Sandia Investment Management LP

Registered adviser

CIK

1880562

Location

BOSTON, MA

Portfolio Value

Micro $36,751,638

Diversification

Diversified

Filing Date

Global Rank

#8,664 / 8,855 ▼ 711 · as of Dec 2025

Top Industry

Shell Companies 41.3%

Period ended 10 months ago

Filed Feb 17, 2026 · 9mo

17 quarters · since Dec 2021

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 311098

Roster of Nov 1, 2026

Regulatory AUM

$625,412,805

Main clients

Pooled investment vehicles (97% of AUM)

LEI

5493000JPIJHTQTPXF60

Private funds on Schedule D 7.B.(1)

As filed Mar 28, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$1,000,000 gross assets in 1 fund Hedge funds $1,000,000 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$625,412,805	Pooled investment vehicles (97%)
Apr 2025 to Mar 2026	$581,711,901	Pooled investment vehicles (96%)
Apr 2024 to Mar 2025	$634,989,869	Pooled investment vehicles (93%)
May 2023 to Mar 2024	$826,860,142	Corporations (80%)
Apr 2023	$826,860,142	Corporations (80%)
Apr 2022 to Mar 2023	$833,875,000	Corporations (83%)

2 earlier changes not shown.

Stated strategy

Quantitative / systematic, Private markets Form ADV Part 2A, Jun 2, 2026 · original

In the firm's words

Quantitative / systematic: We optimize after-market trading opportunities and monetize additional alpha opportunities using a rules-based approach.
Private markets: Sandia provides management services to qualified investors through its private fund (which is not actively investing at this time) and separately managed institutional accounts (“SMAs”).

Schedule 13D/13G stakes

Stakes of 5% or more disclosed on Schedule 13D or 13G, each on the filer's latest filing for the security. These are event-dated stakes, not the quarter-end 13F portfolio below.

Company	Schedule	Event date	Filed	Shares	% of class	Change	Status
CPTK now CPTKW Crown PropTech Acquisitions	13G	Mar 31, 2025	1y	61,146	11.9%	—	Current

A 13D or 13G stays in force until its filer amends it and no amendment is due without a material change, so a stake with no filing in 24 months reads unconfirmed, never sold. An amendment reporting under 5% ends the filer's duty to amend, not necessarily the holding. Shares are restated onto today's split basis. Show 12 exited, below-5% or retired stakes

Portfolio style

Measured from the filed 13F common-share book for Dec 31, 2025, never from the firm's own description.

Style

Diversified active

Top 10 weight 32.1%, 42.2 effective positions, active share 98.2% against the S&P MidCap 400 as of 2025-12-31; it meets none of the index-like, systematic-like or concentrated tests

Turnover

High turnover

141.5% over the last four quarters (100%+)

Horizon

Short horizon

Value-weighted holding period 2.8 quarters (under 4)

Closest benchmark: the S&P MidCap 400 as of 2025-12-31, active share 98.2%; sector active share 43.4% against the combined 13F book's sector weights.

Over time 17 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

112 tracked positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

10.8%

+3.8 pts

Top 5

21.5%

−1.7 pts

Top 10

32.1%

−3.3 pts

HHI

237

Diversified+13

Portfolio Trend

17 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Financial Services	50.6%	$18,587,658	45
Healthcare	12.4%	$4,559,896	18
Industrials	10.9%	$4,021,512	13
Technology	7.8%	$2,883,517	9
Consumer Cyclical	7.4%	$2,719,736	6
Energy	3.2%	$1,184,963	3
Communication Services	2.2%	$791,138	4
Unclassified	1.5%	$533,379	4
Utilities	1.4%	$519,050	3
Consumer Defensive	1.1%	$399,969	3
Basic Materials	0.8%	$283,908	2
Real Estate	0.7%	$266,912	2

