In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 30, 2025), Trium Capital LLP reported 50 stock positions worth $246.3 million . Its top holding was Paragon 28 (FNA) at 14.8% of the portfolio, followed by Albertsons Cos Class A (ACI, 13.3% ) and Kranesh Csi China Internet (KWEB, 11.6% ). Compared with Q4 2024, it opened 23 new positions, sold out of 7, added to 11 and reduced 15. The biggest buy was a new position in Paragon 28 (FNA) and the biggest sale an exit from Arch Resources (ARCH).
Location LONDON, X0
CIK 0001963860
Portfolio Value $246.3M (Q1 2025) Holdings 50 stocks · $246.3M 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 Q4 2024 FNA Paragon 28 Inc. 2,795,307 $36.5M New ACI Albertsons Cos Inc. Class A 1,485,759 $32.7M Add +23.2% KWEB Kranesh Csi China Internet 821,051 $28.7M Add +61.0% ENFN Enfusion Inc. Class A 1,739,870 $19.4M New PYCR Paycor HCM Inc. 810,746 $18.2M New SWI Solarwinds Corp. 970,966 $17.9M New ITCI Intra-Cellular Therapies Inc. 102,105 $13.5M New VNM Vaneck Vietnam ETF 980,218 $12.2M Reduce -6.0% FXI iShares China Large-Cap ETF 229,547 $8.2M Reduce -5.2% DM Desktop Metal Inc. Class A 1,655,536 $8.1M New AZN Astrazeneca PLC-Spons ADR 102,641 $7.5M New CMRX Chimerix Inc. 544,153 $4.6M New NVRO Nevro LLC filed as NEVRO CORP 778,990 $4.5M New QTRX Quanterix Corp. 559,500 $3.6M New THD iShares MSCI Thailand ETF 42,193 $2.2M Reduce -3.8% MKFG Markforged Holding Corp. 403,489 $1.9M New WM Waste Management Inc. 8,022 $1.9M Reduce -12.7% WAB Wabtec Corp. 9,710 $1.8M Add +15.0% TT Trane Technologies PLC 4,974 $1.7M Add +20.0% AMPS Altus Power Inc. 305,462 $1.5M New OC Owens Corning 10,082 $1.4M Add +16.5% LIN Linde PLC 3,080 $1.4M Reduce -37.9% LGTY Logility Supply Chain Soluti 99,259 $1.4M New NEE Nextera Energy Inc. 18,920 $1.3M Reduce -14.4% RSG Republic Services Inc. 5,093 $1.2M Reduce -54.4% BLD Topbuild Corp. 3,602 $1.1M Reduce -4.3% WCN Waste Connections Inc. 5,038 $983K Add +16.3% NVT Nvent Electric PLC 18,548 $972K Add +18.2% VLTO Veralto Corp. 9,618 $937K Add +61.9% SBT Sterling Bancorp Inc. 192,126 $930K New FSLR First Solar Inc. 6,254 $791K Reduce -16.6% SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 43,265 $773K Reduce -22.2% ELP Companhia Paranaense DE Ener 93,705 $685K Reduce -21.3% BITF Bitfarms Ltd./Canada 772,573 $609K New AYI Acuity Inc. 2,205 $581K Reduce -13.9% HLVX Hillevax Inc. 378,205 $548K New DAR Darling Ingredients Inc. 17,107 $534K Add +217.7% WMS Advanced Drainage Systems Inc. 4,897 $532K New GEV GE Vernova Inc. 1,470 $449K Reduce -14.3% BSY Bentley Systems Inc. Class B 10,920 $430K Add +52.8% ITRI Itron Inc. 3,506 $367K New ENS Enersys 3,872 $355K New NXT Nextpower Inc. filed as NEXTRACKER INC 7,969 $336K Add +4.0% BHM Bluerock Homes Trust Inc. 23,657 $269K No change WY Weyerhaeuser Co. 9,109 $267K Reduce -54.1% CDLR Cadeler A/S-ADR 12,942 $254K Reduce -4.3% VBFC Village Bank and Trust Finan 865 $69K New CDE Coeur Mining Inc. 5 $0 New BUSE First Busey Corp. 3 $0 New VTS Vitesse Energy Inc. 4 $0 New
Options reported separately and not counted above: SPY puts ($518.5M), XLI puts ($22.7M), CWAN puts ($10.1M), NVDA puts ($3.3M), DM calls ($410K).
