In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Birnam Oak Advisors, LP reported 23 stock positions worth $333.7 million . Its top holding was Hess (HES) at 14.5% of the portfolio, followed by Kellanova (K, 11.3% ) and Championx (CHX, 11.0% ). Compared with Q1 2025, it opened 6 new positions, sold out of 4 and added to 7. The biggest buy was a new position in Kellanova (K) and the biggest sale an exit from Discover Financial Services (DFS).
Location New York, NY
CIK 0001997245
Portfolio Value $333.7M (Q2 2025) Holdings 23 stocks · $333.7M 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 Q1 2025 HES Hess Corp. 350,270 $48.5M Add +59.0% K Kellanova 472,491 $37.6M New CHX Championx Corp. 1,480,613 $36.8M Add +3.9% ACWI iShares MSCI Acwi ETF 276,800 $35.6M Add +0.7% IPG Interpublic Group of Cos Inc. 1,104,191 $27.0M Add +91.2% FYBR Frontier Communications Pare 736,510 $26.8M Add +250.7% ANSS Ansys Inc. 75,711 $26.6M New TGI Triumph Group Inc. 726,540 $18.7M Add +1495.4% TXNM TXNM Energy Inc. 269,000 $15.2M New VUG Vanguard Mrngstar GR ETF-Sui 27,100 $11.9M No change BRK.B Berkshire Hathaway Inc. Class B 15,000 $7.3M No change VTV Vanguard Mrngstr Val ETF-Aui 38,000 $6.7M No change FL Foot Locker Inc. 200,274 $4.9M New DNB Dun & Bradstreet Holdings Inc. 490,000 $4.5M New COF Capital One Financial Corp. 19,833 $4.2M New IEUR iShares Core MSCI Europe ETF 55,000 $3.6M No change VGK Vanguard Ftse Europe ETF 45,000 $3.5M No change BBJP JPMorgan Betabuilders Japan 55,000 $3.4M No change MSFT Microsoft Corp. 6,000 $3.0M Add +20.0% AER Aercap Holdings NV 25,000 $2.9M No change AMZN Amazon.com Inc. 12,500 $2.7M No change IVE iShares S&P 500 Value ETF 10,000 $2.0M No change EWJ iShares MSCI Japan ETF 4,000 $300K No change
Options reported separately and not counted above: HES calls ($4.2M), KSS calls ($678K).
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ DFS Discover Financial Services Sold out 0.00% −17.94 SPR Spirit Aerosystems Hold Class A Sold out 0.00% −4.96 CONTEXTLOGIC INC - A Sold out 0.00% −2.24 EVRI Everi Holdings Inc. Sold out 0.00% −0.69
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ K Kellanova New 11.26% +11.26 ANSS Ansys Inc. New 7.97% +7.97 TGI Triumph Group Inc. Add +1495.4% 5.61% +5.12 FYBR Frontier Communications Pare Add +250.7% 8.03% +4.88 TXNM TXNM Energy Inc. New 4.54% +4.54 IPG Interpublic Group of Cos Inc. Add +91.2% 8.10% +1.53 FL Foot Locker Inc. New 1.47% +1.47 DNB Dun & Bradstreet Holdings Inc. New 1.33% +1.33 COF Capital One Financial Corp. New 1.26% +1.26 MSFT Microsoft Corp. Add +20.0% 0.89% +0.11 HES Hess Corp. Add +59.0% 14.54% −0.19 ACWI iShares MSCI Acwi ETF Add +0.7% 10.67% −2.72 CHX Championx Corp. Add +3.9% 11.02% −6.76
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ TSLA Tesla Inc. put Sold out 1,051,000 $272.4Mbefore exit UNH Unitedhealth Group Inc. put Sold out 20,000 $10.5Mbefore exit BA The Boeing Co. put Sold out 52,000 $8.9Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Sold out 15,000 $8.4Mbefore exit IWM iShares Russell 2000 ETF put Sold out 38,000 $7.6Mbefore exit HES Hess Corp. call New 30,000 $4.2M GM General Motors Co. put Sold out 70,000 $3.3Mbefore exit PLTR Palantir Technologies Inc. Class A put Sold out 20,000 $1.7Mbefore exit KSS Kohls Corp. call Reduce -19.8% 80,000 $678K
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