DOSSIER · 13F-HR · Q2 2026

Sand Grove Capital Management LLP

$383M in tracked AUM across 14 positions as of Q2 2026.

SG
CIK 0001665077 · last filed Jun 30, 2026
Total AUM
$383M
as of Q2 2026
Holdings
14
positions
Whale Score
71
71
strong
Activity
no data
changes this Q
AI Analysis · Q2 2026

Based on the SEC 13F filing data provided for Sand Grove Capital Management LLP for the period ending September 30, 2025, here is a comprehensive financial analysis.

1. Portfolio Overview

Sand Grove Capital Management LLP has undergone a radical transformation of its portfolio during the third quarter of 2025. The firm executed a massive capital rotation, reducing total Assets Under Management (AUM) by 62.2%, from approximately $198.62 million to $74.98 million. This reduction was driven pr...

2. Key Holdings

The portfolio is currently dominated by three distinct positions, with the fourth position (RKT) representing a negligible value of $116.

  • TXNM Energy Inc. (TXNM): This is the largest holding, valued at $33.54 million, representing 44.73% of the portfolio. Sand Grove significantly increased its stake in this utility company by 74.8% (adding $14.44 million). This indicates a strong bullish outlook on the company, likely viewing it as a defensive core holding or a play on energy infrastructure stability.
  • Merus N.V. (MRUS): A new position constituting 30.06% of the portfolio ($22.54 million). This is a clinical-stage oncology company, indicating a shift towards high-growth, high-risk biotechnology. The allocation size is substantial for a new entry, suggesting the firm sees significant upside potential in the company's drug pipeline.
  • CyberArk Software Ltd. (CYBR): Another new position and a major cybersecurity player, valued at $18.90 million (25.21% of the portfolio). This establishes a clear tilt towards technology, specifically the defensive IT sector, which often benefits from increased enterprise spending on security regardless of broader economic cycles.
Analysis generated by 13F Insight from SEC Form 13F filing data · Q2 2026. Methodology

Quarter at a glance — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
TWO
TWO HARBORS INVENTMENT CORPO
$56M4.5M14.6%
02
WBD
WARNER BROS DISCOVERY INC
$39M1.5M10.3%
03
AAUC
ALLIED GOLD CORP
$32M1.3M8.3%
04
WBS
WEBSTER FINL CORP
$32M415K8.3%
05
NSC
NORFOLK SOUTHN CORP
$31M99K8.1%
06
TXNM
TXNM ENERGY INC
$29M507K7.5%
07
AES
AES CORP
$27M1.9M7.2%
08
TECH
BIO-TECHNE CORP
$26M371K6.8%
09
670703907
NUVALENT INC
$26M209K6.7%
10
ROKU
ROKU INC
$23M166K6.0%

Filing history

2026Q2Jun 30
$383M 13.7%
14 positionsView →
2026Q1Mar 31
$444M 50.6%
19 positionsView →
2025Q4Dec 31
$295M 293.4%
12 positionsView →
2025Q3Sep 30
$75M 62.2%
4 positionsView →
2025Q2Jun 30
$199M 184.9%
11 positionsLocked
2025Q1Mar 31
$70M 66.2%
3 positionsLocked
2024Q4Dec 31
$206M 19.5%
13 positionsLocked
2024Q3Sep 30
$256M 25.1%
15 positionsLocked
2024Q2Jun 30
$342M 21.7%
20 positionsLocked
2024Q1Mar 31
$437M 16.2%
22 positionsLocked
2023Q4Dec 31
$376M 53.1%
18 positionsLocked
2023Q3Sep 30
$802M 6.1%
30 positionsLocked
Showing 12 of 40