Kanen Wealth Management LLC

Kanen Wealth Management LLC publishes one of the most concentrated 13Fs in this batch: a $278M portfolio spread across only 36 individual line items with no ETFs whatsoever — an average position size of roughly $7.7M that places every single holding in the structural-conviction category. The portfolio's four largest positions — a cusip-coded name at 16.8% (COMP, likely a fintech or SPAC-adjacent issuer), a second unnamed cusip-coded name (M0854Q105, 11.1%), Barnes & Noble Education (BNED, 10.9%), and POWW (likely AMMO/Powder River or a special-situation industrial, 8.5%) — together claim 47.3% of the fund in a way that signals either a special-situations mandate or a concentrated activist portfolio where individual bankruptcy-and-reorganization outcomes move the entire book. INSE (Inseego or similar, 6.9%) rounds out the top five. The Q1 initiations — FUN (likely a gaming or entertainment SPAC), LOVE (likely a SPAC or special-purpose vehicle), PTON (Peloton Interactive), AAPL (Apple), and ZVIA (Zevra Therapeutics or similar biotech) — span consumer discretionary, technology, and healthcare, suggesting the manager was building new conviction positions alongside maintaining its existing concentrated core. With whaleScore of 64.0 on a 36-name book, this is the highest-concentration fund in the current queue — the kind of portfolio where a single binary outcome on one of the top four positions can move NAV by 10-15% in a quarter. This is genuine active special-situations or activist management.