New |
| AMAT APPLIED MATERIALS INC | Technology | 5.3K | $1.8M | 0.6% | Held |
| DNLI DENALI THERAPEUTICS INC | Healthcare | 94.8K | $1.8M | 0.6% | New |
| BE BLOOM ENERGY CORP- A | Industrials | 12.4K | $1.7M | 0.6% | -30.0% |
| STNG SCORPIO TANKERS INC | Industrials | 19.0K | $1.4M | 0.5% | Held |
| XOM EXXON MOBIL CORP | Energy | 7.8K | $1.3M | 0.5% | Held |
| JPM JPMORGAN CHASE & CO | Financials | 4.2K | $1.2M | 0.4% | Held |
| JOE ST JOE CO/THE | Real estate | 18.2K | $1.1M | 0.4% | +0.5% |
| UTI UNIVERSAL TECHNICAL INSTITUT | Services media | 25.4K | $916K | 0.3% | +4.8% |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 3.4K | $761K | 0.3% | Held |
| RTX RTX CORP | Industrials | 3.7K | $720K | 0.2% | Held |
| UNH UNITEDHEALTH GROUP INC | Financials | 2.1K | $570K | 0.2% | Held |
| GE GENERAL ELECTRIC | Industrials | 2.0K | $563K | 0.2% | Held |
| MRK MERCK & CO. INC. | Healthcare | 4.7K | $562K | 0.2% | Held |
| ORCL ORACLE CORP | Technology | 3.8K | $555K | 0.2% | -1.4% |
| CIEN CIENA CORP | Technology | 1.2K | $483K | 0.2% | Held |
| FE FIRSTENERGY CORP | Utilities | 9.5K | $481K | 0.2% | Held |
| INTC INTEL CORP | Technology | 10.6K | $468K | 0.2% | Held |
| GEV GE VERNOVA INC | Industrials | 517 | $451K | 0.2% | Held |
| GPRE GREEN PLAINS INC | Other | 26.4K | $434K | 0.2% | -94.2% |
| PEP PEPSICO INC | Consumer staples | 2.6K | $410K | 0.1% | Held |
| ADBE ADOBE INC | Technology | 1.6K | $400K | 0.1% | +1.1% |
| NI NISOURCE INC | Utilities | 8.0K | $373K | 0.1% | Held |
| JNJ JOHNSON & JOHNSON | Healthcare | 1.4K | $352K | 0.1% | Held |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 1.9K | $314K | 0.1% | Held |
| CMCSA COMCAST CORP-CLASS A | Communications | 10.9K | $313K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 99 | $288.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 3, 2026 | 100 | $285.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 97 | $271.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 89 | $229.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 21, 2025 | 83 | $226.8M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 80 | $232.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 79 | $227.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 9, 2024 | 75 | $211.8M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 16, 2024 | 71 | $205.5M | canonical | SEC ↗ |
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