Sand Grove Capital Management LLP Hedge Fund

CIK: 0001665077 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $294,980 (100.0% shares, 0.0% debt)

Holdings (12)

New Positions (9)

WBD WARNER BROS DISCOVERY INC 9.9%

Value ($000) $29,314 Shares 1,017,144 Est. Cost $23.37 Unrealized 0.0%

HOLX HOLOGIC INC 9.5%

Value ($000) $28,154 Shares 377,962 Est. Cost $73.07 Unrealized 0.0%

RNA AVIDITY BIOSCIENCES INC 8.1%

Value ($000) $23,919 Shares 331,605 Est. Cost $64.59 Unrealized 0.0%

— DYNAVAX TECHNOLOGIES CORP 8.0%

Value ($000) $23,514 Shares 1,528,853 Est. Cost $15.38 Unrealized —

FOLD AMICUS THERAPEUTICS INC 8.0%

Value ($000) $23,454 Shares 1,647,030 Est. Cost $9.82 Unrealized 0.0%

EXAS EXACT SCIENCES CORP 7.9%

Value ($000) $23,237 Shares 228,799 Est. Cost $80.31 Unrealized 0.0%

KVUE KENVUE INC 7.4%

Value ($000) $21,921 Shares 1,270,766 Est. Cost $16.26 Unrealized 0.0%

— CIDARA THERAPEUTICS INC 6.1%

Value ($000) $17,853 Shares 80,821 Est. Cost $220.89 Unrealized —

AXTA AXALTA COATING SYS LTD 5.2%

Value ($000) $15,486 Shares 479,281 Est. Cost $29.34 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WBD	WARNER BROS DISCOVERY INC	1,017,144	$29,314	9.9%	$23.37	0.0%	COM SER A	934423104
HOLX	HOLOGIC INC	377,962	$28,154	9.5%	$73.07	0.0%	COM	436440101
RNA	AVIDITY BIOSCIENCES INC	331,605	$23,919	8.1%	$64.59	0.0%	COM	05370A108
—	DYNAVAX TECHNOLOGIES CORP	1,528,853	$23,514	8.0%	$15.38	—	COM NEW	268158201
FOLD	AMICUS THERAPEUTICS INC	1,647,030	$23,454	8.0%	$9.82	0.0%	COM	03152W109
EXAS	EXACT SCIENCES CORP	228,799	$23,237	7.9%	$80.31	0.0%	COM	30063P105
KVUE	KENVUE INC	1,270,766	$21,921	7.4%	$16.26	0.0%	COM	49177J102
—	CIDARA THERAPEUTICS INC	80,821	$17,853	6.1%	$220.89	—	COM NEW	171757206
AXTA	AXALTA COATING SYS LTD	479,281	$15,486	5.2%	$29.34	0.0%	COM	G0750C108

Increased Positions (1)

EA ELECTRONIC ARTS INC 9.7%

Value ($000) $28,523 (+27.1%) Shares 139,595 (+25.5%) Est. Cost $172.64 Unrealized +16.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EA	ELECTRONIC ARTS INC	139,595 (+25.5%)	$28,523 (+27.1%)	9.7%	$172.64	+16.8%	COM	285512109

Exited Positions (9)

— KELLANOVA 9.1%

Value ($000) $26,728 Shares 325,866 Est. Cost $73.73 Unrealized +12.1%

— MERUS N V 7.6%

Value ($000) $22,537 Shares 239,378 Est. Cost $94.15 Unrealized —

STAA STAAR SURGICAL CO 7.6%

Value ($000) $22,279 Shares 829,123 Est. Cost $23.84 Unrealized +8.1%

— CYBERARK SOFTWARE LTD 6.4%

Value ($000) $18,901 Shares 39,121 Est. Cost $483.15 Unrealized —

OMC OMNICOM GROUP INC 5.1%

Value ($000) $15,106 Shares 185,285 Est. Cost $72.19 Unrealized +4.9%

— ALLETE INC 3.8%

Value ($000) $11,188 Shares 168,499 Est. Cost $66.40 Unrealized —

— SURMODICS INC 1.3%

Value ($000) $3,872 Shares 129,557 Est. Cost $29.89 Unrealized —

CCRN CROSS CTRY HEALTHCARE INC 0.9%

Value ($000) $2,725 Shares 191,904 Est. Cost $13.74 Unrealized -20.5%

RKT ROCKET COS INC 0.0%

Value ($000) $0 Shares 6 Est. Cost $17.44 Unrealized +2.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	KELLANOVA	325,866	$26,728	9.1%	$73.73	+12.1%	—	487836108
—	MERUS N V	239,378	$22,537	7.6%	$94.15	—	—	N5749R100
STAA	STAAR SURGICAL CO	829,123	$22,279	7.6%	$23.84	+8.1%	—	852312305
—	CYBERARK SOFTWARE LTD	39,121	$18,901	6.4%	$483.15	—	—	M2682V108
OMC	OMNICOM GROUP INC	185,285	$15,106	5.1%	$72.19	+4.9%	—	681919106
—	ALLETE INC	168,499	$11,188	3.8%	$66.40	—	—	018522300
—	SURMODICS INC	129,557	$3,872	1.3%	$29.89	—	—	868873100
CCRN	CROSS CTRY HEALTHCARE INC	191,904	$2,725	0.9%	$13.74	-20.5%	—	227483104
RKT	ROCKET COS INC	6	$0	0.0%	$17.44	+2.5%	—	77311W101

Unchanged Positions (2)

TXNM TXNM ENERGY INC 11.9%

Value ($000) $35,127 Shares 596,592 Est. Cost $55.43 Unrealized +4.1%

NSC NORFOLK SOUTHN CORP 8.3%

Value ($000) $24,479 Shares 84,786 Est. Cost $276.03 Unrealized +4.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TXNM	TXNM ENERGY INC	596,592	$35,127	11.9%	$55.43	+4.1%	COM	69349H107
NSC	NORFOLK SOUTHN CORP	84,786	$24,479	8.3%	$276.03	+4.6%	COM	655844108