Birnam Oak Advisors, LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Birnam Oak Advisors, LP reported 30 stock positions worth $436.2 million. Its top holding was Cyberark Software Ltd./Israel (CYBR) at 10.4% of the portfolio, followed by iShares MSCI Acwi ETF (ACWI, 9.0%) and Frontier Communications Pare (FYBR, 8.9%). Compared with Q3 2025, it opened 9 new positions, sold out of 8, added to 5 and reduced 3. The biggest buy was a new position in Electronic Arts (EA) and the biggest sale an exit from Interpublic Group of Cos (IPG).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001997245
Portfolio Value
$436.2M (Q4 2025)
SEC Filing
0001172661-26-001061 ↗ filed Feb 17, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q4 2024: $202.7M Q4 2024 Q1 2025: $238.9M Q1 2025 Q2 2025: $333.7M Q2 2025 Q3 2025: $407.9M Q3 2025 Q4 2025: $436.2M $436.2M Q4 2025 Q1 2026: $362.9M Q1 2026 Q2 2026: $611.6M Q2 2026

Holdings 30 stocks · $436.2M
CYBR Cyberark Software Ltd./Israel 10.39% 101,581 $45.3M Add +7.8%
ACWI iShares MSCI Acwi ETF 8.98% 276,800 $39.2M No change
FYBR Frontier Communications Pare 8.86% 1,015,468 $38.7M Add +0.4%
NSC Norfolk Southern Corp. 8.11% 122,542 $35.4M Add +27.5%
EA Electronic Arts Inc. 7.07% 150,972 $30.8M New
CMA Comerica Inc. 6.65% 333,648 $29.0M New
DAY Dayforce Inc. 5.71% 359,887 $24.9M New
GTLS Chart Industries Inc. 5.69% 120,283 $24.8M Add +1.7%
TXNM TXNM Energy Inc. 5.13% 379,851 $22.4M Reduce -2.6%
AES AES Corp. 4.21% 1,280,832 $18.4M New
EXAS Exact Sciences Corp. 4.13% 177,379 $18.0M New
ECHO Echostar Corp. Class A 3.44% 137,935 $15.0M Reduce -28.5%
VUG Vanguard Mrngstar GR ETF-Sui 3.03% 27,100 $13.2M No change
CDTX Cidara Therapeutics Inc. 2.10% 41,414 $9.1M New
ATXS Astria Therapeutics Inc. 2.07% 689,735 $9.0M New
CADE Cadence Bank 2.07% 210,338 $9.0M New
BRK.B Berkshire Hathaway Inc. Class B 1.84% 16,000 $8.0M No change
VTV Vanguard Mrngstr Val ETF-Aui 1.66% 38,000 $7.3M No change
HOUS Anywhere Real Estate Inc. 1.65% 507,463 $7.2M Add +70.9%
COF Capital One Financial Corp. 1.10% 19,833 $4.8M No change
IEUR iShares Core MSCI Europe ETF 0.90% 55,000 $3.9M No change
VGK Vanguard Ftse Europe ETF 0.86% 45,000 $3.8M No change
BBJP JPMorgan Betabuilders Japan 0.83% 55,000 $3.6M No change
AER Aercap Holdings NV 0.82% 25,000 $3.6M No change
MSFT Microsoft Corp. 0.67% 6,000 $2.9M No change
AMZN Amazon.com Inc. 0.66% 12,500 $2.9M No change
MSOS Advisorshares Pure US Cann 0.64% 593,782 $2.8M Reduce -43.2%
IVE iShares S&P 500 Value ETF 0.49% 10,000 $2.1M No change
KMB Kimberly-Clark Corp. 0.17% 7,313 $738K New
EWJ iShares MSCI Japan ETF 0.07% 4,000 $323K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $10.4M (not counted above)
SecurityClassShares / PrincipalValueChange
MARA HOLDINGS INC (MARA 0 06/01/31) NOTE 6/0 · principal 7,400,000$6.2MNew
CLEANSPARK INC (CLSK 0 06/15/30) NOTE 6/1 · principal 4,000,000$4.2MNew

Total filed on the 13F, all lines: $446.5M.

Portfolio Sells Q3 2025 → Q4 2025
IPG Interpublic Group of Cos Inc. Sold out 0.00% −9.32
VRNA Verona Pharma Ltd. Sold out 0.00% −7.26
K Kellanova Sold out 0.00% −4.77
SPR Spirit Aerosystems Hold Class A Sold out 0.00% −3.70
CORZ Core Scientific Inc. Sold out 0.00% −2.84
SCS Steelcase Inc. Class A Sold out 0.00% −2.63
COOP Mr Cooper Group Inc. Sold out 0.00% −2.23
MSOS Advisorshares Pure US Cann Reduce -43.2% 0.64% −0.59
TXNM TXNM Energy Inc. Reduce -2.6% 5.13% −0.28
ECHO Echostar Corp. Class A Reduce -28.5% 3.44% −0.17
LION Lionsgate Studios Corp. Sold out 0.00% −0.17

Portfolio Buys Q3 2025 → Q4 2025
EA Electronic Arts Inc. New 7.07% +7.07
CMA Comerica Inc. New 6.65% +6.65
DAY Dayforce Inc. New 5.71% +5.71
AES AES Corp. New 4.21% +4.21
EXAS Exact Sciences Corp. New 4.13% +4.13
CDTX Cidara Therapeutics Inc. New 2.10% +2.10
ATXS Astria Therapeutics Inc. New 2.07% +2.07
CADE Cadence Bank New 2.07% +2.07
NSC Norfolk Southern Corp. Add +27.5% 8.11% +1.03
HOUS Anywhere Real Estate Inc. Add +70.9% 1.65% +0.88
KMB Kimberly-Clark Corp. New 0.17% +0.17
GTLS Chart Industries Inc. Add +1.7% 5.69% −0.11
FYBR Frontier Communications Pare Add +0.4% 8.86% −0.40
CYBR Cyberark Software Ltd./Israel Add +7.8% 10.39% −0.77

Options Activity Q3 2025 → Q4 2025
ARKK ARK Innovation ETF put Sold out 180,000 $15.5Mbefore exit
OKLO Oklo Inc. put Sold out 100,000 $11.2Mbefore exit
KSS Kohls Corp. call Sold out 50,000 $769Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2025 → Q4 2025
MARA HOLDINGS INC (MARA 0 06/01/31) NOTE 6/0 · principal New 7,400,000 $6.2M
CLEANSPARK INC (CLSK 0 06/15/30) NOTE 6/1 · principal New 4,000,000 $4.2M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 37$611.6MACWI, GTLS, KVUE, NSC, WBD
Q1 2026 31$362.9MNSC, GTLS, CWAN, ACWI, WBD
Q4 2025 30$436.2MCYBR, ACWI, FYBR, NSC, EA
Q3 2025 29$407.9MCYBR, ACWI, IPG, FYBR, VRNA
Q2 2025 23$333.7MHES, K, CHX, ACWI, IPG
Q1 2025 21$238.9MDFS, CHX, HES, ACWI, IPG
Q4 2024 25$202.7MACWI, VSTS, DFS, HES, CHX