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Sand Grove Capital Management LLP

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13F filer, CIK 1665077, LONDON, United Kingdom

Sand Grove Capital Management LLP reported $444,214,665 across 19 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-15. Its ten largest share positions make up 76.91% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001665077-26-000011

Period
2026-03-31
Reported value
$444M
Holdings
19
Top 10 weight
76.91%
New
15
Sold out
8

Largest buys vs the previous quarter

SecurityShares changeApprox. value
WBSnew+565,786$39.3M
TWOnew+3,094,787$35.3M
AAUCnew+1,135,486$35.1M
PENnew+86,758$28.5M
IHSnew+3,422,706$28.2M

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
HOLXexited-377,962-$28.2M
RNAMexited-331,605-$23.9M
DVAXexited-1,528,853-$23.5M
FOLDexited-1,647,030-$23.5M
EXASexited-228,799-$23.2M

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, Q1 2026

Share positions as resolved from 13F-HR 0001665077-26-000011, largest first. % of portfolio is the value over $427,549,873, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
WBDWARNER BROS DISCOVERY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,017,144 shares; 2026Q1: 1,446,807 shares 1,446,807$39.7M9.29%+429,663Timeline
WBSWEBSTER FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 565,786 shares 565,786$39.3M9.19%newTimeline
TXNMTXNM ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 339,204 shares; 2025Q3: 593,111 shares; 2025Q4: 596,592 shares; 2026Q1: 662,081 shares 662,081$38.7M9.05%+65,489Timeline
TWOTWO HARBORS INVENTMENT CORPOQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 3,094,787 shares 3,094,787$35.3M8.27%newTimeline
AAUCALLIED GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 1,135,486 shares 1,135,486$35.1M8.22%newTimeline
NSCNORFOLK SOUTHN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 84,392 shares; 2025Q4: 84,786 shares; 2026Q1: 104,633 shares 104,633$30M7.02%+19,847Timeline
EAELECTRONIC ARTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 111,275 shares; 2025Q4: 139,595 shares; 2026Q1: 144,726 shares 144,726$29.5M6.9%+5,131Timeline
PENPENUMBRA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 86,758 shares 86,758$28.5M6.66%newTimeline
IHSIHS HOLDING LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 3,422,706 shares 3,422,706$28.2M6.59%newTimeline
AESAES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 1,737,102 shares 1,737,102$24.5M5.72%newTimeline
SLABSILICON LABORATORIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 112,365 shares 112,365$23.4M5.47%newTimeline
CWANCLEARWATER ANALYTICS HLDGS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 930,959 shares 930,959$22M5.15%newTimeline
VALVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 173,830 shares 173,830$17M3.99%newTimeline
GLDDGREAT LAKES DREDGE & DOCK COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 893,190 shares 893,190$15.2M3.55%newTimeline
DVNDEVON ENERGY CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 125,960 shares 125,960$6.34M1.48%newTimeline
CTRACOTERRA ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 180,208 shares 180,208$6.33M1.48%newTimeline
TERNTERNS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 82,000 shares 82,000$4.32M1.01%newTimeline
EHABENHABIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 289,157 shares 289,157$4.07M0.95%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
TERNS PHARMACEUTICALS INCTERNS PHARMACEUTICALS INC CALLcall316,100$16.7Mnew

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
HOLXHOLOGIC INC377,962$28.2Mshares
RNAMAVIDITY BIOSCIENCES INC331,605$23.9Mshares
DVAXDYNAVAX TECHNOLOGIES CORP1,528,853$23.5Mshares
FOLDAMICUS THERAPEUTIC1,647,030$23.5Mshares
EXASEXACT SCIENCES CORP228,799$23.2Mshares
KVUEKENVUE INC1,270,766$21.9Mshares
CDTXCIDARA THERAPEUTICS INC80,821$17.9Mshares
AXTAAXALTA COATING SYS LTD479,281$15.5Mshares

How Q1 2026 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 0001665077-26-000011 base2026-05-15acceptance time not in the bulk data set