Cosmic Management, LLC's $324.63M 2025Q4 Filing Is a 4-Position Bet: FIG at 46.68%

Cosmic Management, LLC reported $324.63M for 2025Q4, and the cleanest takeaway is that FIG at 46.68% and top-5 at 100.01%. The filing is anchored by FIG, NAVN, IOT, with FIG alone accounting for 46.68% of the book.

TL;DR

• Filing size: $324.63M across 4 reported positions.
• Top holding: FIG is the largest line at 46.68% of the filing.
• Top-5 concentration: The top five positions add up to 100.01%.
• Quarter-over-quarter move: Reported 13F value changed None versus the prior quarter.
• Portfolio turnover: 4 new positions and 0 exits versus the previous quarter.
• Interpretation: The cleanest way to read this filing is FIG at 46.68% and top-5 at 100.01%.

Filing Snapshot

Why This Filing Stands Out

Cosmic Management, LLC is not just large. It is readable. The latest filing shows FIG at 46.68%, top-five concentration at 100.01%, and top-ten concentration at 100.01%. That combination tells investors whether they are looking at a diversified allocator, an ETF wrapper, or a book where a handful of ideas drive most of the exposure.

For readers trying to separate noise from signal, the right question is not simply whether the fund is big. The better question is how much of that scale is concentrated in names such as FIG, NAVN, IOT, BIOA, and whether the quarter-over-quarter move reflects deliberate positioning or just market drift.

Top Holdings Driving The Narrative

The top of the filing is where the character of the portfolio becomes obvious. When a name like FIG sits at 46.68%, it shapes the whole interpretation of the quarter. That is especially true when the next few names absorb most of the remaining risk budget rather than leaving the portfolio evenly spread across hundreds of smaller positions.

What Changed From The Prior Quarter

Compared with the previous filing, Cosmic Management, LLC recorded 4 new positions and 0 exits. The overall 13F value moved from None to $324.63M, which translates to None quarter over quarter.

Those moves matter because they tell you whether the quarter was driven by a few aggressive reallocations or by smaller trims inside an otherwise stable core.

How Investors Should Read The Concentration

If you only look at raw AUM, filings like this can appear interchangeable. They are not. A top-five share of 100.01% means portfolio behavior will be driven by a relatively narrow set of exposures compared with a lower-concentration allocator. That distinction matters when investors try to infer conviction, benchmark sensitivity, or how much damage one wrong call can do to the overall book.

In practical terms, this is why investors should read holdings like FIG, NAVN, IOT, BIOA together rather than in isolation. The portfolio-level story is not just which names appear, but how heavily they dominate the filing.

AUM History

The AUM history chart is the best way to see whether the latest quarter is part of a smooth trend or a sharp break in pattern. Here, the latest filing sits at $324.63M after a prior-quarter base of None. That gives investors a better sense of whether the manager is compounding steadily, resetting quickly, or reacting to one unusual reporting period.

FAQ

What did Cosmic Management, LLC buy in 2025Q4?

The filing was led by FIG and a top group that together accounted for 100.01% of reported value.

How concentrated is Cosmic Management, LLC's 13F portfolio?

The largest position was FIG at 46.68%, while the top five positions added up to 100.01%.

Did the portfolio expand or contract quarter over quarter?

The filing moved from None to $324.63M and recorded 4 new positions against 0 exits.

What should investors focus on first in this filing?

Start with the top holding, the top-five concentration, and the quarter-over-quarter AUM move. Those three numbers usually tell you more than the raw holdings count.