The most feared activist in the market; 13F shows the equity toeholds.
| # | Holding | Our call | % of book | Value | Shares | QoQ |
|---|---|---|---|---|---|---|
| 1 | TFPM | Avoid | 29.0% | $4.63B | 133M | — |
| 2 | PSX | Hold | 22.0% | $3.51B | 19.3M | — |
| 3 | SU | Sell | 21.9% | $3.48B | 52.7M | — |
| 4 | XLIPut | — | — | $1.21B | 7.50M | — |
| 5 | LUV | Hold | 7.2% | $1.14B | 30.3M | Trimmed-41% |
| 6 | XLPPut | — | — | $749M | 9.14M | Trimmed-54% |
| 7 | HPE | Hold | 4.1% | $653M | 27.4M | Added+47% |
| 8 | UNIT | Hold | 3.5% | $554M | 59.0M | — |
| 9 | PINS | Buy | 3.2% | $514M | 28.0M | — |
| 10 | XLYPut | — | — | $469M | 4.30M | NEW |
| 11 | HYGPut | — | — | $398M | 5.00M | NEW |
| 12 | DLRPut | Hold | — | $270M | 1.50M | Added+50% |
| 13 | ETSY | Sell | 1.6% | $250M | 5.00M | — |
| 14 | NCLH | Hold | 1.5% | $247M | 13.2M | NEW |
| 15 | QQQPut | — | — | $231M | 400K | Trimmed-73% |
| 16 | SEADRILL LTD | — | 1.3% | $215M | 4.72M | Added+4% |
| 17 | IWDPut | — | — | $214M | 1.00M | Trimmed-64% |
| 18 | PEP | Hold | 1.2% | $198M | 1.27M | — |
| 19 | GDXCall | — | — | $184M | 2.00M | NEW |
| 20 | GDXPut | — | — | $151M | 1.65M | Trimmed-88% |
| 21 | EQIX | Hold | 0.9% | $147M | 150K | — |
| 22 | IWMPut | — | — | $124M | 500K | NEW |
| 23 | OR ROYALTIES INC. | — | 0.7% | $118M | 3.11M | — |
| 24 | RIG | Hold | 0.7% | $104M | 15.6M | NEW |
| 25 | CCI | Hold | 0.6% | $99.6M | 1.23M | — |
| 26 | XMEPut | — | — | $97.2M | 900K | — |
| 27 | FTVPut | Hold | — | $41.5M | 750K | NEW |
| 28 | WAYFAIR INC | — | 0.2% | $26.2M | 15.0M | — |
| 29 | EMRPut | Hold | — | $26.2M | 200K | NEW |
| 30 | GLIBK | Buy | 0.2% | $24.6M | 660K | — |
| 31 | HDB | Hold | 0.1% | $19.8M | 797K | Added+268% |
| 32 | WPMCall | Sell | — | $13.1M | 100K | NEW |
| 33 | STRATEGY INC | — | 0.1% | $11.5M | 10.0M | Trimmed-38% |
Source: SEC Form 13F-HR. Positions are as-of quarter end (filed up to 45 days later) and cover US-listed equities only — shorts, non-US listings and most derivatives don’t appear. Values as reported by the filer. “Our call” is TENK/calls’s independent SEC-grounded verdict, not the fund’s view.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.