Kerrisdale Advisers, LLC
Reported holdings as of Q2 2026, from 31 quarterly filings.
This filer last reported in Q2 2026; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| REGAL REXNORD CORPORATION | RRX | $110.4M | 463,295 | +26.77pp | 2q | +3688.2%+$107.4M | |
| VISA INC | V | $17.2M | 50,031 | -1.46pp | 17q | HELD | |
| BELDEN INC | BDC | $17.1M | 143,000 | +3.89pp | 2q | +1440.9%+$16.0M | |
| MERCADOLIBRE INC | MELI | $14.8M | 8,724 | -2.03pp | 9q | HELD | |
| AMAZON COM INC | AMZN | $13.3M | 55,891 | -1.32pp | 12q | -4.9%-$680.5K | |
| SOTERA HEALTH CO | SHC | $10.6M | 599,249 | -0.65pp | 13q | -1.4%-$149.8K | |
| ALPHABET INC | GOOGL | $9.1M | 25,412 | -0.94pp | 26q | -13.5%-$1.4M | |
| SKYWORKS SOLUTIONS INC | SWKS | $8.4M | 123,340 | -0.49pp | 2q | -2.9%-$246.8K | |
| ACM RESH INC | ACMR | $7.9M | 62,570 | -1.36pp | 8q | -72.0%-$20.5M | |
| AZENTA INC | AZTA | $7.4M | 290,682 | +1.70pp | 2q | +1419.5%+$6.9M | |
| U HAUL HOLDING COMPANY | UHALB | $7.3M | 127,232 | -0.32pp | 15q | HELD | |
| POOL CORP | POOL | $7.3M | 33,795 | -0.04pp | 2q | +39.8%+$2.1M | |
| SYSCO CORP | SYY | $7.0M | 83,476 | -0.52pp | 16q | HELD | |
| FORGENT POWER SOLUTIONS INC | FPS | $6.5M | 116,572 | - | new | NEW | |
| AKAMAI TECHNOLOGIES INC | AKAM | $6.1M | 51,985 | - | new | NEW | |
| TELEPHONE & DATA SYS INC | TDS | $6.1M | 163,758 | -3.26pp | 3q | -45.0%-$5.0M | |
| UNION PAC CORP | UNP | $5.2M | 18,952 | -0.56pp | 18q | -5.6%-$304.6K | |
| IPG PHOTONICS CORP | IPGP | $4.9M | 41,450 | +0.20pp | 2q | +76.8%+$2.1M | |
| DOUBLEVERIFY HLDGS INC | DV | $4.3M | 398,439 | -0.36pp | 2q | HELD | |
| ILLUMINA INC | ILMN | $3.9M | 22,085 | - | new | NEW | |
| CENOVUS ENERGY INC | CVE | $3.5M | 141,350 | -0.24pp | 2q | +27.4%+$753.6K | |
| AMRIZE LTD | AMRZ | $3.4M | 64,720 | -0.45pp | 3q | +4.9%+$159.9K | |
| EATON CORP PLC | ETN | $3.3M | 7,817 | -0.13pp | 3q | +10.5%+$315.3K | |
| SYNOPSYS INC | SNPS | $3.3M | 7,466 | -0.71pp | 4q | -27.0%-$1.2M | |
| KENVUE INC | KVUE | $3.3M | 170,807 | -0.30pp | 4q | HELD | |
| MAPLEBEAR INC | CART | $3.1M | 65,106 | -0.57pp | 4q | -30.8%-$1.4M | |
| ZOETIS INC | ZTS | $3.0M | 42,000 | - | new | NEW | |
| MICROSOFT CORP | MSFT | $3.0M | 8,062 | -0.99pp | 26q | -34.8%-$1.6M | |
| DIAGEO PLC | DEO | $2.8M | 34,233 | -0.28pp | 14q | HELD | |
| ZOOM COMMUNICATIONS INC | ZM | $2.8M | 31,869 | -0.74pp | 19q | -31.7%-$1.3M | |
| GRUPO CIBEST SA | CIB | $2.7M | 33,840 | -0.43pp | 5q | -14.8%-$465.5K | |
| ADEIA INC | ADEA | $2.5M | 77,055 | -0.01pp | 2q | +8.8%+$205.0K | |
| NOKIA CORP | NOK | $2.5M | 190,965 | -0.23pp | 2q | -32.7%-$1.2M | |
| SOLSTICE ADVANCED MATLS INC | SOLS | $2.5M | 28,465 | +0.48pp | 2q | +450.6%+$2.1M | |
| STRIDE INC | LRN | $2.5M | 29,049 | -1.29pp | 3q | -49.2%-$2.4M | |
| APPFOLIO INC | APPF | $2.2M | 13,904 | -0.78pp | 6q | -37.8%-$1.4M | |
