Northern Right Capital Management, L.P.
Long book
$281.0M
Q1 2026
Positions
25
Top-10 weight
74%
concentration
Last quarter
+8.0%
SPY +14.8%
Turnover
42%
of book per quarter
Strategy in plain words
auto-generated from filingsNorthern Right Capital Management, L.P. is a concentrated fundamental stock-picker, running a $281.0M US long book across 25 positions.
The portfolio is concentrated: the top 10 names carry 74% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: NEWS CORP - CLASS A, FTAI AVIATION LTD, HOWARD HUGHES HOLDINGS INC, TKO GROUP HOLDINGS INC, ECHOSTAR CORP-A.
Over the last 9 quarters its long book ran on average 0.6pp per quarter behind 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
-0.1%
Q2 2024
+10.1%
Q3 2024
+3.6%
Q4 2024
-7.0%
Q1 2025
+14.6%
Q2 2025
+6.6%
Q3 2025
+5.9%
Q4 2025
-6.5%
Q1 2026
+8.0%
Sector allocation
Services media 25%
Financials 17%
Other 16%
Technology 10%
Real estate 9%
Utilities 8%
Healthcare 8%
Communications 8%
Long book by quarter
What does Northern Right own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NWSA NEWS CORP - CLASS A | Other | 1.4M | $34.9M | 12.4% | +16.9% |
| FTAI FTAI AVIATION LTD | Services media | 103.3K | $25.3M | 9.0% | -9.4% |
| HHH HOWARD HUGHES HOLDINGS INC | Real estate | 382.7K | $24.2M | 8.6% | +13.6% |
| TKO TKO GROUP HOLDINGS INC | Services media | 118.0K | $23.8M | 8.5% | -8.1% |
| ECHO ECHOSTAR CORP-A | Communications | 167.0K | $19.5M | 7.0% | -35.3% |
| NDAQ NASDAQ INC | Financials | 227.8K | $19.3M | 6.9% | New |
| SRTA STRATA CRITICAL MEDICAL INC | Healthcare | 4.1M | $17.1M | 6.1% | +42.6% |
| CTRI CENTURI HOLDINGS INC | Utilities | 559.4K | $16.3M | 5.8% | +0.3% |
| NFLX NETFLIX INC | Services media | 142.0K | $13.7M | 4.9% | New |
| ARES ARES MANAGEMENT CORP - A | Financials | 98.3K | $10.7M | 3.8% | -20.3% |
| HUT HUT 8 CORP | Financials | 180.3K | $8.5M | 3.0% | -70.1% |
| GEG GREAT ELM GROUP INC | Technology | 4.2M | $7.9M | 2.8% | Held |
| SMRT SMARTRENT INC | Technology | 5.0M | $7.5M | 2.7% | +43.3% |
| DUOT DUOS TECHNOLOGIES GROUP INC | Technology | 1.1M | $7.4M | 2.6% | +38.6% |
| APO APOLLO GLOBAL MANAGEMENT INC | Financials | 61.3K | $6.8M | 2.4% | -53.6% |
| ET ENERGY TRANSFER LP | Utilities | 212.5K | $4.1M | 1.5% | Held |
| NWS NEWS CORP - CLASS B | Other | 140.5K | $4.0M | 1.4% | Held |
| CDRE CADRE HOLDINGS INC | Healthcare | 88.1K | $2.7M | 1.0% | New |
| EBAY EBAY INC | Services media | 25.0K | $2.3M | 0.8% | New |
| NBIS NEBIUS GROUP NV | Technology | 20.0K | $2.1M | 0.7% | New |
| GECC GREAT ELM CAPITAL CORP | — | 384.0K | $1.9M | 0.7% | -51.9% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 25 | $281.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 27 | $380.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 24 | $323.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ARESTATEMENT | Aug 15, 2025 | 24 | $292.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 24 | $292.1M | SEC ↗ | |
| Q1 2025 | 13F-HR | May 15, 2025 | 23 | $245.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 24 | $270.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 27 | $268.7M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 29 | $271.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 30 | $277.8M | canonical | SEC ↗ |
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