Q4 2025 · 13F-HR
III Capital Managementholdings as filed
Filed 2026-02-17 · accession 0001783139-26-000002
$679.4M
Reported value
55
Positions
2025-12-31
Period end
The Brief · III Capital Management · Q4 2025
AI · grounded in 13F
III Capital Management established a new position in XLE valued at $107.6M. The fund also opened new stakes in XLF for $57.1M and KWEB for $44.9M. To fund these moves, the manager closed positions in IJH and IAC, reducing exposure by $7.3M and $6.1M respectively.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $299.3M | 44.1% | 438,886 | Common | SOLE |
| 81369Y506 | XLE | SELECT SECTOR SPDR TR | $64.4M | 9.48% | 1,435,744 | PUT | SOLE |
| 81369Y506 | XLE | SELECT SECTOR SPDR TR | $40.9M | 6.02% | 911,680 | CALL | SOLE |
| 81369Y605 | XLF | SELECT SECTOR SPDR TR | $33.7M | 4.95% | 608,198 | PUT | SOLE |
| 500767306 | KWEB | KRANESHARES TRUST | $29.0M | 4.26% | 850,900 | CALL | SOLE |
| 464287242 | LQD | ISHARES TR | $25.2M | 3.71% | 229,000 | Common | SOLE |
| 81369Y605 | XLF | SELECT SECTOR SPDR TR | $23.4M | 3.45% | 423,099 | CALL | SOLE |
| 842587DZ7 | SO 4.5 06/15/27 | SOUTHERN CO | $17.6M | 2.59% | 16,482,000 | Common | SOLE |
| 500767306 | KWEB | KRANESHARES TRUST | $12.0M | 1.77% | 352,400 | PUT | SOLE |
| 81369Y886 | XLU | SELECT SECTOR SPDR TR | $9.4M | 1.38% | 219,800 | PUT | SOLE |
| 92939UAR7 | WEC 4.375 06/01/29 | WEC ENERGY GROUP INC | $5.8M | 0.86% | 5,000,000 | Common | SOLE |
| 760125104 | RTO | RENTOKIL INITIAL PLC | $5.5M | 0.80% | 185,132 | Common | SOLE |
| 448579102 | H | HYATT HOTELS CORP | $5.4M | 0.80% | 33,875 | Common | SOLE |
| 11135F101 | AVGO | BROADCOM INC | $5.1M | 0.75% | 14,814 | CALL | SOLE |
| 20337X109 | VISN | COMMSCOPE HLDG CO INC | $5.1M | 0.75% | 280,000 | Common | SOLE |
| 92189F106 | GDX | VANECK ETF TRUST | $5.0M | 0.73% | 58,200 | CALL | SOLE |
| 26210V102 | DRVN | DRIVEN BRANDS HLDGS INC | $4.9M | 0.72% | 330,625 | Common | SOLE |
| 608190104 | MHK | MOHAWK INDS INC | $4.6M | 0.67% | 41,850 | Common | SOLE |
| 099724106 | BWA | BORGWARNER INC | $4.3M | 0.64% | 95,810 | Common | SOLE |
| 09857L108 | BKNG | BOOKING HOLDINGS INC | $4.3M | 0.63% | 800 | Common | SOLE |
| 917047102 | URBN | URBAN OUTFITTERS INC | $4.3M | 0.63% | 56,550 | Common | SOLE |
| 103304101 | BYD | BOYD GAMING CORP | $4.2M | 0.61% | 49,000 | Common | SOLE |
| 577081102 | MAT | MATTEL INC | $4.2M | 0.61% | 210,000 | Common | SOLE |
| 872590104 | TMUS | T-MOBILE US INC | $4.1M | 0.60% | 20,000 | Common | SOLE |
| 90353T100 | UBER | UBER TECHNOLOGIES INC | $4.0M | 0.59% | 49,313 | Common | SOLE |
