Shannon River Fund Management LLC

A portfolio that ended 2025 with PEGA and U among its largest positions entered 2026 without either one. Shannon River Fund Management fully exited both stakes—previously worth $62.0 million and $47.1 million—along with CWAN, NCNO and KVYO, while opening ABNB, RMBS and TOST. This was not routine trimming: 11 exits and 13 new positions rewired a 28-name portfolio whose value fell to $524.1 million.

The replacement set shifts the center of gravity toward semiconductors, networking and consumer platforms. Shannon River added an estimated $18.4 million to MRVL, making it 10.7% of the book, while new stakes in ABNB and RMBS reached 6.0% and 5.5%. Tower Semiconductor remains the 16.9% anchor, but even there the firm sold shares; a $17.7 million increase in reported value was caused by price movement masking an estimated $17.3 million reduction. The quarter combined heavy turnover with greater top-end concentration, not a simple retreat from risk.