Sand Grove Capital Management LLP — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Sand Grove Capital Management LLP initiated 14 new positions, increased allocation to 4 existing positions, and exited 8 positions entirely. The fund's 13F equity book grew from $0.29B to $0.43B (+44.9% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $0.29BPrior quarter
- $0.43BCurrent quarter
- + $0.13BNet delta
- +44.9%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| WEBSTER FINL CORP | WBS | 9.19% | History → |
| TWO HARBORS INVENTMENT CORPO | TWO | 8.27% | History → |
| ALLIED GOLD CORP | AAUC | 8.22% | History → |
| PENUMBRA INC | PEN | 6.66% | History → |
| IHS HOLDING LIMITED | IHS | 6.59% | History → |
| AES CORP | AES | 5.72% | History → |
| SILICON LABORATORIES INC | SLAB | 5.47% | Holders → |
| CLEARWATER ANALYTICS HLDGS I | CWAN | 5.15% | Holders → |
| VALARIS LTD | VAL | 3.99% | Holders → |
| GREAT LAKES DREDGE & DOCK CO | GLDD | 3.55% | Holders → |
| DEVON ENERGY CORPORATION | DVN | 1.48% | Holders → |
| COTERRA ENERGY, INC. | CTRA | 1.48% | Holders → |
| TERNS PHARMACEUTICALS INC | TERN | 1.01% | Holders → |
| ENHABIT INC | EHAB | 0.95% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| WARNER BROS DISCOVERY INC | WBD | +-0.65% | +42.24% | History → |
| NORFOLK SOUTHN CORP | NSC | +-1.27% | +23.41% | History → |
| TXNM ENERGY INC | TXNM | +-2.86% | +10.98% | History → |
| ELECTRONIC ARTS INC | EA | +-2.77% | +3.68% | History → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| HOLOGIC INC | SYN_436440101 | 9.54% |
| AVIDITY BIOSCIENCES INC | SYN_05370A108 | 8.11% |
| DYNAVAX TECHNOLOGIES CORP | SYN_268158201 | 7.97% |
| AMICUS THERAPEUTIC | FOLD | 7.95% |
| EXACT SCIENCES CORP | SYN_30063P105 | 7.88% |
| KENVUE, INC. | KVUE | 7.43% |
| CIDARA THERAPEUTICS INC | SYN_171757206 | 6.05% |
| AXALTA COATING SYS LTD | AXTA | 5.25% |
Methodology & FAQ
How Sand Grove Capital Management LLP Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Sand Grove Capital Management LLP against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did Sand Grove Capital Management LLP initiate in Q1 2026?
Sand Grove Capital Management LLP established 14 new positions in Q1 2026: WEBSTER FINL CORP (WBS, 9.19%), TWO HARBORS INVENTMENT CORPO (TWO, 8.27%), ALLIED GOLD CORP (AAUC, 8.22%), PENUMBRA INC (PEN, 6.66%), IHS HOLDING LIMITED (IHS, 6.59%), AES CORP (AES, 5.72%), SILICON LABORATORIES INC (SLAB, 5.47%), CLEARWATER ANALYTICS HLDGS I (CWAN, 5.15%), VALARIS LTD (VAL, 3.99%), GREAT LAKES DREDGE & DOCK CO (GLDD, 3.55%), DEVON ENERGY CORPORATION (DVN, 1.48%), COTERRA ENERGY, INC. (CTRA, 1.48%), TERNS PHARMACEUTICALS INC (TERN, 1.01%), ENHABIT INC (EHAB, 0.95%).
Which existing positions saw the largest allocation increases for Sand Grove Capital Management LLP in Q1 2026?
The largest portfolio-weight increases in existing positions were: WARNER BROS DISCOVERY INC (WBD, +-0.65% weight, +42.24% shares), NORFOLK SOUTHN CORP (NSC, +-1.27% weight, +23.41% shares), TXNM ENERGY INC (TXNM, +-2.86% weight, +10.98% shares), ELECTRONIC ARTS INC (EA, +-2.77% weight, +3.68% shares).
Which positions did Sand Grove Capital Management LLP fully exit in Q1 2026?
Sand Grove Capital Management LLP fully exited 8 positions in Q1 2026: HOLOGIC INC (SYN_436440101, last-reported weight 9.54%), AVIDITY BIOSCIENCES INC (SYN_05370A108, last-reported weight 8.11%), DYNAVAX TECHNOLOGIES CORP (SYN_268158201, last-reported weight 7.97%), AMICUS THERAPEUTIC (FOLD, last-reported weight 7.95%), EXACT SCIENCES CORP (SYN_30063P105, last-reported weight 7.88%), KENVUE, INC. (KVUE, last-reported weight 7.43%), CIDARA THERAPEUTICS INC (SYN_171757206, last-reported weight 6.05%), AXALTA COATING SYS LTD (AXTA, last-reported weight 5.25%).
Which existing positions saw the largest allocation reductions for Sand Grove Capital Management LLP in Q1 2026?
Sand Grove Capital Management LLP reported no material allocation reductions in existing positions in Q1 2026.
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.