BlackBarn Capital Partners LP

BlackBarn Capital Partners' Q1 2026 13F is a $1.24B, 21-position concentrated healthcare-and-thematic portfolio that underwent one of the most dramatic AUM contractions in institutional data -- total AUM fell from $1.52B in Q4 2025 to $1.24B in Q1 2026 (-$277.7M or -18.3%), driven primarily by a $502.6M reduction in SPDR S&P 500 ETF TR (SPY, -46.7% shares) that unwound the portfolio's heavy Q4 passive-equity overlay. The Q4 2025 portfolio was 67.3% SPY -- effectively a passive-equity proxy -- while Q1 2026 returns to a traditional concentrated active-management profile with 8 healthcare names (Roivant, Privia Health, Warby Parker, Diversified Healthcare Trust, Amneal Pharma, Viking Therapeutics, Arbutus Biopharma, Cogent Communications) accounting for 19.4% of AUM. Seven new opens in Q1 -- iShares MSCI Brazil ETF (EWZ, $201.5M, 16.2% of AUM, the largest new position and effectively a tactical emerging-markets overlay), American Airlines (AAL, $43.0M), Veeco Instruments (VECO, $33.9M), Palantir Technologies (PLTR, $26.0M), NXP Semiconductors (NXP, $11.8M), Global Business Travel Group (GBTG, $11.2M), and Vivid Seats (SEAT, $3.0M) -- signal a rotation out of broad passive equity and into thematic, secular-growth, and deep-value names. The portfolio increased 7 positions: NIQ Global Intelligence (+15.3% shares), McGraw Hill (+49.2% shares, +$5.5M into strength -- the largest absolute increase), Cogent Communications (+53.8% shares, +$4.8M), Arbutus Biopharma (+35.1% shares, +$2.4M), Privia Health Group (+21.9% shares, +$1.8M), Viking Therapeutics (+13.0% shares, +$0.9M), and Amneal Pharma (+5.1% shares, +$0.7M). Three sold: Elanco Animal Health (was $38.5M), Oscar Health (was $18.7M), and Axcelis Technologies (was $7.8M). Four decreased: SPY (-46.7% shares, -$502.6M, the defining move of the quarter), Roivant Sciences (-25.9% shares, -$3.6M from $66.9M), Diversified Healthcare Trust (-26.3% shares, +$0.3M), and Warby Parker (-66.7% shares, -$44.3M from $65.4M). SPY's reduction from $1.02B (Q4) to $520.3M (Q1) is the primary driver of the $277.7M AUM drop. The healthcare core -- Roivant $63.3M (5.1%), Privia $32.6M (2.6%), Warby Parker $21.1M (1.7%), Amneal $20.5M (1.7%), Viking $20.2M (1.6%), Diversified Healthcare $32.0M (2.6%), Arbutus $11.3M (0.9%), Cogent $18.8M (1.5%) -- reflects a manager with deep conviction in the digital-health, specialty-pharmaceutical, and healthcare-technology themes. The technology sleeve -- Palantir $26.0M (2.1%), Veeco $33.9M (2.7%), NXP $11.8M (1.0%) -- is small but thematic (semiconductor manufacturing, defense-and-intelligence software). The portfolio's 77.25 whaleScore on $1.24B reflects the AUM threshold despite the 21-position structure. The quarter's defining narrative is a concentrated healthcare manager unwinding a heavy Q4 passive-equity overlay, realizing a significant AUM reduction, and redeploying into a more traditionally active concentrated book with new opens in EWZ (tactical emerging-markets), AAL (reopening/value), VECO/PLTR/NXP (semiconductor-and-intelligence), and GBTG (business-travel recovery).