True Wind Capital Management, L.P.

True Wind Capital Management, L.P. is a diversified fundamental manager, specialised in technology (95% of the long book), running a $200.4M US long book across 2 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: CELLEBRITE DI LTD, OPEN LENDING CORP.

Over the last 9 quarters its long book ran on average 0.7pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.