Decagon Asset Management LLP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Decagon Asset Management LLP reported 27 stock positions worth $235.4 million . Its top holding was Hologic (HOLX) at 15.8% of the portfolio, followed by Exact Sciences (EXAS, 15.0% ) and Norfolk Southern (NSC, 14.2% ). Compared with Q3 2025, it opened 17 new positions, sold out of 12, added to 6 and reduced 4. The biggest buy was a new position in Hologic (HOLX) and the biggest sale an exit from Chart Industries (GTLS).
Location LONDON, X0
CIK 0001950677
Portfolio Value $235.4M (Q4 2025) Holdings 27 stocks · $235.4M 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 Q3 2025 HOLX Hologic Inc. 498,125 $37.1M New EXAS Exact Sciences Corp. 347,400 $35.3M New NSC Norfolk Southern Corp. 116,000 $33.5M New CYBR Cyberark Software Ltd./Israel 41,115 $18.3M Reduce -45.2% RNAM Avidity Biosciences Inc. 242,436 $17.5M New MCGA Yorkville Acquisition Corp. Class A 1,215,386 $12.3M Add +17.4% MRLN Merlin Inc. filed as INFLECTION POINT ACQUISITION 816,410 $8.8M New MBC Masterbrand Inc. 762,926 $8.4M New NWAX.U New America Acquisition I Co. 733,520 $7.6M New OACC Oaktree Acquisition Corp. I-A 675,637 $7.1M Add +4.9% CHAC Crane Harbor Acqu Corp. Class A 660,566 $7.1M New MLAC Mountain Lake Acquisition-A 657,592 $6.8M New BCSS Bain Capital GSS Inv- A 565,461 $5.7M Add +6.9% KBONU Karbon Capital Partners Corp. 524,380 $5.3M New KCHV Kochav Defense Acquisition-A 480,888 $4.9M Add +26.4% BEBE.U Tge Value Creative Solutions 436,652 $4.3M New PELI Pelican Acquisition Corp. 379,902 $3.9M Add +17.0% IPCX Inflection Point Acquisiti-A 351,374 $3.6M New NPAC New Providence Acquisition-A 270,437 $2.8M Add +6.7% WLAC Willow Lane Acquisition Class A 199,480 $2.5M Reduce -45.0% SAC.U Safeguard Acquisition Corp. 209,750 $2.1M New AEXA American Exceptionalism Class A 16,000 $182K New ALIS Calisa Acquisition Corp. 238,203 $116K New APAC Stonebridge Acquisition Class A 346,557 $58K New BDCI BTC Development Corp. Class A 51,491 $35K Reduce -89.7% AIIA AI Infrastructure Ac-A 133,256 $35K New HVMC Highview Merger Corp. Class A 100,000 $27K Reduce -50.0%
Options reported separately and not counted above: CDTX calls ($22.1M), CTLP calls ($212K).
