Sunriver Management LLC Diversified Active

CIK: 0001663900 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $953,866 (100.0% shares, 0.0% debt)

Holdings (23)

New Positions (6)

LMT LOCKHEED MARTIN CORP 6.6%

Value ($000) $62,545 Shares 129,313 Est. Cost $476.18 Unrealized 0.0%

TRU TRANSUNION 4.7%

Value ($000) $44,412 Shares 517,921 Est. Cost $82.11 Unrealized 0.0%

ACVA ACV AUCTIONS INC 2.5%

Value ($000) $23,768 Shares 2,963,578 Est. Cost $8.09 Unrealized 0.0%

CDW CDW CORP 2.4%

Value ($000) $23,015 Shares 168,982 Est. Cost $147.03 Unrealized 0.0%

LYV LIVE NATION ENTERTAINMENT IN 2.2%

Value ($000) $21,375 Shares 150,000 Est. Cost $143.72 Unrealized 0.0%

CCC CCC INTELLIGENT SOLUTIONS HL 1.7%

Value ($000) $15,900 Shares 2,000,000 Est. Cost $8.13 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LMT	LOCKHEED MARTIN CORP	129,313	$62,545	6.6%	$476.18	0.0%	COM	539830109
TRU	TRANSUNION	517,921	$44,412	4.7%	$82.11	0.0%	COM	89400J107
ACVA	ACV AUCTIONS INC	2,963,578	$23,768	2.5%	$8.09	0.0%	COM CL A	00091G104
CDW	CDW CORP	168,982	$23,015	2.4%	$147.03	0.0%	COM	12514G108
LYV	LIVE NATION ENTERTAINMENT IN	150,000	$21,375	2.2%	$143.72	0.0%	COM	538034109
CCC	CCC INTELLIGENT SOLUTIONS HL	2,000,000	$15,900	1.7%	$8.13	0.0%	COM	12510Q100

Increased Positions (9)

ARMK ARAMARK 5.2%

Value ($000) $49,812 (+58.7%) Shares 1,351,397 (+65.4%) Est. Cost $37.22 Unrealized +1.9%

CBZ CBIZ INC 5.2%

Value ($000) $49,913 (+57.9%) Shares 989,349 (+65.8%) Est. Cost $59.77 Unrealized -12.0%

SSNC SS&C TECHNOLOGIES HLDGS INC 5.8%

Value ($000) $55,151 (+22.6%) Shares 630,879 (+24.4%) Est. Cost $80.20 Unrealized +6.3%

VRRM VERRA MOBILITY CORP 6.9%

Value ($000) $66,266 (+17.4%) Shares 2,956,976 (+29.4%) Est. Cost $24.13 Unrealized -5.4%

RPAY REPAY HLDGS CORP 1.7%

Value ($000) $15,920 (-22.5%) Shares 4,361,524 (+11.0%) Est. Cost $7.28 Unrealized -45.0%

BOX BOX INC 5.5%

Value ($000) $52,081 (+6.3%) Shares 1,741,267 (+14.7%) Est. Cost $29.39 Unrealized +6.7%

FA FIRST ADVANTAGE CORP NEW 4.1%

Value ($000) $38,668 (+6.9%) Shares 2,661,286 (+13.2%) Est. Cost $15.94 Unrealized -11.6%

SYY SYSCO CORP 5.0%

Value ($000) $48,102 (+5.0%) Shares 652,768 (+17.3%) Est. Cost $78.36 Unrealized -3.6%

WEX WEX INC 5.1%

Value ($000) $49,041 (+1.0%) Shares 329,177 (+6.8%) Est. Cost $172.17 Unrealized -12.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARMK	ARAMARK	1,351,397 (+65.4%)	$49,812 (+58.7%)	5.2%	$37.22	+1.9%	COM	03852U106
CBZ	CBIZ INC	989,349 (+65.8%)	$49,913 (+57.9%)	5.2%	$59.77	-12.0%	COM	124805102
SSNC	SS&C TECHNOLOGIES HLDGS INC	630,879 (+24.4%)	$55,151 (+22.6%)	5.8%	$80.20	+6.3%	COM	78467J100
VRRM	VERRA MOBILITY CORP	2,956,976 (+29.4%)	$66,266 (+17.4%)	6.9%	$24.13	-5.4%	CL A COM STK	92511U102
RPAY	REPAY HLDGS CORP	4,361,524 (+11.0%)	$15,920 (-22.5%)	1.7%	$7.28	-45.0%	COM CL A	76029L100
BOX	BOX INC	1,741,267 (+14.7%)	$52,081 (+6.3%)	5.5%	$29.39	+6.7%	CL A	10316T104
FA	FIRST ADVANTAGE CORP NEW	2,661,286 (+13.2%)	$38,668 (+6.9%)	4.1%	$15.94	-11.6%	COM	31846B108
SYY	SYSCO CORP	652,768 (+17.3%)	$48,102 (+5.0%)	5.0%	$78.36	-3.6%	COM	871829107
WEX	WEX INC	329,177 (+6.8%)	$49,041 (+1.0%)	5.1%	$172.17	-12.5%	COM	96208T104

