Lynrock Lake's Q1 2026 13F is a $1.46B, 27-position portfolio whose most distinctive feature is an extraordinary series of convertible-bond positions: 9 of 27 holdings are convertible bonds or convertible preferreds (PageDuty, Five9, Commerce.com, 8x8, Rapid7 x2, Commerce.com x2) totaling approximately $877.5M (60.0% of AUM), with individual coupons ranging from 0.25% to 7.5%. The single largest position is Teradata ($240.0M, 16.4%, 9.35M shares) as the portfolio's only significant common-stock anchor -- a data-analytics-and-cloud-data-management company. The remaining common-stock sleeve includes Yext ($69.8M, 4.8%), On24 ($67.2M, 4.6%), Allot ($66.7M, 4.6%), Radcom ($38.5M, 2.6%), TechTarget ($31.1M, 2.1%), Commerce.com common ($24.7M, 1.7%), ZoomInfo ($12.4M, 0.8%), EverSPIN ($8.5M, 0.6%), PageDuty common ($8.5M, 0.6%), QT Imaging ($6.8M, 0.5%), Powerfleet ($4.4M, 0.3%), Onespan ($3.2M), Silvaco ($2.2M), Commerce.com sub-debt ($2.2M), plus six micro-positions (Sequans, GigCapital8/9, MiTek, One Stop, Lantronix). A 77.25 whaleScore on $1.46B reflects AUM. The portfolio's identity is best read as a long/short or convertible-arbitrage hedge fund specializing in mid-cap software-and-data companies -- the manager builds large convertible-bond positions (providing downside protection and equity upside) alongside common-stock anchors, generating returns from the convertible spread, volatility, and equity optionality. The 26 new opens with zero sold positions confirms this is a newly-established or significantly-rebuilt book in Q1 2026.
The convertible-bond sleeve is the portfolio's structural signature. PageDuty ($200.6M, 13.7%, 221.7M shares face value, 1.5% coupon 10/15/28) -- incident-management-and-on-call-software -- is the largest convertible position and the portfolio's second-largest holding overall. Five9 ($162.5M, 11.1%, 1.5% coupon 3/15/29) -- cloud-contact-center software -- is second. Commerce.com ($145.2M, 9.9%, 7.5% coupon 10/01/28) -- ecommerce-and-payment infrastructure -- is third. 8x8 ($133.6M, 9.1%, 4% coupon 2/01/28) -- unified-communications-and-VoIP -- is fourth. Rapid7 has TWO separate convertible bonds ($121.3M, 8.3%, 0.25% coupon 3/15/27 AND $111.0M, 7.6%, 1.25% coupon 3/15/29) -- cybersecurity-and-analytics -- totaling $232.3M (15.9% of AUM) across two tranches, reflecting a large-and-layered Rapid7 position. Commerce.com has TWO separate tranches ($145.2M, 9.9%, 7.5% AND $2.2M sub-debt) -- a total $147.4M Commerce.com exposure across common and convertible. Together the 9 convertible positions total $877.5M, an extraordinary commitment to a single risk-management strategy.
The common-stock anchor is Teradata ($240.0M, 16.4%, 9.35M shares) -- a data-analytics-and-cloud-data-management company -- as the portfolio's largest and only significant common-stock holding. Teradata's presence as the sole sub-$250M-plus common-stock anchor suggests the manager has a high-conviction view on Teradata's data-cloud-and-AI-analytics thesis. The remaining common-stock sleeve (15 positions, $388M total) spans software-and-data names: Yext ($69.8M, 4.8%, 18.2M shares) -- AI-and-enterprise-search; On24 ($67.2M, 4.6%) -- virtual-event-and-marketing-automation; Allot ($66.7M, 4.6%) -- network-security-and-traffic-management; Radcom ($38.5M, 2.6%) -- telecom-analytics; TechTarget ($31.1M) -- B2B-media-and-technology-content; Commerce.com common ($24.7M) -- ecommerce; ZoomInfo ($12.4M) -- B2B-contact-and-company-data; EverSPIN ($8.5M) -- MRAM-memory-technology; PageDuty common ($8.5M) -- incident-management (paired with the large PageDuty convertible); QT Imaging ($6.8M) -- healthcare-imaging; Powerfleet ($4.4M) -- fleet-management-IoT; Onespan ($3.2M) -- identity-and-e-signature; Silvaco ($2.2M) -- EDA-software; and six sub-$1M micro-positions in deep-tech-and-SPAC names.