Long Focus Capital Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Long Focus Capital Management, LLC reported 77 stock positions worth $2.0 billion. Its top holding was Ftai Aviation (FTAI) at 5.5% of the portfolio, followed by PayPal (PYPL, 4.9%) and Charter Communications Class A (CHTR, 4.4%). Compared with Q3 2025, it opened 7 new positions, sold out of 9, added to 25 and reduced 16. The biggest buy was a new position in Rocket Cos Class A (RKT) and the biggest sale an exit from Akero Therapeutics (AKRO).
- Most Recent 13F
- Q2 2026
- Location
- SAN JUAN, PR
- CIK
- 0001602716
- Portfolio Value
- $2.0B (Q4 2025)
- SEC Filing
- 0001602716-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 77 stocks · $2.0B
| FTAI Ftai Aviation Ltd. | 5.49% | 560,000 | $110.2M | Reduce -8.9% |
| PYPL PayPal Holdings Inc. | 4.86% | 1,671,493 | $97.6M | Add +40.2% |
| CHTR Charter Communications Inc. Class A | 4.44% | 427,000 | $89.1M | Add +36.2% |
| CNC Centene Corp. | 4.19% | 2,045,000 | $84.2M | Reduce -11.1% |
| MOH Molina Healthcare Inc. | 3.93% | 455,000 | $79.0M | Add +76.7% |
| CMCSA Comcast Corp. Class A | 3.33% | 2,240,416 | $67.0M | Add +8.2% |
| CVS CVS Health Corp. | 3.32% | 840,000 | $66.7M | Reduce -7.1% |
| CZR Caesars Entertainment Inc. | 3.16% | 2,710,000 | $63.4M | Add +72.8% |
| GLNG Golar LNG Ltd. | 2.83% | 1,526,440 | $56.8M | Add +139.5% |
| ET Energy Transfer LP | 2.74% | 3,342,400 | $55.1M | No change |
| RKT Rocket Cos Inc. Class A | 2.72% | 2,820,000 | $54.6M | New |
| AMZN Amazon.com Inc. | 2.45% | 213,155 | $49.2M | New |
| BNTX Biontech SE-ADR | 2.41% | 507,655 | $48.3M | Add +27.7% |
| AR Antero Resources Corp. | 2.25% | 1,311,540 | $45.2M | Add +0.2% |
| HUM Humana Inc. | 2.16% | 169,500 | $43.4M | Add +28.9% |
| UNH Unitedhealth Group Inc. | 2.00% | 121,745 | $40.2M | Reduce -12.5% |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | 1.82% | 235,000 | $36.5M | No change |
| VSAT Viasat Inc. | 1.79% | 1,044,300 | $36.0M | Reduce -22.0% |
| PAR Par Technology Corp. | 1.79% | 990,000 | $35.9M | Add +12.8% |
| BLDR Builders Firstsource Inc. | 1.72% | 335,000 | $34.5M | Add +318.8% |
| AGO Assured Guaranty Ltd. | 1.70% | 380,000 | $34.2M | Add +18.8% |
| PINS Pinterest Inc. Class A | 1.62% | 1,256,000 | $32.5M | Add +22.4% |
| TIC Tic Solutions Inc. | 1.55% | 3,075,000 | $31.1M | Add +68.6% |
| HLF Herbalife Ltd. | 1.48% | 2,300,000 | $29.6M | Reduce -34.3% |
| HHH Howard Hughes Holdings Inc. | 1.47% | 369,165 | $29.4M | Add +156.4% |
| ONIT Onity Group Inc. | 1.41% | 617,088 | $28.3M | Reduce -8.2% |
| PENN Penn Entertainment Inc. | 1.38% | 1,880,000 | $27.7M | No change |
| GGAL Grupo Financiero Galicia-ADR | 1.36% | 506,000 | $27.3M | New |
| FIP Ftai Infrastructure Inc. | 1.30% | 5,685,000 | $26.2M | No change |
| SGHT Sight Sciences Inc. | 1.30% | 3,292,481 | $26.1M | Add +3.1% |
| JD Jd.com Inc.-ADR | 1.28% | 896,183 | $25.7M | Add +36.7% |
| AURA Aura Biosciences Inc. | 1.25% | 4,619,582 | $25.2M | No change |
| IOVA Iovance Biotherapeutics Inc. | 1.17% | 8,600,000 | $23.5M | Reduce -5.7% |
| HAPN Happen Inc. filed as LENDINGCLUB CORP | 1.13% | 1,200,100 | $22.7M | Add +0.0% |
| SUPV Grupo Supervielle SA-SP ADR | 1.13% | 1,920,000 | $22.7M | Add +1427.8% |
