Varde Management, L.P.
CIK
1559130
Location
New York, NY
Portfolio Value
Micro
$49,308,201
Diversification
Highly concentrated
Filing Date
Global Rank
#6,846
/ 8,586
▲ 450
Top Industry
Advertising Agencies
45.4%
3Y Alpha vs SPY
+49.5%
Period ended 3 months ago
Filed May 15, 2026 · 32d
18 quarters · since Dec 2021
Clone Performance
Jun 2023–Jun 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+396.6%
SPY
+78.1%
Annualised alpha
+49.4%
Max drawdown
−19.3%
Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.
Portfolio Concentration
4 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
45.4%
−14.2 pts
Top 5
100.0%
0.0 pts
Top 10
100.0%
0.0 pts
HHI
3,625
Highly concentrated−1,408
Portfolio Trend
18 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Communication Services | 81.7% | $40,303,381 |
| Healthcare | 18.3% | $9,004,820 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increasedNo qualifying positions this quarter.
Trimmed
Positions the filer reduced
1 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| SATS | EchoStar CORP | −58,000 | 147,400 | $17,256,118 | |
| No positions match the current search. | |||||
4 positions ·
$49,308,201 total
· as of Mar 31, 2026
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| ZD |
Ziff Davis, Inc.
Communication Services
|
NEW | 534,028 | $22,407,814 | 45.44% | |
| SATS |
EchoStar CORP
Communication Services
|
Reduced | 147,400 | $17,256,118 | 35.00% | |
| SGRY |
Surgery Partners, Inc.
Healthcare
|
NEW | 755,438 | $9,004,820 | 18.26% | |
| ZIP |
Ziprecruiter, Inc.
Communication Services
|
NEW | 347,527 | $639,449 | 1.30% |