In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Birnam Oak Advisors, LP reported 21 stock positions worth $238.9 million . Its top holding was Discover Financial Services (DFS) at 17.9% of the portfolio, followed by Championx (CHX, 17.8% ) and Hess (HES, 14.7% ). Compared with Q4 2024, it opened 3 new positions, sold out of 7, added to 5 and reduced 2. The biggest buy was Championx (CHX, shares +128% ) and the biggest sale an exit from Vestis (VSTS).
Location New York, NY
CIK 0001997245
Portfolio Value $238.9M (Q1 2025) Holdings 21 stocks · $238.9M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 DFS Discover Financial Services 251,067 $42.9M Add +105.5% CHX Championx Corp. 1,425,613 $42.5M Add +127.5% HES Hess Corp. 220,310 $35.2M Add +62.8% ACWI iShares MSCI Acwi ETF 274,800 $32.0M Reduce -2.1% IPG Interpublic Group of Cos Inc. 577,581 $15.7M Add +125.4% SPR Spirit Aerosystems Hold Class A 344,000 $11.9M New VUG Vanguard Mrngstar GR ETF-Sui 27,100 $10.0M No change BRK.B Berkshire Hathaway Inc. Class B 15,000 $8.0M No change FYBR Frontier Communications Pare 210,000 $7.5M New VTV Vanguard Mrngstr Val ETF-Aui 38,000 $6.6M No change CONTEXTLOGIC INC - A 767,866 $5.4M Reduce -1.3% IEUR iShares Core MSCI Europe ETF 55,000 $3.3M No change VGK Vanguard Ftse Europe ETF 45,000 $3.2M No change BBJP JPMorgan Betabuilders Japan 55,000 $3.1M No change AER Aercap Holdings NV 25,000 $2.6M No change AMZN Amazon.com Inc. 12,500 $2.4M No change IVE iShares S&P 500 Value ETF 10,000 $1.9M No change MSFT Microsoft Corp. 5,000 $1.9M No change EVRI Everi Holdings Inc. 121,000 $1.7M Add +77.9% TGI Triumph Group Inc. 45,540 $1.2M New EWJ iShares MSCI Japan ETF 4,000 $274K No change
Options reported separately and not counted above: TSLA puts ($272.4M), UNH puts ($10.5M), BA puts ($8.9M), SPY puts ($8.4M), IWM puts ($7.6M), GM puts ($3.3M), PLTR puts ($1.7M), KSS calls ($816K).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ VSTS Vestis Corp. Sold out 0.00% −10.58 AMED Amedisys Inc. Sold out 0.00% −7.81 HCP Hashicorp Inc. Class A Sold out 0.00% −6.06 ACWI iShares MSCI Acwi ETF Reduce -2.1% 13.39% −2.89 RPD RAPID7 Inc. Sold out 0.00% −2.18 IBIT iShares Bitcoin Trust ETF Sold out 0.00% −0.86 APD Air Products & Chemicals Inc. Sold out 0.00% −0.57 CONTEXTLOGIC INC - A Reduce -1.3% 2.24% −0.45 VTOL Bristow Group Inc. Sold out 0.00% −0.23
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ CHX Championx Corp. Add +127.5% 17.78% +9.38 DFS Discover Financial Services Add +105.5% 17.94% +7.50 HES Hess Corp. Add +62.8% 14.73% +5.85 SPR Spirit Aerosystems Hold Class A New 4.96% +4.96 FYBR Frontier Communications Pare New 3.15% +3.15 IPG Interpublic Group of Cos Inc. Add +125.4% 6.57% +3.03 TGI Triumph Group Inc. New 0.48% +0.48 EVRI Everi Holdings Inc. Add +77.9% 0.69% +0.24
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ TSLA Tesla Inc. put New 1,051,000 $272.4M UNH Unitedhealth Group Inc. put New 20,000 $10.5M BA The Boeing Co. put New 52,000 $8.9M SPY SS SPDR S&P 500 ETF Trust-US put New 15,000 $8.4M IWM iShares Russell 2000 ETF put New 38,000 $7.6M GM General Motors Co. put New 70,000 $3.3M PLTR Palantir Technologies Inc. Class A put Reduce -50.0% 20,000 $1.7M KSS Kohls Corp. call Add +398.5% 99,700 $816K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 37 $611.6M ACWI, GTLS, KVUE, NSC, WBD Q1 2026 31 $362.9M NSC, GTLS, CWAN, ACWI, WBD Q4 2025 30 $436.2M CYBR, ACWI, FYBR, NSC, EA Q3 2025 29 $407.9M CYBR, ACWI, IPG, FYBR, VRNA Q2 2025 23 $333.7M HES, K, CHX, ACWI, IPG Q1 2025 21 $238.9M DFS, CHX, HES, ACWI, IPG Q4 2024 25 $202.7M ACWI, VSTS, DFS, HES, CHX