Sand Grove Capital Management LLP's Q1 2023 13F: 11 new positions, 12 exits
Form 13F-HR for the quarter ended Mar 31, 2023 · filed May 15, 2023 · 19 reported positions · accession 0001665077-23-000006
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Exited | 1LIFE HEALTHCARE INC (ONEM) | 8.6% | — | −8.6 pts | −5.37M sh | −100% |
| Increased | HORIZON THERAPEUTICS PUB L (HZNP) | 3.7% | 13.8% | +10.1 pts | +482K sh | +142% |
| Exited | SOUTH JERSEY INDS INC (SJI) | 8.0% | — | −8.0 pts | −2.32M sh | −100% |
| Exited | ACTIVISION BLIZZARD INC (ATVI) | 7.6% | — | −7.6 pts | −1.03M sh | −100% |
| Exited | MONEYGRAM INTL INC (MGI) | 7.2% | — | −7.2 pts | −6.85M sh | −100% |
| New | SEAGEN INC (SGEN) | — | 5.9% | +5.9 pts | +190K sh | new |
| Exited | STORE CAP CORP (STOR) | 5.6% | — | −5.6 pts | −1.81M sh | −100% |
| Reduced | BLACK KNIGHT INC (BKI) | 8.9% | 8.9% | 0.0 pts | −487K sh | −33% |
| New | OAK STR HEALTH INC (OSH) | — | 4.1% | +4.1 pts | +689K sh | new |
| Exited | COUPA SOFTWARE INC (COUP) | 3.7% | — | −3.7 pts | −481K sh | −100% |
| New | ALBERTSONS COS INC (ACI) | — | 3.2% | +3.2 pts | +1.01M sh | new |
| New | RADIUS GLOBAL INFRASTRCTRE I (RADI) | — | 2.9% | +2.9 pts | +1.29M sh | new |
| Exited | ALTRA INDL MOTION CORP (AIMC) | 2.8% | — | −2.8 pts | −478K sh | −100% |
| Exited | YAMANA GOLD INC (AUY) | 2.3% | — | −2.3 pts | −4.39M sh | −100% |
| New | NATIONAL INSTRS CORP (NATI) | — | 2.2% | +2.2 pts | +271K sh | new |
| New | SUMO LOGIC INC (SUMO) | — | 2.1% | +2.1 pts | +1.14M sh | new |
| Reduced | MAXAR TECHNOLOGIES INC (MAXR) | 3.7% | 3.7% | +0.1 pts | −261K sh | −35% |
| Reduced | SILICON MOTION TECHNOLOGY CO (SIMO) | 6.6% | 8.7% | +2.1 pts | −196K sh | −18% |
| Increased | FIRST HORIZON CORPORATION (FHN) | 8.9% | 12.3% | +3.4 pts | +717K sh | +19% |
| Exited | SIERRA WIRELESS INC (SWIR) | 1.8% | — | −1.8 pts | −638K sh | −100% |
| Exited | MERIDIAN BIOSCIENCE INC (VIVO) | 1.7% | — | −1.7 pts | −537K sh | −100% |
| Reduced | VMWARE INC (VMW) | 1.9% | 1.3% | −0.5 pts | −89,216 sh | −56% |
| New | AERCAP HOLDINGS NV (AER) | — | 1.3% | +1.3 pts | +150K sh | new |
| New | NEWS CORP NEW (NWSA) | — | 1.1% | +1.1 pts | +415K sh | new |
| New | COMERICA INC (CMA) | — | 1.0% | +1.0 pts | +151K sh | new |
| Exited | TEGNA INC (TGNA) | 0.2% | — | −0.2 pts | −88,308 sh | −100% |
| Exited | FRONTLINE LTD (FROXXXX) | 0.2% | — | −0.2 pts | −134K sh | −100% |
| New | TREAN INS GROUP INC (TIG) | — | 0.1% | +0.1 pts | +122K sh | new |
| New | QUALTRICS INTL INC (XM) | — | 0.1% | +0.1 pts | +41,521 sh | new |
| Increased | SHAW COMMUNICATIONS INC (SJR) | 9.7% | 16.1% | +6.4 pts | +12,622 sh | 0% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 87.8% of the equity book
Changes in the top 10 this quarter: HZNP entered · SGEN entered · OSH entered · MAXR entered · ACI entered · ONEM left · SJI left · ATVI left · MGI left · STOR left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | SHAW COMMUNICATIONS INC (SJR) | 9.7% | 16.1% | |
| 2 | HORIZON THERAPEUTICS PUB L (HZNP) | 3.7% | 13.8% | Entered the top 10 |
| 3 | FIRST HORIZON CORPORATION (FHN) | 8.9% | 12.3% | |
| 4 | TOWER SEMICONDUCTOR LTD (TSEM) | 7.0% | 11.0% | |
| 5 | BLACK KNIGHT INC (BKI) | 8.9% | 8.9% | |
| 6 | SILICON MOTION TECHNOLOGY CO (SIMO) | 6.6% | 8.7% | |
| 7 | SEAGEN INC (SGEN) | 0.0% | 5.9% | Entered the top 10 |
| 8 | OAK STR HEALTH INC (OSH) | 0.0% | 4.1% | Entered the top 10 |
| 9 | MAXAR TECHNOLOGIES INC (MAXR) | 3.7% | 3.7% | Entered the top 10 |
| 10 | ALBERTSONS COS INC (ACI) | 0.0% | 3.2% | Entered the top 10 |
| — | 1LIFE HEALTHCARE INC (ONEM) | 8.6% | 0.0% | Left the top 10 |
| — | SOUTH JERSEY INDS INC (SJI) | 8.0% | 0.0% | Left the top 10 |
| — | ACTIVISION BLIZZARD INC (ATVI) | 7.6% | 0.0% | Left the top 10 |
| — | MONEYGRAM INTL INC (MGI) | 7.2% | 0.0% | Left the top 10 |
| — | STORE CAP CORP (STOR) | 5.6% | 0.0% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| New | ACTIVISION BLIZZARD INC (ATVI) | Call | 0 | 227K | $19.4M |
| New | CHENIERE ENERGY INC (LNG) | Call | 0 | 94,700 | $14.9M |
| New | NATIONAL INSTRS CORP (NATI) | Call | 0 | 270K | $14.2M |
| New | CONSTELLATION ENERGY CORP (CEG) | Call | 0 | 167K | $13.1M |
| New | AERCAP HOLDINGS NV (AER) | Put | 0 | 150K | $8.44M |
| Exited | D R HORTON INC (DHI) | Call | 90,000 | 0 | $0 |
| New | NATIONAL INSTRS CORP (NATI) | Put | 0 | 133K | $6.97M |
| New | COMERICA INC (CMA) | Put | 0 | 151K | $6.56M |
| New | ALBERTSONS COS INC (ACI) | Put | 0 | 277K | $5.76M |