Sand Grove Capital Management LLP
Long book
$427.5M
Q1 2026
Positions
18
Top-10 weight
77%
concentration
Last quarter
-0.1%
SPY +14.8%
Turnover
85%
of book per quarter
Strategy in plain words
auto-generated from filingsSand Grove Capital Management LLP is a concentrated fundamental stock-picker, running a $427.5M US long book across 18 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: WARNER BROS DISCOVERY INC, WEBSTER FINANCIAL CORP, TXNM ENERGY INC, TWO HARBORS INVESTMENT CORP, ALLIED GOLD CORP.
Over the last 8 quarters its long book ran on average 3.3pp per quarter behind the S&P 500, beating the index in 3 of 8 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
-8.4%
Q2 2024
-5.6%
Q3 2024
+5.8%
Q4 2024
+9.9%
Q2 2025
+6.5%
Q3 2025
-2.7%
Q4 2025
-2.1%
Q1 2026
-0.1%
Sector allocation
Communications 18%
Other 18%
Utilities 17%
Technology 14%
Financials 11%
Industrials 8%
Healthcare 8%
Energy 6%
Long book by quarter
What does Sand Grove own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| WBD WARNER BROS DISCOVERY INC | Communications | 1.4M | $39.7M | 9.3% | +42.2% |
| WBS WEBSTER FINANCIAL CORP | Financials | 565.8K | $39.3M | 9.2% | New |
| TXNM TXNM ENERGY INC | Utilities | 662.1K | $38.7M | 9.1% | +11.0% |
| AAUC ALLIED GOLD CORP | — | 1.1M | $35.1M | 8.2% | New |
| NSC NORFOLK SOUTHERN CORP | Industrials | 104.6K | $30.0M | 7.0% | +23.4% |
| EA ELECTRONIC ARTS INC | Technology | 144.7K | $29.5M | 6.9% | +3.7% |
| PEN PENUMBRA INC | Healthcare | 86.8K | $28.5M | 6.7% | New |
| IHS IHS HOLDING LTD | Communications | 3.4M | $28.2M | 6.6% | New |
| AES AES CORP | Utilities | 1.7M | $24.5M | 5.7% | New |
| SLAB SILICON LABORATORIES INC | Technology | 112.4K | $23.4M | 5.5% | New |
| VAL VALARIS LTD | Energy | 173.8K | $17.0M | 4.0% | New |
| GLDD GREAT LAKES DREDGE & DOCK CO | — | 893.2K | $15.2M | 3.6% | New |
| DVN DEVON ENERGY CORP | Energy | 126.0K | $6.3M | 1.5% | New |
| CTRA COTERRA ENERGY INC | — | 180.2K | $6.3M | 1.5% | New |
| 430 TERNS PHARMACEUTICALS INC | — | 82.0K | $4.3M | 1.0% | New |
| EHABUSD ENHABIT INC | — | 289.2K | $4.1M | 1.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 19 | $444.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 12 | $295.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 12 | $204.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 11 | $198.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 6 | $120.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 13 | $206.1M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 15 | $256.1M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 20 | $342.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 22 | $437K | canonical | SEC ↗ |
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