Tyro Capital Management LLC

Fundamental concentrated ★Signal CIK 1915395
League rank
#60
in Fundamental concentrated · #69 overall
Long book
$395.0M
Q1 2026
Positions
23
Top-10 weight
81%
concentration
Last quarter
+44.0%
SPY +14.8%
Turnover
58%
of book per quarter

Strategy in plain words

auto-generated from filings

Tyro Capital Management LLC is a concentrated fundamental stock-picker, running a $395.0M US long book across 23 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: ESTABLISHMENT LABS HOLDINGS, CARPENTER TECHNOLOGY, CRH PLC, SHARKNINJA INC, CROCS INC.

Over the last 9 quarters its long book ran on average 3.5pp per quarter ahead of the S&P 500, beating the index in 5 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
+1.4%
Q2 2024
+12.4%
Q3 2024
+2.7%
Q4 2024
-5.5%
Q1 2025
+19.6%
Q2 2025
+1.3%
Q3 2025
+6.9%
Q4 2025
-11.0%
Q1 2026
+44.0%

Sector allocation

Industrials
44%
Healthcare
24%
Technology
16%
Other
13%
Consumer staples
3%

Long book by quarter

$173.1M
Q1 2024
$220.6M
Q2 2024
$389.3M
Q3 2024
$233.8M
Q4 2024
$268.4M
Q1 2025
$254.9M
Q2 2025
$269.2M
Q3 2025
$321.3M
Q4 2025
$395.0M
Q1 2026

What does Tyro Capital own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
ESTA ESTABLISHMENT LABS HOLDINGSHealthcare1.2M$65.4M16.5%+6.9%
CRS CARPENTER TECHNOLOGYIndustrials135.0K$53.2M13.5%+6.6%
CRH CRH PLCIndustrials385.5K$40.5M10.3%+6.6%
SN SHARKNINJA INCIndustrials381.9K$40.4M10.2%+6.6%
CROX CROCS INCOther387.7K$32.2M8.1%+6.6%
SPRY ARS PHARMACEUTICALS INCHealthcare3.0M$23.8M6.0%+48.8%
ROAD CONSTRUCTION PARTNERS INC-AIndustrials175.9K$19.5M4.9%+6.6%
WDC WESTERN DIGITAL CORPTechnology59.5K$16.1M4.1%New
SNDK SANDISK CORPTechnology25.0K$15.9M4.0%New
CELH CELSIUS HOLDINGS INCConsumer staples316.9K$11.2M2.8%+6.6%
LITE LUMENTUM HOLDINGS INCTechnology15.5K$10.9M2.7%New
LULU LULULEMON ATHLETICA INCOther62.5K$9.6M2.4%+6.7%
KLAC KLA CORPOther6.1K$9.0M2.3%New
MKSI MKS INCTechnology36.9K$8.5M2.1%New
ASML ASML HOLDING NV-NY REG SHSIndustrials6.1K$8.1M2.0%New
LRCX LAM RESEARCH CORPIndustrials37.9K$8.1M2.0%New
UCTT ULTRA CLEAN HOLDINGS INCTechnology119.1K$7.4M1.9%New
CYTK CYTOKINETICS INCHealthcare64.7K$4.3M1.1%+6.6%
RIVN RIVIAN AUTOMOTIVE INC-AIndustrials257.4K$3.9M1.0%New
TTD TRADE DESK INC/THE -CLASS ATechnology87.8K$2.0M0.5%New
INTC INTEL CORPTechnology44.8K$2.0M0.5%New
HNGE HINGE HEALTH INC-ATechnology49.6K$1.9M0.5%New
SNDA SONIDA SENIOR LIVING INCHealthcare36.5K$1.2M0.3%New

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 14, 202626$920.6M canonicalSEC ↗
Q4 202513F-HRFeb 13, 202615$558.8M SEC ↗
Q4 202513F-HR/ARESTATEMENTFeb 13, 202614$540.6M canonicalSEC ↗
Q3 202513F-HRNov 13, 202510$269.2M canonicalSEC ↗
Q2 202513F-HRAug 8, 202510$254.9M canonicalSEC ↗
Q1 202513F-HRMay 15, 202514$268.4M canonicalSEC ↗
Q4 202413F-HRFeb 14, 202513$305.4M canonicalSEC ↗
Q3 202413F-HR/ANEW HOLDINGSDec 6, 202414$309.9M canonicalSEC ↗
Q3 202413F-HRNov 14, 202413$194.8M canonicalSEC ↗
Q2 202413F-HRAug 14, 202418$220.6M canonicalSEC ↗
Q1 202413F-HRMay 15, 202416$173.1M canonicalSEC ↗

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