59 North Capital Management, LP

59 North Capital Management executed unusually active trading in Q1 2026, recording 19 position changes across a concentrated 17-position book that contracted from $3.21B to $3.35B. The defining signal was a rotation out of crypto-adjacent and exploration-energy names into large-cap integrated energy and legacy media: the fund fully liquidated both its iShares Bitcoin Trust (IBIT, $195M sold) and Expand Energy (EXE, $203M sold, the prior quarter's ninth-largest position) while simultaneously initiating large new stakes in Chevron ($212M) and Walt Disney ($207M). The energy infrastructure core — Kinder Morgan ($354M), DT Midstream ($353M), Constellation Energy ($227M), and Chevron — now represents roughly 33% of the book. The media sleeve includes News Corp Class B ($310M, reduced 4%) and the new Disney position alongside the existing Carnival (CCL, $241M, up 9%). Ferguson Enterprises ($333M, +$54M) and Louisiana-Pacific ($237M, down $48M) anchor the building-materials and construction-linked layer. The reduction in Lamar Advertising ($75M to $24M, a 68% haircut) is the quarter's most aggressive trim in percentage terms. The portfolio's sector profile — Utilities (28%), Communication Services (17%), Consumer Cyclical (17%), Energy (6%), plus industrials, basic materials, and financial services — reflects a diversified but active mandate with a recognizable infrastructure-and-energy bias.