Silver Heights Capital Management Inc

Fundamental diversified ★Signal CIK 1705712
Long book
$260.2M
Q1 2026
Positions
4
Top-10 weight
100%
concentration
Last quarter
+57.6%
SPY +14.8%
Turnover
20%
of book per quarter

Strategy in plain words

auto-generated from filings

Silver Heights Capital Management Inc is a diversified fundamental manager, running a $260.2M US long book across 4 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: IRIDIUM COMMUNICATIONS INC, HEICO CORP-CLASS A, CARMAX INC, ADOBE INC.

Over the last 9 quarters its long book ran on average 2pp per quarter ahead of 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
+0.4%
Q2 2024
+12.5%
Q3 2024
-5.5%
Q4 2024
-1.5%
Q1 2025
+9.2%
Q2 2025
-25.0%
Q3 2025
-2.1%
Q4 2025
+13.2%
Q1 2026
+57.6%

Sector allocation

Communications
55%
Industrials
16%
Consumer discretionary
15%
Technology
14%

Long book by quarter

$253.2M
Q1 2024
$236.9M
Q2 2024
$239.1M
Q3 2024
$224.9M
Q4 2024
$220.1M
Q1 2025
$262.2M
Q2 2025
$223.0M
Q3 2025
$252.1M
Q4 2025
$260.2M
Q1 2026

What does Silver Heights own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
IRDM IRIDIUM COMMUNICATIONS INCCommunications5.1M$142.7M54.9%-2.0%
HEI/A HEICO CORP-CLASS AIndustrials199.4K$42.1M16.2%-34.9%
KMX CARMAX INCConsumer discretionary917.7K$38.2M14.7%-1.4%
ADBE ADOBE INCTechnology153.2K$37.2M14.3%+56.6%

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 13, 20264$260.2M canonicalSEC ↗
Q4 202513F-HRFeb 13, 20265$252.1M canonicalSEC ↗
Q3 202513F-HRNov 13, 20254$223.0M canonicalSEC ↗
Q2 202513F-HRAug 14, 20254$262.2M canonicalSEC ↗
Q1 202513F-HRMay 14, 20254$220.1M canonicalSEC ↗
Q4 202413F-HRFeb 13, 20254$224.9M canonicalSEC ↗
Q3 202413F-HRNov 13, 20245$239.1M canonicalSEC ↗
Q2 202413F-HRAug 13, 20245$236.9M canonicalSEC ↗
Q1 202413F-HRMay 14, 20245$253.2M canonicalSEC ↗