Sand Grove Capital Management LLP 13F: Quarter-over-Quarter Portfolio Changes
Sand Grove Capital Management LLP reported a disclosed portfolio value of approximately $427.5 million in its latest SEC Form 13F-HR filing for Q1 2026, up 44.9% quarter on quarter. Over the quarter, the fund initiated 14 new positions, bought more shares in 4 holdings, and exited 8 positions.
Sand Grove Capital Management LLP's top buy was a new stake in Webster Finl CORP (WBS) , equal to 9.2% of the disclosed portfolio. Its top sell was Hologic INC (HO1) . The fund exited the position completely after it had accounted for 9.5% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| WEBSTER FINL CORP | WBS | 9.2% | History → |
| TWO HARBORS INVENTMENT CORPO | TWO | 8.3% | History → |
| ALLIED GOLD CORP | AAUC | 8.2% | History → |
| PENUMBRA INC | PEN | 6.7% | History → |
| IHS HOLDING LIMITED | IHS | 6.6% | History → |
| AES CORP | AES | 5.7% | History → |
| SILICON LABORATORIES INC | SLAB | 5.5% | Holders → |
| CLEARWATER ANALYTICS HOLDINGS INC | CWAN | 5.1% | Holders → |
| VALARIS LTD | VAL | 4.0% | Holders → |
| GREAT LAKES DREDGE & DOCK CO | GLDD | 3.6% | Holders → |
| DEVON ENERGY CORP NEW | DVN | 1.5% | Holders → |
| COTERRA ENERGY, INC. | CTRA | 1.5% | Holders → |
| TERNS PHARMACEUTICALS INC | TERN | 1.0% | Holders → |
| ENHABIT INC | EHAB | 1.0% | Holders → |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| WARNER BROS DISCOVERY INC | WBD | +-0.6% | +42.2% | History → |
| NORFOLK SOUTHN CORP | NSC | +-1.3% | +23.4% | History → |
| TXNM ENERGY INC | TXNM | +-2.9% | +11.0% | History → |
| ELECTRONIC ARTS INC | EA | +-2.8% | +3.7% | History → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| HOLOGIC INC | HO1 | 9.5% |
| AVIDITY BIOSCIENCES INC | RNAGBP | 8.1% |
| DYNAVAX TECHNOLOGIES CORP | DVAX | 8.0% |
| AMICUS THERAPEUTIC | FOLD | 8.0% |
| EXACT SCIENCES CORP | EXK | 7.9% |
| KENVUE INC | KVUE | 7.4% |
| CIDARA THERAPEUTICS INC | CDTX | 6.1% |
| AXALTA COATING SYS LTD | AXTA | 5.2% |
Net Portfolio Value ChangeQ1 2026
- $0.3BPrior quarter
- $0.4BCurrent quarter
- +$0.1BNet delta
- +44.9%% 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 Q1 2026?
In Q1 2026, Sand Grove Capital Management LLP initiated 14 new positions (WEBSTER FINL CORP (WBS), TWO HARBORS INVENTMENT CORPO (TWO), ALLIED GOLD CORP (AAUC), PENUMBRA INC (PEN), IHS HOLDING LIMITED (IHS), AES CORP (AES), 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)); bought more shares of WARNER BROS DISCOVERY INC (WBD), NORFOLK SOUTHN CORP (NSC), TXNM ENERGY INC (TXNM), ELECTRONIC ARTS INC (EA).
What stocks did Sand Grove Capital Management LLP sell in Q1 2026?
In Q1 2026, Sand Grove Capital Management LLP fully sold 8 positions (HOLOGIC INC (HO1), AVIDITY BIOSCIENCES INC (RNAGBP), DYNAVAX TECHNOLOGIES CORP (DVAX), AMICUS THERAPEUTIC (FOLD), EXACT SCIENCES CORP (EXK), KENVUE INC (KVUE), CIDARA THERAPEUTICS INC (CDTX), AXALTA COATING SYS LTD (AXTA)).
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, 9.2%), TWO HARBORS INVENTMENT CORPO (TWO, 8.3%), ALLIED GOLD CORP (AAUC, 8.2%), PENUMBRA INC (PEN, 6.7%), IHS HOLDING LIMITED (IHS, 6.6%), AES CORP (AES, 5.7%), 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%).
Which existing positions saw the largest allocation increases for Sand Grove Capital Management LLP in Q1 2026?
Of 4 existing positions with share-count increases in Q1 2026, the largest were: WARNER BROS DISCOVERY INC (WBD, +-0.6% weight, +42.2% shares), NORFOLK SOUTHN CORP (NSC, +-1.3% weight, +23.4% shares), TXNM ENERGY INC (TXNM, +-2.9% weight, +11.0% shares), ELECTRONIC ARTS INC (EA, +-2.8% weight, +3.7% 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 (HO1, last-reported weight 9.5%), AVIDITY BIOSCIENCES INC (RNAGBP, last-reported weight 8.1%), DYNAVAX TECHNOLOGIES CORP (DVAX, last-reported weight 8.0%), AMICUS THERAPEUTIC (FOLD, last-reported weight 8.0%), EXACT SCIENCES CORP (EXK, last-reported weight 7.9%), KENVUE INC (KVUE, last-reported weight 7.4%), CIDARA THERAPEUTICS INC (CDTX, last-reported weight 6.1%), AXALTA COATING SYS LTD (AXTA, last-reported weight 5.2%).
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. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.