Decagon Asset Management LLP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Decagon Asset Management LLP reported 22 stock positions worth $186.2 million. Its top holding was Cyberark Software Ltd./Israel (CYBR) at 19.5% of the portfolio, followed by Chart Industries (GTLS, 14.8%) and Sumisho Air Lease (AL, 11.9%). Compared with Q2 2025, it opened 16 new positions, sold out of 14, added to 5 and reduced 1. The biggest buy was a new position in Cyberark Software Ltd./Israel (CYBR) and the biggest sale an exit from Skechers USA Class A (SKX).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001950677
- Portfolio Value
- $186.2M (Q3 2025)
- SEC Filing
- 0001950677-25-000007 ↗ filed Nov 14, 2025
Holdings Value
Holdings 22 stocks · $186.2M
| CYBR Cyberark Software Ltd./Israel | 19.46% | 74,990 | $36.2M | New |
| GTLS Chart Industries Inc. | 14.80% | 137,732 | $27.6M | New |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 11.95% | 349,526 | $22.2M | New |
| MCGA Yorkville Acquisition Corp. Class A | 5.93% | 1,035,316 | $11.0M | New |
| ELME Elme Communities | 4.66% | 514,233 | $8.7M | New |
| MRUS Merus NV | 4.23% | 83,728 | $7.9M | New |
| SBXDF Silverbox Corp. IV-A | 3.79% | 674,754 | $7.1M | Add +53.0% |
| DNOW Dnow Inc. | 3.75% | 458,068 | $7.0M | New |
| GSRFU GSR IV Acquisition Corp. | 3.72% | 683,900 | $6.9M | New |
| OACC Oaktree Acquisition Corp. I-A | 3.64% | 644,321 | $6.8M | Add +4.3% |
| BCSS.U Bain Capital GSS Investment | 2.86% | 528,742 | $5.3M | New |
| EMISU Emmis Acquisition Corp. | 2.81% | 523,200 | $5.2M | New |
| BDCIU BTC Development Corp. | 2.71% | 500,000 | $5.0M | New |
| WLAC Willow Lane Acquisition Class A | 2.25% | 362,534 | $4.2M | New |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 2.16% | 379,121 | $4.0M | Add +4.3% |
| APACU Stonebridge Acquisition II C | 2.12% | 396,557 | $4.0M | New |
| KCHV Kochav Defense Acquisition-A | 2.05% | 380,568 | $3.8M | Reduce -43.7% |
| PELI Pelican Acquisition Corp. | 1.75% | 324,747 | $3.3M | Add +99.1% |
| NETD Nabors Energy Transition C-A | 1.46% | 242,700 | $2.7M | New |
| ODP The Odp Corp. filed as THE ODP CORP | 1.42% | 95,037 | $2.6M | New |
| NPAC New Providence Acquisition-A | 1.38% | 253,545 | $2.6M | Add +1.4% |
| HVMCU Highview Merger Corp. | 1.09% | 200,000 | $2.0M | New |
Options reported separately and not counted above: GTLS calls ($8.0M), CTLP calls ($423K), MRUS puts ($188K).
Other holdings (34): bonds, preferreds, convertibles and warrants · $3.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 741,376 | $386K | Add +6.5% |
| TVACW Texas Ventures Acq -31 | *W EXP 04/23/203 | 244,762 | $269K | New |
| SBCWW Pono Capital Two Inc. -27 | *W EXP 09/17/202 | 1,181,391 | $246K | No change |
| RANGR Range Capital Acquisition Co. | RIGHT 99/99/9999 | 501,367 | $236K | Reduce -16.6% |
| XRPNW Armada Acquisition Corp - A | *W EXP 05/21/203 | 231,385 | $220K | Add +9.0% |
| MCGAW Yorkville Acquisition - 30 | *W EXP 06/06/203 | 151,291 | $182K | Add +53.5% |
| PELIR Pelican Acquisition Corp.-RTS | RIGHT 05/02/2030 | 607,908 | $164K | Add +4.3% |
| IPEXR Inflection Point Acquisition | RIGHT 99/99/9999 | 250,000 | $150K | New |
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | 192,624 | $144K | Add +4.3% |
| PCAPW Procap Acq Corp. A -30 | *W EXP 05/16/203 | 154,807 | $101K | New |
| KFIIR K&F Growth Acquisition Corp. | RIGHT 08/29/2031 | 635,555 | $95K | Add +1.6% |
| LEGT.WS Legato Merger Corp. III-29 | *W EXP 05/08/203 | 252,676 | $94K | Add +2.9% |
| AACBR Artius II Acquisition Inc. | RIGHT 11/27/2029 | 355,203 | $85K | Add +1.4% |
| KCHVR Kochav Defense Acquisition-R | RIGHT 05/21/2030 | 380,552 | $84K | Reduce -43.7% |
