DOSSIER · 13F-HR · Q1 2026

Sand Grove Capital Management LLP

$444M in tracked AUM across 19 positions as of Q1 2026.

SG
CIK 0001665077 · last filed Mar 31, 2026
Total AUM
$444M
as of Q1 2026
Holdings
19
positions
Whale Score
63
63
tracked
Activity
no data
changes this Q
AI Analysis · Q1 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.

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
WBD
WARNER BROS DISCOVERY INC
$40M1.4M8.9%
02
WBS
WEBSTER FINL CORP
$39M566K8.8%
03
TXNM
TXNM ENERGY INC
$39M662K8.7%
04
TWO
TWO HARBORS INVENTMENT CORPO
$35M3.1M8.0%
05
AAUC
ALLIED GOLD CORP
$35M1.1M7.9%
06
NSC
NORFOLK SOUTHN CORP
$30M105K6.8%
07
EA
ELECTRONIC ARTS INC
$30M145K6.6%
08
PEN
PENUMBRA INC
$28M87K6.4%
09
G4701H109
IHS HOLDING LIMITED
$28M3.4M6.3%
10
AES
AES CORP
$24M1.7M5.5%

Filing history

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
2023Q2Jun 30
$854M 15.5%
30 positionsLocked
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