Sand Grove Capital Management LLP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Sand Grove Capital Management LLP reported 12 stock positions worth $295.0 million. Its top holding was TXNM Energy (TXNM) at 11.9% of the portfolio, followed by Warner Bros Discovery (WBD, 9.9%) and Electronic Arts (EA, 9.7%). Compared with Q3 2025, it opened 9 new positions, sold out of 9 and added to 3. The biggest buy was a new position in Warner Bros Discovery (WBD) and the biggest sale an exit from Kellanova (K).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001665077
- Portfolio Value
- $295.0M (Q4 2025)
- SEC Filing
- 0001665077-26-000003 ↗ filed Feb 17, 2026
Holdings Value
Holdings 12 stocks · $295.0M
| TXNM TXNM Energy Inc. | 11.91% | 596,592 | $35.1M | Add +0.6% |
| WBD Warner Bros Discovery Inc. | 9.94% | 1,017,144 | $29.3M | New |
| EA Electronic Arts Inc. | 9.67% | 139,595 | $28.5M | Add +25.4% |
| HOLX Hologic Inc. | 9.54% | 377,962 | $28.2M | New |
| NSC Norfolk Southern Corp. | 8.30% | 84,786 | $24.5M | Add +0.5% |
| RNAM Avidity Biosciences Inc. | 8.11% | 331,605 | $23.9M | New |
| DVAX Dynavax Technologies Corp. | 7.97% | 1,528,853 | $23.5M | New |
| FOLD Amicus Therapeutics Inc. | 7.95% | 1,647,030 | $23.5M | New |
| EXAS Exact Sciences Corp. | 7.88% | 228,799 | $23.2M | New |
| KVUE Kenvue Inc. | 7.43% | 1,270,766 | $21.9M | New |
| CDTX Cidara Therapeutics Inc. | 6.05% | 80,821 | $17.9M | New |
| AXTA Axalta Coating Systems Ltd. | 5.25% | 479,281 | $15.5M | New |
Portfolio Sells Q3 2025 → Q4 2025
| K Kellanova | Sold out | 0.00% | −13.06 |
| MRUS Merus NV | Sold out | 0.00% | −11.01 |
| STAA Staar Surgical Co. | Sold out | 0.00% | −10.88 |
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −9.23 |
| OMC Omnicom Group | Sold out | 0.00% | −7.38 |
| ALE Allete Inc. | Sold out | 0.00% | −5.47 |
| SRDX Surmodics Inc. | Sold out | 0.00% | −1.89 |
| CCRN Cross Country Healthcare Inc. | Sold out | 0.00% | −1.33 |
| RKT Rocket Cos Inc. Class A | Sold out | 0.00% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| WBD Warner Bros Discovery Inc. | New | 9.94% | +9.94 |
| HOLX Hologic Inc. | New | 9.54% | +9.54 |
| RNAM Avidity Biosciences Inc. | New | 8.11% | +8.11 |
| DVAX Dynavax Technologies Corp. | New | 7.97% | +7.97 |
| FOLD Amicus Therapeutics Inc. | New | 7.95% | +7.95 |
| EXAS Exact Sciences Corp. | New | 7.88% | +7.88 |
| KVUE Kenvue Inc. | New | 7.43% | +7.43 |
| CDTX Cidara Therapeutics Inc. | New | 6.05% | +6.05 |
| AXTA Axalta Coating Systems Ltd. | New | 5.25% | +5.25 |
| EA Electronic Arts Inc. | Add +25.4% | 9.67% | −1.30 |
| NSC Norfolk Southern Corp. | Add +0.5% | 8.30% | −4.09 |
| TXNM TXNM Energy Inc. | Add +0.6% | 11.91% | −4.48 |
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 |