CARRONADE CAPITAL MANAGEMENT, LP

CIK 0001866872 · Q1 2026

13F Equity AUM

$7.7B

+4.3% QoQ

Positions

-1 QoQ

AUM Rank

#770

Top 6%

Skill Alpha (FF)

-6.7%/yr^ns

No Clear Edge

Rank #7,733 · Top 94%

vs S&P -6.6%/yr (unadj.)

Quarters Tracked

~4 years

Portfolio Concentration

Top 5: 88.1%Top 10: 95.7%Top 20: 99.5%

SPY77.1%

VSAT3.1%

TLN2.7%

CMCSA2.6%

TDS2.5%

VISN1.8%

CTRI1.8%

B7S1.5%

SATS1.2%

SATS 3.875 11/30/301.2%

Others (18)4.3%

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

Sector Allocation

Financial Services77.1%

Technology7.4%

Communication Services6.3%

Utilities4.5%

Healthcare2.8%

Other1.9%

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

Position Sizing

Positions: 28Median: 0.33%Avg: 3.57%

0–0.5%

16(2.2%)

0.5–1%

1(0.9%)

1–3%

9(16.6%)

3–5%

1(3.1%)

5%+

1(77.1%)

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

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Portfolio Overlap

Shared: 26Unique: 2vs 20 funds

0.4%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 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

0.6%

0.7%

0.5%

0.5%

BANK OF AMERICA CORP /DE/

0.5%

GEODE CAPITAL MANAGEMENT, LLC

0.7%

VANGUARD CAPITAL MANAGEMENT LLC

0.7%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.8%

FMR LLC

0.7%

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

New3Increased15Decreased8Exited4

New Positions

ACHC1.2%

+3.8M

JBLU0.1%

+2.4M

SPHR0.1%

+46K

Increased

VISN1.8%

+6.1M(+394%)

SPY77.1%

+1.9M(+27%)

B7S1.5%

+1.2M(+17%)

CYH0.1%

+997K(+307%)

CMCSA2.6%

+985K(+16%)

SATS 3.875 11/30/301.2%

+900K(+4%)

CTRI1.8%

+775K(+19%)

OPTU0.1%

+558K(+9%)

VSAT3.1%

+557K(+12%)

DHC0.5%

+505K(+11%)

Decreased

SATS1.2%

-246,130(-24%)

UDR0.1%

-56,370(-21%)

EQR0.1%

-33,316(-21%)

CPT0.1%

-20,951(-21%)

AVB0.1%

-11,148(-21%)

MAA0.1%

-9,431(-21%)

ESS0.1%

-4,793(-21%)

WW0.1%

-1,115(-0%)

Exited

-11,500,000

-992,931

-750,000

-257,160

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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