Chicago Capital Management, LLC

Chicago Capital Management LLC ran up an unusually high Q1 turnover rate: across a 29-name, $122M portfolio, the manager sold 27 positions and initiated 13 new ones within a single quarter, making this one of the most active restructuring events in the current 13F cycle. The portfolio's top holdings — a $8.4M dominant name (cusip G4474Y214 at 6.8%), GTLX at 6.9%, ACLX at 6.7%, a 2028-dated convertible bond (BAND 0.5 04/01/28 at 6.0%), FOLD at 6.0%, and IRWD 1.5 06/15/26 convertible at 5.7% — together claim roughly 38% of the fund and were all carried through the Q1 restructuring without reduction, which means the manager operated from a stable seven-name conviction core while rebuilding the portfolio's secondary layer from scratch. Eight existing positions were held flat. The 13 new initiations span sectors that reflect a deliberate thesis rotation; the 27 sold positions are best read as the manager liquidating names from its prior cycle positioning to fund a new directional bet. With whaleScore of 56.25 on a concentrated structure and zero ETF passive scaffolding, this fund is a genuine institutional single-stock allocator — the kind of manager whose portfolio changes warrant the smart-money signal surfaces.