Sand Grove Capital Management LLP

Name: Sand Grove Capital Management LLP 13F holdings, Q1 2026
Creator: Sand Grove Capital Management LLP
Published: 2026-05-15

Q2 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Sand Grove Capital Management LLP reported 18 stock positions worth $427.5 million. Its top holding was Warner Bros Discovery (WBD) at 9.3% of the portfolio, followed by Webster Financial (WBS, 9.2%) and TXNM Energy (TXNM, 9.1%). Compared with Q4 2025, it opened 14 new positions, sold out of 8 and added to 4. The biggest buy was a new position in Webster Financial (WBS) and the biggest sale an exit from Hologic (HOLX).

Most Recent 13F: Q2 2026
Location: LONDON, X0
CIK: 0001665077
Portfolio Value: $427.5M (Q1 2026)
SEC Filing: 0001665077-26-000011 ↗ filed May 15, 2026

Holdings Value

Holdings 18 stocks · $427.5M


WBD Warner Bros Discovery Inc.	9.29%	1,446,807	$39.7M	Add +42.2%
WBS Webster Financial Corp.	9.19%	565,786	$39.3M	New
TXNM TXNM Energy Inc.	9.05%	662,081	$38.7M	Add +11.0%
TWO Two Harbors Investment Corp.	8.27%	3,094,787	$35.3M	New
AAUC Allied Gold Corp.	8.22%	1,135,486	$35.1M	New
NSC Norfolk Southern Corp.	7.02%	104,633	$30.0M	Add +23.4%
EA Electronic Arts Inc.	6.90%	144,726	$29.5M	Add +3.7%
PEN Penumbra Inc.	6.66%	86,758	$28.5M	New
IHS Ihs Holding Ltd.	6.59%	3,422,706	$28.2M	New
AES AES Corp.	5.72%	1,737,102	$24.5M	New
SLAB Silicon Laboratories Inc.	5.47%	112,365	$23.4M	New
CWAN Clearwater Analytics HDS-A	5.15%	930,959	$22.0M	New
VAL Valaris Ltd.	3.99%	173,830	$17.0M	New
GLDD Great Lakes Dredge & Dock Co.	3.55%	893,190	$15.2M	New
DVN Devon Energy Corp.	1.48%	125,960	$6.3M	New
CTRA Coterra Energy Inc.	1.48%	180,208	$6.3M	New
TERN Terns Pharmaceuticals Inc.	1.01%	82,000	$4.3M	New
EHAB Enhabit Inc.	0.95%	289,157	$4.1M	New

Options reported separately and not counted above: TERNS PHARMACEUTICALS INC calls ($16.7M).

Portfolio Sells Q4 2025 → Q1 2026


HOLX Hologic Inc.	Sold out	0.00%	−9.54
RNAM Avidity Biosciences Inc.	Sold out	0.00%	−8.11
DVAX Dynavax Technologies Corp.	Sold out	0.00%	−7.97
FOLD Amicus Therapeutics Inc.	Sold out	0.00%	−7.95
EXAS Exact Sciences Corp.	Sold out	0.00%	−7.88
KVUE Kenvue Inc.	Sold out	0.00%	−7.43
CDTX Cidara Therapeutics Inc.	Sold out	0.00%	−6.05
AXTA Axalta Coating Systems Ltd.	Sold out	0.00%	−5.25

Portfolio Buys Q4 2025 → Q1 2026


WBS Webster Financial Corp.	New	9.19%	+9.19
TWO Two Harbors Investment Corp.	New	8.27%	+8.27
AAUC Allied Gold Corp.	New	8.22%	+8.22
PEN Penumbra Inc.	New	6.66%	+6.66
IHS Ihs Holding Ltd.	New	6.59%	+6.59
AES AES Corp.	New	5.72%	+5.72
SLAB Silicon Laboratories Inc.	New	5.47%	+5.47
CWAN Clearwater Analytics HDS-A	New	5.15%	+5.15
VAL Valaris Ltd.	New	3.99%	+3.99
GLDD Great Lakes Dredge & Dock Co.	New	3.55%	+3.55
DVN Devon Energy Corp.	New	1.48%	+1.48
CTRA Coterra Energy Inc.	New	1.48%	+1.48
TERN Terns Pharmaceuticals Inc.	New	1.01%	+1.01
EHAB Enhabit Inc.	New	0.95%	+0.95
WBD Warner Bros Discovery Inc.	Add +42.2%	9.29%	−0.65
NSC Norfolk Southern Corp.	Add +23.4%	7.02%	−1.27
EA Electronic Arts Inc.	Add +3.7%	6.90%	−2.77
TXNM TXNM Energy Inc.	Add +11.0%	9.05%	−2.86

Options Activity Q4 2025 → Q1 2026


TERNS PHARMACEUTICALS INC	call	New	316,100	$16.7M

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