CRCM LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), CRCM LP reported 11 stock positions worth $296.0 million. Its top holding was Grail (GRAL) at 31.0% of the portfolio, followed by iShares Gold Trust (IAU, 19.7%) and Howard Hughes (HHH, 16.5%). Compared with Q3 2025, it opened 3 new positions, sold out of 1, added to 6 and reduced 1. The biggest buy was a new position in Warner Bros Discovery (WBD) and the biggest sale an exit from iShares Bitcoin Trust ETF (IBIT).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001483234
Portfolio Value
$296.0M (Q4 2025)
SEC Filing
0000898432-26-000094 ↗ filed Feb 13, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $131.5M Q1 2024 Q2 2024: $136.8M Q2 2024 Q3 2024: $154.5M Q3 2024 Q4 2024: $245.9M Q4 2024 Q1 2025: $244.0M Q1 2025 Q2 2025: $333.9M Q2 2025 Q3 2025: $343.6M Q3 2025 Q4 2025: $296.0M $296.0M Q4 2025 Q1 2026: $141.2M Q1 2026 Q2 2026: $152.1M Q2 2026

Holdings 11 stocks · $296.0M
GRAL Grail Inc. 31.01% 1,072,374 $91.8M Reduce -41.8%
IAU iShares Gold Trust 19.74% 719,722 $58.4M Add +83.3%
HHH Howard Hughes Holdings Inc. 16.52% 612,839 $48.9M Add +9.3%
WBD Warner Bros Discovery Inc. 14.61% 1,500,000 $43.2M New
RNAM Avidity Biosciences Inc. 4.93% 202,370 $14.6M New
AIFC AI Financial Corp. filed as ALT5 SIGMA CORP 4.07% 10,941,280 $12.0M Add +373.2%
BNR Burning Rock Biotech Ltd.-ADR 3.35% 491,426 $9.9M Add +121.8%
PLBY Playboy Inc. 2.34% 3,689,452 $6.9M Add +154.2%
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 1.84% 419,084 $5.5M New
PCAP Procap Acquisition Corp. Class A 1.05% 306,519 $3.1M No change
USBC Usbc Inc. 0.55% 2,571,312 $1.6M Add +30.4%

Portfolio Sells Q3 2025 → Q4 2025
IBIT iShares Bitcoin Trust ETF Sold out 0.00% −41.89
GRAL Grail Inc. Reduce -41.8% 31.01% −0.70

Portfolio Buys Q3 2025 → Q4 2025
WBD Warner Bros Discovery Inc. New 14.61% +14.61
IAU iShares Gold Trust Add +83.3% 19.74% +11.42
RNAM Avidity Biosciences Inc. New 4.93% +4.93
HHH Howard Hughes Holdings Inc. Add +9.3% 16.52% +3.11
BNR Burning Rock Biotech Ltd.-ADR Add +121.8% 3.35% +2.79
AIFC AI Financial Corp. Add +373.2% 4.07% +2.26
FRNM Freenome Inc. New 1.84% +1.84
PLBY Playboy Inc. Add +154.2% 2.34% +1.72
USBC Usbc Inc. Add +30.4% 0.55% −0.22

Notes & Other Activity Q3 2025 → Q4 2025
STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF Sold out 22,784 $2.1Mbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 13$152.1MIAU, IBIT, RNA, AIFC, PLBY
Q1 2026 8$141.2MIAU, AIFC, PLBY, BNR, STAA
Q4 2025 11$296.0MGRAL, IAU, HHH, WBD, RNAM
Q3 2025Amended 9$343.6MIBIT, GRAL, HHH, IAU, AIFC
Q2 2025 8$333.9MGRAL, IBIT, HHH, IAU, CRML
Q1 2025 5$244.0MIBIT, GRAL, PLBY, BNR, IAU
Q4 2024 6$245.9MIBIT, GRAL, ETHA, PLBY, BNR
Q3 2024 4$154.5MIBIT, GRAL, OMIC, IAU
Q2 2024 4$136.8MIBIT, IAU, GRAL, NXE
Q1 2024 4$131.5MIBIT, IAU, NXE, OXY