| POLEW Andretti Acquisition Corp.-29 | *W EXP 06/01/203 | 400,320 | $80K | Reduce -18.7% |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | 50,000 | $80K | New |
| CHACR Crane Harbor Acquisition-RTS | RIGHT 04/17/2030 | 247,870 | $77K | No change |
| COPL.WS Copley Acquisition Corp. -30 | *W EXP 99/99/999 | 353,910 | $71K | Add +1.4% |
| EGHAR Egh Acquisition Corp.-RTS | RIGHT 99/99/9999 | 322,642 | $68K | Add +7.6% |
| AXINR Axiom Intelligence Acquisiti | RIGHT 06/10/2030 | 350,000 | $56K | No change |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | 104,116 | $52K | Add +2.9% |
| IBACR Ib Acquisition Corp.-RTS | RIGHT 09/28/2026 | 459,411 | $38K | No change |
| NPACW New Providence Acq A -CW28 | *W EXP 04/24/203 | 86,895 | $38K | Add +4.3% |
| BACCR Blue Acquisition Corp.-RTS | RIGHT 06/11/2030 | 215,371 | $35K | Add +1.4% |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | 47,423 | $32K | Reduce -57.6% |
| OYSER Oyster Enterprises II Acquis | RIGHT 05/22/2030 | 183,091 | $31K | Add +1.4% |
| TGE.WS Generation Essentials - 30 | *W EXP 02/15/202 | 203,834 | $27K | Add +1.4% |
| CHPGR Championsgate Acquisition Co. | RIGHT 05/14/2030 | 172,103 | $24K | Add +7.6% |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | 128,390 | $19K | No change |
| CAPNR Cayson Acquisition Corp. | RIGHT 99/99/9999 | 102,635 | $18K | Add +1.6% |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 19,068 | $8K | Add +4.3% |
| FVNNR Future Vision II Acquisi-RTS | RIGHT 06/29/2029 | 30,790 | $6K | Add +1.6% |
| 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 | $2K | No change |
Total filed on the 13F, all lines: $189.4M.
Portfolio Sells Q2 2025 → Q3 2025
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −27.11 |
| K Kellanova | Sold out | 0.00% | −15.24 |
| ARES ACQUISITION CORP II | Sold out | 0.00% | −8.04 |
| BASE Couchbase Inc. | Sold out | 0.00% | −6.38 |
| CCIR Cohen Circle Acquisitio Class A | Sold out | 0.00% | −5.26 |
| KCHV Kochav Defense Acquisition-A | Reduce -43.7% | 2.05% | −3.41 |
| BBOT Bridgebio Oncology Therapeut | Sold out | 0.00% | −2.93 |
| AXINU Axiom Intelligence Acquisiti | Sold out | 0.00% | −2.80 |
| EGHA Egh Acquisition Co. Class A | Sold out | 0.00% | −2.38 |
| BACCU Blue Acquisition Corp. | Sold out | 0.00% | −1.69 |
| OYSEU Oyster Enterprises II Acquis | Sold out | 0.00% | −1.45 |
| CHPG Championsgate Acquisitio-A | Sold out | 0.00% | −1.26 |
| BSAAU Best Spac I Acquisition Corp. | Sold out | 0.00% | −1.20 |
| BRR Columbus Circle Capital Co. Class A | Sold out | 0.00% | −0.54 |
| PACHU Pioneer Acquisition I Corp. | Sold out | 0.00% | −0.27 |
Portfolio Buys Q2 2025 → Q3 2025
| CYBR Cyberark Software Ltd./Israel | New | 19.46% | +19.46 |
| GTLS Chart Industries Inc. | New | 14.80% | +14.80 |
| AL Sumisho Air Lease Corp. | New | 11.95% | +11.95 |
| MCGA Yorkville Acquisition Corp. Class A | New | 5.93% | +5.93 |
| ELME Elme Communities | New | 4.66% | +4.66 |
| MRUS Merus NV | New | 4.23% | +4.23 |
| DNOW Dnow Inc. | New | 3.75% | +3.75 |
| GSRFU GSR IV Acquisition Corp. | New | 3.72% | +3.72 |
| BCSS.U Bain Capital GSS Investment | New | 2.86% | +2.86 |
| EMISU Emmis Acquisition Corp. | New | 2.81% | +2.81 |
| BDCIU BTC Development Corp. | New | 2.71% | +2.71 |
| WLAC Willow Lane Acquisition Class A | New | 2.25% | +2.25 |
| APACU Stonebridge Acquisition II C | New | 2.12% | +2.12 |
| NETD Nabors Energy Transition C-A | New | 1.46% | +1.46 |
| ODP The Odp Corp. | New | 1.42% | +1.42 |
| HVMCU Highview Merger Corp. | New | 1.09% | +1.09 |
| PELI Pelican Acquisition Corp. | Add +99.1% | 1.75% | +0.46 |
