XN LP
Long book
$2.72B
Q1 2026
Positions
23
Top-10 weight
69%
concentration
Last quarter
+18.0%
SPY +14.8%
Turnover
42%
of book per quarter
Strategy in plain words
auto-generated from filingsXN LP is a concentrated fundamental stock-picker, running a $2.72B US long book across 23 positions.
The portfolio is concentrated: the top 10 names carry 69% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: TKO GROUP HOLDINGS INC, SOLSTICE ADV MATERIALS INC, TAIWAN SEMICONDUCTOR-SP ADR, SHERWIN-WILLIAMS CO/THE, TOAST INC-CLASS A.
Over the last 9 quarters its long book ran on average 0.8pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+6.0%
Q2 2024
+7.5%
Q3 2024
+2.0%
Q4 2024
-5.3%
Q1 2025
+21.7%
Q2 2025
+4.5%
Q3 2025
+1.9%
Q4 2025
-8.5%
Q1 2026
+18.0%
Sector allocation
Technology 29%
Industrials 25%
Services media 15%
Consumer discretionary 14%
Materials 8%
Communications 7%
Real estate 2%
Long book by quarter
What does XN LP own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TKO TKO GROUP HOLDINGS INC | Services media | 1.9M | $382.2M | 14.0% | -33.9% |
| SOLS SOLSTICE ADV MATERIALS INC | Materials | 2.7M | $203.0M | 7.5% | +274.5% |
| SHW SHERWIN-WILLIAMS CO/THE | Consumer discretionary | 571.3K | $183.1M | 6.7% | -13.4% |
| TOST TOAST INC-CLASS A | Technology | 6.5M | $172.6M | 6.3% | -27.6% |
| AMAT APPLIED MATERIALS INC | Technology | 483.2K | $165.2M | 6.1% | +43.4% |
| GE GENERAL ELECTRIC | Industrials | 569.2K | $161.5M | 5.9% | Held |
| MOD MODINE MANUFACTURING CO | Industrials | 646.3K | $140.1M | 5.1% | New |
| GLW CORNING INC | Industrials | 1.0M | $137.4M | 5.0% | New |
| PCOR PROCORE TECHNOLOGIES INC | Technology | 2.2M | $126.4M | 4.6% | -4.5% |
| AMZN AMAZON.COM INC | Consumer discretionary | 565.2K | $117.7M | 4.3% | -2.7% |
| SPOT SPOTIFY TECHNOLOGY SA | Communications | 227.0K | $110.1M | 4.0% | -25.5% |
| CRH CRH PLC | Industrials | 879.7K | $92.5M | 3.4% | Held |
| NVDA NVIDIA CORP | Technology | 529.6K | $92.4M | 3.4% | -11.0% |
| GOOG ALPHABET INC-CL C | Technology | 292.8K | $84.0M | 3.1% | -7.4% |
| WDC WESTERN DIGITAL CORP | Technology | 275.5K | $74.5M | 2.7% | New |
| CRS CARPENTER TECHNOLOGY | Industrials | 188.8K | $74.4M | 2.7% | New |
| WBD WARNER BROS DISCOVERY INC | Communications | 2.1M | $58.7M | 2.2% | -30.7% |
| FERG FERGUSON ENTERPRISES INC | Consumer discretionary | 245.4K | $57.2M | 2.1% | +15.5% |
| CBRE CBRE GROUP INC - A | Real estate | 400.2K | $54.2M | 2.0% | -56.3% |
| JCI JOHNSON CONTROLS INTERNATION | Industrials | 164.8K | $21.6M | 0.8% | -63.1% |
| BE BLOOM ENERGY CORP- A | Industrials | 90.3K | $12.2M | 0.4% | New |
| FIG FIGMA INC-CL A | Technology | 361.8K | $7.6M | 0.3% | -33.8% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 23 | $2.72B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 26 | $3.57B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 22 | $3.40B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 21 | $3.12B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 19 | $2.20B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 24 | $2.53B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 25 | $2.71B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 25 | $2.40B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 23 | $2.50B | canonical | SEC ↗ |
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