| FOUR SHIFT4 Payments Inc. Class A | 1.11% | 354,000 | $22.3M | New |
| WOOF Petco Health and Wellness Co. | 1.09% | 7,765,024 | $21.8M | Add +21.3% |
| INSM Insmed Inc. | 1.08% | 125,000 | $21.8M | Reduce -63.0% |
| ELV Elevance Health Inc. | 1.07% | 61,200 | $21.5M | Reduce -29.7% |
| BIDU Baidu Inc. - Spon ADR | 1.04% | 159,800 | $20.9M | No change |
| LBRDA Liberty Broadband-A | 0.90% | 375,000 | $18.1M | No change |
| LBTYK Liberty Global Ltd. Class C | 0.82% | 1,494,400 | $16.5M | No change |
| LAB Standard Biotools Inc. | 0.81% | 12,678,403 | $16.2M | Add +11.6% |
| LAD Lithia Motors Inc. | 0.78% | 47,000 | $15.6M | Add +321.6% |
| UAL United Airlines Holdings Inc. | 0.77% | 139,000 | $15.5M | Reduce -12.6% |
| VLRS Controladora Vuela Cia-ADR | 0.76% | 1,715,205 | $15.2M | No change |
| OVV Ovintiv Inc. | 0.72% | 370,000 | $14.5M | Add +19.4% |
| ARHS Arhaus Inc. | 0.72% | 1,290,000 | $14.5M | No change |
| CLLS Cellectis - ADR | 0.67% | 2,787,750 | $13.5M | Reduce -32.4% |
| TAL Tal Education Group- ADR | 0.61% | 1,117,300 | $12.2M | No change |
| PZZA Papa John's Intl Inc. | 0.60% | 310,622 | $12.0M | No change |
| C Citigroup Inc. | 0.58% | 99,640 | $11.6M | No change |
| LILAK Liberty Latin Americ Class C | 0.58% | 1,558,527 | $11.6M | Reduce -21.9% |
| NFE New Fortress Energy Inc. | 0.58% | 10,154,450 | $11.6M | Add +37.2% |
| BCYC Bicycle Therapeutics PLC-ADR | 0.58% | 1,633,091 | $11.6M | Add +15.1% |
| AM Antero Midstream Corp. | 0.54% | 610,000 | $10.9M | No change |
| WYNN WYNN Resorts Ltd. | 0.54% | 90,000 | $10.8M | No change |
| OPRT Oportun Financial Corp. | 0.40% | 1,515,777 | $8.0M | No change |
| TE T1 Energy Inc. | 0.38% | 1,155,000 | $7.7M | Reduce -66.5% |
| APG Api Group Corp. | 0.38% | 199,339 | $7.6M | No change |
| LOMA Loma Negra Cia Ind-Spon ADR | 0.24% | 377,600 | $4.9M | No change |
| MGTX Meiragtx Holdings PLC | 0.21% | 524,745 | $4.2M | No change |
| EXE Expand Energy Corp. | 0.20% | 36,000 | $4.0M | No change |
| CLVT Clarivate PLC | 0.20% | 1,175,000 | $3.9M | No change |
| TLYS Tilly's Inc. Class A SHRS | 0.17% | 1,680,658 | $3.3M | Reduce -1.8% |
| GLIBA Liberty Capital Corp. filed as GCI LIBERTY INC | 0.14% | 74,999 | $2.8M | No change |
| APO Apollo Global Management Inc. | 0.14% | 18,750 | $2.7M | No change |
| CABO Cable One Inc. | 0.11% | 19,777 | $2.2M | New |
| WSC Willscot Holdings Corp. | 0.09% | 99,562 | $1.9M | No change |
| GOOGL Alphabet Inc. Class A | 0.09% | 5,980 | $1.9M | No change |
| AIOT Powerfleet Inc. | 0.09% | 337,504 | $1.8M | No change |
| PAGS Pagseguro Digital Ltd. Class A | 0.07% | 156,000 | $1.5M | Reduce -61.6% |
| TDAY USA Today Co. Inc. | 0.07% | 268,863 | $1.4M | New |
| GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC | 0.06% | 31,514 | $1.2M | New |
| BIOX Bioceres Crop Solutions Corp. | 0.05% | 829,748 | $1.1M | No change |
| XPL Solitario Resources Corp. | 0.05% | 1,409,700 | $982K | No change |
| DXLG Destination XL Group Inc. | 0.02% | 498,042 | $458K | No change |
Options reported separately and not counted above: CMCSA calls ($699.4M), CHTR calls ($273.7M), BP calls ($177.1M), CVX calls ($169.9M), ET calls ($102.8M), CVS calls ($89.7M), B calls ($83.6M), BUD calls ($81.0M), PYPL calls ($37.9M), BABA calls ($22.7M), GM calls ($17.9M), HUM calls ($11.8M), and 3 more.
