Q4 2025 · 13F-HR
Incision Capital Management LPholdings as filed
Filed 2026-02-17 · accession 0001104659-26-016297
$110.2M
Reported value
6
Positions
2025-12-31
Period end
The Brief · Incision Capital Management LP · Q4 2025
AI · grounded in 13F
Incision Capital Management LP established six new positions to reach a total AUM of $110.2M. The fund's largest move was a $27.8M entry into CROX. Other significant new holdings include EQX at $23.2M and TECK at $22.7M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 227046109 | CROX | CROCS INC | $27.8M | 25.2% | 325,000 | Common | SOLE |
| 29446Y502 | EQX | EQUINOX GOLD CORP | $23.2M | 21.0% | 1,650,000 | Common | SOLE |
| 878742204 | TECK | TECK RESOURCES LTD | $22.7M | 20.6% | 475,000 | Common | SOLE |
| 15135U109 | CVE | CENOVUS ENERGY INC | $18.6M | 16.9% | 1,100,000 | Common | SOLE |
| 81141R100 | SE | SEA LTD | $17.9M | 16.2% | 140,000 | Common | SOLE |
| 78463V107 | GLD | SPDR GOLD TRUST | $58,000 | 0.05% | 200,000 | PUT | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.