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III Capital Management

Q4 2025 · Filed 2026-02-17
Market Value
$422M
+10.4%
Holdings
54
-2
New Purchases
13
Added To
13
Closed
17
Reduced
7
Top 10 Concentration
86.0%
Turnover
55.6%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
LQD 5.98% 0.00% +5.98% $25M
COMM 1.20% 0.00% +1.20% $5M
BKNG 1.02% 0.00% +1.02% $4M
BYD 0.99% 0.00% +0.99% $4M
TMUS 0.96% 0.00% +0.96% $4M
KWEB 0.93% 0.00% +0.93% $4M
PBI 0.70% 0.00% +0.70% $3M
KMB 0.62% 0.00% +0.62% $3M
XLE 0.53% 0.00% +0.53% $2M
ACI 0.88% 0.55% +0.32% $4M
WH 0.59% 0.29% +0.30% $2M
ETSY 0.26% 0.00% +0.26% $1M
NCLH 0.73% 0.48% +0.26% $3M
RTO 1.29% 1.06% +0.23% $5M
META 0.55% 0.38% +0.16% $2M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IJH 0.00% 1.91% -1.91% $0
IAC 0.00% 1.61% -1.61% $0
SPY 70.93% 72.50% -1.57% $299M
T 0.00% 1.21% -1.21% $0
CRH.L 0.00% 1.08% -1.08% $0
GOOG 0.00% 0.90% -0.90% $0
DLTR 0.00% 0.86% -0.86% $0
XLP 0.11% 0.74% -0.63% $470K
CZR 0.00% 0.56% -0.56% $0
WDC 0.76% 1.31% -0.56% $3M
NXST 0.00% 0.50% -0.50% $0
RRR 0.00% 0.46% -0.46% $0
CCL 0.00% 0.45% -0.45% $0
CHTR 0.45% 0.86% -0.42% $2M
WBD 0.00% 0.31% -0.31% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 5 $306M 72.6%
Large Cap 26 $68M 16.0%
Mid Cap 20 $48M 11.4%
Small Cap 2 $96K 0.0%
Micro Cap 1 $55K 0.0%

Portfolio Analytics

Avg Market Cap
$170.8B
Median Market Cap
$16.2B
Avg P/E
20.5
Median P/E
17.6
Avg Dividend Yield
0.03%
Avg Beta
1.19
# Stocks
44
# ETFs / Funds
10