Portfolio Sells Q3 2025 → Q4 2025
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −1.95 |
| INSM Insmed Inc. | Reduce -63.0% | 1.08% | −1.70 |
| UNH Unitedhealth Group Inc. | Reduce -12.5% | 2.00% | −0.74 |
| CVS CVS Health Corp. | Reduce -7.1% | 3.32% | −0.57 |
| ELV Elevance Health Inc. | Reduce -29.7% | 1.07% | −0.54 |
| CNC Centene Corp. | Reduce -11.1% | 4.19% | −0.50 |
| VSAT Viasat Inc. | Reduce -22.0% | 1.79% | −0.45 |
| PCT Purecycle Technologies Inc. | Sold out | 0.00% | −0.44 |
| GSAT Globalstar Inc. | Sold out | 0.00% | −0.43 |
| CTRN Citi Trends Inc. | Sold out | 0.00% | −0.43 |
| LILAK Liberty Latin Americ Class C | Reduce -21.9% | 0.58% | −0.38 |
| FTAI Ftai Aviation Ltd. | Reduce -8.9% | 5.49% | −0.37 |
| CALY Callaway Golf Company | Sold out | 0.00% | −0.31 |
| HLF Herbalife Ltd. | Reduce -34.3% | 1.48% | −0.21 |
| NESR National Energy Services Reu | Sold out | 0.00% | −0.21 |
| PAGS Pagseguro Digital Ltd. Class A | Reduce -61.6% | 0.07% | −0.16 |
| ADAPY Adaptimmune Therapeutics-ADR | Sold out | 0.00% | −0.14 |
| ONIT Onity Group Inc. | Reduce -8.2% | 1.41% | −0.13 |
| CEPU Central Puerto-Sponsored ADR | Sold out | 0.00% | −0.11 |
| UAL United Airlines Holdings Inc. | Reduce -12.6% | 0.77% | −0.10 |
| JILL J. Jill Inc. | Sold out | 0.00% | −0.07 |
| TE T1 Energy Inc. | Reduce -66.5% | 0.38% | −0.04 |
| TLYS Tilly's Inc. Class A SHRS | Reduce -1.8% | 0.17% | −0.04 |
| CLLS Cellectis - ADR | Reduce -32.4% | 0.67% | +0.00 |
| IOVA Iovance Biotherapeutics Inc. | Reduce -5.7% | 1.17% | +0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| RKT Rocket Cos Inc. Class A | New | 2.72% | +2.72 |
| AMZN Amazon.com Inc. | New | 2.45% | +2.45 |
| GGAL Grupo Financiero Galicia-ADR | New | 1.36% | +1.36 |
| GLNG Golar LNG Ltd. | Add +139.5% | 2.83% | +1.36 |
| BLDR Builders Firstsource Inc. | Add +318.8% | 1.72% | +1.16 |
| MOH Molina Healthcare Inc. | Add +76.7% | 3.93% | +1.12 |
| FOUR SHIFT4 Payments Inc. Class A | New | 1.11% | +1.11 |
| SUPV Grupo Supervielle SA-SP ADR | Add +1427.8% | 1.13% | +1.09 |
| HHH Howard Hughes Holdings Inc. | Add +156.4% | 1.47% | +0.79 |
| CZR Caesars Entertainment Inc. | Add +72.8% | 3.16% | +0.73 |
| SGHT Sight Sciences Inc. | Add +3.1% | 1.30% | +0.67 |
| LAD Lithia Motors Inc. | Add +321.6% | 0.78% | +0.58 |
| PYPL PayPal Holdings Inc. | Add +40.2% | 4.86% | +0.29 |
| HUM Humana Inc. | Add +28.9% | 2.16% | +0.21 |
| BNTX Biontech SE-ADR | Add +27.7% | 2.41% | +0.17 |
| TIC Tic Solutions Inc. | Add +68.6% | 1.55% | +0.16 |
| AGO Assured Guaranty Ltd. | Add +18.8% | 1.70% | +0.15 |
