Incline Global Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Incline Global Management LLC reported 25 stock positions worth $254.3 million. Its top holding was Core Scientific (CORZ) at 6.9% of the portfolio, followed by Hut 8 (HUT, 5.5%) and Madison Square Garden Sports (MSGS, 5.1%). Compared with Q1 2025, it opened 3 new positions, sold out of 4, added to 20 and reduced 2. The biggest buy was a new position in Norwegian Cruise Line Holdin (NCLH) and the biggest sale an exit from Ares Management Class A (ARES).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001567195
- Portfolio Value
- $254.3M (Q2 2025)
- SEC Filing
- 0001172661-25-003280 ↗ filed Aug 14, 2025
Holdings Value
Holdings 25 stocks · $254.3M
| CORZ Core Scientific Inc. | 6.90% | 1,028,318 | $17.6M | Add +5.2% |
| HUT Hut 8 Corp. | 5.47% | 748,411 | $13.9M | Add +34.2% |
| MSGS Madison Square Garden Sports | 5.14% | 62,617 | $13.1M | Add +48.2% |
| WEX Wex Inc. | 5.12% | 88,690 | $13.0M | Add +68.3% |
| NCLH Norwegian Cruise Line Holdin | 5.06% | 633,981 | $12.9M | New |
| PPLI People Inc. filed as IAC INC | 5.02% | 341,745 | $12.8M | Add +81.2% |
| FLR Fluor Corp. | 4.90% | 242,882 | $12.5M | Add +6.6% |
| PRIM Primoris Services Corp. | 4.51% | 147,127 | $11.5M | New |
| GVA Granite Construction Inc. | 4.38% | 119,225 | $11.1M | Add +15.3% |
| APO Apollo Global Management Inc. | 4.38% | 78,481 | $11.1M | Add +43.9% |
| TRU Transunion | 4.37% | 126,183 | $11.1M | Add +38.0% |
| CPAY Corpay Inc. | 4.29% | 32,847 | $10.9M | Add +90.4% |
| CART Maplebear Inc. | 4.15% | 233,340 | $10.6M | Add +18.2% |
| JLL Jones Lang Lasalle Inc. | 4.12% | 40,923 | $10.5M | New |
| STNE Stoneco Ltd. Class A | 4.10% | 650,402 | $10.4M | Reduce -5.2% |
| MGM MGM Resorts International | 4.10% | 303,085 | $10.4M | Add +21.2% |
| PINS Pinterest Inc. Class A | 3.97% | 281,584 | $10.1M | Add +20.3% |
| AMZN Amazon.com Inc. | 3.68% | 42,611 | $9.3M | Add +7.7% |
| GOOGL Alphabet Inc. Class A | 3.67% | 53,035 | $9.3M | Add +10.7% |
| NWSA News Corp. Class A | 3.59% | 307,499 | $9.1M | Add +30.0% |
| PAGS Pagseguro Digital Ltd. Class A | 2.90% | 764,582 | $7.4M | Add +581.9% |
| MSGE Madison Square Garden Entert | 2.48% | 157,908 | $6.3M | Reduce -33.1% |
| PLAY Dave & Buster's Entertainmen | 2.11% | 178,076 | $5.4M | Add +13.0% |
| PYPL PayPal Holdings Inc. | 0.80% | 27,476 | $2.0M | Add +106.3% |
| ASML ASML Holding NV-NY Reg SHS | 0.80% | 2,539 | $2.0M | Add +98.2% |
Portfolio Sells Q1 2025 → Q2 2025
| ARES Ares Management Corp. Class A | Sold out | 0.00% | −4.68 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −4.60 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −3.94 |
| MSGE Madison Square Garden Entert | Reduce -33.1% | 2.48% | −2.28 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −0.52 |
| STNE Stoneco Ltd. Class A | Reduce -5.2% | 4.10% | −0.33 |
Portfolio Buys Q1 2025 → Q2 2025
| NCLH Norwegian Cruise Line Holdin | New | 5.06% | +5.06 |
| PRIM Primoris Services Corp. | New | 4.51% | +4.51 |
| JLL Jones Lang Lasalle Inc. | New | 4.12% | +4.12 |
| CORZ Core Scientific Inc. | Add +5.2% | 6.90% | +2.54 |
| PAGS Pagseguro Digital Ltd. Class A | Add +581.9% | 2.90% | +2.37 |
| HUT Hut 8 Corp. | Add +34.2% | 5.47% | +1.48 |
| CPAY Corpay Inc. | Add +90.4% | 4.29% | +0.58 |
| PLAY Dave & Buster's Entertainmen | Add +13.0% | 2.11% | +0.40 |
| ASML ASML Holding NV-NY Reg SHS | Add +98.2% | 0.80% | +0.28 |
| PYPL PayPal Holdings Inc. | Add +106.3% | 0.80% | +0.27 |
| MSGS Madison Square Garden Sports | Add +48.2% | 5.14% | +0.07 |
| WEX Wex Inc. | Add +68.3% | 5.12% | +0.02 |
| FLR Fluor Corp. | Add +6.6% | 4.90% | −0.13 |
| APO Apollo Global Management Inc. | Add +43.9% | 4.38% | −0.23 |
| TRU Transunion | Add +38.0% | 4.37% | −0.31 |
| PPLI People Inc. | Add +81.2% | 5.02% | −0.32 |
| NWSA News Corp. Class A | Add +30.0% | 3.59% | −0.38 |
| GVA Granite Construction Inc. | Add +15.3% | 4.38% | −0.42 |
| MGM MGM Resorts International | Add +21.2% | 4.10% | −0.47 |
| PINS Pinterest Inc. Class A | Add +20.3% | 3.97% | −0.50 |
| CART Maplebear Inc. | Add +18.2% | 4.15% | −0.70 |
| GOOGL Alphabet Inc. Class A | Add +10.7% | 3.67% | −0.89 |
| AMZN Amazon.com Inc. | Add +7.7% | 3.68% | −0.96 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 20 | $356.6M | FTAI, LITE, COHR, WEX, AMZN |
| Q1 2026 | 24 | $254.6M | EFOR, CUK, TEL, NCLH, CBRE |
| Q4 2025 | 30 | $292.7M | EFOR, VRT, NCLH, GVA, PRIM |
| Q3 2025 | 27 | $337.3M | WEX, NCLH, EFOR, BRO, TRU |
| Q2 2025 | 25 | $254.3M | CORZ, HUT, MSGS, WEX, NCLH |
| Q1 2025 | 26 | $162.2M | PPLI, WEX, MSGS, FLR, CART |
| Q4 2024 | 24 | $131.9M | MSGE, STNE, WEX, PINS, NWSA |
| Q3 2024 | 26 | $225.1M | PINS, MTCH, STNE, WEX, LULU |
| Q2 2024 | 24 | $242.6M | WEX, PPLI, STNE, TRU, MTCH |
| Q1 2024 | 22 | $315.0M | WEX, SBUX, MTCH, STNE, NKE |