Exited Positions (4)

— INTEGRAL AD SCIENCE HLDNG CO 7.6%

Value ($000) $72,412 Shares 7,120,157 Est. Cost $10.52 Unrealized —

— JAMF HLDG CORP 4.4%

Value ($000) $41,665 Shares 3,893,883 Est. Cost $11.31 Unrealized —

DLTR DOLLAR TREE INC 3.9%

Value ($000) $36,726 Shares 389,168 Est. Cost $86.31 Unrealized +24.1%

DV DOUBLEVERIFY HLDGS INC 1.9%

Value ($000) $18,248 Shares 1,523,175 Est. Cost $18.52 Unrealized -40.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	INTEGRAL AD SCIENCE HLDNG CO	7,120,157	$72,412	7.6%	$10.52	—	—	45828L108
—	JAMF HLDG CORP	3,893,883	$41,665	4.4%	$11.31	—	—	47074L105
DLTR	DOLLAR TREE INC	389,168	$36,726	3.9%	$86.31	+24.1%	—	256746108
DV	DOUBLEVERIFY HLDGS INC	1,523,175	$18,248	1.9%	$18.52	-40.4%	—	25862V105

Decreased Positions (7)

HURN HURON CONSULTING GROUP INC 5.1%

Value ($000) $48,257 (-27.3%) Shares 279,089 (-38.3%) Est. Cost $109.02 Unrealized +50.2%

SWK STANLEY BLACK & DECKER INC 3.4%

Value ($000) $32,213 (-23.6%) Shares 433,673 (-23.6%) Est. Cost $75.82 Unrealized -7.8%

PFGC PERFORMANCE FOOD GROUP CO 4.3%

Value ($000) $40,852 (-15.2%) Shares 454,315 (-1.9%) Est. Cost $54.35 Unrealized +77.7%

IQV IQVIA HLDGS INC 3.9%

Value ($000) $36,857 (-15.3%) Shares 163,513 (-28.6%) Est. Cost $181.84 Unrealized +19.7%

HII HUNTINGTON INGALLS INDS INC 4.1%

Value ($000) $39,182 (-12.4%) Shares 115,217 (-25.9%) Est. Cost $227.46 Unrealized +36.1%

NABL N-ABLE INC 4.8%

Value ($000) $45,887 (-5.3%) Shares 6,134,573 (-1.2%) Est. Cost $10.62 Unrealized -28.1%

RTO RENTOKIL INITIAL PLC 5.2%

Value ($000) $50,021 (-0.2%) Shares 1,697,919 (-14.5%) Est. Cost $23.49 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HURN	HURON CONSULTING GROUP INC	279,089 (-38.3%)	$48,257 (-27.3%)	5.1%	$109.02	+50.2%	COM	447462102
SWK	STANLEY BLACK & DECKER INC	433,673 (-23.6%)	$32,213 (-23.6%)	3.4%	$75.82	-7.8%	COM	854502101
PFGC	PERFORMANCE FOOD GROUP CO	454,315 (-1.9%)	$40,852 (-15.2%)	4.3%	$54.35	+77.7%	COM	71377A103
IQV	IQVIA HLDGS INC	163,513 (-28.6%)	$36,857 (-15.3%)	3.9%	$181.84	+19.7%	COM	46266C105
HII	HUNTINGTON INGALLS INDS INC	115,217 (-25.9%)	$39,182 (-12.4%)	4.1%	$227.46	+36.1%	COM	446413106
NABL	N-ABLE INC	6,134,573 (-1.2%)	$45,887 (-5.3%)	4.8%	$10.62	-28.1%	COMMON STOCK	62878D100
RTO	RENTOKIL INITIAL PLC	1,697,919 (-14.5%)	$50,021 (-0.2%)	5.2%	$23.49	—	SPONSORED ADR	760125104

Unchanged Positions (1)

OPLN OPENLANE INC 4.7%

Value ($000) $44,627 Shares 1,498,562 Est. Cost $15.14 Unrealized +78.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OPLN	OPENLANE INC	1,498,562	$44,627	4.7%	$15.14	+78.6%	COM	48238T109