| SPDR GOLD TR | GLD | $2.2M | 5,950 | - | new | NEW | |
| UNITEDHEALTH GROUP INC | UNH | $2.1M | 5,131 | -0.38pp | 17q | -42.0%-$1.5M | |
| LULULEMON ATHLETICA INC | LULU | $1.9M | 16,905 | - | new | NEW | |
| DYNATRACE INC | DT | $1.9M | 42,205 | +0.13pp | 2q | +76.3%+$802.2K | |
| PETROLEO BRASILEIRO S A | PBR | $1.8M | 111,126 | -0.43pp | 11q | HELD | |
| FISERV INC | FISV | $1.8M | 35,815 | +0.28pp | 3q | +369.4%+$1.4M | |
| ESTABLISHMENT LABS HLDGS INC | ESTA | $1.7M | 20,390 | - | new | NEW | |
| CACTUS INC | WHD | $1.7M | 33,770 | -0.07pp | 2q | +21.6%+$306.9K | |
| HUDSON TECHNOLOGIES INC | HDSN | $1.7M | 299,976 | +0.30pp | 9q | +420.6%+$1.4M | |
| WABTEC | WAB | $1.7M | 6,360 | -0.23pp | 14q | -8.2%-$152.3K | |
| MARVELL TECHNOLOGY INC | MRVL | $1.7M | 5,636 | -3.87pp | 2q | -95.0%-$32.2M | |
| LOCKHEED MARTIN CORP | LMT | $1.6M | 3,180 | - | new | NEW | |
| ENDAVA PLC | DAVA | $1.6M | 567,416 | -0.55pp | 10q | HELD | |
| LIMBACH HLDGS INC | LMB | $1.6M | 20,510 | - | new | NEW | |
| BANK OF AMER CORP | BAC | $1.5M | 26,730 | -0.11pp | 2q | HELD | |
| ATKORE INC | ATKR | $1.5M | 19,844 | -0.25pp | 11q | -29.3%-$625.8K | |
| RB GLOBAL INC | RBA | $1.5M | 12,897 | -0.09pp | 2q | HELD | |
| PAYPAL HLDGS INC | PYPL | $1.5M | 33,921 | -0.27pp | 2q | -8.0%-$127.2K | |
| API GROUP CORP | APG | $1.4M | 32,770 | - | new | NEW | |
| KIMBERLY-CLARK CORP | KMB | $1.4M | 12,615 | -0.12pp | 2q | HELD | |
| ON SEMICONDUCTOR CORP | ON | $1.4M | 14,595 | -0.53pp | 6q | -60.8%-$2.1M | |
| KLAVIYO INC | KVYO | $1.4M | 91,120 | - | new | NEW | |
| UBER TECHNOLOGIES INC | UBER | $1.4M | 18,960 | -0.18pp | 2q | HELD | |
| NORDSON CORP | NDSN | $1.4M | 4,530 | -0.12pp | 2q | HELD | |
| SENSATA TECHNOLOGIES HLDG PL | ST | $1.4M | 28,320 | - | new | NEW | |
| SCHEIN HENRY INC | HSIC | $1.3M | 16,026 | -0.11pp | 10q | HELD | |
| ST JOE CO | JOE | $1.3M | 20,610 | -0.25pp | 15q | -14.1%-$211.7K | |
| CPI CARD GROUP INC | PMTS | $1.3M | 60,796 | -0.02pp | 13q | HELD | |
| AMENTUM HOLDINGS INC | AMTM | $1.2M | 59,845 | +0.02pp | 2q | +105.0%+$633.6K | |
| SCHMID GROUP N.V. | SHMD | $1.2M | 193,505 | - | new | NEW | |
| GITLAB INC | GTLB | $1.2M | 39,415 | -0.27pp | 3q | -42.9%-$902.6K | |
| WISE GROUP PLC | WSE | $1.2M | 99,950 | - | new | NEW | |
| KASPI KZ JSC | KSPI | $1.2M | 13,665 | -0.09pp | 6q | HELD | |
| HUBSPOT INC | HUBS | $1.1M | 6,085 | - | new | NEW | |
| CANADIAN NAT RES LTD MED TER | CNQ | $1.1M | 27,500 | -1.09pp | 2q | -62.4%-$1.8M | |
| SNAP INC | SNAP | $1.0M | 234,834 | -0.23pp | 3q | -17.0%-$213.7K | |
| LEGENCE CORP | LGN | $999.1K | 11,722 | -2.03pp | 3q | -88.9%-$8.0M | |
| GRIFFON CORP | GFF | $996.8K | 10,220 | -0.21pp | 3q | -38.7%-$628.1K | |
| ADTRAN HOLDINGS INC | ADTN | $980.2K | 70,519 | -2.40pp | 2q | -87.2%-$6.7M | |
