Lodbrok Capital LLP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Lodbrok Capital LLP reported 2 stock positions worth $4.1 million. Its top holding was Skillsoft (SKIL) at 99.9% of the portfolio, followed by Alvotech (ALVO, 0.1%). Compared with Q2 2025, it added to 1. The biggest buy was Skillsoft (SKIL, shares +0%).

Most Recent 13F
Q3 2025
Location
LONDON, X0
CIK
0001778719
Portfolio Value
$4.1M (Q3 2025)
SEC Filing
0000905148-25-003992 ↗ filed Nov 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $157.9M Q1 2024 Q2 2024: $143.2M Q2 2024 Q3 2024: $103.9M Q3 2024 Q4 2024: $7.8M Q4 2024 Q1 2025: $5.4M Q1 2025 Q2 2025: $5.0M Q2 2025 Q3 2025: $4.1M $4.1M Q3 2025

Holdings 2 stocks · $4.1M
SKIL Skillsoft Corp. 99.88% 311,436 $4.1M Add +0.0%
ALVO Alvotech SA 0.12% 181,587 $5K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $73.1M (not counted above)
SecurityClassShares / PrincipalValueChange
OATLY GROUP AB (OTLY 9.25 09/14/28) NOTE 9.250% 9/1 · principal 51,102,774$46.8MAdd +35.9%
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal 29,654,000$26.3MNew

Total filed on the 13F, all lines: $77.2M.

Portfolio Sells Q2 2025 → Q3 2025
None this quarter.

Portfolio Buys Q2 2025 → Q3 2025
SKIL Skillsoft Corp. Add +0.0% 99.88% +0.42

Notes & Other Activity Q2 2025 → Q3 2025
OATLY GROUP AB (OTLY 9.25 09/14/28) NOTE 9.250% 9/1 · principal Add +35.9% 51,102,774 $46.8M
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal New 29,654,000 $26.3M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q3 2025 2$4.1MSKIL, ALVO
Q2 2025 2$5.0MSKIL, ALVO
Q1 2025 2$5.4MSKIL, ALVO
Q4 2024 2$7.8MSKIL, ALVO
Q3 2024 3$103.9MVAL, SKIL, ALVO
Q2 2024 3$143.2MVAL, ALVO, SKIL
Q1 2024 3$157.9MVAL, ALVO, SKIL