Incision Capital Management LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Incision Capital Management LP reported 5 stock positions worth $110.2 million. Its top holding was Crocs (CROX) at 25.2% of the portfolio, followed by Equinox Gold (EQX, 21.0%) and Teck Resources Ltd.-CLS B (TECK, 20.6%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0002049997
- Portfolio Value
- $110.2M (Q4 2025)
- SEC Filing
- 0001104659-26-016297 ↗ filed Feb 17, 2026
Holdings Value
Holdings 5 stocks · $110.2M
| CROX Crocs Inc. | 25.23% | 325,000 | $27.8M | — |
| EQX Equinox Gold Corp. | 21.03% | 1,650,000 | $23.2M | — |
| TECK Teck Resources Ltd.-CLS B | 20.65% | 475,000 | $22.7M | — |
| CVE Cenovus Energy Inc. | 16.89% | 1,100,000 | $18.6M | — |
| SE Sea Ltd.-ADR | 16.21% | 140,000 | $17.9M | — |
Options reported separately and not counted above: GLD puts ($58K).
Portfolio Sells Q4 2025
No earlier filing to compare with.
Portfolio Buys Q4 2025
No earlier filing to compare with.