# Sandia Investment Management LP

> Institutional holdings reported to the SEC as of Q4 2025 on Form 13F. CIK 1880562. Source: https://holderbook.com/funds/1880562-sandia-investment-management-lp/

- Reported value: $40.1M
- Positions: 128
- Weight of the ten largest: 29.3%
- Filed: 2026-02-17

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 |
|---|---|---|---|---|---|
| HAYMAKER ACQUISITION CORP IV | [HYAC](https://holderbook.com/stocks/HYAC/) | $4.0M | 349,987 | 9.9% | 5 |
| BOLD EAGLE ACQUISITION CORP | [BEAG](https://holderbook.com/stocks/BEAG/) | $1.2M | 117,662 | 3.1% | 5 |
| REGIS CORPORATION | [RGS](https://holderbook.com/stocks/RGS/) | $914.0K | 32,936 | 2.3% | 6 |
| STURM RUGER & CO INC | [RGR](https://holderbook.com/stocks/RGR/) | $864.7K | 26,485 | 2.2% | 1 |
| LEGENCE CORP | [LGN](https://holderbook.com/stocks/LGN/) | $854.3K | 19,850 | 2.1% | 2 |
| MEDLINE INC | [MDLN](https://holderbook.com/stocks/MDLN/) | $840.0K | 20,000 | 2.1% | 1 |
| ALLIANCE LAUNDRY HLDGS INC | [ALH](https://holderbook.com/stocks/ALH/) | $804.3K | 39,522 | 2.0% | 1 |
| WATERBRIDGE INFRASTRUCTURE L | [WBI](https://holderbook.com/stocks/WBI/) | $800.4K | 40,000 | 2.0% | 2 |
| SILICON VY ACQUISITION CORP | [SVAQU](https://holderbook.com/stocks/SVAQU/) | $745.9K | 75,000 | 1.9% | 1 |
| NETSKOPE INC | [NTSK](https://holderbook.com/stocks/NTSK/) | $701.6K | 40,000 | 1.7% | 2 |
| CARIS LIFE SCIENCES INC | [CAI](https://holderbook.com/stocks/CAI/) | $636.7K | 23,600 | 1.6% | 3 |
| GORES HLDGS X INC | [GTEN](https://holderbook.com/stocks/GTEN/) | $631.7K | 61,632 | 1.6% | 2 |
| STONEBRIDGE ACQUISITION II C | [APACU](https://holderbook.com/stocks/APACU/) | $602.4K | 60,000 | 1.5% | 2 |
| MIAMI INTL HLDGS INC | [MIAX](https://holderbook.com/stocks/MIAX/) | $576.9K | 13,000 | 1.4% | 2 |
| ROMAN DBDR ACQUISITION CORP | [DRDB](https://holderbook.com/stocks/DRDB/) | $521.9K | 50,038 | 1.3% | 3 |
| UL SOLUTIONS INC | [ULS](https://holderbook.com/stocks/ULS/) | $515.4K | 6,535 | 1.3% | 1 |
| LIVE OAK ACQUISITION CORP V | [LOKV](https://holderbook.com/stocks/LOKV/) | $515.0K | 50,000 | 1.3% | 3 |
| CANTOR EQUITY PARTNERS V INC | [CEPV](https://holderbook.com/stocks/CEPV/) | $512.5K | 50,000 | 1.3% | 1 |
| AI INFRASTRUCTURE ACQUISI | [AIIAU](https://holderbook.com/stocks/AIIAU/) | $509.0K | 50,000 | 1.3% | 1 |
| M3-BRIGADE ACQUISITION VI CO | [MBVIU](https://holderbook.com/stocks/MBVIU/) | $506.2K | 50,000 | 1.3% | 2 |
| VINE HILL CAP INVTS CORP II | [VHCPU](https://holderbook.com/stocks/VHCPU/) | $501.1K | 50,000 | 1.2% | 1 |
| HALL CHADWICK ACQUISITION CO | [HCACU](https://holderbook.com/stocks/HCACU/) | $501.0K | 50,000 | 1.2% | 1 |
| BLUEROCK ACQUISITION CORP | [BLRKU](https://holderbook.com/stocks/BLRKU/) | $500.0K | 50,000 | 1.2% | 1 |
| ITHAX ACQUISITION CORP III | [ITHAU](https://holderbook.com/stocks/ITHAU/) | $498.8K | 50,000 | 1.2% | 1 |
