In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Lodbrok Capital LLP reported 3 stock positions worth $157.9 million . Its top holding was Valaris (VAL) at 93.6% of the portfolio, followed by Alvotech (ALVO, 4.6% ) and Skillsoft (SKIL, 1.8% ). Compared with Q4 2023, it added to 1 and reduced 1. The biggest buy was Alvotech (ALVO, shares +17% ) and the biggest sale Valaris (VAL, shares −10% ).
Location LONDON, X0
CIK 0001778719
Portfolio Value $157.9M (Q1 2024) Holdings 3 stocks · $157.9M Holdings quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 VAL Valaris Ltd. 1,962,703 $147.7M Reduce -10.0% ALVO Alvotech SA 751,408 $7.3M Add +16.7% SKIL Skillsoft Corp. 317,336 $2.9M No change
Options reported separately and not counted above: OIH puts ($186.6M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $22.0M (not counted above) Security Class Shares / Principal Value Change OATLY GROUP AB DEBT 9.250% 9/1 · principal 28,941,457 $22.0M New
Total filed on the 13F, all lines: $179.9M.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ VAL Valaris Ltd. Reduce -10.0% 93.57% −0.40
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ ALVO Alvotech SA Add +16.7% 4.62% +2.10
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ OIH Vaneck Oil Services ETF put Add +7.5% 554,800 $186.6M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ OATLY GROUP AB DEBT 9.250% 9/1 · principal Sold out 28,941,457 $22.1Mbefore exit OATLY GROUP AB DEBT 9.250% 9/1 · principal New 28,941,457 $22.0M
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q3 2025 2 $4.1M SKIL, ALVO Q2 2025 2 $5.0M SKIL, ALVO Q1 2025 2 $5.4M SKIL, ALVO Q4 2024 2 $7.8M SKIL, ALVO Q3 2024 3 $103.9M VAL, SKIL, ALVO Q2 2024 3 $143.2M VAL, ALVO, SKIL Q1 2024 3 $157.9M VAL, ALVO, SKIL