Decagon Asset Management LLP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Decagon Asset Management LLP reported 21 stock positions worth $126.0 million . Its top holding was Skechers USA Class A (SKX) at 27.1% of the portfolio, followed by Kellanova (K, 15.2% ) and Ares Acquisition Corp. II (8.0% ). Compared with Q1 2025, it opened 18 new positions, sold out of 15, added to 2 and reduced 1. The biggest buy was a new position in Skechers USA Class A (SKX) and the biggest sale an exit from Hess (HES).
Location LONDON, X0
CIK 0001950677
Portfolio Value $126.0M (Q2 2025) Holdings 21 stocks · $126.0M 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 Q1 2025 SKX Skechers USA Inc. Class A 541,389 $34.2M New K Kellanova 241,414 $19.2M New ARES ACQUISITION CORP II 894,668 $10.1M New BASE Couchbase Inc. 329,620 $8.0M New KCHVU Kochav Defense Acquisition C 675,624 $6.9M New CCIR Cohen Circle Acquisitio Class A 603,761 $6.6M New OACC Oaktree Acquisition Corp. I-A 618,016 $6.5M Reduce -13.8% SBXDF Silverbox Corp. IV-A 441,099 $4.8M New FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 363,631 $3.9M Add +0.2% BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II 348,223 $3.7M Add +45.5% AXINU Axiom Intelligence Acquisiti 350,000 $3.5M New MCGAU Yorkville Acquisition Corp. 295,671 $3.3M New EGHA Egh Acquisition Co. Class A 300,000 $3.0M New NPAC New Providence Acquisition-A 250,038 $2.6M New BACCU Blue Acquisition Corp. 212,396 $2.1M New OYSEU Oyster Enterprises II Acquis 180,558 $1.8M New PELI Pelican Acquisition Corp. 163,071 $1.6M New CHPG Championsgate Acquisitio-A 159,259 $1.6M New BSAAU Best Spac I Acquisition Corp. 150,000 $1.5M New BRR Columbus Circle Capital Co. Class A 64,524 $685K New PACHU Pioneer Acquisition I Corp. 34,614 $346K New
Options reported separately and not counted above: GMS calls ($10.9M), PRA calls ($6.6M), CTLP calls ($2.8M), SAGE calls ($2.7M), COLOMBIER ACQUISITION CORP calls ($1.9M), ARES ACQUISITION CORP II calls ($567K).
Other holdings (29): bonds, preferreds, convertibles and warrants · $2.0M (not counted above) Security Class Shares / Principal Value Change SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 1,181,391 $228K No change OACCW Oaktree Acquisition III -31 *W EXP 09/01/203 184,747 $162K Add +1.8% RANGR Range Capital Acquisition Co. RIGHT 99/99/9999 601,367 $150K Reduce -3.6% KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 124,710 $137K Reduce -67.0% PELIR Pelican Acquisition Corp.-RTS RIGHT 05/02/2030 583,073 $111K New KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 625,346 $100K No change POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 492,294 $98K No change SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 696,331 $97K No change AACBR Artius II Acquisition Inc. RIGHT 11/27/2029 350,296 $84K New TGE.WS Generation Essentials - 30 *W EXP 02/15/202 201,013 $80K New IPCXR Inflection Point Acquisition RIGHT 04/25/2030 200,000 $80K New EQV VENTURES ACQUISITION *W EXP 07/01/203 101,208 $74K Add +0.2% CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 247,870 $67K New LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 245,604 $66K No change EGHAR Egh Acquisition Corp.-RTS RIGHT 99/99/9999 299,820 $66K New COPL.WS Copley Acquisition Corp. -30 *W EXP 99/99/999 349,012 $58K New XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 212,272 $57K New NPACW New Providence Acq A -CW28 *W EXP 04/24/203 83,345 $52K New CCAQW Dune Acquisition Corp. II -30 *W EXP 04/04/203 225,000 $43K New BACQR Inflection Point Acquisition RIGHT 11/04/2026 111,813 $39K Reduce -26.2% ESHAR Esh Acquisition Corp. - Right RIGHT 06/13/2028 303,674 $22K No change MLACR Mountain Lake Acquisition Co. RIGHT 11/15/2028 128,390 $22K No change IBACR Ib Acquisition Corp.-RTS RIGHT 09/28/2026 459,411 $19K No change CHPGR Championsgate Acquisition Co. RIGHT 05/14/2030 160,000 $16K New CAPNR Cayson Acquisition Corp. RIGHT 99/99/9999 100,989 $14K No change HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 18,285 $7K Add +11.8% FVNNR Future Vision II Acquisi-RTS RIGHT 06/29/2029 30,296 $6K No change CDTTW Murphy Canyon Acq-CW27 *W EXP 09/22/202 400,000 $4K No change ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 13,179 $1K No change
Total filed on the 13F, all lines: $128.0M.