| BITCOIN INFRASTRUCTURE ACQUI | [BIXIU](https://holderbook.com/stocks/BIXIU/) | $498.0K | 50,000 | 1.2% | 1 |
| TGE VALUE CREATIVE SOLUTIONS | [BEBEU](https://holderbook.com/stocks/BEBEU/) | $497.0K | 50,000 | 1.2% | 1 |
| VIA TRANSN INC | [VIA](https://holderbook.com/stocks/VIA/) | $494.6K | 17,048 | 1.2% | 2 |
| INVEST GREEN ACQUISITION COR | [IGACU](https://holderbook.com/stocks/IGACU/) | $471.4K | 47,000 | 1.2% | 1 |
| HEARTFLOW INC | [HTFL](https://holderbook.com/stocks/HTFL/) | $464.0K | 15,917 | 1.2% | 2 |
| AA MISSION ACQUISITION CORP | [YCYU](https://holderbook.com/stocks/YCYU/) | $450.8K | 44,700 | 1.1% | 1 |
| BLACK ROCK COFFEE BAR INC | [BRCB](https://holderbook.com/stocks/BRCB/) | $445.0K | 20,000 | 1.1% | 2 |
| ANTERIX INC | [ATEX](https://holderbook.com/stocks/ATEX/) | $436.6K | 20,000 | 1.1% | 2 |
| SILVERBOX CORP V | [SBXEU](https://holderbook.com/stocks/SBXEU/) | $434.1K | 43,150 | 1.1% | 1 |
| ITT INC | [ITT](https://holderbook.com/stocks/ITT/) | $433.8K | 2,500 | 1.1% | 1 |
| STANDARDAERO INC | [SARO](https://holderbook.com/stocks/SARO/) | $430.2K | 15,000 | 1.1% | 5 |
| SONIDA SENIOR LIVING INC | [SNDA](https://holderbook.com/stocks/SNDA/) | $411.3K | 12,612 | 1.0% | 6 |
| FIGURE TECHNOLOGY SOLUTIO | [FIGR](https://holderbook.com/stocks/FIGR/) | $408.4K | 10,000 | 1.0% | 2 |
| REVOLUTION MEDICINES INC | [RVMD](https://holderbook.com/stocks/RVMD/) | $398.2K | 5,000 | 1.0% | 5 |
| CIRCLE INTERNET GROUP INC | [CRCL](https://holderbook.com/stocks/CRCL/) | $396.5K | 5,000 | 1.0% | 2 |
| CENTURI HOLDINGS INC | [CTRI](https://holderbook.com/stocks/CTRI/) | $378.8K | 15,000 | 0.9% | 7 |
| BULLISH | [BLSH](https://holderbook.com/stocks/BLSH/) | $378.7K | 10,000 | 0.9% | 2 |
| BRIGHTSPRING HEALTH SVCS INC | [BTSG](https://holderbook.com/stocks/BTSG/) | $374.5K | 10,000 | 0.9% | 1 |
| KODIAK GAS SVCS INC | [KGS](https://holderbook.com/stocks/KGS/) | $374.0K | 10,000 | 0.9% | 3 |
| KLARNA GROUP PLC | [KLAR](https://holderbook.com/stocks/KLAR/) | $358.6K | 12,404 | 0.9% | 2 |
| VIKING ACQUISITION CORP I | [VACIU](https://holderbook.com/stocks/VACIU/) | $352.4K | 35,000 | 0.9% | 1 |
| ALDEL FINL II INC | [ALDF](https://holderbook.com/stocks/ALDF/) | $314.7K | 30,000 | 0.8% | 3 |
| CHIME FINL INC | [CHYM](https://holderbook.com/stocks/CHYM/) | $314.6K | 12,500 | 0.8% | 3 |
| NEPTUNE INS HLDGS INC | [NP](https://holderbook.com/stocks/NP/) | $306.2K | 10,500 | 0.8% | 1 |
| COREBRIDGE FINL INC | [CRBG](https://holderbook.com/stocks/CRBG/) | $301.7K | 10,000 | 0.8% | 14 |
| PACS GROUP INC | [PACS](https://holderbook.com/stocks/PACS/) | $287.9K | 7,500 | 0.7% | 7 |
| COHERENT CORP | [COHR](https://holderbook.com/stocks/COHR/) | $276.9K | 1,500 | 0.7% | 1 |
| JAKKS PAC INC | [JAKK](https://holderbook.com/stocks/JAKK/) | $274.1K | 16,236 | 0.7% | 5 |
