Sand Grove Capital Management LLP

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.