Lodbrok Capital LLP

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Lodbrok Capital LLP reported 3 stock positions worth $103.9 million. Its top holding was Valaris (VAL) at 95.0% of the portfolio, followed by Skillsoft (SKIL, 4.7%) and Alvotech (ALVO, 0.2%). Compared with Q2 2024, it reduced 1. The biggest sale was Alvotech (ALVO, shares −75%).

Most Recent 13F
Q3 2025
Location
LONDON, X0
CIK
0001778719
Portfolio Value
$103.9M (Q3 2024)
SEC Filing
0000905148-24-003109 ↗ filed Nov 14, 2024

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 $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 Q3 2025

Holdings 3 stocks · $103.9M
VAL Valaris Ltd. 95.04% 1,771,340 $98.8M No change
SKIL Skillsoft Corp. 4.73% 317,336 $4.9M No change
ALVO Alvotech SA 0.23% 181,587 $238K Reduce -74.6%

Options reported separately and not counted above: OIH puts ($178.7M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $22.1M (not counted above)
SecurityClassShares / PrincipalValueChange
OATLY GROUP AB (OTLY 9.25 09/14/28) NOTE 9.250% 9/1 · principal 30,279,998$22.1MNo change

Total filed on the 13F, all lines: $126.0M.

Portfolio Sells Q2 2024 → Q3 2024
ALVO Alvotech SA Reduce -74.6% 0.23% −4.52

Portfolio Buys Q2 2024 → Q3 2024
None this quarter.

Options Activity Q2 2024 → Q3 2024
OIH Vaneck Oil Services ETF put Reduce -33.2% 630,000 $178.7M

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
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