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ HES Hess Corp. Sold out 0.00% −28.30 AZEK The Azek Co. Inc. Sold out 0.00% −13.76 COLOMBIER ACQUISITION CORP Sold out 0.00% −9.96 SLB SLB Ltd. Sold out 0.00% −8.49 RAC.U Rithm Acquisition Corp. Sold out 0.00% −8.42 CEPO Cantor Equity Partners I-A Sold out 0.00% −3.82 RNW Renew Energy Global PLC-A Sold out 0.00% −2.73 SGRY Surgery Partners Inc. Sold out 0.00% −2.51 AGS Playags Inc. Sold out 0.00% −2.32 OACC Oaktree Acquisition Corp. I-A Reduce -13.8% 5.12% −1.62 NETD Nabors Energy Transition C-A Sold out 0.00% −1.52 GSHRU Gesher Acquisition Corp. II Sold out 0.00% −1.38 FERAU Fifth Era Acquisition Corp. I Sold out 0.00% −1.25 UYSCU Uy Scuti Acquisition Corp. Sold out 0.00% −1.16 CEP Cantor Equity Partners Inc. Sold out 0.00% −1.16 IMSR Terrestrial Energy Inc. Sold out 0.00% −0.54
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ SKX Skechers USA Inc. Class A New 27.11% +27.11 K Kellanova New 15.24% +15.24 ARES ACQUISITION CORP II New 8.04% +8.04 BASE Couchbase Inc. New 6.38% +6.38 KCHVU Kochav Defense Acquisition C New 5.46% +5.46 CCIR Cohen Circle Acquisitio Class A New 5.26% +5.26 SBXDF Silverbox Corp. IV-A New 3.84% +3.84 AXINU Axiom Intelligence Acquisiti New 2.80% +2.80 MCGAU Yorkville Acquisition Corp. New 2.64% +2.64 EGHA Egh Acquisition Co. Class A New 2.38% +2.38 NPAC New Providence Acquisition-A New 2.02% +2.02 BACCU Blue Acquisition Corp. New 1.69% +1.69 OYSEU Oyster Enterprises II Acquis New 1.45% +1.45 PELI Pelican Acquisition Corp. New 1.30% +1.30 CHPG Championsgate Acquisitio-A New 1.26% +1.26 BSAAU Best Spac I Acquisition Corp. New 1.20% +1.20 BRR Columbus Circle Capital Co. Class A New 0.54% +0.54 BBOT Bridgebio Oncology Therapeut Add +45.5% 2.93% +0.45 PACHU Pioneer Acquisition I Corp. New 0.27% +0.27 FRNM Freenome Inc. Add +0.2% 3.06% −0.37
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ SPR Spirit Aerosystems Hold Class A put Sold out 334,200 $11.5Mbefore exit GMS GMS Inc. call New 100,000 $10.9M BECN Beacon Roofing Supply Inc. call Sold out 75,000 $9.3Mbefore exit PRA Proassurance Corp. call New 290,000 $6.6M AMCR Amcor PLC call Sold out 500,400 $4.9Mbefore exit RNW Renew Energy Global PLC-A put Sold out 564,100 $3.3Mbefore exit CTLP Cantaloupe Inc. call New 251,700 $2.8M SAGE Sage Therapeutics Inc. call New 292,000 $2.7M COLOMBIER ACQUISITION CORP call New 125,000 $1.9M ARES ACQUISITION CORP II call New 50,000 $567K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 Sold out 689,835 $274Kbefore exit USA RARE EARTH INC *W EXP 03/13/203 Sold out 343,658 $230Kbefore exit OACCW Oaktree Acquisition III -31 *W EXP 09/01/203 Add +1.8% 184,747 $162K RANGR Range Capital Acquisition Co. RIGHT 99/99/9999 Reduce -3.6% 601,367 $150K KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 Reduce -67.0% 124,710 $137K CCIRW Cohen Circle Acquisition-29 *W EXP 01/31/202 Sold out 61,747 $111Kbefore exit PELIR Pelican Acquisition Corp.-RTS RIGHT 05/02/2030 New 583,073 $111K AACBR Artius II Acquisition Inc. RIGHT 11/27/2029 New 350,296 $84K TGE.WS Generation Essentials - 30 *W EXP 02/15/202 New 201,013 $80K IPCXR Inflection Point Acquisition RIGHT 04/25/2030 New 200,000 $80K EQV VENTURES ACQUISITION *W EXP 07/01/203 Add +0.2% 101,208 $74K LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 Sold out 154,275 $71Kbefore exit CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 New 247,870 $67K EGHAR Egh Acquisition Corp.-RTS RIGHT 99/99/9999 New 299,820 $66K COPL.WS Copley Acquisition Corp. -30 *W EXP 99/99/999 New 349,012 $58K XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 New 212,272 $57K NPACW New Providence Acq A -CW28 *W EXP 04/24/203 New 83,345 $52K CCAQW Dune Acquisition Corp. II -30 *W EXP 04/04/203 New 225,000 $43K BACQR Inflection Point Acquisition RIGHT 11/04/2026 Reduce -26.2% 111,813 $39K CHPGR Championsgate Acquisition Co. RIGHT 05/14/2030 New 160,000 $16K HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 Add +11.8% 18,285 $7K
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