Whetstone Capital Advisors, LLC
Long book
$265.8M
Q1 2026
Positions
54
Top-10 weight
75%
concentration
Last quarter
+45.1%
SPY +14.8%
Turnover
31%
of book per quarter
Strategy in plain words
auto-generated from filingsWhetstone Capital Advisors, LLC is a concentrated fundamental stock-picker, running a $265.8M US long book across 54 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: CLOUDFLARE INC - CLASS A, DAVE INC, ALPHABET INC-CL C, AMAZON.COM INC, OPTIMIZERX CORP.
Over the last 9 quarters its long book ran on average 4.2pp per quarter ahead of the S&P 500, beating the index in 4 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
-8.4%
Q2 2024
+1.9%
Q3 2024
+20.7%
Q4 2024
-4.1%
Q1 2025
+46.3%
Q2 2025
-1.3%
Q3 2025
-6.4%
Q4 2025
-15.4%
Q1 2026
+45.1%
Sector allocation
Technology 49%
Financials 28%
Services media 9%
Consumer discretionary 8%
Healthcare 3%
Real estate 2%
Other 0%
Energy 0%
Long book by quarter
What does Whetstone Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NET CLOUDFLARE INC - CLASS A | Technology | 293.0K | $60.5M | 22.7% | Held |
| DAVE DAVE INC | Financials | 224.2K | $39.0M | 14.7% | -17.6% |
| GOOG ALPHABET INC-CL C | Technology | 118.6K | $34.0M | 12.8% | -9.0% |
| AMZN AMAZON.COM INC | Consumer discretionary | 93.1K | $19.4M | 7.3% | Held |
| OPRX OPTIMIZERX CORP | Services media | 1.5M | $9.5M | 3.6% | Held |
| TOST TOAST INC-CLASS A | Technology | 336.0K | $8.9M | 3.4% | Held |
| PHR PHREESIA INC | Services media | 953.9K | $8.0M | 3.0% | New |
| XYZ BLOCK INC | Technology | 123.8K | $7.5M | 2.8% | +7.3% |
| RPAY REPAY HOLDINGS CORP | Services media | 2.7M | $7.0M | 2.6% | -1.4% |
| SERA SERA PROGNOSTICS INC-A | Healthcare | 3.3M | $6.7M | 2.5% | -4.4% |
| KLAR KLARNA GROUP PLC | Financials | 509.9K | $6.7M | 2.5% | New |
| XZO EXZEO GROUP INC | Technology | 411.4K | $6.0M | 2.3% | +122.7% |
| HCAT HEALTH CATALYST INC | Technology | 4.3M | $5.4M | 2.0% | +13.8% |
| BLZE BACKBLAZE INC-A | Technology | 1.5M | $5.2M | 2.0% | Held |
| WLTH WEALTHFRONT CORP | Financials | 546.4K | $5.1M | 1.9% | New |
| LPRO OPEN LENDING CORP | Financials | 3.8M | $4.7M | 1.8% | -36.8% |
| COIN COINBASE GLOBAL INC -CLASS A | Financials | 25.3K | $4.4M | 1.7% | New |
| ETOR ETORO GROUP LTD-A | Financials | 139.1K | $4.2M | 1.6% | New |
| REAX REAL BROKERAGE INC/THE | Real estate | 1.7M | $4.1M | 1.6% | +737.0% |
| HOOD ROBINHOOD MARKETS INC - A | Financials | 50.3K | $3.5M | 1.3% | New |
| PGY PAGAYA TECHNOLOGIES LTD -A | Financials | 296.0K | $3.4M | 1.3% | New |
| ASAN ASANA INC - CL A | Technology | 381.7K | $2.4M | 0.9% | Held |
| LFMD LIFEMD INC | Healthcare | 360.3K | $1.3M | 0.5% | -48.8% |
| BODI BEACHBODY CO INC/THE | Consumer discretionary | 102.2K | $1.1M | 0.4% | -65.7% |
| MRDN MERIDIAN HOLDINGS INC | Technology | 63.3K | $457K | 0.2% | New |
| GOOGL ALPHABET INC-CL A | Technology | 1.2K | $348K | 0.1% | Held |
| LYB LYONDELLBASELL INDU-CL A | Other | 3.5K | $286K | 0.1% | -32.3% |
| PSX PHILLIPS 66 | Energy | 1.5K | $268K | 0.1% | -16.5% |
| BX BLACKSTONE INC | Financials | 2.3K | $263K | 0.1% | +55.9% |
| JNJ JOHNSON & JOHNSON | Healthcare | 1.1K | $262K | 0.1% | -2.6% |
| APO APOLLO GLOBAL MANAGEMENT INC | Financials | 2.3K | $261K | 0.1% | +53.5% |
| BAH BOOZ ALLEN HAMILTON HOLDINGS | Services media | 3.3K | $258K | 0.1% | +24.7% |
| CG CARLYLE GROUP INC/THE | Financials | 5.3K | $257K | 0.1% | +43.7% |
| CI THE CIGNA GROUP | Financials | 963 | $257K | 0.1% | +16.2% |
| NEE NEXTERA ENERGY INC | Utilities | 2.7K | $255K | 0.1% | -3.5% |
| OWL BLUE OWL CAPITAL INC | Financials | 27.9K | $255K | 0.1% | New |
| BAM BROOKFIELD ASSET MGMT-A | Financials | 5.7K | $254K | 0.1% | New |
| CNQ CANADIAN NATURAL RESOURCES | Energy | 5.2K | $253K | 0.1% | -26.3% |
| QSR RESTAURANT BRANDS INTERN | Consumer discretionary | 3.4K | $250K | 0.1% | +4.3% |
| MO ALTRIA GROUP INC | Consumer staples | 3.8K | $250K | 0.1% | -2.7% |
| MDT MEDTRONIC PLC | Healthcare | 2.9K | $249K | 0.1% | +23.0% |
| MMM 3M CO | Healthcare | 1.7K | $249K | 0.1% | +19.7% |
| KVUE KENVUE INC | Other | 14.3K | $247K | 0.1% | +6.4% |
| SMG SCOTTS MIRACLE-GRO CO | Other | 4.1K | $247K | 0.1% | +5.6% |
| WSO WATSCO INC | Consumer discretionary | 668 | $243K | 0.1% | +1.8% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 1.5K | $242K | 0.1% | +2.3% |
| UNH UNITEDHEALTH GROUP INC | Financials | 888 | $240K | 0.1% | +26.3% |
| MTN VAIL RESORTS INC | Services media | 1.8K | $228K | 0.1% | +16.4% |
| BLND BLEND LABS INC-A | Technology | 38.9K | $66K | 0.0% | -96.7% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 56 | $288.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 54 | $320.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 56 | $361.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 32 | $354.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 28 | $226.3M | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 30 | $310.2M | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 37 | $207.5M | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 38 | $215.5M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 31 | $228.4M | $K fixed canonical | SEC ↗ |
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