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ICM

Incision Capital Management Portfolio holdings

AUM $103M
This Fund
S&P 500
This Quarter Est. Return
-9.25%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$90.6M
AUM Growth
-$19.6M
Cap. Flow
-$10.8M
Cap. Flow %
-11.87%
Top 10 Hldgs %
100%
Holding
7
New
1
Increased
2
Reduced
1
Closed
3

Top Buys

Rank Stock Value
1
SE icon
Sea Limited
SE
+$18.2M
2
EXE
Expand Energy Corp
EXE
+$16M
3
CROX icon
Crocs
CROX
+$2.14M

Top Sells

Rank Stock Value
1
EQX icon
Equinox Gold
EQX
+$23.2M
2
CVE icon
Cenovus Energy
CVE
+$18.6M
3
TECK icon
Teck Resources
TECK
+$5.35M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 60.41%
2 Materials 21.42%
3 Energy 18.18%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CROX icon
1
Crocs
CROX
$5.83B
$29.1M 32.07%
350,000
+25,000
+8% +$2.14M
SE icon
2
Sea Limited
SE
$72.5B
$25.7M 28.33%
310,000
+170,000
+121% +$18.2M
TECK icon
3
Teck Resources
TECK
$34.6B
$19.4M 21.42%
375,000
-100,000
-21% -$5.35M
EXE
4
Expand Energy Corp
EXE
$22.7B
$16.5M 18.18%
+150,000
New +$16M
CVE icon
5
Cenovus Energy
CVE
$58.5B
– –
-1,100,000
Closed -$18.6M
EQX icon
6
Equinox Gold
EQX
$15.7B
– –
-1,650,000
Closed -$23.2M
GLD icon
7
PUT
SPDR Gold Trust
GLD
$154B
– –
-200,000
Closed -$58K

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Incision Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, Incision Capital Management held 7 positions worth $90.6M, down 18% from $110M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Incision Capital Management withdrew a net $10.8M in Q1 2026, closing 3 positions and reducing 1 holding. Its most notable exit was Equinox Gold, an estimated $23.2M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 60% of assets, up from 41% a quarter earlier, followed by Materials and Energy.

Against the trend, Incision Capital Management opened a new position in Expand Energy Corp worth $16.5M.

  • Incision Capital Management's largest Q1 2026 buy was Expand Energy Corp: 150,000 shares worth $16.5M.
  • Incision Capital Management added most to Sea Limited in Q1 2026, an estimated $18.2M increase.
  • Incision Capital Management's biggest Q1 2026 reduction was Teck Resources, cutting an estimated $5.35M.
  • Incision Capital Management fully exited Equinox Gold in Q1 2026, selling an estimated $23.2M.
  • Incision Capital Management's ten largest holdings make up 100% of its $90.6M portfolio in Q1 2026.
  • Incision Capital Management opened 1 new position and closed 3 in Q1 2026.
  • Incision Capital Management's portfolio value fell 18% quarter-over-quarter to $90.6M.

Based on Incision Capital Management's 13F filing for Q1 2026, filed 15 May 2026.