Sand Grove Capital Management LLP In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Sand Grove Capital Management LLP reported 13 stock positions worth $357.4 million . Its top holding was Two Harbors Investment (TWO) at 15.6% of the portfolio, followed by Warner Bros Discovery (WBD, 11.0% ) and Allied Gold (AAUC, 8.9% ). Compared with Q1 2026, it opened 5 new positions, sold out of 10, added to 4 and reduced 4. The biggest buy was Two Harbors Investment (TWO, shares +45% ) and the biggest sale an exit from Penumbra (PEN).
Location LONDON, X0
CIK 0001665077
Portfolio Value $357.4M (Q2 2026) Holdings 13 stocks · $357.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 TWO Two Harbors Investment Corp. 4,494,970 $55.8M Add +45.2% WBD Warner Bros Discovery Inc. 1,475,644 $39.3M Add +2.0% AAUC Allied Gold Corp. 1,345,274 $31.9M Add +18.5% WBS Webster Financial Corp. 414,723 $31.7M Reduce -26.7% NSC Norfolk Southern Corp. 99,091 $31.2M Reduce -5.3% TXNM TXNM Energy Inc. 506,546 $28.8M Reduce -23.5% AES AES Corp. 1,872,474 $27.5M Add +7.8% TECH Bio-Techne Corp. 370,990 $26.2M New ROKU Roku Inc. 166,158 $23.0M New EA Electronic Arts Inc. 90,986 $18.7M Reduce -37.1% AVNS Avanos Medical Inc. 722,880 $18.0M New SYNA Synaptics Inc. 127,811 $15.9M New UNF Unifirst Corp. 36,266 $9.6M New
Options reported separately and not counted above: NUVALENT INC calls ($25.8M).
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ PEN Penumbra Inc. Sold out 0.00% −6.66 IHS Ihs Holding Ltd. Sold out 0.00% −6.59 SLAB Silicon Laboratories Inc. Sold out 0.00% −5.47 CWAN Clearwater Analytics HDS-A Sold out 0.00% −5.15 VAL Valaris Ltd. Sold out 0.00% −3.99 GLDD Great Lakes Dredge & Dock Co. Sold out 0.00% −3.55 EA Electronic Arts Inc. Reduce -37.1% 5.22% −1.68 DVN Devon Energy Corp. Sold out 0.00% −1.48 CTRA Coterra Energy Inc. Sold out 0.00% −1.48 TERN Terns Pharmaceuticals Inc. Sold out 0.00% −1.01 TXNM TXNM Energy Inc. Reduce -23.5% 8.05% −1.01 EHAB Enhabit Inc. Sold out 0.00% −0.95 WBS Webster Financial Corp. Reduce -26.7% 8.87% −0.32 NSC Norfolk Southern Corp. Reduce -5.3% 8.72% +1.70
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ TWO Two Harbors Investment Corp. Add +45.2% 15.61% +7.34 TECH Bio-Techne Corp. New 7.33% +7.33 ROKU Roku Inc. New 6.42% +6.42 AVNS Avanos Medical Inc. New 5.03% +5.03 SYNA Synaptics Inc. New 4.44% +4.44 UNF Unifirst Corp. New 2.68% +2.68 AES AES Corp. Add +7.8% 7.68% +1.96 WBD Warner Bros Discovery Inc. Add +2.0% 11.01% +1.71 AAUC Allied Gold Corp. Add +18.5% 8.94% +0.72
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ NUVALENT INC call New 209,100 $25.8M TERNS PHARMACEUTICALS INC call Sold out 316,100 $16.7Mbefore exit
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 13 $357.4M TWO, WBD, AAUC, WBS, NSC Q1 2026 18 $427.5M WBD, WBS, TXNM, TWO, AAUC Q4 2025 12 $295.0M TXNM, WBD, EA, HOLX, NSC Q3 2025 12 $204.7M TXNM, K, NSC, MRUS, EA Q2 2025 11 $198.6M AMED, BPMC, SWTX, BASE, TXNM Q1 2025 6 $120.7M HES, FYBR, K, AMED, SPR Q4 2024 13 $206.1M HES, SMAR, FYBR, K, SUM Q3 2024 14 $248.2M AMED, HES, CTLT, SQSP, K Q2 2024 20 $342.1M HES, ACI, AMED, CERE, HOLI Q1 2024 22 $437.1M HES, PXD, ACI, HOLI, NGMS