PIPER SANDLER & CO.

CIK 0000724683 · Q1 2026

13F Equity AUM

$102.0M

-27.7% QoQ

Positions

-5 QoQ

AUM Rank

#9,872

Top 79%

Skill Alpha (FF)

—

Building track record (2q)

Quarters Tracked

~11 years

Portfolio Concentration

Top 5: 70.3%Top 10: 93.4%Top 20: 100.0%

PENN 2.75 05/15/2618.6%

MGPI 1.875 11/15/4116.8%

CBRL 0.625 06/15/2614.8%

AWK 3.625 06/15/2611.5%

UPST 0.25 08/15/268.5%

BXMT 5.5 03/15/277.0%

VAC 3.25 12/15/275.2%

TDOC 1.25 06/01/274.6%

RWT 7.75 06/15/273.9%

ZD 1.75 11/01/262.5%

Others (10)6.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Fixed Income62.0%

Consumer Cyclical23.9%

Healthcare4.8%

Financial Services4.0%

Communication Services2.5%

Industrials2.5%

Other0.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 20Median: 2.52%Avg: 5.00%

0–0.5%

7(1.3%)

0.5–1%

1(0.9%)

1–3%

3(6.9%)

3–5%

2(8.5%)

5%+

7(82.4%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 15Unique: 5vs 20 funds

0.2%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 8 benchmark funds with highest portfolio overlap (Jaccard similarity)

0.2%

0.2%

0.2%

0.1%

0.1%

BANK OF AMERICA CORP /DE/

0.1%

VANGUARD CAPITAL MANAGEMENT LLC

GEODE CAPITAL MANAGEMENT, LLC

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New11Increased5Decreased1Exited16

New Positions

AWK 3.625 06/15/2611.5%

+11.8M

VAC 3.25 12/15/275.2%

+5.6M

TDOC 1.25 06/01/274.6%

+4.9M

RWT 7.75 06/15/273.9%

+4.0M

ZD 1.75 11/01/262.5%

+2.7M

UPWK 0.25 08/15/262.5%

+2.6M

DUK 4.125 04/15/261.9%

+1.7M

PRGS 1 04/15/260.9%

+900K

QTWO 0.75 06/01/260.4%

+390K

AFRM 0 11/15/260.2%

+192K

Increased

PENN 2.75 05/15/2618.6%

+15.0M(+351%)

CBRL 0.625 06/15/2614.8%

+8.3M(+115%)

MGPI 1.875 11/15/4116.8%

+7.2M(+67%)

BXMT 5.5 03/15/277.0%

+5.9M(+451%)

UPST 0.25 08/15/268.5%

+3.9M(+78%)

Decreased

ZEO0.3%

-170,209(-25%)

Exited

-19,796,000

-16,795,000

-14,124,000

-13,547,000

-12,687,000

-10,664,000

-9,541,000

-5,000,000

-4,000,000

-3,000,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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