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

Radcliffe Capital Management, L.P.

$1.3B in tracked AUM across 405 positions as of Q1 2026.

RC
CIK 0001218275 · last filed Mar 31, 2026
Total AUM
$1.3B
as of Q1 2026
Holdings
405
—
positions
Whale Score
54
54
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026
Comprehensive Analysis of Radcliffe Capital Management L.P. SEC 13F Filing
Portfolio Overview

Radcliffe Capital Management L.P. reported a significant expansion in assets under management (AUM) for the quarter ended September 30, 2025. The total portfolio value grew by 22.7%, increasing from $1.31 billion to $1.61 billion. This growth is attributable to a combination of positive market performance in existing holdings and substantial capital deployment, evidenced by the high vo...

Key Holdings

The portfolio is characterized by high concentration in its top names, with the top five positions accounting for approximately 36.15% of the total assets.

  • Enphase Energy Inc. (ENPH) is the dominant holding, comprising 8.63% of the portfolio. Interestingly, the firm holds Enphase in two distinct lots (ranked #1 and #10), totaling roughly $176 million. This suggests a staggered entry strategy or the management of separate mandates with different cost bases.
  • DexCom Inc. (DXCM) represents the second-largest position at 7.33%. As a new position this quarter, this indicates a strong conviction in the medical device and diabetes care space.
  • New Mountain Finance Corporation (NMFC) is the third-largest holding at 7.08% and is a notable outlier among the top holdings as a Business Development Company (BDC), providing income and exposure to private credit.
  • Teladoc Health Inc (TDOC) and Fiverr International Ltd (FVRR) round out the top five, at 6.71% and 6.40%, respectively. Both positions saw significant increases this quarter, signaling a bullish turnaround thesis on these former high-flying growth stocks.

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
TDOC 1.25 06/01/27
Teladoc Health Inc
$110M115.8M8.3%02
COIN 0.5 06/01/26
Coinbase Global Inc
$56M56.3M4.2%03
ENPH 0 03/01/28
Enphase Energy Inc
$44M49.6M3.3%04
FIVN 1 03/15/29
Five9 Inc
$38M43.5M2.8%05
ETSY 0.25 06/15/28
Etsy Inc
$34M38.0M2.5%06
DXCM 0.375 05/15/28
DexCom Inc.
$24M26.0M1.8%07
GLAD 5.875 10/01/30
Gladstone Capital Corp
$20M21.4M1.5%08
BAND 0.5 04/01/28
Bandwidth Inc
$20M22.3M1.5%09
U 0 11/15/26
Unity Software Inc
$17M17.2M1.2%10
CALY 2.75 05/01/26
Callaway Golf Company
$14M14.5M1.1%

Filing history

2026Q1Mar 31
$1.3B▼ 27.4%
405 positionsView →2025Q4Dec 31
$1.8B▲ 14.0%
309 positionsView →2025Q3Sep 30
$1.6B▲ 22.7%
235 positionsView →2025Q2Jun 30
$1.3B▲ 35.2%
145 positionsLocked2025Q1Mar 31
$971M▲ 10.8%
42 positionsLocked2024Q4Dec 31
$876M▲ 48.7%
49 positionsLocked2024Q3Sep 30
$589M▲ 14.6%
39 positionsLocked2024Q2Jun 30
$514M▼ 2.4%
45 positionsLocked2024Q1Mar 31
$527M▼ 29.4%
81 positionsLocked2023Q4Dec 31
$747M▼ 7.1%
198 positionsLocked2023Q3Sep 30
$804M▼ 31.6%
476 positionsLocked2023Q2Jun 30
$1.2B▼ 26.6%
587 positionsLocked
Showing 12 of 56