Wishbone Management, LP

Fundamental diversified ★Signal CIK 1777734
Long book
$135.6M
Q1 2026
Positions
4
Top-10 weight
100%
concentration
Last quarter
+27.3%
SPY +14.8%
Turnover
71%
of book per quarter

Strategy in plain words

auto-generated from filings

Wishbone Management, LP is a diversified fundamental manager, running a $135.6M 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: COPA HOLDINGS SA-CLASS A, AVNET INC, ROPER TECHNOLOGIES INC, MICROCHIP TECHNOLOGY INC.

Over the last 9 quarters its long book ran on average 0.7pp per quarter behind the S&P 500, beating the index in 3 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
+4.1%
Q2 2024
-3.5%
Q3 2024
-11.1%
Q4 2024
+2.0%
Q1 2025
+22.4%
Q2 2025
+2.6%
Q3 2025
+2.3%
Q4 2025
-12.2%
Q1 2026
+27.3%

Sector allocation

Industrials
40%
Technology
31%
Consumer discretionary
30%

Long book by quarter

$282.9M
Q1 2024
$309.7M
Q2 2024
$279.2M
Q3 2024
$210.5M
Q4 2024
$166.7M
Q1 2025
$221.0M
Q2 2025
$186.0M
Q3 2025
$234.2M
Q4 2025
$135.6M
Q1 2026

What does Wishbone Management, own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
CPA COPA HOLDINGS SA-CLASS AIndustrials472.5K$53.7M39.6%Held
AVT AVNET INCConsumer discretionary655.0K$40.4M29.8%-31.1%
ROP ROPER TECHNOLOGIES INCTechnology90.0K$31.8M23.5%New
MCHP MICROCHIP TECHNOLOGY INCTechnology150.0K$9.7M7.1%New

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 15, 20264$135.6M canonicalSEC ↗
Q4 202513F-HRFeb 13, 20265$234.2M canonicalSEC ↗
Q3 202513F-HRNov 14, 20254$186.0M canonicalSEC ↗
Q2 202513F-HRAug 14, 20254$221.0M canonicalSEC ↗
Q1 202513F-HRMay 15, 20254$166.7M canonicalSEC ↗
Q4 202413F-HRFeb 14, 20254$210.5M canonicalSEC ↗
Q3 202413F-HRNov 14, 20245$279.2M canonicalSEC ↗
Q2 202413F-HRAug 14, 20245$309.7M canonicalSEC ↗
Q1 202413F-HRMay 15, 20244$282.9M canonicalSEC ↗