Portfolio Sells Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ ARCH Arch Resources Inc. Sold out 0.00% −16.20 EWY iShares MSCI South Korea ETF Sold out 0.00% −14.33 VNM Vaneck Vietnam ETF Reduce -6.0% 4.97% −4.22 PSTX Poseida Therapeutics Inc. Sold out 0.00% −2.85 FXI iShares China Large-Cap ETF Reduce -5.2% 3.34% −2.32 PFIE Profire Energy Inc. Sold out 0.00% −1.76 MNTX Manitex International Inc. Sold out 0.00% −1.25 RSG Republic Services Inc. Reduce -54.4% 0.50% −1.22 THD iShares MSCI Thailand ETF Reduce -3.8% 0.89% −1.14 LIN Linde PLC Reduce -37.9% 0.58% −1.01 FSLR First Solar Inc. Reduce -16.6% 0.32% −0.69 NEE Nextera Energy Inc. Reduce -14.4% 0.54% −0.67 WM Waste Management Inc. Reduce -12.7% 0.75% −0.67 BLD Topbuild Corp. Reduce -4.3% 0.45% −0.45 AYI Acuity Inc. Reduce -13.9% 0.24% −0.34 WY Weyerhaeuser Co. Reduce -54.1% 0.11% −0.32 SBS Cia Saneamento Basico DE-ADR Reduce -22.2% 0.31% −0.30 ELP Companhia Paranaense DE Ener Reduce -21.3% 0.28% −0.26 GEV GE Vernova Inc. Reduce -14.3% 0.18% −0.25 RDUS Radius Recycling Inc. Class A Sold out 0.00% −0.16 CDLR Cadeler A/S-ADR Reduce -4.3% 0.10% −0.13 JD Jd.com Inc.-ADR Sold out 0.00% −0.05
Portfolio Buys Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ FNA Paragon 28 Inc. New 14.82% +14.82 ENFN Enfusion Inc. Class A New 7.88% +7.88 PYCR Paycor HCM Inc. New 7.39% +7.39 SWI Solarwinds Corp. New 7.27% +7.27 ITCI Intra-Cellular Therapies Inc. New 5.47% +5.47 DM Desktop Metal Inc. Class A New 3.30% +3.30 AZN Astrazeneca PLC-Spons ADR New 3.06% +3.06 CMRX Chimerix Inc. New 1.88% +1.88 NVRO Nevro LLC New 1.85% +1.85 QTRX Quanterix Corp. New 1.48% +1.48 MKFG Markforged Holding Corp. New 0.77% +0.77 AMPS Altus Power Inc. New 0.61% +0.61 LGTY Logility Supply Chain Soluti New 0.57% +0.57 SBT Sterling Bancorp Inc. New 0.38% +0.38 BITF Bitfarms Ltd./Canada New 0.25% +0.25 HLVX Hillevax Inc. New 0.22% +0.22 WMS Advanced Drainage Systems Inc. New 0.22% +0.22 KWEB Kranesh Csi China Internet Add +61.0% 11.64% +0.20 ITRI Itron Inc. New 0.15% +0.15 ENS Enersys New 0.14% +0.14 DAR Darling Ingredients Inc. Add +217.7% 0.22% +0.08 VBFC Village Bank and Trust Finan New 0.03% +0.03 CDE Coeur Mining Inc. New 0.00% 0.00 BUSE First Busey Corp. New 0.00% 0.00 VTS Vitesse Energy Inc. New 0.00% 0.00 NXT Nextpower Inc. Add +4.0% 0.14% −0.08 BSY Bentley Systems Inc. Class B Add +52.8% 0.17% −0.08 VLTO Veralto Corp. Add +61.9% 0.38% −0.08 WCN Waste Connections Inc. Add +16.3% 0.40% −0.17 NVT Nvent Electric PLC Add +18.2% 0.39% −0.43 TT Trane Technologies PLC Add +20.0% 0.68% −0.49 WAB Wabtec Corp. Add +15.0% 0.72% −0.51 OC Owens Corning Add +16.5% 0.58% −0.55 ACI Albertsons Cos Inc. Class A Add +23.2% 13.27% −4.90
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +335.2% 926,900 $518.5M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 5,684,400 $447.1Mbefore exit XLI SS Industrial Select Sector put New 173,500 $22.7M CWAN Clearwater Analytics HDS-A put New 375,300 $10.1M NVDA Nvidia Corp. put Add +50.0% 30,000 $3.3M DM Desktop Metal Inc. Class A call New 83,600 $410K CSGP Costar Group Inc. put Sold out 1,300 $93Kbefore 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 50 $158.7M T, ESPR, ALMS, SPNS, ELME Q1 2026 61 $137.7M T, SPNS, STKL, HOLX, OS Q4 2025 45 $128.7M CIO, HOUS, ACI, ALMS, ASHR Q3 2025 48 $254.9M COOP, ASHR, KWEB, ACI, EWW Q2 2025 53 $401.6M EWC, SWTX, ACI, BPMC, KWEB Q1 2025 50 $246.3M FNA, ACI, KWEB, ENFN, PYCR Q4 2024 34 $130.3M ACI, ARCH, EWY, KWEB, VNM Q3 2024 60 $217.7M KWEB, FXI, VNM, PRFT, SWN Q2 2024 88 $281.9M KWEB, FXI, OLK, SLCA, VNM Q1 2024 69 $266.6M KWEB, NGMS, PXD, FXI, KAMN