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ICM

Incision Capital Management Portfolio holdings

AUM $103M Turnover 20%
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
Avg Time Held Equity + Options
0.2 years
Top 10 Avg Time Held Equity + Options
0.2 years
Top 20 Avg Time Held Equity + Options
0.2 years
Avg Time Held Equity only
0.2 years
Top 10 Avg Time Held Equity only
0.2 years
Top 20 Avg Time Held Equity only
0.2 years

Top Buys

Rank Stock Value
1
SE icon
Sea Limited
SE
+$18.2M
2
EXE icon
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 Held Since
CROX icon
1
Crocs
CROX
$5.98B
$29.1M 32.07%
350,000
+25,000
+8% +$2.14M
2025 Q4
1 quarter
SE icon
2
Sea Limited
SE
$59.7B
$25.7M 28.33%
310,000
+170,000
+121% +$18.2M
2025 Q4
1 quarter
TECK icon
3
Teck Resources
TECK
$32.3B
$19.4M 21.42%
375,000
-100,000
-21% -$5.35M
2025 Q4
1 quarter
EXE icon
4
Expand Energy Corp
EXE
$21B
$16.5M 18.18%
+150,000
New +$16M
2026 Q1
0 quarters
CVE icon
5
Cenovus Energy
CVE
$59B
– –
-1,100,000
Closed -$18.6M –
EQX icon
6
Equinox Gold
EQX
$13B
– –
-1,650,000
Closed -$23.2M –
GLD icon
7
PUT
SPDR Gold Trust
GLD
$142B
– –
-200,000
Closed -$58K –

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AIA
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FM
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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.