| CABO Cable One Inc. | New | 0.11% | +0.11 |
| HAPN Happen Inc. | Add +0.0% | 1.13% | +0.09 |
| TDAY USA Today Co. Inc. | New | 0.07% | +0.07 |
| GLIBK Liberty Capital Corp. Class C | New | 0.06% | +0.06 |
| OVV Ovintiv Inc. | Add +19.4% | 0.72% | +0.01 |
| JD Jd.com Inc.-ADR | Add +36.7% | 1.28% | −0.03 |
| LAB Standard Biotools Inc. | Add +11.6% | 0.81% | −0.04 |
| BCYC Bicycle Therapeutics PLC-ADR | Add +15.1% | 0.58% | −0.05 |
| PAR Par Technology Corp. | Add +12.8% | 1.79% | −0.20 |
| AR Antero Resources Corp. | Add +0.2% | 2.25% | −0.26 |
| PINS Pinterest Inc. Class A | Add +22.4% | 1.62% | −0.27 |
| WOOF Petco Health and Wellness Co. | Add +21.3% | 1.09% | −0.33 |
| NFE New Fortress Energy Inc. | Add +37.2% | 0.58% | −0.36 |
| CMCSA Comcast Corp. Class A | Add +8.2% | 3.33% | −0.38 |
| CHTR Charter Communications Inc. Class A | Add +36.2% | 4.44% | −0.49 |
Options Activity Q3 2025 → Q4 2025
| CMCSA Comcast Corp. Class A | call | Add +35.6% | 23,397,500 | $699.4M |
| CHTR Charter Communications Inc. Class A | call | Add +55.5% | 1,311,100 | $273.7M |
| BP BP PLC-Spons ADR | call | Add +750.0% | 5,100,100 | $177.1M |
| CVX Chevron Corp. | call | Add +575.8% | 1,115,000 | $169.9M |
| ET Energy Transfer LP | call | Add +152.6% | 6,234,800 | $102.8M |
| CVS CVS Health Corp. | call | Reduce -22.6% | 1,130,200 | $89.7M |
| B Barrick Mining Corp. | call | Reduce -47.0% | 1,918,600 | $83.6M |
| BUD Anheuser-Busch Inbev-SPN ADR | call | Add +3.3% | 1,265,600 | $81.0M |
| PYPL PayPal Holdings Inc. | call | New | 650,000 | $37.9M |
| BABA Alibaba Group Holding-SP ADR | call | Reduce -13.9% | 155,000 | $22.7M |
| GM General Motors Co. | call | Reduce -77.1% | 220,000 | $17.9M |
| HUM Humana Inc. | call | New | 45,900 | $11.8M |
| INTC Intel Corp. | call | Sold out | 280,000 | $9.4Mbefore exit |
| CORT Corcept Therapeutics Inc. | put | Sold out | 70,000 | $5.8Mbefore exit |
| C Citigroup Inc. | call | Reduce -53.9% | 30,000 | $3.5M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 76 | $2.4B | CHTR, AMZN, MOH, CNC, CMCSA |
| Q1 2026 | 84 | $2.2B | AMZN, CHTR, MOH, FTAI, CZR |
| Q4 2025 | 77 | $2.0B | FTAI, PYPL, CHTR, CNC, MOH |
| Q3 2025 | 79 | $1.8B | FTAI, CHTR, CNC, PYPL, CVS |
| Q2 2025 | 81 | $1.5B | FTAI, PYPL, CMCSA, ET, CVS |
| Q1 2025 | 86 | $1.5B | FTAI, PYPL, CMCSA, CVS, ET |
| Q4 2024 | 87 | $1.3B | CMCSA, FTAI, PYPL, ET, BABA |
| Q3 2024Amended | 88 | $1.1B | FTAI, BABA, PYPL, ET, CMCSA |
| Q2 2024 | 89 | $966.8M | FTAI, ET, AR, INSM, BABA |
| Q1 2024 | 87 | $865.7M | FTAI, AR, ET, BABA, CMCSA |