Spark Investment Management LLC

Fundamental concentrated ★Signal CIK 1554871
Long book
$41.6M
Q1 2026
Positions
28
Top-10 weight
75%
concentration
Last quarter
-0.6%
SPY +14.8%
Turnover
38%
of book per quarter

Strategy in plain words

auto-generated from filings

Spark Investment Management LLC is a concentrated fundamental stock-picker, running a $41.6M US long book across 28 positions.

The portfolio is concentrated: the top 10 names carry 75% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: AMAZON.COM INC, VERMILION ENERGY INC, SPOTIFY TECHNOLOGY SA, CENTERRA GOLD INC, PRECISION DRILLING CORP.

Over the last 9 quarters its long book ran on average 2.3pp 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
+5.7%
Q2 2024
+6.8%
Q3 2024
+20.2%
Q4 2024
-10.9%
Q1 2025
+24.2%
Q2 2025
+12.6%
Q3 2025
+4.9%
Q4 2025
-1.9%
Q1 2026
-0.6%

Sector allocation

Consumer discretionary
22%
Energy
18%
Materials
17%
Technology
15%
Industrials
15%
Communications
9%
Financials
2%
Other
2%

Long book by quarter

$18.1M
Q1 2024
$16.7M
Q2 2024
$17.4M
Q3 2024
$20.6M
Q4 2024
$29.4M
Q1 2025
$36.5M
Q2 2025
$39.8M
Q3 2025
$40.2M
Q4 2025
$41.6M
Q1 2026

What does Spark Investment own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
AMZN AMAZON.COM INCConsumer discretionary43.2K$9.0M21.6%Held
VET VERMILION ENERGY INCEnergy285.0K$3.9M9.4%+2.9%
SPOT SPOTIFY TECHNOLOGY SACommunications7.0K$3.4M8.2%Held
CGAU CENTERRA GOLD INCMaterials147.0K$2.6M6.3%+258.5%
PDS PRECISION DRILLING CORPEnergy24.0K$2.4M5.7%+500.0%
TSLA TESLA INCIndustrials6.0K$2.2M5.4%Held
LSPD LIGHTSPEED COMMERCE INCTechnology246.0K$2.2M5.3%+158.9%
KGC KINROSS GOLD CORPMaterials63.0K$1.9M4.6%-21.3%
DOO BRP INC/CA- SUB VOTINGIndustrials26.0K$1.9M4.5%+36.8%
EFXT ENERFLEX LTDIndustrials78.0K$1.6M3.9%+30.0%
B BARRICK MINING CORPMaterials38.0K$1.6M3.7%New
OTEX OPEN TEXT CORPTechnology61.0K$1.4M3.3%+13.0%
OBE OBSIDIAN ENERGY LTDEnergy108.0K$1.0M2.5%+11.3%
SII SPROTT INCFinancials7.0K$999K2.4%-12.5%
NVDA NVIDIA CORPTechnology4.3K$750K1.8%-37.7%
TWLO TWILIO INC - ATechnology5.2K$654K1.6%Held
AEM AGNICO EAGLE MINES LTDMaterials3.0K$609K1.5%New
XYZ BLOCK INCTechnology8.7K$524K1.3%Held
DCBO DOCEBO INCTechnology27.0K$473K1.1%New
MGA MAGNA INTERNATIONAL INCIndustrials8.0K$447K1.1%New
GOOS CANADA GOOSE HOLDINGS INCOther38.0K$417K1.0%+137.5%
MNDY MONDAY.COM LTDTechnology5.9K$408K1.0%Held
RCI ROGERS COMMUNICATIONS INC-BCommunications9.0K$346K0.8%New
MAKO MAKO MINING CORPMaterials44.0K$283K0.7%New
FOSL FOSSIL GROUP INCOther55.9K$241K0.6%Held
EGO ELDORADO GOLD CORPMaterials6.0K$206K0.5%New
BIRD SMARTBIRD INCOther57.6K$173K0.4%Held
SVA SINOVAC BIOTECH LTDHealthcare29.1K$00.0%Held

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 11, 202628$41.6M canonicalSEC ↗
Q4 202513F-HRFeb 11, 202627$40.2M canonicalSEC ↗
Q3 202513F-HRNov 12, 202520$39.8M canonicalSEC ↗
Q2 202513F-HRAug 11, 202523$36.5M canonicalSEC ↗
Q1 202513F-HRMay 12, 202518$29.4M canonicalSEC ↗
Q4 202413F-HRFeb 11, 20258$20.6M canonicalSEC ↗
Q3 202413F-HRNov 12, 20249$17.4M canonicalSEC ↗
Q2 202413F-HRAug 13, 202411$16.7M canonicalSEC ↗
Q1 202413F-HRMay 13, 202413$18.1M canonicalSEC ↗

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