8 KNOTS MANAGEMENT, LLC

CIK 0001849457 · Q4 2025

13F Equity AUM

$868.1M

-1.8% QoQ

Positions

-7 QoQ

AUM Rank

#3,083

Top 25%

Skill Alpha (FF)

-15.3%/yr^ns

No Clear Edge

Rank #8,112 · Top 99%

vs S&P -5.1%/yr (unadj.)

Quarters Tracked

~2 years

Portfolio Concentration

Top 5: 80.3%Top 10: 98.7%Top 20: 100.0%

MOH22.9%

CNC22.3%

ELV20.7%

BTSG9.0%

EHAB5.4%

CVS4.7%

ALHC4.3%

HCSG3.5%

CAH3.3%

PACS2.7%

Others (2)1.3%

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

Sector Allocation

Healthcare96.1%

Financial Services3.9%

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

Position Sizing

Positions: 12Median: 4.48%Avg: 8.33%

0–0.5%

1(0.0%)

0.5–1%

0(0.0%)

1–3%

2(3.9%)

3–5%

4(15.8%)

5%+

5(80.3%)

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

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Portfolio Overlap

Shared: 12Unique: 0vs 20 funds

0.2%Low

Fund positions

7,201

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)

0.4%

0.3%

0.4%

0.2%

GEODE CAPITAL MANAGEMENT, LLC

0.3%

JPMORGAN CHASE & CO

0.2%

BANK OF AMERICA CORP /DE/

0.2%

FMR LLC

0.4%

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

New3Increased3Decreased5Exited10

New Positions

MOH22.9%

+1.1M

CAH3.3%

+139K

PACS2.7%

+610K

Increased

EHAB5.4%

+866K(+21%)

BTSG9.0%

+354K(+20%)

ELV20.7%

+334K(+187%)

Decreased

HCSG3.5%

-1,766,116(-53%)

PNTG0.0%

-1,732,850(-100%)

ALHC4.3%

-1,024,726(-35%)

CVS4.7%

-659,963(-56%)

CNC22.3%

-525,300(-10%)

Exited

UNH

-275,022

-204,859

-275,344

-147,172

-53,641

-1,768,113

-17,596

-84,062

-51,491

-220,088

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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