Findell Capital Management LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Findell Capital Management LLC reported 11 stock positions worth $204.1 million . Its top holding was Establishment Labs (ESTA) at 28.9% of the portfolio, followed by Liquidia (LQDA, 18.3% ) and Odp (ODP, 11.6% ). Compared with Q1 2025, it opened 3 new positions, sold out of 5, added to 2 and reduced 6. The biggest buy was Odp (ODP, shares +76% ) and the biggest sale Geo (GEO, shares −23% ).
Location New York, NY
CIK 0001814465
Portfolio Value $204.1M (Q2 2025) Holdings 11 stocks · $204.1M 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 Q1 2025 ESTA Establishment Labs Holdings 1,379,480 $58.9M Reduce -0.4% LQDA Liquidia Corp. 3,000,000 $37.4M Add +3.8% ODP The Odp Corp. filed as THE ODP CORP 1,305,000 $23.7M Add +76.3% OPRT Oportun Financial Corp. 2,836,300 $20.3M Reduce -16.6% GEO The Geo Group Inc. 580,000 $13.9M Reduce -22.7% VAL Valaris Ltd. 300,000 $12.6M Reduce -16.7% ROOT Root Inc./Oh Class A 87,917 $11.3M New AEVA Aeva Technologies Inc. 200,000 $7.6M New CC The Chemours Co. 651,000 $7.5M New DAVA Endava PLC- Spon ADR 380,000 $5.8M Reduce -12.6% EHTH Ehealth Inc. 1,200,000 $5.2M Reduce -5.2%
Options reported separately and not counted above: LQDA calls ($1.2M).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ GEO The Geo Group Inc. Reduce -22.7% 6.81% −3.73 GRPN Groupon Inc. Sold out 0.00% −3.16 MLYS Mineralys Therapeutics Inc. Sold out 0.00% −3.05 XPOF Xponential Fitness Inc. Class A Sold out 0.00% −2.32 VFC VF Corp. Sold out 0.00% −2.24 EHTH Ehealth Inc. Reduce -5.2% 2.56% −1.51 DAVA Endava PLC- Spon ADR Reduce -12.6% 2.85% −1.23 VAL Valaris Ltd. Reduce -16.7% 6.19% −0.61 EWCZ European Wax Center Inc. Class A Sold out 0.00% −0.47 OPRT Oportun Financial Corp. Reduce -16.6% 9.95% −0.02 ESTA Establishment Labs Holdings Reduce -0.4% 28.87% +1.22
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ ODP The Odp Corp. Add +76.3% 11.59% +6.43 ROOT Root Inc./Oh Class A New 5.51% +5.51 AEVA Aeva Technologies Inc. New 3.70% +3.70 CC The Chemours Co. New 3.65% +3.65 LQDA Liquidia Corp. Add +3.8% 18.32% −2.18
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ LQDA Liquidia Corp. call New 100,000 $1.2M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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