Mercuria Capital Strategies, LLC
Long book
$261.6M
Q1 2026
Positions
31
Top-10 weight
89%
concentration
Last quarter
-8.7%
SPY +14.8%
Turnover
72%
of book per quarter
Strategy in plain words
auto-generated from filingsMercuria Capital Strategies, LLC is a concentrated fundamental stock-picker, running a $261.6M US long book across 31 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: TEEKAY TANKERS LTD-CLASS A, LYONDELLBASELL INDU-CL A, BAIN CAPITAL GSS INV- A, ALUSSA ENERGY ACQUISIT II-A, PALOMA ACQUISITION CORP I.
Over the last 6 quarters its long book ran on average 1.8pp per quarter behind the S&P 500, beating the index in 1 of 6 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
Q4 2024
-4.4%
Q1 2025
+8.7%
Q2 2025
+3.6%
Q3 2025
+0.1%
Q4 2025
+17.5%
Q1 2026
-8.7%
Sector allocation
Industrials 54%
Financials 27%
Other 13%
Utilities 4%
Consumer discretionary 1%
Communications 1%
Technology 0%
Long book by quarter
What does Mercuria Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TNK TEEKAY TANKERS LTD-CLASS A | Industrials | 1.8M | $130.4M | 49.9% | +44.8% |
| LYB LYONDELLBASELL INDU-CL A | Other | 407.1K | $32.8M | 12.5% | New |
| BCSS BAIN CAPITAL GSS INV- A | Financials | 1.5M | $15.6M | 6.0% | Held |
| ALUB ALUSSA ENERGY ACQUISIT II-A | Financials | 1.0M | $10.0M | 3.8% | New |
| VG VENTURE GLOBAL INC-CL A | Utilities | 580.0K | $9.1M | 3.5% | New |
| DMII DRUGS MADE IN AMERICA ACQUIS | Financials | 750.0K | $7.5M | 2.9% | New |
| ANSC AGRICULTURE & NATURAL SOLUTI | Financials | 500.0K | $5.6M | 2.2% | Held |
| IPCX INFLECTION POINT ACQUISITI-A | Financials | 535.0K | $5.5M | 2.1% | New |
| GSRF GSR IV ACQUISITION CORP-CL A | Financials | 500.0K | $5.0M | 1.9% | Held |
| GIW GIGCAPITAL8 CORP-A | Financials | 500.0K | $5.0M | 1.9% | +33.3% |
| TVA TEXAS VENTURES ACQUISITION-A | Financials | 347.5K | $3.6M | 1.4% | -30.5% |
| GLP GLOBAL PARTNERS LP | Consumer discretionary | 82.4K | $3.5M | 1.3% | New |
| TACO BERTO ACQUISITION CORP | Financials | 270.9K | $2.8M | 1.1% | Held |
| PAII PYROPHYTE ACQUISITION CORP-A | Financials | 250.0K | $2.5M | 1.0% | Held |
| VACI VIKING ACQUISITION CORP - A | Communications | 250.0K | $2.5M | 0.9% | New |
| SBXE SILVERBOX CORP V-CL A | Financials | 250.0K | $2.5M | 0.9% | New |
| DSX DIANA SHIPPING INC | Industrials | 261.6K | $654K | 0.2% | +395.7% |
| CAEP CANTOR EQUITY PARTNERS III-A | — | 9.6K | $99K | 0.0% | Held |
| CEPF CANTOR EQUITY PARTNERS-CL A | Financials | 9.5K | $97K | 0.0% | Held |
| CCIX CHURCHILL CAPITAL CORP IX | Technology | 8.8K | $94K | 0.0% | Held |
| CCXI CHURCHILL CAPITAL CORP-CL A | Financials | 1.0K | $10K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 6, 2026 | 31 | $261.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR/ARESTATEMENT | Feb 17, 2026 | 28 | $176.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 11, 2026 | 28 | $176.1M | SEC ↗ | |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 10 | $75.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 24, 2025 | 10 | $373.7M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 14, 2025 | 6 | $82.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 10, 2025 | 12 | $266.6M | canonical | SEC ↗ |
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