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

XN LP

$2.7B in tracked AUM across 23 positions as of Q1 2026.

XL
CIK 0001756558 · last filed Mar 31, 2026
Total AUM
$2.7B
as of Q1 2026
Holdings
23
—
positions
Whale Score
72
72
strong
Activity
—
no data
changes this Q
AI Analysis · Q1 2026
Portfolio Overview

XN LP reported a significant contraction in portfolio value for the quarter ending September 30, 2025, with total assets under management (AUM) declining by 39.8%, from $3.12 billion to $1.88 billion. This reduction was driven by a combination of active deleveraging and substantial position liquidations rather than market depreciation alone, evidenced by the exit of eight major positions. The portfolio is highly concentrated, holding only 13 securities, indicating a high-c...

Key Holdings

The portfolio is characterized by a "barbell" structure dominated by a few massive convictions. The largest position, TKO Group Holdings (Consumer Cyclical), represents a commanding 28.96% of the portfolio ($544.76M). This suggests an extremely high level of conviction in the sports and entertainment conglomerate. The second and third largest holdings, TransUnion ($204.98M) and Procore Technologies ($168.56M), indicate a tilt toward business-to-business (B2B) services and vertical software.

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
TKO
TKO GROUP HOLDINGS INC
$382M1.9M14.0%02
SOLS
SOLSTICE ADVANCED MATLS INC
$203M2.7M7.5%03
TSM
TAIWAN SEMICONDUCTOR MANUFAC
$193M571K7.1%04
SHW
SHERWIN WILLIAMS CO
$183M571K6.7%05
TOST
TOAST INC
$173M6.5M6.3%06
AMAT
APPLIED MATLS INC
$165M483K6.1%07
GE
GE AEROSPACE
$162M569K5.9%08
MOD
MODINE MFG CO
$140M646K5.1%09
GLW
CORNING INC
$137M1.0M5.0%10
PCOR
PROCORE TECHNOLOGIES INC
$126M2.2M4.6%

Filing history

2026Q1Mar 31
$2.7B▼ 23.7%
23 positionsView →2025Q4Dec 31
$3.6B▲ 89.7%
26 positionsView →2025Q3Sep 30
$1.9B▼ 39.8%
13 positionsView →2025Q2Jun 30
$3.1B▲ 42.0%
21 positionsLocked2025Q1Mar 31
$2.2B▼ 13.1%
19 positionsLocked2024Q4Dec 31
$2.5B▼ 6.7%
24 positionsLocked2024Q3Sep 30
$2.7B▲ 12.8%
25 positionsLocked2024Q2Jun 30
$2.4B▼ 4.0%
25 positionsLocked2024Q1Mar 31
$2.5B▲ 65.5%
23 positionsLocked2023Q4Dec 31
$1.5B▲ 27.0%
20 positionsLocked2023Q3Sep 30
$1.2B▲ 14.1%
21 positionsLocked2023Q2Jun 30
$1.0B▲ 24.5%
18 positionsLocked
Showing 12 of 18