Sand Grove Capital Management LLP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Sand Grove Capital Management LLP reported 12 stock positions worth $204.7 million. Its top holding was TXNM Energy (TXNM) at 16.4% of the portfolio, followed by Kellanova (K, 13.1%) and Norfolk Southern (NSC, 12.4%). Compared with Q2 2025, it opened 8 new positions, sold out of 7, added to 3 and reduced 1. The biggest buy was a new position in Norfolk Southern (NSC) and the biggest sale an exit from Amedisys (AMED).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001665077
- Portfolio Value
- $204.7M (Q3 2025)
- SEC Filing
- 0001665077-25-000009 ↗ filed Nov 14, 2025
Holdings Value
Holdings 12 stocks · $204.7M
| TXNM TXNM Energy Inc. | 16.39% | 593,111 | $33.5M | Add +74.8% |
| K Kellanova | 13.06% | 325,866 | $26.7M | Add +89.7% |
| NSC Norfolk Southern Corp. | 12.39% | 84,392 | $25.4M | New |
| MRUS Merus NV | 11.01% | 239,378 | $22.5M | New |
| EA Electronic Arts Inc. | 10.97% | 111,275 | $22.4M | New |
| STAA Staar Surgical Co. | 10.88% | 829,123 | $22.3M | New |
| CYBR Cyberark Software Ltd./Israel | 9.23% | 39,121 | $18.9M | New |
| OMC Omnicom Group | 7.38% | 185,285 | $15.1M | Add +11.6% |
| ALE Allete Inc. | 5.47% | 168,499 | $11.2M | New |
| SRDX Surmodics Inc. | 1.89% | 129,557 | $3.9M | New |
| CCRN Cross Country Healthcare Inc. | 1.33% | 191,904 | $2.7M | Reduce -40.4% |
| RKT Rocket Cos Inc. Class A | 0.00% | 6 | $116 | New |
Portfolio Sells Q2 2025 → Q3 2025
| AMED Amedisys Inc. | Sold out | 0.00% | −15.27 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −13.62 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −13.54 |
| BASE Couchbase Inc. | Sold out | 0.00% | −9.79 |
| HES Hess Corp. | Sold out | 0.00% | −8.98 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −7.89 |
| FL Foot Locker Inc. | Sold out | 0.00% | −6.27 |
| CCRN Cross Country Healthcare Inc. | Reduce -40.4% | 1.33% | −0.78 |
Portfolio Buys Q2 2025 → Q3 2025
| NSC Norfolk Southern Corp. | New | 12.39% | +12.39 |
| MRUS Merus NV | New | 11.01% | +11.01 |
| EA Electronic Arts Inc. | New | 10.97% | +10.97 |
| STAA Staar Surgical Co. | New | 10.88% | +10.88 |
| CYBR Cyberark Software Ltd./Israel | New | 9.23% | +9.23 |
| TXNM TXNM Energy Inc. | Add +74.8% | 16.39% | +6.77 |
| K Kellanova | Add +89.7% | 13.06% | +6.18 |
| ALE Allete Inc. | New | 5.47% | +5.47 |
| SRDX Surmodics Inc. | New | 1.89% | +1.89 |
| OMC Omnicom Group | Add +11.6% | 7.38% | +1.37 |
| RKT Rocket Cos Inc. Class A | New | 0.00% | +0.00 |
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 |