In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 22, 2026), Trium Capital LLP reported 45 stock positions worth $128.7 million . Its top holding was City Office REIT (CIO) at 11.0% of the portfolio, followed by Anywhere Real Estate (HOUS, 10.5% ) and Albertsons Cos Class A (ACI, 8.6% ). Compared with Q3 2025, it opened 14 new positions, sold out of 17, added to 20 and reduced 10. The biggest buy was a new position in City Office REIT (CIO) and the biggest sale an exit from Mr Cooper (COOP).
Location LONDON, X0
CIK 0001963860
Portfolio Value $128.7M (Q4 2025) Holdings 45 stocks · $128.7M 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 Q3 2025 CIO City Office REIT Inc. 2,027,163 $14.2M New HOUS Anywhere Real Estate Inc. 958,378 $13.6M New ACI Albertsons Cos Inc. Class A 647,653 $11.1M Reduce -45.8% ALMS Alumis Inc. 893,107 $8.7M Reduce -71.4% ASHR Xtrackers Harvest Csi 300 CH 264,556 $8.7M Reduce -72.7% EEM iShares MSCI Emerging Market 129,841 $7.1M Reduce -31.9% EZA iShares MSCI South Africa Et 95,615 $6.6M New KWEB Kranesh Csi China Internet 162,865 $5.5M Reduce -77.6% QTRX Quanterix Corp. 817,451 $5.2M Add +18.7% EWW iShares MSCI Mexico ETF 68,306 $4.7M Reduce -75.7% NVT Nvent Electric PLC 25,839 $2.6M Reduce -0.1% FSLR First Solar Inc. 9,500 $2.5M Reduce -23.4% XYL Xylem Inc. 17,403 $2.4M Add +46.1% LIN Linde PLC 5,132 $2.2M Add +85.3% BLD Topbuild Corp. 5,226 $2.2M Add +6.5% AYI Acuity Inc. 5,779 $2.1M Add +34.8% RSG Republic Services Inc. 9,802 $2.1M Add +25.3% WCN Waste Connections Inc. 11,375 $2.0M New WAB Wabtec Corp. 9,100 $1.9M Add +50.1% DAR Darling Ingredients Inc. 51,891 $1.9M Add +83.9% PNR Pentair PLC 17,355 $1.8M Add +38.5% VLTO Veralto Corp. 18,052 $1.8M Add +9.9% EIDO iShares MSCI Indonesia ETF 94,660 $1.8M New TT Trane Technologies PLC 4,041 $1.6M Add +171.4% WM Waste Management Inc. 7,078 $1.6M Reduce -13.2% OC Owens Corning 13,064 $1.5M Reduce -29.0% CWEN.A Clearway Energy Inc. Class A 31,482 $989K Add +45.4% CTVA Corteva Inc. 14,016 $939K New SHLS Shoals Technologies Group -A 108,794 $925K Add +24.2% YMM Full Truck Alliance -SPN ADR 85,402 $916K New SW Smurfit Westrock PLC 23,124 $894K New WTS Watts Water Technologies-A 3,162 $873K Add +21.7% WY Weyerhaeuser Co. 35,867 $850K Add +2.8% CNM Core & Main Inc. Class A 16,238 $844K Add +134.1% GBX Greenbrier Companies Inc. 15,534 $726K Add +11.2% TTEK Tetra Tech Inc. 20,810 $698K Add +52.2% PRIM Primoris Services Corp. 4,954 $615K Add +52.0% PEG Public Service Enterprise GP 7,585 $609K New EXC Exelon Corp. 13,917 $607K New BSY Bentley Systems Inc. Class B 14,316 $546K Add +48.1% BHM Bluerock Homes Trust Inc. 23,657 $252K No change SEE Sealed Air Corp. 3,869 $160K New CRC California Resources Corp. 12 $537 New HNI Hni Corp. 5 $210 New CIVI Civitas Resources Inc. 1 $27 New
