Politan Capital Management LP

Fundamental diversified ★Signal CIK 1885245
Long book
$984.9M
Q1 2026
Positions
3
Top-10 weight
100%
concentration
Last quarter
+58.0%
SPY +14.8%
Turnover
0%
of book per quarter

Strategy in plain words

auto-generated from filings

Politan Capital Management LP is a diversified fundamental manager, running a $984.9M US long book across 3 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: MASIMO CORP, AZENTA INC, CENTENE CORP.

Over the last 9 quarters its long book ran on average 7.3pp per quarter behind the S&P 500, beating the index in 3 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
-14.9%
Q2 2024
+8.6%
Q3 2024
-14.9%
Q4 2024
-9.2%
Q1 2025
-10.5%
Q2 2025
-26.4%
Q3 2025
+14.4%
Q4 2025
-30.5%
Q1 2026
+58.0%

Sector allocation

Other
83%
Industrials
10%
Financials
7%

Long book by quarter

$1.92B
Q1 2024
$1.64B
Q2 2024
$1.77B
Q3 2024
$1.54B
Q4 2024
$1.47B
Q1 2025
$1.39B
Q2 2025
$1.10B
Q3 2025
$840.6M
Q4 2025
$984.9M
Q1 2026

What does Politan Capital own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
MASI* MASIMO CORP4.6M$816.4M82.9%Held
AZTA AZENTA INCIndustrials4.6M$97.7M9.9%+0.1%
CNC CENTENE CORPFinancials2.2M$70.9M7.2%-1.2%

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 15, 20263$984.9M canonicalSEC ↗
Q4 202513F-HRFeb 17, 20263$840.6M canonicalSEC ↗
Q3 202513F-HRNov 14, 202521$1.10B canonicalSEC ↗
Q2 202513F-HRAug 14, 202519$1.39B canonicalSEC ↗
Q1 202513F-HRMay 15, 20255$1.47B canonicalSEC ↗
Q4 202413F-HRFeb 14, 20254$1.54B canonicalSEC ↗
Q3 202413F-HRNov 14, 20244$1.77B canonicalSEC ↗
Q2 202413F-HRAug 14, 20243$1.64B canonicalSEC ↗
Q1 202413F-HRMay 15, 20243$1.92B canonicalSEC ↗