In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 12, 2026), Birnam Oak Advisors, LP reported 31 stock positions worth $362.9 million . Its top holding was Norfolk Southern (NSC) at 12.0% of the portfolio, followed by Chart Industries (GTLS, 11.3% ) and Clearwater Analytics HDS-A (CWAN, 11.2% ). Compared with Q4 2025, it opened 15 new positions, sold out of 14, added to 3 and reduced 8. The biggest buy was a new position in Clearwater Analytics HDS-A (CWAN) and the biggest sale an exit from Cyberark Software Ltd./Israel (CYBR).
Location New York, NY
CIK 0001997245
Portfolio Value $362.9M (Q1 2026) Holdings 31 stocks · $362.9M 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 2025 NSC Norfolk Southern Corp. 151,835 $43.6M Add +23.9% GTLS Chart Industries Inc. 198,940 $41.1M Add +65.4% CWAN Clearwater Analytics HDS-A 1,719,139 $40.7M New ACWI iShares MSCI Acwi ETF 276,800 $38.3M No change WBD Warner Bros Discovery Inc. 1,227,776 $33.7M New PEN Penumbra Inc. 95,990 $31.5M New KVUE Kenvue Inc. 1,412,271 $24.3M New QRVO Qorvo Inc. 232,010 $18.0M New ECHO Echostar Corp. Class A 145,935 $17.1M Add +5.8% RVMD Revolution Medicines Inc. 159,413 $15.5M New UNF Unifirst Corp. 51,128 $12.9M New TXNM TXNM Energy Inc. 146,650 $8.6M Reduce -61.4% BRK.B Berkshire Hathaway Inc. Class B 14,000 $6.7M Reduce -12.5% VTV Vanguard Mrngstr Val ETF-Aui 33,000 $6.5M Reduce -13.2% IEUR iShares Core MSCI Europe ETF 55,000 $3.9M No change BBJP JPMorgan Betabuilders Japan 55,000 $3.8M No change SPY SS SPDR S&P 500 ETF Trust-US 5,000 $3.3M New VGK Vanguard Ftse Europe ETF 35,000 $2.9M Reduce -22.2% AMZN Amazon.com Inc. 9,500 $2.0M Reduce -24.0% VUG Vanguard Mrngstar GR ETF-Sui 27,100 $2.0M No change MSFT Microsoft Corp. 3,000 $1.1M Reduce -50.0% IVE iShares S&P 500 Value ETF 5,000 $1.1M Reduce -50.0% GS Goldman Sachs Group Inc. 1,000 $846K New COF Capital One Financial Corp. 3,833 $699K Reduce -80.7% MS Morgan Stanley 4,000 $658K New V Visa Inc. Class A 2,000 $604K New JPM JPMorgan Chase & Co. 2,000 $588K New VLRS Controladora Vuela Cia-ADR 75,158 $544K New EWJ iShares MSCI Japan ETF 4,000 $338K No change AXP American Express Co. 1,000 $302K New FLL Full House Resorts Inc. filed as FULL HSE RESORTS INC 10,000 $23K New
Options reported separately and not counted above: SPY puts ($58.5M), QQQ puts ($17.3M), BNO calls ($1.1M), CZR calls ($727K).
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ CYBR Cyberark Software Ltd./Israel Sold out 0.00% −10.39 FYBR Frontier Communications Pare Sold out 0.00% −8.86 EA Electronic Arts Inc. Sold out 0.00% −7.07 CMA Comerica Inc. Sold out 0.00% −6.65 DAY Dayforce Inc. Sold out 0.00% −5.71 AES AES Corp. Sold out 0.00% −4.21 EXAS Exact Sciences Corp. Sold out 0.00% −4.13 TXNM TXNM Energy Inc. Reduce -61.4% 2.36% −2.77 CDTX Cidara Therapeutics Inc. Sold out 0.00% −2.10 ATXS Astria Therapeutics Inc. Sold out 0.00% −2.07 CADE Cadence Bank Sold out 0.00% −2.07 HOUS Anywhere Real Estate Inc. Sold out 0.00% −1.65 COF Capital One Financial Corp. Reduce -80.7% 0.19% −0.91 AER Aercap Holdings NV Sold out 0.00% −0.82 MSOS Advisorshares Pure US Cann Sold out 0.00% −0.64 MSFT Microsoft Corp. Reduce -50.0% 0.31% −0.36 IVE iShares S&P 500 Value ETF Reduce -50.0% 0.29% −0.20 KMB Kimberly-Clark Corp. Sold out 0.00% −0.17 AMZN Amazon.com Inc. Reduce -24.0% 0.55% −0.12 VGK Vanguard Ftse Europe ETF Reduce -22.2% 0.79% −0.07 BRK.B Berkshire Hathaway Inc. Class B Reduce -12.5% 1.85% +0.00 VTV Vanguard Mrngstr Val ETF-Aui Reduce -13.2% 1.78% +0.12
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ CWAN Clearwater Analytics HDS-A New 11.20% +11.20 WBD Warner Bros Discovery Inc. New 9.29% +9.29 PEN Penumbra Inc. New 8.69% +8.69 KVUE Kenvue Inc. New 6.71% +6.71 GTLS Chart Industries Inc. Add +65.4% 11.33% +5.65 QRVO Qorvo Inc. New 4.95% +4.95 RVMD Revolution Medicines Inc. New 4.27% +4.27 NSC Norfolk Southern Corp. Add +23.9% 12.01% +3.90 UNF Unifirst Corp. New 3.54% +3.54 ECHO Echostar Corp. Class A Add +5.8% 4.71% +1.27 SPY SS SPDR S&P 500 ETF Trust-US New 0.90% +0.90 GS Goldman Sachs Group Inc. New 0.23% +0.23 MS Morgan Stanley New 0.18% +0.18 V Visa Inc. Class A New 0.17% +0.17 JPM JPMorgan Chase & Co. New 0.16% +0.16 VLRS Controladora Vuela Cia-ADR New 0.15% +0.15 AXP American Express Co. New 0.08% +0.08 FLL Full House Resorts Inc. New 0.01% +0.01
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 90,000 $58.5M QQQ Invesco QQQ Trust Series 1 put New 30,000 $17.3M BNO United States Brent Oil Fund call New 22,000 $1.1M CZR Caesars Entertainment Inc. call New 27,500 $727K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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