Varde Management, L.P.
Long book
$49.3M
Q1 2026
Positions
4
Top-10 weight
100%
concentration
Last quarter
+16.3%
SPY +14.8%
Turnover
83%
of book per quarter
Strategy in plain words
auto-generated from filingsVarde Management, L.P. is a diversified fundamental manager, specialised in communications (80% of the long book), running a $49.3M US long book across 4 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: ZIFF DAVIS INC, ECHOSTAR CORP-A, SURGERY PARTNERS INC, ZIPRECRUITER INC-A.
Over the last 9 quarters its long book ran on average 10.3pp per quarter ahead of the S&P 500, beating the index in 6 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
-3.1%
Q2 2024
-0.7%
Q3 2024
+6.1%
Q4 2024
+10.0%
Q1 2025
+9.7%
Q2 2025
+38.6%
Q3 2025
+30.1%
Q4 2025
+26.3%
Q1 2026
+16.3%
Sector allocation
Communications 80%
Healthcare 18%
Technology 1%
Long book by quarter
What does Varde Management, own?
Q1 2026 13F13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 4 | $49.3M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 3 | $37.4M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 4 | $53.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 15, 2025 | 4 | $75.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 4 | $142.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 6 | $121.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 3 | $117.5M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 2 | $30.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 2 | $43.0M | canonical | SEC ↗ |