Findell Capital Management LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Findell Capital Management LLC reported 13 stock positions worth $185.0 million. Its top holding was Establishment Labs (ESTA) at 27.3% of the portfolio, followed by Liquidia (LQDA, 15.6%) and Valaris (VAL, 11.5%). Compared with Q1 2024, it opened 4 new positions, sold out of 4, added to 8 and reduced 1. The biggest buy was a new position in Zoominfo Technologies (GTM) and the biggest sale an exit from Caesars Entertainment (CZR).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001814465
Portfolio Value
$185.0M (Q2 2024)
SEC Filing
0000921895-24-001816 ↗ filed Aug 14, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $169.4M Q1 2024 Q2 2024: $185.0M $185.0M Q2 2024 Q3 2024: $179.9M Q3 2024 Q4 2024: $208.7M Q4 2024 Q1 2025: $208.0M Q1 2025 Q2 2025: $204.1M Q2 2025 Q3 2025: $219.0M Q3 2025 Q4 2025: $301.0M Q4 2025 Q1 2026: $339.5M Q1 2026 Q2 2026: $606.6M Q2 2026

Holdings 13 stocks · $185.0M
ESTA Establishment Labs Holdings 27.29% 1,111,100 $50.5M Add +41.5%
LQDA Liquidia Corp. 15.57% 2,400,000 $28.8M Add +14.0%
VAL Valaris Ltd. 11.48% 285,000 $21.2M Add +1.8%
NE Noble Corp. PLC 7.96% 330,000 $14.7M Add +4.8%
EXEL Exelixis Inc. 6.07% 500,000 $11.2M Add +25.0%
GTM Zoominfo Technologies Inc. 5.87% 850,000 $10.9M New
OPRT Oportun Financial Corp. 5.44% 3,469,600 $10.1M Add +71.7%
DAVA Endava PLC- Spon ADR 4.90% 310,000 $9.1M New
VET Vermilion Energy Inc. 3.75% 630,000 $6.9M Reduce -38.8%
CC The Chemours Co. 3.66% 300,000 $6.8M New
TDS Telephone and Data Systems 3.36% 300,000 $6.2M New
EHTH Ehealth Inc. 3.18% 1,300,000 $5.9M Add +1.9%
KLXE KLX Energy Services Holding 1.47% 550,000 $2.7M Add +10.0%

Options reported separately and not counted above: LQDA calls ($4.8M), ESTA calls ($2.3M).

Other holdings (4): bonds, preferreds, convertibles and warrants · $15.3M (not counted above)
SecurityClassShares / PrincipalValueChange
CUTERA INC (CUTR 4 06/01/29) NOTE 4.000% 6/0 · principal 8,250,000$8.3MNo change
THE REALREAL INC (REAL 3 06/15/25) NOTE 3.000% 6/1 · principal 3,000,000$3.0MNo change
CUTERA INC (CUTR 2.25 06/01/28) NOTE 2.250% 6/0 · principal 2,000,000$2.0MNo change
THE REALREAL INC (REAL 1 03/01/28) NOTE 1.000% 3/0 · principal 2,000,000$2.0MNo change

Total filed on the 13F, all lines: $200.3M.

Portfolio Sells Q1 2024 → Q2 2024
CZR Caesars Entertainment Inc. Sold out 0.00% −6.46
SLCA US Silica Holdings Inc. Sold out 0.00% −5.13
VET Vermilion Energy Inc. Reduce -38.8% 3.75% −3.81
IBIT iShares Bitcoin Trust ETF Sold out 0.00% −1.43
CUTRQ Cutera Inc. Sold out 0.00% −0.72

Portfolio Buys Q1 2024 → Q2 2024
GTM Zoominfo Technologies Inc. New 5.87% +5.87
DAVA Endava PLC- Spon ADR New 4.90% +4.90
ESTA Establishment Labs Holdings Add +41.5% 27.29% +3.70
CC The Chemours Co. New 3.66% +3.66
TDS Telephone and Data Systems New 3.36% +3.36
OPRT Oportun Financial Corp. Add +71.7% 5.44% +2.54
EXEL Exelixis Inc. Add +25.0% 6.07% +0.47
KLXE KLX Energy Services Holding Add +10.0% 1.47% −0.81
VAL Valaris Ltd. Add +1.8% 11.48% −0.96
NE Noble Corp. PLC Add +4.8% 7.96% −1.05
EHTH Ehealth Inc. Add +1.9% 3.18% −1.36
LQDA Liquidia Corp. Add +14.0% 15.57% −2.76

Options Activity Q1 2024 → Q2 2024
LQDA Liquidia Corp. call New 400,000 $4.8M
ESTA Establishment Labs Holdings call Reduce -58.3% 50,000 $2.3M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 12$606.6MLQDA, ESTA, DAVE, SGHC, ROOT
Q1 2026 17$339.5MLQDA, ESTA, DAVE, ROOT, SGHC
Q4 2025 15$301.0MLQDA, ESTA, ROOT, DAVE, TPB
Q3 2025 14$219.0MLQDA, ESTA, OPRT, ODP, GEO
Q2 2025 11$204.1MESTA, LQDA, ODP, OPRT, GEO
Q1 2025 13$208.0MESTA, LQDA, GEO, OPRT, VAL
Q4 2024 15$208.7MESTA, LQDA, GEO, DAVA, OPRT
Q3 2024 16$179.9MESTA, LQDA, APLD, VAL, GTM
Q2 2024 13$185.0MESTA, LQDA, VAL, NE, EXEL
Q1 2024 13$169.4MESTA, LQDA, VAL, NE, VET