Findell Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Findell Capital Management LLC reported 15 stock positions worth $301.0 million. Its top holding was Liquidia (LQDA) at 32.7% of the portfolio, followed by Establishment Labs (ESTA, 27.4%) and Root Inc./Oh Class A (ROOT, 5.6%). Compared with Q3 2025, it opened 4 new positions, sold out of 3, added to 8 and reduced 2. The biggest buy was Liquidia (LQDA, shares +1%) and the biggest sale an exit from Odp (ODP).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001814465
- Portfolio Value
- $301.0M (Q4 2025)
- SEC Filing
- 0000921895-26-000470 ↗ filed Feb 17, 2026
Holdings Value
Holdings 15 stocks · $301.0M
| LQDA Liquidia Corp. | 32.68% | 2,851,449 | $98.3M | Add +0.8% |
| ESTA Establishment Labs Holdings | 27.37% | 1,130,460 | $82.4M | Reduce -12.7% |
| ROOT Root Inc./Oh Class A | 5.64% | 235,000 | $17.0M | Add +291.7% |
| DAVE Dave Inc. | 5.15% | 70,000 | $15.5M | Add +84.2% |
| TPB Turning Point Brands Inc. | 4.57% | 127,000 | $13.8M | Add +41.1% |
| OPRT Oportun Financial Corp. | 4.51% | 2,568,300 | $13.6M | No change |
| SGHC Super Group SGHC Ltd. | 3.73% | 940,000 | $11.2M | Add +40.3% |
| GEO The Geo Group Inc. | 3.48% | 650,000 | $10.5M | Add +16.1% |
| CELH Celsius Holdings Inc. | 3.19% | 210,000 | $9.6M | New |
| EHTH Ehealth Inc. | 2.15% | 1,408,975 | $6.5M | Add +15.0% |
| ABVX Abivax SA-ADR | 2.15% | 48,000 | $6.5M | Add +20.0% |
| LRN Stride Inc. | 1.94% | 90,000 | $5.8M | New |
| ADMA Adma Biologics Inc. | 1.82% | 300,000 | $5.5M | New |
| VOR Vor Biopharma Inc. | 1.00% | 231,000 | $3.0M | New |
| MLYS Mineralys Therapeutics Inc. | 0.60% | 50,000 | $1.8M | Reduce -80.0% |
Options reported separately and not counted above: LQDA puts ($41.4M), LQDA calls ($5.4M).
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| LQDA Liquidia Corp. | Add +0.8% | 32.68% | +3.29 |
| CELH Celsius Holdings Inc. | New | 3.19% | +3.19 |
| ROOT Root Inc./Oh Class A | Add +291.7% | 5.64% | +3.19 |
| LRN Stride Inc. | New | 1.94% | +1.94 |
| ADMA Adma Biologics Inc. | New | 1.82% | +1.82 |
| DAVE Dave Inc. | Add +84.2% | 5.15% | +1.69 |
| VOR Vor Biopharma Inc. | New | 1.00% | +1.00 |
| ABVX Abivax SA-ADR | Add +20.0% | 2.15% | +0.60 |
| TPB Turning Point Brands Inc. | Add +41.1% | 4.57% | +0.51 |
| EHTH Ehealth Inc. | Add +15.0% | 2.15% | −0.26 |
| SGHC Super Group SGHC Ltd. | Add +40.3% | 3.73% | −0.31 |
| GEO The Geo Group Inc. | Add +16.1% | 3.48% | −1.76 |
Options Activity Q3 2025 → Q4 2025
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 |