| POWER SOLUTIONS INTL INC | PSIX | $979.1K | 25,175 | -0.03pp | 2q | +115.8%+$525.4K | |
| ECOPETROL S A | EC | $962.0K | 67,555 | -0.14pp | 14q | HELD | |
| NETAPP INC | NTAP | $882.3K | 5,701 | -0.15pp | 2q | -39.4%-$572.6K | |
| FOX FACTORY HLDG CORP | FOXF | $867.0K | 51,166 | -0.10pp | 10q | HELD | |
| MOSAIC CO | MOS | $846.3K | 39,940 | -0.18pp | 2q | HELD | |
| U HAUL HOLDING COMPANY | UHAL | $832.0K | 12,714 | -0.02pp | 18q | HELD | |
| FIGMA INC | FIG | $823.5K | 45,525 | - | new | NEW | |
| T-MOBILE US INC | TMUS | $811.0K | 4,835 | - | new | NEW | |
| LENSAR INC | LNSR | $795.9K | 139,390 | -0.12pp | 2q | HELD | |
| CAMECO CORP | CCJ | $767.5K | 7,535 | -0.12pp | 14q | HELD | |
| COUPANG INC | CPNG | $758.9K | 43,693 | -0.89pp | 7q | -70.9%-$1.9M | |
| BOOZ ALLEN HAMILTON HLDG COR | BAH | $753.6K | 12,422 | -0.18pp | 4q | HELD | |
| RCI HOSPITALITY HLDGS INC | RICK | $744.6K | 27,253 | -0.05pp | 3q | HELD | |
| SEA LTD | SE | $707.2K | 7,380 | -0.06pp | 2q | HELD | |
| LIBERTY GLOBAL LTD | LBTYA | $689.5K | 60,640 | -0.11pp | 2q | HELD | |
| KRAFT HEINZ CO | KHC | $679.0K | 28,745 | -0.08pp | 2q | HELD | |
| ACV AUCTIONS INC | ACVA | $654.8K | 91,075 | +0.02pp | 2q | HELD | |
| CORE SCIENTIFIC INC NEW | CORZ | $645.4K | 25,220 | - | new | NEW | |
| FRESHWORKS INC | FRSH | $629.7K | 62,225 | -0.03pp | 2q | HELD | |
| MADISON SQUARE GARDEN ENTMT | MSGE | $490.5K | 6,064 | -0.57pp | 13q | -80.5%-$2.0M | |
| CRONOS GROUP INC | CRON | $477.8K | 171,886 | -0.04pp | 12q | HELD | |
| FLOWERS FOODS INC | FLO | $442.9K | 56,065 | -0.06pp | 2q | HELD | |
| VERRA MOBILITY CORP | VRRM | $427.9K | 100,671 | - | new | NEW | |
| O-I GLASS INC | OI | $383.8K | 39,855 | -0.06pp | 2q | HELD | |
| GRUPO AVAL ACCIONES Y VALORE | AVAL | $377.2K | 75,000 | -0.03pp | 14q | HELD | |
| ROOT INC | ROOT | $371.9K | 6,650 | -0.02pp | 2q | -2.6%-$10.1K | |
| CRYOPORT INC | CYRX | $354.9K | 22,605 | - | new | NEW | |
| OCCIDENTAL PETE CORP | OXY | $342.4K | 7,050 | -0.09pp | 18q | HELD | |
| SUNCOR ENERGY INC NEW | SU | $323.8K | 6,025 | -0.34pp | 2q | -63.6%-$565.7K | |
| PROCORE TECHNOLOGIES INC | PCOR | $315.2K | 7,760 | - | new | NEW | |
| REDDIT INC | RDDT | $297.7K | 1,715 | -0.01pp | 5q | HELD | |
| NEXGEN ENERGY LTD | NXE | $283.2K | 30,183 | -0.06pp | 13q | HELD | |
| DENISON MINES CORP | DNN | $265.6K | 86,800 | -0.05pp | 14q | HELD | |
| FIVERR INTL LTD | FVRR | $252.1K | 24,425 | -0.08pp | 2q | -32.9%-$123.7K | |
| ECOVYST INC | ECVT | $249.0K | 20,000 | -0.04pp | 2q | HELD | |
| WARNER MUSIC GROUP CORP | WMG | $236.5K | 8,735 | -0.03pp | 13q | HELD | |
| RIGETTI COMPUTING INC | RGTI | $198.2K | 10,257 | - | new | NEW | |
| CARPARTS COM INC | $162.6K | 25,249 | - | new | NEW | ||
| TERRA INNOVATUM GLOBAL NV | NKLR | $66.9K | 13,600 | -0.01pp | 2q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Industrials | $136.8M | 34.3% |
