AI Analysis · Q1 2026

Khrom Capital Management's Q1 2026 filing captures a $1.09B, 14-position fund executing one of the more balanced sector rotations in this cohort — simultaneously adding financial services (Capital One +$150M, Synchrony trimmed), healthcare (Soleno +$50.6M, Universal Health reduced, Acadia trimmed), logistics (GXO +$39.1M, +63% shares), technology (DoorDash +$101.9M, Stride +$42.9M, +109% shares), and industrials (Medline +$31.3M, Reinsurance Group +$59.6M) while eliminating seven names that had served as the portfolio's 2024-2025 anchors (Tenet Healthcare, Credit Accept, United Airlines, Signet Jewelers, LGI Homes, and two Amcor/HCI share-class switches). The fund's 21 total changes — 7 new, 7 sold, 4 increased, 3 decreased — is unusually high turnover for a 14-name book, which points to a desk that treats each quarter as a portfolio-construction exercise rather than a buy-and-hold vehicle. Capital One ($149.6M, 13.7% of AUM) opened as the new largest holding, replacing Amcor's 15.4% weight from Q4 2025; DoorDash ($101.9M, 9.3%) and TD SYNNEX ($101.8M, 9.3%) are similarly sized opens that diversify the technology exposure away from the software-and-semiconductor complex. GXO (+63% shares, +$39.1M) and Stride (+109% shares, +$42.9M) are the largest increases — names in logistics and online education that benefit from reshoring and demographic-tailwinds respectively. The sells cluster in two themes: consumer-credit exposure (Credit Accept -$61.3M, United Airlines -$46.8M, Signet Jewelers -$32.1M, LGI Homes -$14.7M) and healthcare positioning that the manager appears to be rotating within the sector (Tenet Healthcare -$100.2M, Universal Health -$20.1M) while adding Soleno Therapeutics in rare disease. At a 79.00 whaleScore, this is a concentrated, high-turnover book whose Q1 activity is more informative than its static snapshot: the manager is actively rebalancing sector weights around a base-case view that favors financial services, logistics, education technology, and select biotech over consumer credit, traditional healthcare operators, and travel.

The new opens are the most information-rich segment. Capital One ($149.6M, 13.7% of AUM) opened as the fund's new largest position, replacing Amcor PLC (~15.4% in Q4) — a deliberate rotation from defensive packaging into consumer-and-commercial banking that benefits from higher-for-longer rates and strong credit-card spend. DoorDash ($101.9M, 9.3%) and TD SYNNEX ($101.8M, 9.3%) are the two technology opens; neither is a conventional software name — DoorDash is a logistics-and-consumer platform with an expanding B2B delivery business, and SYNNEX is a technology distributor and IT-solutions integrator with exposure to hardware refresh cycles. The pairing suggests the manager wants tech-sector upside without the concentration risk of pure-play SaaS or semiconductor names. HCI Group ($89.7M, 8.2%) opened as a homeowners-insurance-and-reinsurance play tycho to Reinsurance Group of America ($59.6M, 5.4%) — two names in the same insurance vertical but different underwriting and exposure profiles (HCI is primarily Florida homeowners, RGA is global reinsurance). Soleno Therapeutics ($50.6M, 4.6%) opened in rare disease (acromegaly and congenital adrenal hyperplasia) with a late-stage commercial ramp — a high-conviction biotech bet with a 2026 commercial inflection that is uncorrelated to the rest of the book.

The increases reinforce the rotation thesis. GXO Logistics (+$39.1M, +63% shares) is a post-spinoff third-party-logistics provider exposed to e-commerce fulfillment and reshoring-driven warehouse demand — the kind of name that benefits from the same supply-chain-redundancy theme driving industrial policy in the US and EU. Stride Inc (+$42.9M, +109% shares) is an online K-12 and adult-learning platform whose enrollment surged during the pandemic and has remained elevated as hybrid schooling persists; the 109% share increase is the largest percentage change in the filing and suggests the manager discovered the name after its mid-2025 pullback. Live Nation (+$4.3M, +1.4%) was increased modestly — a live-entertaination position that is effectively a consumer-discretionary / event-recovery trade that fits alongside the broader consumer-cyclical tilt.

Quarter at a glance — Q1 2026

Top 10 holdings

Filing history