Alua Capital Management LP

Alua Capital Management entered the new year with a clear mandate to restructure. The $1.13B hedge fund ran up 23 position changes between year-end 2025 and Q1 2026, selling eight holdings while initiating six new names — the most active quarter on record for this 15-name portfolio. Most strikingly, the fund opened a $219M position in the iShares Russell 2000 ETF (IWM), a macro-level bet that constitutes 19.3% of the entire book and signals a deliberate shift toward small-cap beta at a moment when large-cap leadership has dominated. Simultaneously, Alua shed its entire positions in Procore, Microsoft, SharkNinja, and Flutter, and materially reduced Capital One (from $164M to $98M, a 21% haircut) and Churchill Downs (from $81M to $48M, a 25% cut). The replacements — AutoZone on conviction with an 18% share increase, Roku and Acuity in tech, NVENT and Floor & Decor in cyclicals — reflect a portfolio that is leaning harder into consumer cyclical names and specialty finance while the ETF anchor provides broad small-cap exposure. The fund's AUM declined from $1.35B to $1.13B over this window, suggesting redemptions alongside the rotation, yet the whaleScore of 79 signals that whatever capital remains is being deployed with unusually high conviction density — a 15-name book with eight positions above 5% of assets is not a diversified index fund.