| Business Services | $64.1M | 16.1% |
| Software & IT Services | $35.2M | 8.8% |
| Semiconductors & Electronics | $27.8M | 7.0% |
| Mining & Metals | $18.5M | 4.6% |
| Wholesale & Distribution | $17.3M | 4.3% |
| Retail & Consumer | $16.8M | 4.2% |
| Telecom & Media | $12.1M | 3.0% |
| Healthcare Services | $10.6M | 2.7% |
| Energy | $8.0M | 2.0% |
| Biotech & Pharma | $7.7M | 1.9% |
| Chemicals | $6.9M | 1.7% |
| Other sectors | $36.1M | 9.0% |
| Not classified | $1.4M | 0.3% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +29.5% | +14.8% | +14.7% | 100% |
| Q1 2026 | +0.0% | -4.6% | +4.6% | 100% |
| Q4 2025 | +5.0% | +2.4% | +2.7% | 100% |
| Q3 2025 | +23.2% | +7.8% | +15.4% | 100% |
| Q2 2025 | +20.3% | +10.5% | +9.8% | 98% |
| Q1 2025 | -0.1% | -4.6% | +4.5% | 100% |
| Q4 2024 | -0.2% | +2.1% | -2.3% | 100% |
| Q3 2024 | +6.1% | +5.4% | +0.7% | 100% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $399.2M | 114 | 23 | 16 | 34 | 21 | 54.2% | 45 |
| Q1 2026 | $262.7M | 112 | 47 | 22 | 17 | 11 | 40.3% | 45 |
| Q4 2025 | $212.3M | 76 | 11 | 11 | 19 | 10 | 55.6% | 48 |
| Q3 2025 | $192.9M | 75 | 11 | 14 | 5 | 2 | 48.0% | 45 |
| Q2 2025 | $191.7M | 66 | 4 | 16 | 16 | 19 | 62.4% | 45 |
| Q1 2025 | $239.0M | 81 | 12 | 14 | 35 | 17 | 59.6% | 45 |
| Q4 2024 | $296.0M | 86 | 6 | 23 | 24 | 17 | 51.1% | 45 |
| Q3 2024 | $294.1M | 97 | 13 | 23 | 35 | 9 | 43.5% | 45 |
| Q2 2024 | $319.5M | 93 | 15 | 20 | 31 | 9 | 44.4% | 45 |
| Q1 2024 | $318.3M | 87 | 13 | 13 | 36 | 7 | 46.5% | 45 |
| Q4 2023 | $335.6M | 81 | 6 | 28 | 16 | 14 | 44.8% | 45 |
| Q3 2023 | $315.7M | 89 | 15 | 13 | 42 | 6 | 45.2% | 45 |
| Q2 2023 | $371.0M | 80 | 14 | 16 | 17 | 21 | 42.4% | 45 |
| Q1 2023 | $337.8M | 87 | 22 | 20 | 22 | 25 | 41.1% | 45 |
| Q4 2022 | $337.2M | 90 | 18 | 17 | 27 | 7 | 43.9% | 45 |
| Q3 2022 | $411.8M | 79 | 17 | 29 | 16 | 11 | 48.5% | 45 |
| Q2 2022 | $317.7M | 73 | 43 | 13 | 10 | 6 | 42.6% | 46 |
| Q1 2022 | $327.2M | 36 | 16 | 5 | 11 | 21 | 63.2% | 46 |
| Q4 2021 | $484.2M | 41 | 10 | 4 | 20 | 25 | 70.4% | 45 |
| Q3 2021 | $922.5M | 56 | 12 | 15 | 21 | 10 | 44.1% | 46 |
| Q2 2021 | $1.1B | 54 | 13 | 8 | 24 | 12 | 42.5% | 47 |
| Q1 2021 | $1.3B | 53 | 14 | 19 | 13 | 29 | 45.3% | 47 |
| Q4 2020 | $1.3B | 68 | 12 | 14 | 20 | 10 | 44.3% | 47 |
| Q3 2020 | $1.3B | 66 | 13 | 20 | 14 | 10 | 41.0% | 47 |
| Q2 2020 | $889.2M | 63 | 27 | 14 | 15 | 18 | 48.1% | 45 |
| Q1 2020 | $523.1M | 54 | 31 | 15 | 5 | 10 | 54.2% | 45 |
| Q4 2019 | $282.8M | 33 | 13 | 3 | 8 | 13 | 71.2% | 45 |
| Q3 2019 | $159.5M | 33 | 7 | 0 | 13 | 4 | 77.7% | 45 |
| Q2 2019 | $279.4M | 30 | 7 | 7 | 6 | 7 | 83.1% | 45 |
| Q1 2019 | $518.1M | 30 | 20 | 4 | 3 | 13 | 91.8% | 45 |
| Q4 2018 | $161.4M | 23 | 0 | 0 | 0 | 0 | 84.4% | 45 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.