13F Insight
DOSSIER · 13F-HR · Q1 2026

Keenan Capital, LLC

$474M in tracked AUM across 9 positions as of Q1 2026.

KC
CIK 0001647363 · last filed Mar 31, 2026
Total AUM
$474M
as of Q1 2026
Holdings
9
—
positions
Whale Score
69
69
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026
Comprehensive Analysis of Keenan Capital, LLC SEC 13F Filing
1. Portfolio Overview

Keenan Capital, LLC manages a highly concentrated portfolio totaling approximately $374.47 million as of September 30, 2025. The firm employs a high-conviction strategy characterized by a remarkably low number of holdings, currently standing at just 6 securities. This lack of broad diversification indicates a bottom-up stock-picking approach where the firm selects specific winners rather than trackin...

The portfolio experienced a significant contraction in value this quarter, decreasing by 12.6% (from $428.26 million). This decline is attributable to a combination of active deleveraging—specifically the reduction of large positions—and potential market volatility in the underlying assets. With the top three holdings constituting nearly 75% of the total assets, the portfolio's performance is heavily correlated with the specific success of these few companies.

2. Key Holdings

The portfolio is dominated by a small cohort of technology and tech-enabled growth companies.

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
APP
APPLOVIN CORP
$76M191K16.1%02
DT
DYNATRACE INC
$61M1.6M12.9%03
M5216V106
GLOBAL E ONLINE LTD
$58M1.9M12.1%04
SAIL
SAILPOINT INC
$57M4.3M12.0%05
G00894108
ACCELERANT HOLDINGS
$53M4.0M11.3%06
APPF
APPFOLIO INC
$53M335K11.1%07
GDDY
GODADDY INC
$50M604K10.5%08
WDAY
WORKDAY INC
$44M337K9.2%09
CWAN
CLEARWATER ANALYTICS HLDGS I
$23M960K4.8%

Filing history

2026Q1Mar 31
$474M▼ 13.7%
9 positionsView →2025Q4Dec 31
$549M▲ 46.6%
9 positionsView →2025Q3Sep 30
$374M▼ 12.6%
6 positionsView →2025Q2Jun 30
$428M▲ 42.5%
8 positionsLocked2025Q1Mar 31
$301M▼ 39.3%
8 positionsLocked2024Q4Dec 31
$495M▲ 9.6%
10 positionsLocked2024Q3Sep 30
$452M▲ 10.6%
9 positionsLocked2024Q2Jun 30
$408M▲ 4.6%
9 positionsLocked2024Q1Mar 31
$390M▼ 8.0%
9 positionsLocked2023Q4Dec 31
$424M▼ 25.1%
9 positionsLocked2023Q3Sep 30
$567M▲ 1.5%
10 positionsLocked2023Q2Jun 30
$558M▲ 1.3%
10 positionsLocked
Showing 12 of 31