| 500767306 | KWEB | KRANESHARES TRUST | $3.9M | 0.58% | 115,000 | Common | SOLE |
| 013091103 | ACI | ALBERTSONS COS INC | $3.7M | 0.54% | 215,370 | Common | SOLE |
| 78464A755 | XME | SPDR SERIES TRUST | $3.4M | 0.50% | 33,100 | CALL | SOLE |
| 751212101 | RL | RALPH LAUREN CORP | $3.2M | 0.48% | 9,155 | Common | SOLE |
| 958102105 | WDC | WESTERN DIGITAL CORP | $3.2M | 0.47% | 18,506 | Common | SOLE |
| G66721104 | NCLH | NORWEGIAN CRUISE LINE HLDG L | $3.1M | 0.46% | 138,734 | Common | SOLE |
| 724479100 | PBI | PITNEY BOWES INC | $3.0M | 0.44% | 280,000 | Common | SOLE |
| 278768106 | SATS | ECHOSTAR CORP | $2.7M | 0.40% | 25,000 | Common | SOLE |
| 494368103 | KMB | KIMBERLY-CLARK CORP | $2.6M | 0.39% | 26,000 | Common | SOLE |
| 98311A105 | WH | WYNDHAM HOTELS & RESORTS INC | $2.5M | 0.37% | 33,000 | Common | SOLE |
| 30303M102 | META | META PLATFORMS INC | $2.3M | 0.34% | 3,500 | Common | SOLE |
| 81369Y506 | XLE | SELECT SECTOR SPDR TR | $2.2M | 0.33% | 50,000 | Common | SOLE |
| G3643J108 | FLUT | FLUTTER ENTMT PLC | $2.2M | 0.32% | 10,000 | Common | SOLE |
| 17243V102 | CNK | CINEMARK HLDGS INC | $2.0M | 0.29% | 85,000 | Common | SOLE |
| 16119P108 | CHTR | CHARTER COMMUNICATIONS INC N | $1.9M | 0.28% | 9,000 | Common | SOLE |
| 10316TAD6 | BOX 1.5 09/15/29 | BOX INC | $1.8M | 0.26% | 1,820,000 | Common | SOLE |
| 69331C108 | PCG | PG&E CORP | $1.3M | 0.19% | 80,000 | PUT | SOLE |
| 053774105 | CAR | AVIS BUDGET GROUP | $1.3M | 0.19% | 10,000 | Common | SOLE |
| 500754106 | KHC | KRAFT HEINZ CO | $1.3M | 0.19% | 52,779 | Common | SOLE |
| 83001C108 | FUN | SIX FLAGS ENTERTAINMENT CORP | $1.2M | 0.18% | 80,000 | Common | SOLE |
| 29786A106 | ETSY | ETSY INC | $1.1M | 0.16% | 20,000 | Common | SOLE |
| 69007J304 | OUT | OUTFRONT MEDIA INC | $947,130 | 0.14% | 39,300 | Common | SOLE |
| 78463V107 | GLD | SPDR GOLD TR | $818,776 | 0.12% | 2,066 | Common | SOLE |
| 64110L106 | NFLX | NETFLIX INC | $562,560 | 0.08% | 6,000 | Common | SOLE |
| 81369Y308 | XLP | SELECT SECTOR SPDR TR | $470,041 | 0.07% | 6,051 | Common | SOLE |
| 46428Q109 | SLV | ISHARES SILVER TR | $418,730 | 0.06% | 6,500 | Common | SOLE |
| 707569109 | PENN | PENN ENTERTAINMENT INC | $295,000 | 0.04% | 20,000 | Common | SOLE |
| 549498202 | LCID | LUCID GROUP INC | $266,258 | 0.04% | 25,190 | PUT | SOLE |
| 549498202 | LCID | LUCID GROUP INC | $96,187 | 0.01% | 9,100 | Common | SOLE |
| 08975B117 | BBAI/WS | BIGBEAR AI HLDGS INC | $54,570 | 0.01% | 34,000 | Common | 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.