Vennlight Capital Management, LP
Long book
$99.0M
Q1 2026
Positions
18
Top-10 weight
78%
concentration
Last quarter
+18.4%
SPY +14.8%
Turnover
80%
of book per quarter
Strategy in plain words
auto-generated from filingsVennlight Capital Management, LP is a concentrated fundamental stock-picker, running a $99.0M US long book across 18 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: FERROVIAL NV, H2O AMERICA, TRANSPORTADOR GAS-ADR SP B, PAMPA ENERGIA SA-SPON ADR, SOLV ENERGY INC-CL A.
Over the last 6 quarters its long book ran on average 9.3pp per quarter ahead of the S&P 500, beating the index in 5 of 6 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
Q4 2024
-3.0%
Q1 2025
+34.4%
Q2 2025
+41.6%
Q3 2025
-14.9%
Q4 2025
+6.8%
Q1 2026
+18.4%
Sector allocation
Industrials 33%
Financials 32%
Utilities 24%
Energy 8%
Technology 3%
Long book by quarter
What does Vennlight Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| FER FERROVIAL NV | Industrials | 200.5K | $13.0M | 13.2% | +73.0% |
| HTO H2O AMERICA | Utilities | 162.2K | $9.5M | 9.6% | New |
| MWH SOLV ENERGY INC-CL A | Industrials | 272.8K | $8.2M | 8.3% | New |
| BKV BKV CORPORATION | Energy | 235.4K | $6.7M | 6.8% | New |
| DGXX DIGI POWER X INC | Financials | 2.9M | $5.9M | 6.0% | +66.5% |
| CLSK CLEANSPARK INC | Financials | 644.9K | $5.5M | 5.5% | New |
| ETR ENTERGY CORP | Utilities | 45.0K | $5.1M | 5.1% | +43.6% |
| GLXY GALAXY DIGITAL INC-A | Financials | 227.9K | $4.2M | 4.2% | +153.0% |
| WULF TERAWULF INC | Financials | 258.1K | $3.7M | 3.8% | -38.5% |
| IMSR TERRESTRIAL ENERGY INC | Industrials | 575.5K | $3.5M | 3.5% | New |
| HUT HUT 8 CORP | Financials | 69.0K | $3.2M | 3.3% | New |
| BTDR BITDEER TECHNOLOGIES GROUP-A | Financials | 360.4K | $3.1M | 3.2% | +292.2% |
| ES EVERSOURCE ENERGY | Utilities | 40.5K | $2.8M | 2.8% | New |
| ENPH ENPHASE ENERGY INC | Technology | 55.4K | $2.1M | 2.1% | New |
| PCG P G & E CORP | Utilities | 119.3K | $2.1M | 2.1% | New |
| NKLR TERRA INNOVATUM GLOBAL NV | Industrials | 306.8K | $1.4M | 1.4% | -50.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 18 | $99.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 28 | $94.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 25 | $76.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 18 | $92.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 5 | $47.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 15 | $105.3M | canonical | SEC ↗ |
Similar funds
Sanders Capital, LLCGATES FOUNDATION TRUSTEAGLE CAPITAL MANAGEMENT LLCWoodbridge Co LtdAlecta Tjanstepension OmsesidigtMubadala Investment Co PJSCH&H International Investment, LLCNewlands Management Operations LLCINVESTOR ABIndependent Franchise Partners LLPPineStone Asset Management Inc.Pentwater Capital Management LP