Decagon Asset Management LLP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Decagon Asset Management LLP reported 18 stock positions worth $108.7 million . Its top holding was Hess (HES) at 28.3% of the portfolio, followed by Azek (AZEK, 13.8% ) and Colombier Acquisition (10.0% ). Compared with Q4 2024, it opened 11 new positions, sold out of 11, added to 4 and reduced 3. The biggest buy was Hess (HES, shares +5% ) and the biggest sale an exit from Enstar (ESGR).
Location LONDON, X0
CIK 0001950677
Portfolio Value $108.7M (Q1 2025) Holdings 18 stocks · $108.7M 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 Q4 2024 HES Hess Corp. 192,515 $30.8M Add +5.0% AZEK The Azek Co. Inc. 305,835 $15.0M New COLOMBIER ACQUISITION CORP 1,016,770 $10.8M Reduce -31.5% SLB SLB Ltd. filed as SCHLUMBERGER LTD 220,678 $9.2M Reduce -40.1% RAC.U Rithm Acquisition Corp. 906,008 $9.2M New OACC Oaktree Acquisition Corp. I-A 716,946 $7.3M Add +1.0% CEPO Cantor Equity Partners I-A 405,381 $4.2M New FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 362,846 $3.7M Add +20.9% RNW Renew Energy Global PLC-A 503,684 $3.0M New SGRY Surgery Partners Inc. 115,000 $2.7M New BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II 239,403 $2.7M Add +28.4% AGS Playags Inc. 207,772 $2.5M Reduce -87.3% NETD Nabors Energy Transition C-A 150,874 $1.7M New GSHRU Gesher Acquisition Corp. II 150,000 $1.5M New FERAU Fifth Era Acquisition Corp. I 134,846 $1.4M New UYSCU Uy Scuti Acquisition Corp. 125,000 $1.3M New CEP Cantor Equity Partners Inc. 116,967 $1.3M New IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP 56,178 $591K New
Options reported separately and not counted above: SPR puts ($11.5M), BECN calls ($9.3M), AMCR calls ($4.9M), RNW puts ($3.3M).
Other holdings (22): bonds, preferreds, convertibles and warrants · $1.7M (not counted above) Security Class Shares / Principal Value Change NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 689,835 $274K Add +43.7% USA RARE EARTH INC *W EXP 03/13/203 343,658 $230K New SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 1,181,391 $220K No change OACCW Oaktree Acquisition III -31 *W EXP 09/01/203 181,442 $136K Reduce -0.3% CCIRW Cohen Circle Acquisition-29 *W EXP 01/31/202 61,747 $111K New KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 378,275 $110K Add +1.6% RANGR Range Capital Acquisition Co. RIGHT 99/99/9999 624,155 $106K Add +1.0% POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 492,294 $89K Add +1.0% KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 625,346 $75K New LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 154,275 $71K Reduce -77.5% SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 696,331 $68K Add +1.0% LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 245,604 $47K Add +1.0% IBACR Ib Acquisition Corp.-RTS RIGHT 09/28/2026 459,411 $34K Add +1.0% EQV VENTURES ACQUISITION *W EXP 07/01/203 100,988 $33K Add +1.0% BACQR Inflection Point Acquisition RIGHT 11/04/2026 151,483 $27K Add +1.0% ESHAR Esh Acquisition Corp. - Right RIGHT 06/13/2028 303,674 $26K Add +1.0% MLACR Mountain Lake Acquisition Co. RIGHT 11/15/2028 128,390 $24K Add +0.5% CAPNR Cayson Acquisition Corp. RIGHT 99/99/9999 100,989 $16K Add +1.0% FVNNR Future Vision II Acquisi-RTS RIGHT 06/29/2029 30,296 $5K Add +1.0% CDTTW Murphy Canyon Acq-CW27 *W EXP 09/22/202 400,000 $4K No change HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 16,349 $3K Add +1.0% ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 13,179 $1K Add +1.0%
Total filed on the 13F, all lines: $110.4M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ ESGR Enstar Group Ltd. Sold out 0.00% −15.04 SMAR Smartsheet Inc. Class A Sold out 0.00% −11.17 AGS Playags Inc. Reduce -87.3% 2.32% −6.41 K Kellanova Sold out 0.00% −4.67 ATSG Air Transport Services Group Sold out 0.00% −4.66 SUM Summit Materials Inc. Class A Sold out 0.00% −4.56 MTTR Matterport Inc. Sold out 0.00% −4.53 ZUO Zuora Inc. Class A Sold out 0.00% −4.31 BERY Berry Global Group Inc. Sold out 0.00% −4.12 SPR Spirit Aerosystems Hold Class A Sold out 0.00% −3.39 RANGU Range Capital Acquisition Co. Sold out 0.00% −2.86 MLACU Mountain Lake Acquisition Co. Sold out 0.00% −0.59 COLOMBIER ACQUISITION CORP Reduce -31.5% 9.96% +1.92 SLB SLB Ltd. Reduce -40.1% 8.49% +1.98