Options reported separately and not counted above: SPY puts ($155K), TSLA puts ($40K), KWEB calls ($14K), QCOM calls ($6K), KMB calls ($429).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ COOP Mr Cooper Group Inc. Sold out 0.00% −15.48 KWEB Kranesh Csi China Internet Reduce -77.6% 4.31% −7.68 EWY iShares MSCI South Korea ETF Sold out 0.00% −6.42 EWZ iShares MSCI Brazil ETF Sold out 0.00% −5.93 ASHR Xtrackers Harvest Csi 300 CH Reduce -72.7% 6.75% −5.78 VRNA Verona Pharma Ltd. Sold out 0.00% −4.18 EWW iShares MSCI Mexico ETF Reduce -75.7% 3.68% −3.83 TASK Taskus Inc. Class A Sold out 0.00% −2.83 SATX Satixfy Communications Ltd. Sold out 0.00% −0.91 NEE Nextera Energy Inc. Sold out 0.00% −0.53 THTX Theratechnologies Inc. Sold out 0.00% −0.42 ENS Enersys Sold out 0.00% −0.36 ZTS Zoetis Inc. Sold out 0.00% −0.34 CNH CNH Industrial NV Sold out 0.00% −0.28 ITRI Itron Inc. Sold out 0.00% −0.14 SCPH Scpharmaceuticals Inc. Sold out 0.00% −0.07 APO Apollo Global Management Inc. Sold out 0.00% −0.00 KDP Keurig Dr Pepper Inc. Sold out 0.00% −0.00 RKT Rocket Cos Inc. Class A Sold out 0.00% 0.00 SLB SLB Ltd. Sold out 0.00% 0.00 OC Owens Corning Reduce -29.0% 1.14% +0.12 ACI Albertsons Cos Inc. Class A Reduce -45.8% 8.64% +0.44 WM Waste Management Inc. Reduce -13.2% 1.21% +0.50 FSLR First Solar Inc. Reduce -23.4% 1.93% +0.86 NVT Nvent Electric PLC Reduce -0.1% 2.05% +1.05 EEM iShares MSCI Emerging Market Reduce -31.9% 5.52% +1.53 ALMS Alumis Inc. Reduce -71.4% 6.77% +1.89
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ CIO City Office REIT Inc. New 11.01% +11.01 HOUS Anywhere Real Estate Inc. New 10.55% +10.55 EZA iShares MSCI South Africa Et New 5.11% +5.11 QTRX Quanterix Corp. Add +18.7% 4.04% +2.57 WCN Waste Connections Inc. New 1.55% +1.55 EIDO iShares MSCI Indonesia ETF New 1.38% +1.38 LIN Linde PLC Add +85.3% 1.70% +1.18 XYL Xylem Inc. Add +46.1% 1.84% +1.15 DAR Darling Ingredients Inc. Add +83.9% 1.45% +1.11 AYI Acuity Inc. Add +34.8% 1.62% +1.04 WAB Wabtec Corp. Add +50.1% 1.51% +1.03 TT Trane Technologies PLC Add +171.4% 1.22% +0.98 BLD Topbuild Corp. Add +6.5% 1.69% +0.94 RSG Republic Services Inc. Add +25.3% 1.61% +0.91 PNR Pentair PLC Add +38.5% 1.40% +0.86 CTVA Corteva Inc. New 0.73% +0.73 VLTO Veralto Corp. Add +9.9% 1.40% +0.71 YMM Full Truck Alliance -SPN ADR New 0.71% +0.71 SW Smurfit Westrock PLC New 0.69% +0.69 CWEN.A Clearway Energy Inc. Class A Add +45.4% 0.77% +0.54 CNM Core & Main Inc. Class A Add +134.1% 0.66% +0.51 PEG Public Service Enterprise GP New 0.47% +0.47 EXC Exelon Corp. New 0.47% +0.47 SHLS Shoals Technologies Group -A Add +24.2% 0.72% +0.46 WTS Watts Water Technologies-A Add +21.7% 0.68% +0.39 TTEK Tetra Tech Inc. Add +52.2% 0.54% +0.36 WY Weyerhaeuser Co. Add +2.8% 0.66% +0.32 GBX Greenbrier Companies Inc. Add +11.2% 0.56% +0.31 PRIM Primoris Services Corp. Add +52.0% 0.48% +0.30 BSY Bentley Systems Inc. Class B Add +48.1% 0.42% +0.23 SEE Sealed Air Corp. New 0.12% +0.12 CRC California Resources Corp. New 0.00% +0.00 HNI Hni Corp. New 0.00% +0.00 CIVI Civitas Resources Inc. New 0.00% 0.00
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -5.4% 322,400 $155K LQD Ishr Ibx Usd Invgd CB ETF-Ui put Sold out 1,120,000 $146Kbefore exit YPF YPF S.A.-Sponsored ADR call Sold out 917,100 $111Kbefore exit HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 1,296,200 $69Kbefore exit TSLA Tesla Inc. put New 35,100 $40K KWEB Kranesh Csi China Internet call New 711,200 $14K QCOM Qualcomm Inc. call New 46,800 $6K KMB Kimberly-Clark Corp. call New 3,900 $429
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