In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Birnam Oak Advisors, LP reported 29 stock positions worth $407.9 million . Its top holding was Cyberark Software Ltd./Israel (CYBR) at 11.2% of the portfolio, followed by iShares MSCI Acwi ETF (ACWI, 9.4% ) and Interpublic Group of Cos (IPG, 9.3% ). Compared with Q2 2025, it opened 12 new positions, sold out of 6, added to 4 and reduced 1. The biggest buy was a new position in Cyberark Software Ltd./Israel (CYBR) and the biggest sale an exit from Hess (HES).
Location New York, NY
CIK 0001997245
Portfolio Value $407.9M (Q3 2025) Holdings 29 stocks · $407.9M 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 Q2 2025 CYBR Cyberark Software Ltd./Israel 94,184 $45.5M New ACWI iShares MSCI Acwi ETF 276,800 $38.3M No change IPG Interpublic Group of Cos Inc. 1,362,621 $38.0M Add +23.4% FYBR Frontier Communications Pare 1,011,768 $37.8M Add +37.4% VRNA Verona Pharma Ltd. 277,604 $29.6M New NSC Norfolk Southern Corp. 96,100 $28.9M New GTLS Chart Industries Inc. 118,223 $23.7M New TXNM TXNM Energy Inc. 389,851 $22.0M Add +44.9% K Kellanova 237,491 $19.5M Reduce -49.7% SPR Spirit Aerosystems Hold Class A 390,800 $15.1M New ECHO Echostar Corp. Class A 192,935 $14.7M New VUG Vanguard Mrngstar GR ETF-Sui 27,100 $13.0M No change CORZ Core Scientific Inc. 646,323 $11.6M New SCS Steelcase Inc. Class A 624,544 $10.7M New COOP Mr Cooper Group Inc. 43,100 $9.1M New BRK.B Berkshire Hathaway Inc. Class B 16,000 $8.0M Add +6.7% VTV Vanguard Mrngstr Val ETF-Aui 38,000 $7.1M No change MSOS Advisorshares Pure US Cann 1,045,655 $5.0M New COF Capital One Financial Corp. 19,833 $4.2M No change IEUR iShares Core MSCI Europe ETF 55,000 $3.7M No change BBJP JPMorgan Betabuilders Japan 55,000 $3.6M No change VGK Vanguard Ftse Europe ETF 45,000 $3.6M No change HOUS Anywhere Real Estate Inc. 296,942 $3.1M New MSFT Microsoft Corp. 6,000 $3.1M No change AER Aercap Holdings NV 25,000 $3.0M No change AMZN Amazon.com Inc. 12,500 $2.7M No change IVE iShares S&P 500 Value ETF 10,000 $2.1M No change LION Lionsgate Studios Corp. 100,000 $690K New EWJ iShares MSCI Japan ETF 4,000 $321K No change
Options reported separately and not counted above: ARKK puts ($15.5M), OKLO puts ($11.2M), KSS calls ($769K).
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ HES Hess Corp. Sold out 0.00% −14.54 CHX Championx Corp. Sold out 0.00% −11.02 ANSS Ansys Inc. Sold out 0.00% −7.97 K Kellanova Reduce -49.7% 4.77% −6.49 TGI Triumph Group Inc. Sold out 0.00% −5.61 FL Foot Locker Inc. Sold out 0.00% −1.47 DNB Dun & Bradstreet Holdings Inc. Sold out 0.00% −1.33
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ CYBR Cyberark Software Ltd./Israel New 11.15% +11.15 VRNA Verona Pharma Ltd. New 7.26% +7.26 NSC Norfolk Southern Corp. New 7.08% +7.08 GTLS Chart Industries Inc. New 5.80% +5.80 SPR Spirit Aerosystems Hold Class A New 3.70% +3.70 ECHO Echostar Corp. Class A New 3.61% +3.61 CORZ Core Scientific Inc. New 2.84% +2.84 SCS Steelcase Inc. Class A New 2.63% +2.63 COOP Mr Cooper Group Inc. New 2.23% +2.23 FYBR Frontier Communications Pare Add +37.4% 9.26% +1.23 MSOS Advisorshares Pure US Cann New 1.23% +1.23 IPG Interpublic Group of Cos Inc. Add +23.4% 9.32% +1.22 TXNM TXNM Energy Inc. Add +44.9% 5.40% +0.86 HOUS Anywhere Real Estate Inc. New 0.77% +0.77 LION Lionsgate Studios Corp. New 0.17% +0.17 BRK.B Berkshire Hathaway Inc. Class B Add +6.7% 1.97% −0.21
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ ARKK ARK Innovation ETF put New 180,000 $15.5M OKLO Oklo Inc. put New 100,000 $11.2M HES Hess Corp. call Sold out 30,000 $4.2Mbefore exit KSS Kohls Corp. call Reduce -37.5% 50,000 $769K
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