Incision Capital Management LP

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Incision Capital Management LP reported 4 stock positions worth $90.6 million. Its top holding was Crocs (CROX) at 32.1% of the portfolio, followed by Sea Ltd.-ADR (SE, 28.3%) and Teck Resources Ltd.-CLS B (TECK, 21.4%). Compared with Q4 2025, it opened 1 new position, sold out of 2, added to 2 and reduced 1. The biggest buy was a new position in Expand Energy (EXE) and the biggest sale an exit from Equinox Gold (EQX).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0002049997
Portfolio Value
$90.6M (Q1 2026)
SEC Filing
0001104659-26-061574 ↗ filed May 15, 2026

Holdings Value

0$50.0M$100.0M$150.0M Q4 2025: $110.2M Q4 2025 Q1 2026: $90.6M $90.6M Q1 2026 Q2 2026: $103.2M Q2 2026

Holdings 4 stocks · $90.6M
CROX Crocs Inc. 32.07% 350,000 $29.1M Add +7.7%
SE Sea Ltd.-ADR 28.33% 310,000 $25.7M Add +121.4%
TECK Teck Resources Ltd.-CLS B 21.42% 375,000 $19.4M Reduce -21.1%
EXE Expand Energy Corp. 18.18% 150,000 $16.5M New

Portfolio Sells Q4 2025 → Q1 2026
EQX Equinox Gold Corp. Sold out 0.00% −21.03
CVE Cenovus Energy Inc. Sold out 0.00% −16.89
TECK Teck Resources Ltd.-CLS B Reduce -21.1% 21.42% +0.77

Portfolio Buys Q4 2025 → Q1 2026
EXE Expand Energy Corp. New 18.18% +18.18
SE Sea Ltd.-ADR Add +121.4% 28.33% +12.12
CROX Crocs Inc. Add +7.7% 32.07% +6.85

Options Activity Q4 2025 → Q1 2026
GLD SPDR Gold Shares put Sold out 200,000 $58Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 5$103.2MSE, CROX, TECK, EGO, EXE
Q1 2026 4$90.6MCROX, SE, TECK, EXE
Q4 2025 5$110.2MCROX, EQX, TECK, CVE, SE