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Disclosery

Sand Grove Capital Management LLP

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13F filer, CIK 1665077, LONDON, United Kingdom

Sand Grove Capital Management LLP reported $294,980,471 across 12 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 88.7% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001665077-26-000003

Period
2025-12-31
Reported value
$295M
Holdings
12
Top 10 weight
88.7%
New
9
Sold out
9

Largest buys vs the previous quarter

SecurityShares changeApprox. value
WBDnew+1,017,144$29.3M
HOLXnew+377,962$28.2M
RNAMnew+331,605$23.9M
DVAXnew+1,528,853$23.5M
FOLDnew+1,647,030$23.5M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
Kexited-325,866-$26.7M
MERUS N Vexited-239,378-$22.5M
STAAexited-829,123-$22.3M
CYBERARK SOFTWARE LTD/ISRAELexited-39,121-$18.9M
OMCexited-185,285-$15.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001665077-26-000003, largest first. % of portfolio is the value over $294,980,471, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TXNMTXNM ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 339,204 shares; 2025Q3: 593,111 shares; 2025Q4: 596,592 shares 596,592$35.1M11.91%+3,481Timeline
WBDWARNER BROS DISCOVERY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,017,144 shares 1,017,144$29.3M9.94%newTimeline
EAELECTRONIC ARTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 111,275 shares; 2025Q4: 139,595 shares 139,595$28.5M9.67%+28,320Timeline
HOLXHOLOGIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 377,962 shares 377,962$28.2M9.54%newTimeline
NSCNORFOLK SOUTHN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 84,392 shares; 2025Q4: 84,786 shares 84,786$24.5M8.3%+394Timeline
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 331,605 shares 331,605$23.9M8.11%newTimeline
DVAXDYNAVAX TECHNOLOGIES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,528,853 shares 1,528,853$23.5M7.97%newTimeline
FOLDAMICUS THERAPEUTICQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,647,030 shares 1,647,030$23.5M7.95%newTimeline
EXASEXACT SCIENCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 228,799 shares 228,799$23.2M7.88%newTimeline
KVUEKENVUE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,270,766 shares 1,270,766$21.9M7.43%newTimeline
CDTXCIDARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 80,821 shares 80,821$17.9M6.05%newTimeline
AXTAAXALTA COATING SYS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 479,281 shares 479,281$15.5M5.25%newTimeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
KKELLANOVA325,866$26.7Mshares
MERUS N VMERUS N V239,378$22.5Mshares
STAASTAAR SURGICAL CO829,123$22.3Mshares
CYBERARK SOFTWARE LTD/ISRAELCYBERARK SOFTWARE LTD/ISRAEL39,121$18.9Mshares
OMCOMNICOM GROUP INC185,285$15.1Mshares
ALEALLETE INC168,499$11.2Mshares
Surmodics IncSurmodics Inc129,557$3.87Mshares
CCRNCROSS CTRY HEALTHCARE INC191,904$2.73Mshares
RKTROCKET COS INC6$116shares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001665077-26-000003 base2026-02-17acceptance time not in the bulk data set