Sand Grove Capital Management LLP's Q3 2025 13F: 8 new positions, 7 exits
Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 14, 2025 · 12 reported positions · accession 0001665077-25-000009
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Exited | AMEDISYS INC (AMED) | 15.3% | — | −15.3 pts | −308K sh | −100% |
| Exited | BLUEPRINT MEDICINES CORP (BPMC) | 13.6% | — | −13.6 pts | −211K sh | −100% |
| Exited | SPRINGWORKS THERAPEUTICS INC (SWTX) | 13.5% | — | −13.5 pts | −572K sh | −100% |
| New | NORFOLK SOUTHN CORP (NSC) | — | 12.4% | +12.4 pts | +84,392 sh | new |
| New | MERUS N V (MRUS) | — | 11.0% | +11.0 pts | +239K sh | new |
| New | ELECTRONIC ARTS INC (EA) | — | 11.0% | +11.0 pts | +111K sh | new |
| New | STAAR SURGICAL CO (STAA) | — | 10.9% | +10.9 pts | +829K sh | new |
| Exited | COUCHBASE INC (BASE) | 9.8% | — | −9.8 pts | −798K sh | −100% |
| New | CYBERARK SOFTWARE LTD (CYBR) | — | 9.2% | +9.2 pts | +39,121 sh | new |
| Exited | HESS CORP (HES) | 9.0% | — | −9.0 pts | −129K sh | −100% |
| Exited | MR COOPER GROUP INC (COOP) | 7.9% | — | −7.9 pts | −105K sh | −100% |
| Increased | TXNM ENERGY INC (PNM) | 9.6% | 16.4% | +6.8 pts | +254K sh | +75% |
| Exited | FOOT LOCKER INC (FL) | 6.3% | — | −6.3 pts | −509K sh | −100% |
| Increased | KELLANOVA (K) | 6.9% | 13.1% | +6.2 pts | +154K sh | +90% |
| New | ALLETE INC (ALE) | — | 5.5% | +5.5 pts | +168K sh | new |
| New | SURMODICS INC (SRDX) | — | 1.9% | +1.9 pts | +130K sh | new |
| Reduced | CROSS CTRY HEALTHCARE INC (CCRN) | 2.1% | 1.3% | −0.8 pts | −130K sh | −40% |
| Increased | OMNICOM GROUP INC (OMC) | 6.0% | 7.4% | +1.4 pts | +19,246 sh | +12% |
| New | ROCKET COS INC (RKT) | — | 0.0% | 0.0 pts | +6 sh | new |
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 — 98.7% of the equity book
Changes in the top 10 this quarter: NSC entered · MRUS entered · EA entered · STAA entered · CYBR entered · ALE entered · SRDX entered · AMED left · BPMC left · SWTX left · BASE left · HES left · COOP left · FL left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | TXNM ENERGY INC (PNM) | 9.6% | 16.4% | |
| 2 | KELLANOVA (K) | 6.9% | 13.1% | |
| 3 | NORFOLK SOUTHN CORP (NSC) | 0.0% | 12.4% | Entered the top 10 |
| 4 | MERUS N V (MRUS) | 0.0% | 11.0% | Entered the top 10 |
| 5 | ELECTRONIC ARTS INC (EA) | 0.0% | 11.0% | Entered the top 10 |
| 6 | STAAR SURGICAL CO (STAA) | 0.0% | 10.9% | Entered the top 10 |
| 7 | CYBERARK SOFTWARE LTD (CYBR) | 0.0% | 9.2% | Entered the top 10 |
| 8 | OMNICOM GROUP INC (OMC) | 6.0% | 7.4% | |
| 9 | ALLETE INC (ALE) | 0.0% | 5.5% | Entered the top 10 |
| 10 | SURMODICS INC (SRDX) | 0.0% | 1.9% | Entered the top 10 |
| — | AMEDISYS INC (AMED) | 15.3% | 0.0% | Left the top 10 |
| — | BLUEPRINT MEDICINES CORP (BPMC) | 13.6% | 0.0% | Left the top 10 |
| — | SPRINGWORKS THERAPEUTICS INC (SWTX) | 13.5% | 0.0% | Left the top 10 |
| — | COUCHBASE INC (BASE) | 9.8% | 0.0% | Left the top 10 |
| — | HESS CORP (HES) | 9.0% | 0.0% | Left the top 10 |
| — | MR COOPER GROUP INC (COOP) | 7.9% | 0.0% | Left the top 10 |
| — | FOOT LOCKER INC (FL) | 6.3% | 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).