Findell Capital Management LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Findell Capital Management LLC reported 13 stock positions worth $208.0 million . Its top holding was Establishment Labs (ESTA) at 27.7% of the portfolio, followed by Liquidia (LQDA, 20.5% ) and Geo (GEO, 10.5% ). Compared with Q4 2024, it opened 3 new positions, sold out of 5, added to 4 and reduced 6. The biggest buy was Geo (GEO, shares +46% ) and the biggest sale an exit from Verona Pharma (VRNA).
Location New York, NY
CIK 0001814465
Portfolio Value $208.0M (Q1 2025) Holdings 13 stocks · $208.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 ESTA Establishment Labs Holdings 1,384,480 $57.5M Add +2.8% LQDA Liquidia Corp. 2,890,000 $42.6M Reduce -6.2% GEO The Geo Group Inc. 750,000 $21.9M Add +45.6% OPRT Oportun Financial Corp. 3,401,300 $20.7M Reduce -2.0% VAL Valaris Ltd. 360,000 $14.1M Add +33.7% ODP The Odp Corp. filed as THE ODP CORP 740,000 $10.7M Add +202.0% DAVA Endava PLC- Spon ADR 435,000 $8.5M Reduce -1.1% EHTH Ehealth Inc. 1,266,000 $8.5M Reduce -7.8% GRPN Groupon Inc. 350,000 $6.6M Reduce -51.4% MLYS Mineralys Therapeutics Inc. 400,000 $6.4M New XPOF Xponential Fitness Inc. Class A 580,000 $4.8M New VFC VF Corp. 300,000 $4.7M New EWCZ European Wax Center Inc. Class A 249,700 $986K Reduce -0.1%
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ VRNA Verona Pharma Ltd. Sold out 0.00% −4.01 NE Noble Corp. PLC Sold out 0.00% −3.46 CELH Celsius Holdings Inc. Sold out 0.00% −3.16 IBTA Ibotta Inc. Class A Sold out 0.00% −2.50 DAVA Endava PLC- Spon ADR Reduce -1.1% 4.08% −2.44 EHTH Ehealth Inc. Reduce -7.8% 4.07% −2.12 GRPN Groupon Inc. Reduce -51.4% 3.16% −1.03 DDS Dillards Inc. Class A Sold out 0.00% −0.37 EWCZ European Wax Center Inc. Class A Reduce -0.1% 0.47% −0.32 LQDA Liquidia Corp. Reduce -6.2% 20.50% +3.14 OPRT Oportun Financial Corp. Reduce -2.0% 9.97% +3.52
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ GEO The Geo Group Inc. Add +45.6% 10.53% +3.63 MLYS Mineralys Therapeutics Inc. New 3.05% +3.05 ODP The Odp Corp. Add +202.0% 5.16% +2.49 XPOF Xponential Fitness Inc. Class A New 2.32% +2.32 VFC VF Corp. New 2.24% +2.24 VAL Valaris Ltd. Add +33.7% 6.80% +1.09 ESTA Establishment Labs Holdings Add +2.8% 27.65% −2.08
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Sold out 50,000 $25.6Mbefore 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 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 12 $606.6M LQDA, ESTA, DAVE, SGHC, ROOT Q1 2026 17 $339.5M LQDA, ESTA, DAVE, ROOT, SGHC Q4 2025 15 $301.0M LQDA, ESTA, ROOT, DAVE, TPB Q3 2025 14 $219.0M LQDA, ESTA, OPRT, ODP, GEO Q2 2025 11 $204.1M ESTA, LQDA, ODP, OPRT, GEO Q1 2025 13 $208.0M ESTA, LQDA, GEO, OPRT, VAL Q4 2024 15 $208.7M ESTA, LQDA, GEO, DAVA, OPRT Q3 2024 16 $179.9M ESTA, LQDA, APLD, VAL, GTM Q2 2024 13 $185.0M ESTA, LQDA, VAL, NE, EXEL Q1 2024 13 $169.4M ESTA, LQDA, VAL, NE, VET