| FIGMA INC | [FIG](https://holderbook.com/stocks/FIG/) | $261.6K | 7,000 | 0.7% | 2 |
| FACT II ACQUISITION CORP | [FACT](https://holderbook.com/stocks/FACT/) | $260.2K | 25,000 | 0.6% | 3 |
| JENA ACQUISITION CORP II | [JENAU](https://holderbook.com/stocks/JENAU/) | $260.0K | 25,000 | 0.6% | 2 |
| PYROPHYTE ACQUISITION CORP. | [PAIIU](https://holderbook.com/stocks/PAIIU/) | $259.2K | 25,000 | 0.6% | 2 |
| NEWHOLD INVT CORP III | [NHIC](https://holderbook.com/stocks/NHIC/) | $259.1K | 25,000 | 0.6% | 3 |
| OTG ACQUISITION CORP. I | [OTGAU](https://holderbook.com/stocks/OTGAU/) | $254.8K | 25,000 | 0.6% | 2 |
| SOLARIUS CAPITAL ACQU CORP | [SOCAU](https://holderbook.com/stocks/SOCAU/) | $254.8K | 25,000 | 0.6% | 2 |
| KARBON CAP PARTNERS CORP | [KBONU](https://holderbook.com/stocks/KBONU/) | $251.6K | 25,000 | 0.6% | 1 |
| TAILWIND 2.0 ACQUISITION COR | [TDWDU](https://holderbook.com/stocks/TDWDU/) | $251.5K | 25,000 | 0.6% | 1 |
| MESHFLOW ACQUISITION CORP | [MESHU](https://holderbook.com/stocks/MESHU/) | $250.0K | 25,000 | 0.6% | 1 |
| SLIDE INS HLDGS INC | [SLDE](https://holderbook.com/stocks/SLDE/) | $228.9K | 11,748 | 0.6% | 3 |
| SMITHFIELD FOODS INC | [SFD](https://holderbook.com/stocks/SFD/) | $223.3K | 10,000 | 0.6% | 4 |
| GRUPO AEROMEXICO SAB DE CV | [AERO](https://holderbook.com/stocks/AERO/) | $219.6K | 10,000 | 0.5% | 1 |
| ATEGRITY SPECIALTY IN CO HO | [ASIC](https://holderbook.com/stocks/ASIC/) | $216.4K | 10,300 | 0.5% | 3 |
| IMMUNOME INC | [IMNM](https://holderbook.com/stocks/IMNM/) | $214.8K | 10,000 | 0.5% | 1 |
| WAYSTAR HLDG CORP | [WAY](https://holderbook.com/stocks/WAY/) | $214.5K | 6,550 | 0.5% | 7 |
| KLAVIYO INC | [KVYO](https://holderbook.com/stocks/KVYO/) | $212.2K | 6,534 | 0.5% | 3 |
| OLD MKT CAP CORP | [OMCC](https://holderbook.com/stocks/OMCC/) | $209.7K | 40,491 | 0.5% | 6 |
| BLUE ACQUISITION CORP. | [BACCU](https://holderbook.com/stocks/BACCU/) | $207.7K | 19,741 | 0.5% | 3 |
| TALON CAP CORP | [TLNCU](https://holderbook.com/stocks/TLNCU/) | $205.8K | 20,000 | 0.5% | 2 |
| AXIOM INTELLIGENCE AC CORP 1 | [AXINU](https://holderbook.com/stocks/AXINU/) | $204.8K | 20,000 | 0.5% | 3 |
| EQV VENTURES AC CORP. II | [EVACU](https://holderbook.com/stocks/EVACU/) | $202.2K | 20,000 | 0.5% | 2 |
| CONTANGO SILVER & GOLD INC | [CTGO](https://holderbook.com/stocks/CTGO/) | $201.5K | 7,630 | 0.5% | 1 |
| CRANE HBR ACQUISITION CORP I | [CRANU](https://holderbook.com/stocks/CRANU/) | $201.4K | 20,000 | 0.5% | 1 |
| SAILPOINT INC | [SAIL](https://holderbook.com/stocks/SAIL/) | $199.0K | 9,837 | 0.5% | 4 |
| DLH HLDGS CORP | [DLHC](https://holderbook.com/stocks/DLHC/) | $196.7K | 34,806 | 0.5% | 1 |
| LUMEXA IMAGING HOLDINGS INC | [LMRI](https://holderbook.com/stocks/LMRI/) | $185.0K | 10,000 | 0.5% | 1 |
| KARMAN HLDGS INC | [KRMN](https://holderbook.com/stocks/KRMN/) | $182.9K | 2,500 | 0.5% | 4 |
