Findell Capital Management LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Findell Capital Management LLC reported 17 stock positions worth $339.5 million . Its top holding was Liquidia (LQDA) at 38.9% of the portfolio, followed by Establishment Labs (ESTA, 16.7% ) and Dave (DAVE, 8.7% ). Compared with Q4 2025, it opened 5 new positions, sold out of 3, added to 8 and reduced 4. The biggest buy was Liquidia (LQDA, shares +23% ) and the biggest sale Establishment Labs (ESTA, shares −12% ).
Location New York, NY
CIK 0001814465
Portfolio Value $339.5M (Q1 2026) Holdings 17 stocks · $339.5M 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 2025 LQDA Liquidia Corp. 3,502,112 $132.2M Add +22.8% ESTA Establishment Labs Holdings 997,747 $56.7M Reduce -11.7% DAVE Dave Inc. 170,000 $29.6M Add +142.9% ROOT Root Inc./Oh Class A 375,000 $16.6M Add +59.6% SGHC Super Group SGHC Ltd. 1,500,000 $16.2M Add +59.6% GEO The Geo Group Inc. 875,000 $14.7M Add +34.6% OPRT Oportun Financial Corp. 2,748,300 $12.7M Add +7.0% ABVX Abivax SA-ADR 105,000 $11.7M Add +118.8% CVE Cenovus Energy Inc. 375,000 $9.9M New ACHC Acadia Healthcare Co. Inc. 380,000 $8.9M New TPB Turning Point Brands Inc. 95,000 $8.2M Reduce -25.2% CELH Celsius Holdings Inc. 200,000 $7.1M Reduce -4.8% MLYS Mineralys Therapeutics Inc. 202,000 $5.5M Add +304.0% VET Vermilion Energy Inc. 370,000 $5.1M New APLD Applied Digital Corp. 170,000 $4.0M New BTU Peabody Energy Corp. 8,381 $276K New EHTH Ehealth Inc. 179,027 $231K Reduce -87.3%
Options reported separately and not counted above: LQDA calls ($1.9M).
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ ESTA Establishment Labs Holdings Reduce -11.7% 16.68% −10.69 TPB Turning Point Brands Inc. Reduce -25.2% 2.43% −2.15 EHTH Ehealth Inc. Reduce -87.3% 0.07% −2.09 LRN Stride Inc. Sold out 0.00% −1.94 ADMA Adma Biologics Inc. Sold out 0.00% −1.82 CELH Celsius Holdings Inc. Reduce -4.8% 2.09% −1.10 VOR Vor Biopharma Inc. Sold out 0.00% −1.00
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ LQDA Liquidia Corp. Add +22.8% 38.93% +6.25 DAVE Dave Inc. Add +142.9% 8.72% +3.57 CVE Cenovus Energy Inc. New 2.93% +2.93 ACHC Acadia Healthcare Co. Inc. New 2.62% +2.62 VET Vermilion Energy Inc. New 1.50% +1.50 ABVX Abivax SA-ADR Add +118.8% 3.44% +1.29 APLD Applied Digital Corp. New 1.19% +1.19 SGHC Super Group SGHC Ltd. Add +59.6% 4.77% +1.04 MLYS Mineralys Therapeutics Inc. Add +304.0% 1.61% +1.01 GEO The Geo Group Inc. Add +34.6% 4.33% +0.85 BTU Peabody Energy Corp. New 0.08% +0.08 ROOT Root Inc./Oh Class A Add +59.6% 4.88% −0.76 OPRT Oportun Financial Corp. Add +7.0% 3.73% −0.78
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ LQDA Liquidia Corp. put Sold out 1,200,000 $41.4Mbefore exit LQDA Liquidia Corp. call Reduce -68.0% 50,000 $1.9M
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