Other holdings (28): bonds, preferreds, convertibles and warrants · $2.4M (not counted above) Security Class Shares / Principal Value Change TVACW Texas Ventures Acq -31 *W EXP 04/23/203 286,072 $257K Add +16.9% SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 1,181,391 $240K No change CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 282,875 $226K Add +14.1% GSRFR GSR IV Acquisition Corp.-RTS RIGHT 08/22/2030 83,449 $199K Reduce -14.7% KCHVR Kochav Defense Acquisition-R RIGHT 05/21/2030 751,272 $180K Add +97.4% PELIR Pelican Acquisition Corp.-RTS RIGHT 05/02/2030 658,999 $152K Add +8.4% OACCW Oaktree Acquisition III -31 *W EXP 09/01/203 147,502 $105K Reduce -23.4% KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 784,481 $102K Add +23.4% EVOXW Evolution Global Acquisition *W EXP 10/22/203 210,100 $92K New COPL.WS Copley Acquisition Corp. -30 *W EXP 99/99/999 353,910 $91K No change MCGAW Yorkville Acquisition - 30 *W EXP 06/06/203 172,360 $86K Add +13.9% AXINR Axiom Intelligence Acquisiti RIGHT 06/10/2030 350,000 $74K No change BCSS.WS Bain Capital GSS Investment *W EXP 01/01/202 100,542 $66K Reduce -4.9% PCAPW Procap Acq Corp. A -30 *W EXP 05/16/203 160,638 $60K Add +3.8% EQV VENTURES ACQUISITION *W EXP 07/01/203 121,916 $59K Add +17.1% RANGR Range Capital Acquisition Co. RIGHT 99/99/9999 116,572 $52K Reduce -76.8% NPACW New Providence Acq A -CW28 *W EXP 04/24/203 101,555 $51K Add +16.9% EGHAR Egh Acquisition Corp.-RTS RIGHT 99/99/9999 190,134 $48K Reduce -41.1% OYSER Oyster Enterprises II Acquis RIGHT 05/22/2030 183,091 $37K No change IBACR Ib Acquisition Corp.-RTS RIGHT 09/28/2026 459,411 $36K No change CHPGR Championsgate Acquisition Co. RIGHT 05/14/2030 172,103 $32K No change TGE.WS Generation Essentials - 30 *W EXP 02/15/202 203,834 $31K No change YCY.WS Aa Mission Acquisition -31 *W EXP 07/23/203 130,692 $29K New CAPNR Cayson Acquisition Corp. RIGHT 99/99/9999 102,635 $23K No change MLACR Mountain Lake Acquisition Co. RIGHT 11/15/2028 69,665 $17K Reduce -45.7% FVNNR Future Vision II Acquisi-RTS RIGHT 06/29/2029 30,790 $4K No change ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 13,179 $3K No change CDTTW Murphy Canyon Acq-CW27 *W EXP 09/22/202 400,000 $2K No change
Total filed on the 13F, all lines: $237.8M.
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ GTLS Chart Industries Inc. Sold out 0.00% −14.80 AL Sumisho Air Lease Corp. Sold out 0.00% −11.95 CYBR Cyberark Software Ltd./Israel Reduce -45.2% 7.79% −11.67 ELME Elme Communities Sold out 0.00% −4.66 MRUS Merus NV Sold out 0.00% −4.23 SBXDF Silverbox Corp. IV-A Sold out 0.00% −3.79 DNOW Dnow Inc. Sold out 0.00% −3.75 GSRFU GSR IV Acquisition Corp. Sold out 0.00% −3.72 EMISU Emmis Acquisition Corp. Sold out 0.00% −2.81 BDCI BTC Development Corp. Class A Reduce -89.7% 0.01% −2.70 FRNM Freenome Inc. Sold out 0.00% −2.16 APACU Stonebridge Acquisition II C Sold out 0.00% −2.12 NETD Nabors Energy Transition C-A Sold out 0.00% −1.46 ODP The Odp Corp. Sold out 0.00% −1.42 WLAC Willow Lane Acquisition Class A Reduce -45.0% 1.07% −1.18 HVMC Highview Merger Corp. Class A Reduce -50.0% 0.01% −1.08
