Oxbow Capital Management (HK) Ltd
Long book
$371.0M
Q1 2026
Positions
6
Top-10 weight
100%
concentration
Last quarter
+86.4%
SPY +14.8%
Turnover
60%
of book per quarter
Strategy in plain words
auto-generated from filingsOxbow Capital Management (HK) Ltd is a concentrated fundamental stock-picker, running a $371.0M US long book across 6 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: SANDISK CORP, COHERENT CORP, SEAGATE TECHNOLOGY HOLDINGS, ALCOA CORP, ACM RESEARCH INC-CLASS A.
Over the last 9 quarters its long book ran on average 15.4pp per quarter ahead of the S&P 500, beating the index in 7 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
+17.3%
Q2 2024
+1.2%
Q3 2024
+4.6%
Q4 2024
-8.5%
Q1 2025
+17.5%
Q2 2025
+19.5%
Q3 2025
+4.4%
Q4 2025
+36.4%
Q1 2026
+86.4%
Sector allocation
Other 46%
Technology 30%
Industrials 19%
Materials 6%
Long book by quarter
What does Oxbow Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SNDK SANDISK CORP | Technology | 174.0K | $110.5M | 29.8% | -41.0% |
| COHR COHERENT CORP | Other | 405.0K | $96.5M | 26.0% | +575.0% |
| STXN SEAGATE TECHNOLOGY HOLDINGS | — | 190.2K | $74.5M | 20.1% | -39.5% |
| AA ALCOA CORP | Industrials | 685.0K | $45.4M | 12.2% | +8.7% |
| ACMR ACM RESEARCH INC-CLASS A | Industrials | 596.7K | $23.5M | 6.3% | New |
| HBM HUDBAY MINERALS INC | Materials | 983.0K | $20.5M | 5.5% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 6 | $371.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 8 | $360.4M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 11 | $570.8M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 12 | $395.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 12 | $318.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 9 | $281.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 15, 2024 | 9 | $234.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 8 | $295.8M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 6 | $250.4M | canonical | SEC ↗ |
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