| RAPPORT THERAPEUTICS INC | [RAPP](https://holderbook.com/stocks/RAPP/) | $182.0K | 6,000 | 0.5% | 2 |
| LAKELAND INDS INC | [LAKE](https://holderbook.com/stocks/LAKE/) | $181.9K | 20,580 | 0.5% | 3 |
| CARETRUST REIT INC | [CTRE](https://holderbook.com/stocks/CTRE/) | $180.8K | 5,000 | 0.5% | 2 |
| ETORO GROUP LTD | [ETOR](https://holderbook.com/stocks/ETOR/) | $175.7K | 5,000 | 0.4% | 3 |
| PHOENIX ED PARTNERS INC | [PXED](https://holderbook.com/stocks/PXED/) | $160.7K | 5,302 | 0.4% | 1 |
| LOAR HOLDINGS INC | [LOAR](https://holderbook.com/stocks/LOAR/) | $157.8K | 2,321 | 0.4% | 3 |
| BTC DEV CORP | [BDCIU](https://holderbook.com/stocks/BDCIU/) | $152.1K | 15,000 | 0.4% | 2 |
| ALUSSA ENERGY ACQUISIT CORP | [ALUBU](https://holderbook.com/stocks/ALUBU/) | $151.5K | 15,000 | 0.4% | 1 |
| INSIGHT DIGITAL PARTNERS II | [DYORU](https://holderbook.com/stocks/DYORU/) | $150.4K | 14,935 | 0.4% | 1 |
| DYNAMIX CORP III | [DNMXU](https://holderbook.com/stocks/DNMXU/) | $149.1K | 14,835 | 0.4% | 1 |
| GRAVITY CO LTD | [GRVY](https://holderbook.com/stocks/GRVY/) | $142.4K | 2,460 | 0.4% | 1 |
| OMADA HEALTH INC | [OMDA](https://holderbook.com/stocks/OMDA/) | $139.5K | 8,843 | 0.3% | 3 |
| VERA THERAPEUTICS INC | [VERA](https://holderbook.com/stocks/VERA/) | $126.6K | 2,500 | 0.3% | 1 |
| FIGX CAP ACQUISITION CORP. | [FIGXU](https://holderbook.com/stocks/FIGXU/) | $121.0K | 11,888 | 0.3% | 3 |
| U S GLOBAL INVS INC | [GROW](https://holderbook.com/stocks/GROW/) | $105.5K | 43,793 | 0.3% | 1 |
| CANTOR EQUITY PARTNERS III I | [CAEP](https://holderbook.com/stocks/CAEP/) | $105.2K | 10,311 | 0.3% | 3 |
| 1RT ACQUISITION CORP. | [ONCHU](https://holderbook.com/stocks/ONCHU/) | $104.0K | 10,000 | 0.3% | 2 |
| HAYMAKER ACQUISITION CORP IV | [HYACWS](https://holderbook.com/stocks/HYACWS/) | $102.3K | 66,002 | 0.3% | 5 |
| CLARUS CORP NEW | [CLAR](https://holderbook.com/stocks/CLAR/) | $100.5K | 30,000 | 0.3% | 6 |
| MDU RES GROUP INC | [MDU](https://holderbook.com/stocks/MDU/) | $97.6K | 5,000 | 0.2% | 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 |
|---|---|---|---|---|
| Q4 2025 | -1.5% | +2.4% | -3.8% | 100% |
| Q3 2025 | +2.9% | +7.8% | -4.9% | 98% |
| Q2 2025 | +3.8% | +10.5% | -6.6% | 91% |
| Q1 2025 | -6.8% | -4.6% | -2.3% | 82% |
| Q3 2024 | +1.2% | +5.4% | -4.2% | 80% |
| Q2 2024 | -0.9% | +4.0% | -4.9% | 84% |
| Q1 2024 | -0.2% | +10.0% | -10.2% | 80% |
| Q4 2023 | +1.8% | +11.2% | -9.4% | 74% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2025 | $40.1M | 128 |
| Q3 2025 | $33.6M | 106 |
| Q2 2025 | $39.0M | 102 |
| Q1 2025 | $34.3M | 90 |
| Q4 2024 | $53.0M | 115 |
| Q3 2024 | $62.3M | 108 |
| Q2 2024 | $80.6M | 115 |
| Q1 2024 | $103.6M | 133 |
| Q4 2023 | $145.4M | 167 |
| Q3 2023 | $368.1M | 214 |
| Q2 2023 | $452.0M | 224 |
| Q1 2023 | $545.8M | 233 |