# Sand Grove Capital Management LLP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1665077. Source: https://holderbook.com/funds/1665077-sand-grove-capital-management-llp/

- Reported value: $383.2M
- Positions: 14
- Weight of the ten largest: 83.8%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| TWO HARBORS INVENTMENT CORPO | [TWO](https://holderbook.com/stocks/TWO/) | $55.8M | 4,494,970 | 14.6% | 2 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $39.3M | 1,475,644 | 10.3% | 3 |
| ALLIED GOLD CORP | [AAUC](https://holderbook.com/stocks/AAUC/) | $31.9M | 1,345,274 | 8.3% | 2 |
| WEBSTER FINL CORP | [WBS](https://holderbook.com/stocks/WBS/) | $31.7M | 414,723 | 8.3% | 2 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $31.2M | 99,091 | 8.1% | 4 |
| TXNM ENERGY INC | [TXNM](https://holderbook.com/stocks/TXNM/) | $28.8M | 506,546 | 7.5% | 5 |
| AES CORP | [AES](https://holderbook.com/stocks/AES/) | $27.5M | 1,872,474 | 7.2% | 2 |
| BIO-TECHNE CORP | [TECH](https://holderbook.com/stocks/TECH/) | $26.2M | 370,990 | 6.8% | 1 |
| NUVALENT INC | [NUVL](https://holderbook.com/stocks/NUVL/) | $25.8M | 0 | 6.7% | 1 |
| ROKU INC | [ROKU](https://holderbook.com/stocks/ROKU/) | $23.0M | 166,158 | 6.0% | 1 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $18.7M | 90,986 | 4.9% | 4 |
| AVANOS MED INC | [AVNS](https://holderbook.com/stocks/AVNS/) | $18.0M | 722,880 | 4.7% | 1 |
| SYNAPTICS INC | [SYNA](https://holderbook.com/stocks/SYNA/) | $15.9M | 127,811 | 4.1% | 1 |
| UNIFIRST CORP MASS | [UNF](https://holderbook.com/stocks/UNF/) | $9.6M | 36,266 | 2.5% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -1.3% | +14.8% | -16.2% | 89% |
| Q1 2026 | -1.1% | -4.6% | +3.5% | 78% |
| Q4 2025 | -3.3% | +2.4% | -5.6% | 93% |
| Q2 2025 | -1.5% | +10.5% | -11.9% | 100% |
| Q1 2025 | +5.3% | -4.6% | +9.8% | 90% |
| Q4 2024 | +0.3% | +2.1% | -1.9% | 92% |
| Q3 2024 | -0.6% | +5.4% | -6.1% | 75% |
| Q2 2024 | -4.6% | +4.0% | -8.7% | 89% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $383.2M | 14 |
| Q1 2026 | $444.2M | 19 |
| Q4 2025 | $295.0M | 12 |
| Q3 2025 | $204.7M | 12 |
| Q2 2025 | $198.6M | 11 |
| Q1 2025 | $120.7M | 6 |
| Q4 2024 | $206.1M | 13 |
| Q3 2024 | $256.1M | 15 |
| Q2 2024 | $342.1M | 20 |
| Q1 2024 | $437.1M | 22 |
| Q4 2023 | $376.1M | 18 |
| Q3 2023 | $802.2M | 30 |