Top Holdings (54 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SPY 70.93% 438,886 $299M $681.92 $22M +23,086 +5.5%
2 LQD 5.98% 229,000 $25M $110.19 +229,000 NEW
3 RTO 1.29% 185,132 $5M $29.46 $1M +25,000 +15.6%
4 H 1.29% 33,875 $5M $160.32 $339K -2,000 -5.6%
5 COMM 1.20% 280,000 $5M $18.13 +280,000 NEW
6 DRVN 1.16% 330,625 $5M $14.82 $137K +35,000 +11.8%
7 MHK 1.08% 41,850 $5M $109.30 $726K +12,000 +40.2%
8 BWA 1.02% 95,810 $4M $45.06 -$334K -10,000 -9.4%
9 BKNG 1.02% 800 $4M $5,355.33 +800 NEW
10 URBN 1.01% 56,550 $4M $75.26 $217K
11 BYD 0.99% 49,000 $4M $85.24 +49,000 NEW
12 MAT 0.99% 210,000 $4M $19.84 $800K +10,000 +5.0%
13 TMUS 0.96% 20,000 $4M $203.04 +20,000 NEW
14 UBER 0.95% 49,313 $4M $81.71 $472K +13,000 +35.8%
15 KWEB 0.93% 115,000 $4M $34.05 +115,000 NEW
16 ACI 0.88% 215,370 $4M $17.17 $2M +95,000 +78.9%
17 RL 0.77% 9,155 $3M $353.61 -$260K -2,000 -17.9%
18 WDC 0.76% 18,506 $3M $172.27 -$2M -23,207 -55.6%
19 NCLH 0.73% 138,734 $3M $22.32 $1M +65,000 +88.2%
20 PBI 0.70% 280,000 $3M $10.57 +280,000 NEW
21 SATS 0.64% 25,000 $3M $108.70 $808K
22 KMB 0.62% 26,000 $3M $100.89 +26,000 NEW
23 WH 0.59% 33,000 $2M $75.56 $1M +19,000 +135.7%
24 META 0.55% 3,500 $2M $660.09 $842K +1,500 +75.0%
25 XLE 0.53% 50,000 $2M $44.71 +50,000 NEW
26 CNK 0.47% 85,000 $2M $23.24 -$406K
27 CHTR 0.45% 9,000 $2M $208.75 -$1M -3,000 -25.0%
28 CAR 0.30% 10,000 $1M $128.32 -$162K +1,000 +11.1%
29 KHC 0.30% 52,779 $1M $24.25 -$876K -30,000 -36.2%
30 ETSY 0.26% 20,000 $1M $55.44 +20,000 NEW
31 GLD 0.19% 2,066 $819K $396.31 $649K +1,589 +333.1%
32 NFLX 0.13% 6,000 $563K $93.76 +6,000 NEW
33 XLP 0.11% 6,051 $470K $77.68 -$2M -30,000 -83.2%
34 SLV 0.10% 6,500 $419K $64.42 +6,500 NEW
35 PENN 0.07% 20,000 $295K $14.75 +20,000 NEW
36 LCID 0.02% 9,100 $96K $10.57 $36K +6,580 +261.1%
37 BBAI-WT 0.01% 34,000 $55K $1.61 -$17K
38 CCL —% -$2M -60,000 -100.0% SOLD
39 NXST —% -$2M -9,710 -100.0% SOLD
40 PINS —% -$1M -35,000 -100.0% SOLD
41 GOOG —% -$3M -14,140 -100.0% SOLD
42 CRH.L —% -$4M -34,448 -100.0% SOLD
43 IAC —% -$6M -180,000 -100.0% SOLD
44 DIS —% -$1M -10,000 -100.0% SOLD
45 WBD —% -$1M -60,000 -100.0% SOLD
46 DLTR —% -$3M -35,000 -100.0% SOLD
47 GDEN —% -$459K -19,455 -100.0% SOLD
48 KRE —% -$316K -5,000 -100.0% SOLD
49 MSTR —% -$999K -3,100 -100.0% SOLD
50 RRR —% -$2M -29,087 -100.0% SOLD
51 IJH —% -$7M -112,000 -100.0% SOLD
52 T —% -$5M -163,550 -100.0% SOLD
53 XLU —% -$654K -7,500 -100.0% SOLD
54 CZR —% -$2M -79,136 -100.0% SOLD

Options Breakdown

6 Calls $107M Call Value 6 Puts $121M Put Value 1.13 P/C Ratio

Top Calls

SymbolSharesValueStatus
XLE 911,680 $41M NEW
KWEB 850,900 $29M NEW
XLF 423,099 $23M NEW
AVGO 14,814 $5M NEW
GDX 58,200 $5M NEW
XME 33,100 $3M NEW

Top Puts

SymbolSharesValueStatus
XLE 1,435,744 $64M NEW
XLF 608,198 $34M NEW
KWEB 352,400 $12M NEW
XLU 219,800 $9M NEW
PCG 80,000 $1M NEW
LCID 25,190 $266K

New Positions

SymbolValue% Port
LQD $25M 5.98%
COMM $5M 1.20%
BKNG $4M 1.02%
BYD $4M 0.99%
TMUS $4M 0.96%
KWEB $4M 0.93%
PBI $3M 0.70%
KMB $3M 0.62%
XLE $2M 0.53%
ETSY $1M 0.26%
NFLX $563K 0.13%
SLV $419K 0.10%
PENN $295K 0.07%

Sold Out Positions

SymbolValue% Port
RRR —%
DIS —%
PINS —%
CCL —%
DLTR —%
MSTR —%
IAC —%
CZR —%
T —%
KRE —%
IJH —%
WBD —%
GOOG —%
NXST —%
XLU —%
View SEC EDGAR Filings for III Capital Management →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms