SGCM

Sand Grove Capital Management Portfolio holdings

AUM $199M

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4

This Quarter Return

+12.39%

1 Year Return

+55.2%

3 Year Return

+224.17%

5 Year Return

+963.93%

10 Year Return

–

AUM

$323M

AUM Growth

+$323M (-54%)

Cap. Flow

-$385M

Cap. Flow % of AUM

-119.1%

Top 10 Holdings % Top 10 Hldgs %

87.77%

Holding

New

Increased

Reduced

Closed

Top Buys

1	CMBT CMB.TECH NV CMBT	$31.1M
2	HOLI Hollsys Automation Technologies INTERNATIONAL, LTD. COMMON (British Virgin Island) HOLI	$30.2M
3	HES Hess HES	$22.5M
4	ROVR Rover Group, Inc. Class A Common Stock ROVR	$21.4M
5	SPLK Splunk Inc SPLK	$15.5M

Top Sells

1	HZNP Horizon Therapeutics Public Limited Company Ordinary Shares HZNP	$101M
2	SGEN Seagen Inc. Common Stock SGEN	$81M
3	ATVI Activision Blizzard Inc. ATVI	$80.6M
4	VMW VMware, Inc VMW	$69.4M
5	ABCM Abcam plc American Depositary Shares ABCM	$51.6M

Sector Composition

1	Energy	19.68%
2	Technology	16.1%
3	Consumer Staples	15.54%
4	Consumer Discretionary	15.08%
5	Industrials	11.29%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	1 Albertsons Companies ACI $10.9B	$50.2M	13.35%	2,182,925 -1,489,353	-41%	-$34.3M
2	SPLK 2 DELISTED Splunk Inc SPLK	$44.7M	11.89%	293,518 +101,990	+53%	+$15.5M
3	CMBT 3 CMB.TECH NV CMBT $2.5B	$31.1M	8.27%	+1,768,341	New	+$31.1M
4	HOLI 4 DELISTED Hollsys Automation Technologies INTERNATIONAL, LTD. COMMON (British Virgin Island) HOLI	$30.2M	8.04%	+1,147,279	New	+$30.2M
5	NGMS 5 DELISTED NeoGames S.A. Ordinary Shares NGMS	$27.7M	7.37%	968,459 +79,862	+9%	+$2.29M
6	6 Capri Holdings CPRI $2.45B	$25.4M	6.75%	505,042 -153,228	-23%	-$7.7M
7	HES 7 DELISTED Hess HES	$22.5M	5.99%	+156,374	New	+$22.5M
8	ROVR 8 DELISTED Rover Group, Inc. Class A Common Stock ROVR	$21.4M	5.69%	+1,968,507	New	+$21.4M
9	X 9 DELISTED US Steel X	$17M	4.53%	350,116 +3,116	+0.9%	+$152K
10	MRTX 10 DELISTED Mirati Therapeutics, Inc. Common Stock MRTX	$13.2M	3.51%	+224,632	New	+$13.2M
11	AMED 11 DELISTED Amedisys AMED	$10.9M	2.9%	114,632 -168,218	-59%	-$16M
12	PXD 12 DELISTED Pioneer Natural Resource Co. PXD	$9.94M	2.64%	+44,184	New	+$9.94M
13	13 Silicon Motion SIMO $2.71B	$7.3M	1.94%	119,181 -25,270	-17%	-$1.55M
14	EGLE 14 DELISTED Eagle Bulk Shipping Inc. EGLE	$6.23M	1.66%	+112,432	New	+$6.23M
15	15 Avantor AVTR $9.18B	$2.01M	0.53%	+88,000	New	+$2.01M
16	WRK 16 DELISTED WestRock Company WRK	$1.93M	0.51%	46,436 -300,347	-87%	-$12.5M
17	17 MoonLake Immunotherapeutics MLTX $3.54B	$1.21M	0.32%	+20,000	New	+$1.21M
18	GHL 18 DELISTED Greenhill & Co., Inc. GHL	–	–	-66,004	Closed	-$977K
19	HT 19 DELISTED Hersha Hospitality Trust Priority Class A Common Shares of Beneficial Interest HT	–	–	-142,557	Closed	-$1.41M
20	VMW 20 DELISTED VMware, Inc VMW	–	–	-416,747	Closed	-$69.4M
21	SCU 21 DELISTED Sculptor Capital Management, Inc. Class A Common Stock SCU	–	–	-445,044	Closed	-$5.16M
22	EQRX 22 DELISTED EQRx, Inc. Common Stock EQRX	–	–	-1,220,144	Closed	-$2.71M
23	NEWR 23 DELISTED New Relic, Inc. NEWR	–	–	-159,132	Closed	-$13.6M
24	TWNK 24 DELISTED Hostess Brands, Inc. Class A Common Stock TWNK	–	–	-184,534	Closed	-$6.15M
25	AVID 25 DELISTED Avid Technology Inc AVID	–	–	-36,475	Closed	-$980K