| SBXDF Silverbox Corp. IV-A | Add +53.0% | 3.79% | −0.04 |
| NPAC New Providence Acquisition-A | Add +1.4% | 1.38% | −0.64 |
| FRNM Freenome Inc. | Add +4.3% | 2.16% | −0.91 |
| OACC Oaktree Acquisition Corp. I-A | Add +4.3% | 3.64% | −1.49 |
Options Activity Q2 2025 → Q3 2025
| GMS GMS Inc. | call | Sold out | 100,000 | $10.9Mbefore exit |
| GTLS Chart Industries Inc. | call | New | 40,000 | $8.0M |
| PRA Proassurance Corp. | call | Sold out | 290,000 | $6.6Mbefore exit |
| SAGE Sage Therapeutics Inc. | call | Sold out | 292,000 | $2.7Mbefore exit |
| COLOMBIER ACQUISITION CORP | call | Sold out | 125,000 | $1.9Mbefore exit |
| ARES ACQUISITION CORP II | call | Sold out | 50,000 | $567Kbefore exit |
| CTLP Cantaloupe Inc. | call | Reduce -84.1% | 40,000 | $423K |
| MRUS Merus NV | put | New | 2,000 | $188K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | Add +6.5% | 741,376 | $386K |
| TVACW Texas Ventures Acq -31 | *W EXP 04/23/203 | New | 244,762 | $269K |
| RANGR Range Capital Acquisition Co. | RIGHT 99/99/9999 | Reduce -16.6% | 501,367 | $236K |
| XRPNW Armada Acquisition Corp - A | *W EXP 05/21/203 | Add +9.0% | 231,385 | $220K |
| MCGAW Yorkville Acquisition - 30 | *W EXP 06/06/203 | Add +53.5% | 151,291 | $182K |
| PELIR Pelican Acquisition Corp.-RTS | RIGHT 05/02/2030 | Add +4.3% | 607,908 | $164K |
| IPEXR Inflection Point Acquisition | RIGHT 99/99/9999 | New | 250,000 | $150K |
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | Add +4.3% | 192,624 | $144K |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | Sold out | 124,710 | $137Kbefore exit |
| PCAPW Procap Acq Corp. A -30 | *W EXP 05/16/203 | New | 154,807 | $101K |
| KFIIR K&F Growth Acquisition Corp. | RIGHT 08/29/2031 | Add +1.6% | 635,555 | $95K |
| LEGT.WS Legato Merger Corp. III-29 | *W EXP 05/08/203 | Add +2.9% | 252,676 | $94K |
| AACBR Artius II Acquisition Inc. | RIGHT 11/27/2029 | Add +1.4% | 355,203 | $85K |
| KCHVR Kochav Defense Acquisition-R | RIGHT 05/21/2030 | Reduce -43.7% | 380,552 | $84K |
| POLEW Andretti Acquisition Corp.-29 | *W EXP 06/01/203 | Reduce -18.7% | 400,320 | $80K |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | New | 50,000 | $80K |
| IPCXR Inflection Point Acquisition | RIGHT 04/25/2030 | Sold out | 200,000 | $80Kbefore exit |
| COPL.WS Copley Acquisition Corp. -30 | *W EXP 99/99/999 | Add +1.4% | 353,910 | $71K |
| EGHAR Egh Acquisition Corp.-RTS | RIGHT 99/99/9999 | Add +7.6% | 322,642 | $68K |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | Add +2.9% | 104,116 | $52K |
| CCAQW Dune Acquisition Corp. II -30 | *W EXP 04/04/203 | Sold out | 225,000 | $43Kbefore exit |
| NPACW New Providence Acq A -CW28 | *W EXP 04/24/203 | Add +4.3% | 86,895 | $38K |
| BACCR Blue Acquisition Corp.-RTS | RIGHT 06/11/2030 | Add +1.4% | 215,371 | $35K |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | Reduce -57.6% | 47,423 | $32K |
| OYSER Oyster Enterprises II Acquis | RIGHT 05/22/2030 | Add +1.4% | 183,091 | $31K |
| TGE.WS Generation Essentials - 30 | *W EXP 02/15/202 | Add +1.4% | 203,834 | $27K |
| CHPGR Championsgate Acquisition Co. | RIGHT 05/14/2030 | Add +7.6% | 172,103 | $24K |
| ESHAR Esh Acquisition Corp. - Right | RIGHT 06/13/2028 | Sold out | 303,674 | $22Kbefore exit |
| CAPNR Cayson Acquisition Corp. | RIGHT 99/99/9999 | Add +1.6% | 102,635 | $18K |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | Add +4.3% | 19,068 | $8K |
| FVNNR Future Vision II Acquisi-RTS | RIGHT 06/29/2029 | Add +1.6% | 30,790 | $6K |
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 2024Amended | 18 | $216.9M | ESGR, HES, SMAR, AGS, COLOMBIER ACQUISITION CORP |