Sand Grove Capital Management LLP 13F: Quarter-over-Quarter Portfolio Changes
Sand Grove Capital Management LLP reported a disclosed portfolio value of approximately $357.4 million in its latest SEC Form 13F-HR filing for Q2 2026, down 16.4% quarter on quarter. Over the quarter, the fund initiated 5 new positions, bought more shares in 4 holdings, trimmed 4 holdings, and exited 10 positions.
Sand Grove Capital Management LLP's top buy was a new stake in Bio-Techne CORP (TECH) , equal to 7.3% of the disclosed portfolio. Its top sell was Penumbra INC (PEN) . The fund exited the position completely after it had accounted for 6.7% of the previous portfolio.
New PositionsQ2 2026
Securities disclosed for the first time in Q2 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| BIO-TECHNE CORP | TECH | 7.3% | History → |
| ROKU INC | ROKU | 6.4% | History → |
| AVANOS MED INC | AVNS | 5.0% | Holders → |
| SYNAPTICS INC | SYNA | 4.4% | Holders → |
| UNIFIRST CORP MASS | UNF | 2.7% | Holders → |
Top BuysQ2 2026
The fund's top buys among existing positions in Q2 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| TWO HARBORS INVENTMENT CORPO | TWO | +7.3% | +45.2% | History → |
| ALLIED GOLD CORP | AAUC | +0.7% | +18.5% | History → |
| AES CORP | AES | +2.0% | +7.8% | History → |
| WARNER BROS DISCOVERY INC | WBD | +1.7% | +2.0% | History → |
Top SellsQ2 2026
The fund's top sells among positions it retained in Q2 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| ELECTRONIC ARTS INC | EA | -1.7% | 37.1% | History → |
| WEBSTER FINL CORP | WBS | -0.3% | 26.7% | History → |
| TXNM ENERGY INC | TXNM | -1.0% | 23.5% | History → |
| NORFOLK SOUTHN CORP | NSC | 1.7% | 5.3% | History → |
Full ExitsQ2 2026
Positions present in the prior 13F-HR filing that no longer appear in Q2 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| PENUMBRA INC | PEN | 6.7% |
| IHS HOLDING LIMITED | IHS | 6.6% |
| SILICON LABORATORIES INC | SLAB | 5.5% |
| CLEARWATER ANALYTICS HOLDINGS INC | CWAN | 5.1% |
| VALARIS LTD | VAL | 4.0% |
| GREAT LAKES DREDGE & DOCK CO | GLDD | 3.6% |
| DEVON ENERGY CORP NEW | DVN | 1.5% |
| COTERRA ENERGY, INC. | CTRA | 1.5% |
| TERNS PHARMACEUTICALS INC | TERN | 1.0% |
| ENHABIT INC | EHAB | 1.0% |
Net Portfolio Value ChangeQ2 2026
- $0.4BPrior quarter
- $0.4BCurrent quarter
- $-0.1BNet delta
- -16.4%% change
Methodology & FAQ
How Sand Grove Capital Management LLP Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Sand Grove Capital Management LLP: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description, including how confidential treatment filings are handled, is documented in the Methodology.
What stocks did Sand Grove Capital Management LLP buy in Q2 2026?
In Q2 2026, Sand Grove Capital Management LLP initiated 5 new positions (BIO-TECHNE CORP (TECH), ROKU INC (ROKU), AVANOS MED INC (AVNS), SYNAPTICS INC (SYNA), UNIFIRST CORP MASS (UNF)); bought more shares of TWO HARBORS INVENTMENT CORPO (TWO), ALLIED GOLD CORP (AAUC), AES CORP (AES), WARNER BROS DISCOVERY INC (WBD).
What stocks did Sand Grove Capital Management LLP sell in Q2 2026?
In Q2 2026, Sand Grove Capital Management LLP fully sold 10 positions (PENUMBRA INC (PEN), IHS HOLDING LIMITED (IHS), SILICON LABORATORIES INC (SLAB), CLEARWATER ANALYTICS HOLDINGS INC (CWAN), VALARIS LTD (VAL), GREAT LAKES DREDGE & DOCK CO (GLDD), DEVON ENERGY CORP NEW (DVN), COTERRA ENERGY, INC. (CTRA), TERNS PHARMACEUTICALS INC (TERN), ENHABIT INC (EHAB)); reduced holdings in ELECTRONIC ARTS INC (EA), WEBSTER FINL CORP (WBS), TXNM ENERGY INC (TXNM), NORFOLK SOUTHN CORP (NSC).
Which positions did Sand Grove Capital Management LLP initiate in Q2 2026?
Sand Grove Capital Management LLP established 5 new positions in Q2 2026: BIO-TECHNE CORP (TECH, 7.3%), ROKU INC (ROKU, 6.4%), AVANOS MED INC (AVNS, 5.0%), SYNAPTICS INC (SYNA, 4.4%), UNIFIRST CORP MASS (UNF, 2.7%).
Which existing positions saw the largest allocation increases for Sand Grove Capital Management LLP in Q2 2026?
Of 4 existing positions with share-count increases in Q2 2026, the largest were: TWO HARBORS INVENTMENT CORPO (TWO, +7.3% weight, +45.2% shares), ALLIED GOLD CORP (AAUC, +0.7% weight, +18.5% shares), AES CORP (AES, +2.0% weight, +7.8% shares), WARNER BROS DISCOVERY INC (WBD, +1.7% weight, +2.0% shares).
Which positions did Sand Grove Capital Management LLP fully exit in Q2 2026?
Sand Grove Capital Management LLP fully exited 10 positions in Q2 2026: PENUMBRA INC (PEN, last-reported weight 6.7%), IHS HOLDING LIMITED (IHS, last-reported weight 6.6%), SILICON LABORATORIES INC (SLAB, last-reported weight 5.5%), CLEARWATER ANALYTICS HOLDINGS INC (CWAN, last-reported weight 5.1%), VALARIS LTD (VAL, last-reported weight 4.0%), GREAT LAKES DREDGE & DOCK CO (GLDD, last-reported weight 3.6%), DEVON ENERGY CORP NEW (DVN, last-reported weight 1.5%), COTERRA ENERGY, INC. (CTRA, last-reported weight 1.5%), TERNS PHARMACEUTICALS INC (TERN, last-reported weight 1.0%), ENHABIT INC (EHAB, last-reported weight 1.0%).
Which existing positions saw the largest allocation reductions for Sand Grove Capital Management LLP in Q2 2026?
Of 4 existing positions with share-count reductions in Q2 2026, the largest were: ELECTRONIC ARTS INC (EA, -1.7% weight, -37.1% shares), WEBSTER FINL CORP (WBS, -0.3% weight, -26.7% shares), TXNM ENERGY INC (TXNM, -1.0% weight, -23.5% shares), NORFOLK SOUTHN CORP (NSC, 1.7% weight, -5.3% shares).
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. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.