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ HOLX Hologic Inc. New 15.76% +15.76 EXAS Exact Sciences Corp. New 14.99% +14.99 NSC Norfolk Southern Corp. New 14.23% +14.23 RNAM Avidity Biosciences Inc. New 7.43% +7.43 MRLN Merlin Inc. New 3.72% +3.72 MBC Masterbrand Inc. New 3.58% +3.58 NWAX.U New America Acquisition I Co. New 3.24% +3.24 CHAC Crane Harbor Acqu Corp. Class A New 3.02% +3.02 MLAC Mountain Lake Acquisition-A New 2.91% +2.91 KBONU Karbon Capital Partners Corp. New 2.24% +2.24 BEBE.U Tge Value Creative Solutions New 1.84% +1.84 IPCX Inflection Point Acquisiti-A New 1.51% +1.51 SAC.U Safeguard Acquisition Corp. New 0.90% +0.90 AEXA American Exceptionalism Class A New 0.08% +0.08 ALIS Calisa Acquisition Corp. New 0.05% +0.05 APAC Stonebridge Acquisition Class A New 0.02% +0.02 KCHV Kochav Defense Acquisition-A Add +26.4% 2.07% +0.02 AIIA AI Infrastructure Ac-A New 0.01% +0.01 PELI Pelican Acquisition Corp. Add +17.0% 1.64% −0.12 NPAC New Providence Acquisition-A Add +6.7% 1.18% −0.21 BCSS Bain Capital GSS Inv- A Add +6.9% 2.42% −0.44 OACC Oaktree Acquisition Corp. I-A Add +4.9% 3.04% −0.60 MCGA Yorkville Acquisition Corp. Class A Add +17.4% 5.23% −0.70
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ CDTX Cidara Therapeutics Inc. call New 100,000 $22.1M GTLS Chart Industries Inc. call Sold out 40,000 $8.0Mbefore exit CTLP Cantaloupe Inc. call Reduce -50.0% 20,000 $212K MRUS Merus NV put Sold out 2,000 $188Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 Sold out 741,376 $386Kbefore exit TVACW Texas Ventures Acq -31 *W EXP 04/23/203 Add +16.9% 286,072 $257K CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 Add +14.1% 282,875 $226K XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 Sold out 231,385 $220Kbefore exit GSRFR GSR IV Acquisition Corp.-RTS RIGHT 08/22/2030 Reduce -14.7% 83,449 $199K KCHVR Kochav Defense Acquisition-R RIGHT 05/21/2030 Add +97.4% 751,272 $180K PELIR Pelican Acquisition Corp.-RTS RIGHT 05/02/2030 Add +8.4% 658,999 $152K IPEXR Inflection Point Acquisition RIGHT 99/99/9999 Sold out 250,000 $150Kbefore exit OACCW Oaktree Acquisition III -31 *W EXP 09/01/203 Reduce -23.4% 147,502 $105K KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 Add +23.4% 784,481 $102K LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 Sold out 252,676 $94Kbefore exit EVOXW Evolution Global Acquisition *W EXP 10/22/203 New 210,100 $92K MCGAW Yorkville Acquisition - 30 *W EXP 06/06/203 Add +13.9% 172,360 $86K AACBR Artius II Acquisition Inc. RIGHT 11/27/2029 Sold out 355,203 $85Kbefore exit POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 Sold out 400,320 $80Kbefore exit VCICW Vine Hill Capital Class A-2 *W EXP 07/01/203 Sold out 50,000 $80Kbefore exit BCSS.WS Bain Capital GSS Investment *W EXP 01/01/202 Reduce -4.9% 100,542 $66K PCAPW Procap Acq Corp. A -30 *W EXP 05/16/203 Add +3.8% 160,638 $60K EQV VENTURES ACQUISITION *W EXP 07/01/203 Add +17.1% 121,916 $59K RANGR Range Capital Acquisition Co. RIGHT 99/99/9999 Reduce -76.8% 116,572 $52K NPACW New Providence Acq A -CW28 *W EXP 04/24/203 Add +16.9% 101,555 $51K EGHAR Egh Acquisition Corp.-RTS RIGHT 99/99/9999 Reduce -41.1% 190,134 $48K BACCR Blue Acquisition Corp.-RTS RIGHT 06/11/2030 Sold out 215,371 $35Kbefore exit BACQR Inflection Point Acquisition RIGHT 11/04/2026 Sold out 47,423 $32Kbefore exit YCY.WS Aa Mission Acquisition -31 *W EXP 07/23/203 New 130,692 $29K MLACR Mountain Lake Acquisition Co. RIGHT 11/15/2028 Reduce -45.7% 69,665 $17K HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 Sold out 19,068 $8Kbefore exit
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