Forest Avenue Capital Management LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Forest Avenue Capital Management LP reported 22 stock positions worth $1.5 billion . Its top holding was Viking (VIK) at 13.5% of the portfolio, followed by Carpenter Technology (CRS, 13.1% ) and Vistra (VST, 11.9% ). Compared with Q3 2025, it opened 6 new positions, sold out of 5, added to 8 and reduced 8. The biggest buy was a new position in Royal Caribbean Cruises (RCL) and the biggest sale an exit from Alibaba Group Holding-SP ADR (BABA).
Location MIAMI, FL
CIK 0001944889
Portfolio Value $1.5B (Q4 2025) Holdings 22 stocks · $1.5B 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 Q3 2025 VIK Viking Holdings Ltd. 2,863,247 $204.5M Reduce -19.3% CRS Carpenter Technology 630,061 $198.4M Reduce -0.1% VST Vistra Corp. 1,121,665 $181.0M Add +61.3% MTZ Mastec Inc. 494,011 $107.4M Add +17.1% WWD Woodward Inc. 344,999 $104.3M Add +37.6% CNM Core & Main Inc. Class A 1,879,883 $97.7M Add +50.7% RCL Royal Caribbean Cruises Ltd. 289,860 $80.8M New QXO Qxo Inc. 3,734,990 $72.0M Reduce -0.1% XPO Xpo Inc. 467,057 $63.5M Reduce -5.1% SGI Somnigroup International Inc. 695,566 $62.1M Reduce -0.1% AGX Argan Inc. 185,389 $58.1M Add +25.0% BBWI Bath & Body Works Inc. 2,211,826 $44.4M Add +22.9% HCC Warrior Met Coal Inc. 407,476 $35.9M Reduce -24.6% BTU Peabody Energy Corp. 1,174,262 $34.9M Add +63.5% FSLR First Solar Inc. 115,600 $30.2M New PARR Par Pacific Holdings Inc. 791,832 $27.8M Reduce -13.7% LBRT Liberty Energy Inc. 1,384,217 $25.6M New TLN Talen Energy Corp. 66,880 $25.1M New KNX Knight-Swift Transportation 470,616 $24.6M Reduce -53.2% PUMP Propetro Holding Corp. 1,531,035 $14.6M New LEG Leggett & Platt Inc. 1,233,534 $13.6M Add +208.4% FRO Frontline PLC 546,168 $11.9M New
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ BABA Alibaba Group Holding-SP ADR Sold out 0.00% −3.73 VIK Viking Holdings Ltd. Reduce -19.3% 13.47% −3.08 KVUE Kenvue Inc. Sold out 0.00% −2.90 AMZN Amazon.com Inc. Sold out 0.00% −2.86 CEG Constellation Energy Sold out 0.00% −2.48 PRIM Primoris Services Corp. Sold out 0.00% −2.41 KNX Knight-Swift Transportation Reduce -53.2% 1.62% −1.36 PARR Par Pacific Holdings Inc. Reduce -13.7% 1.83% −0.61 QXO Qxo Inc. Reduce -0.1% 4.75% −0.60 XPO Xpo Inc. Reduce -5.1% 4.18% −0.60 SGI Somnigroup International Inc. Reduce -0.1% 4.09% −0.32 HCC Warrior Met Coal Inc. Reduce -24.6% 2.37% −0.21 CRS Carpenter Technology Reduce -0.1% 13.07% +1.45
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ RCL Royal Caribbean Cruises Ltd. New 5.33% +5.33 WWD Woodward Inc. Add +37.6% 6.87% +2.12 FSLR First Solar Inc. New 1.99% +1.99 VST Vistra Corp. Add +61.3% 11.92% +1.70 LBRT Liberty Energy Inc. New 1.68% +1.68 TLN Talen Energy Corp. New 1.65% +1.65 CNM Core & Main Inc. Class A Add +50.7% 6.43% +1.40 PUMP Propetro Holding Corp. New 0.96% +0.96 BTU Peabody Energy Corp. Add +63.5% 2.30% +0.87 AGX Argan Inc. Add +25.0% 3.83% +0.82 FRO Frontline PLC New 0.78% +0.78 LEG Leggett & Platt Inc. Add +208.4% 0.89% +0.63 MTZ Mastec Inc. Add +17.1% 7.07% +0.34 BBWI Bath & Body Works Inc. Add +22.9% 2.93% −0.55
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ KVUE Kenvue Inc. call Sold out 1,500,000 $24.3Mbefore exit
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 24 $2.4B VST, VIK, MAIR, DPC, WWD Q1 2026 25 $1.6B VST, VIK, CRS, QXO, CNM Q4 2025 22 $1.5B VIK, CRS, VST, MTZ, WWD Q3 2025 21 $1.3B VIK, CRS, VST, MTZ, QXO Q2 2025 17 $1.3B VIK, VST, CRS, XPO, CNM Q1 2025 15 $732.2M CRS, CEG, VST, CNM, RCL Q4 2024 21 $1.1B AMZN, CEG, VIK, BBWI, XPO Q3 2024 21 $823.7M CEG, VST, VIK, CNM, BBWI Q2 2024 22 $722.4M VIK, BBWI, CNM, VST, WMT Q1 2024 19 $406.9M CNM, SGI, BBWI, VST, FRO