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ HES Hess Corp. Add +5.0% 28.30% +17.05 AZEK The Azek Co. Inc. New 13.76% +13.76 RAC.U Rithm Acquisition Corp. New 8.42% +8.42 CEPO Cantor Equity Partners I-A New 3.82% +3.82 OACC Oaktree Acquisition Corp. I-A Add +1.0% 6.75% +3.49 RNW Renew Energy Global PLC-A New 2.73% +2.73 SGRY Surgery Partners Inc. New 2.51% +2.51 FRNM Freenome Inc. Add +20.9% 3.44% +2.03 BBOT Bridgebio Oncology Therapeut Add +28.4% 2.49% +1.59 NETD Nabors Energy Transition C-A New 1.52% +1.52 GSHRU Gesher Acquisition Corp. II New 1.38% +1.38 FERAU Fifth Era Acquisition Corp. I New 1.25% +1.25 UYSCU Uy Scuti Acquisition Corp. New 1.16% +1.16 CEP Cantor Equity Partners Inc. New 1.16% +1.16 IMSR Terrestrial Energy Inc. New 0.54% +0.54
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPR Spirit Aerosystems Hold Class A put Add +51.9% 334,200 $11.5M BECN Beacon Roofing Supply Inc. call New 75,000 $9.3M AMCR Amcor PLC call Reduce -50.0% 500,400 $4.9M RNW Renew Energy Global PLC-A put New 564,100 $3.3M MTTR Matterport Inc. put Sold out 173,600 $30Kbefore exit ATSG Air Transport Services Group call Sold out 65,000 $3Kbefore exit RVNC Revance Therapeutics Inc. call Sold out 26,300 $1Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ USARW Inflection Point Acquis-C-28 *W EXP 08/31/202 Sold out 759,959 $372Kbefore exit NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 Add +43.7% 689,835 $274K USA RARE EARTH INC *W EXP 03/13/203 New 343,658 $230K CRTWF Cartica Acquisition A -28 *W EXP 04/30/202 Sold out 616,300 $166Kbefore exit OACCW Oaktree Acquisition III -31 *W EXP 09/01/203 Reduce -0.3% 181,442 $136K CCIRW Cohen Circle Acquisition-29 *W EXP 01/31/202 New 61,747 $111K KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 Add +1.6% 378,275 $110K RANGR Range Capital Acquisition Co. RIGHT 99/99/9999 Add +1.0% 624,155 $106K POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 Add +1.0% 492,294 $89K MARXR Mars Acquisition Corp.-Rights RIGHT 99/99/9999 Sold out 225,000 $86Kbefore exit KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 New 625,346 $75K LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 Reduce -77.5% 154,275 $71K ANNAW Aleanna Inc. Class A - 29 *W EXP 12/13/202 Sold out 500,000 $70Kbefore exit SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 Add +1.0% 696,331 $68K LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 Add +1.0% 245,604 $47K GLSTR Global Star Acquisition-RTS RIGHT 99/99/9999 Sold out 250,000 $37Kbefore exit IBACR Ib Acquisition Corp.-RTS RIGHT 09/28/2026 Add +1.0% 459,411 $34K EQV VENTURES ACQUISITION *W EXP 07/01/203 Add +1.0% 100,988 $33K BACQR Inflection Point Acquisition RIGHT 11/04/2026 Add +1.0% 151,483 $27K ESHAR Esh Acquisition Corp. - Right RIGHT 06/13/2028 Add +1.0% 303,674 $26K MLACR Mountain Lake Acquisition Co. RIGHT 11/15/2028 Add +0.5% 128,390 $24K CAPNR Cayson Acquisition Corp. RIGHT 99/99/9999 Add +1.0% 100,989 $16K FVNNR Future Vision II Acquisi-RTS RIGHT 06/29/2029 Add +1.0% 30,296 $5K HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 Add +1.0% 16,349 $3K ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 Add +1.0% 13,179 $1K
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 38 $493.1M NSC, ROKU, PEN, SEM, TECH Q1 2026 29 $381.4M NSC, PEN, EA, CWAN, HOLX Q4 2025 27 $235.4M HOLX, EXAS, NSC, CYBR, RNAM Q3 2025 22 $186.2M CYBR, GTLS, AL, MCGA, ELME Q2 2025 21 $126.0M SKX, K, ARES ACQUISITION CORP II, BASE, KCHVU Q1 2025 18 $108.7M HES, AZEK, COLOMBIER ACQUISITION CORP, SLB, RAC.U Q4 2024 Amended 18 $216.9M ESGR, HES, SMAR, AGS, COLOMBIER ACQUISITION CORP