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

19 positions

Ticker	Company	Δ Shares	Shares	Value
—		+149,987	349,987	$3,982,852
NTSK	Netskope Inc	+30,000	40,000	$701,600
CAI	Caris Life Sciences, Inc.	+15,000	23,600	$636,728
WBI	WaterBridge Infrastructure LLC	+15,000	40,000	$800,400
GTEN	Gores Holdings X, Inc.	+11,506	61,632	$631,728
LGN	Legence Corp.	+9,850	19,850	$854,344
BLSH	Bullish	+9,800	10,000	$378,700
HTFL	Heartflow, Inc.	+8,417	15,917	$463,980
MIAX	Miami International Holdings, Inc.	+6,400	13,000	$576,940
FIG	Figma, Inc.	+6,000	7,000	$261,590
JAKK	Jakks Pacific Inc	+5,225	16,236	$274,063
CRBG	Corebridge Financial, Inc.	+5,000	10,000	$301,700
BRCB	Black Rock Coffee Bar, Inc.	+5,000	20,000	$445,000
OMCC	OLD MARKET CAPITAL Corp	+4,649	40,491	$209,743
CRCL	Circle Internet Group, Inc.	+3,500	5,000	$396,500
CTRI	Centuri Holdings, Inc.	+1,600	15,000	$378,750
FIGR	Figure Technology Solutions, Inc.	+1,500	10,000	$408,400
KLAR	Klarna Group plc	+1,404	12,404	$358,599
VIA	Via Transportation, Inc.	+48	17,048	$494,562
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
FACT	FACT II Acquisition Corp.	−100,100	25,000	$260,250
COCHW	Envoy Medical, Inc.	−75,184	514,702	$20,022
BEAG	Bold Eagle Acquisition Corp.	−63,208	117,662	$1,244,863
TMS	Teamshares Inc	−50,000	50,000	$515,000
CLAR	Clarus Corp	−38,943	30,000	$100,500
FACTW	FACT II Acquisition Corp.	−37,550	25,000	$8,753
OTGAU	OTG Acquisition Corp. I	−25,581	25,000	$254,750
SFD	Smithfield Foods Inc	−15,000	10,000	$223,300
COGT	Cogent Biosciences, Inc.	−14,000	1,000	$35,520
SAIL	SailPoint, Inc.	−10,163	9,837	$199,002
WAY	Waystar Holding Corp.	−8,450	6,550	$214,512
ALDF	Aldel Financial II Inc.	−7,500	30,000	$314,700
ATEX	Anterix Inc.	−7,340	20,000	$436,600
OMDA	Omada Health, Inc.	−6,157	8,843	$139,542
LOAR	Loar Holdings Inc.	−5,169	2,321	$157,828
POLEW	Andretti Acquisition Corp. II	−5,030	14,970	$4,320
KGS	Kodiak Gas Services, Inc.	−5,000	10,000	$374,000
SARO	StandardAero, Inc.	−5,000	15,000	$430,200
ASIC	Ategrity Specialty Insurance Co Holdings	−5,000	10,300	$216,403
PACS	PACS Group, Inc.	−5,000	7,500	$287,925
ETOR	eToro Group Ltd.	−5,000	5,000	$175,650
BDCIU	BTC Development Corp.	−5,000	15,000	$152,100
GEMI	Gemini Space Station, Inc.	−4,937	4,563	$45,264
TLNCU	Talon Capital Corp.	−4,900	20,000	$205,800
KVYO	Klaviyo, Inc.	−3,466	6,534	$212,158
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
RGR	Sturm Ruger & Co Inc	26,485	$864,735
MDLN	Medline Inc.	20,000	$840,000
ALH	Alliance Laundry Holdings Inc.	39,522	$804,272
SVAQU	Silicon Valley Acquisition Corp.	75,000	$745,875
ULS	UL Solutions Inc.	6,535	$515,350
CEPV	Cantor Equity Partners V, Inc.	50,000	$512,500
VHCPU	Vine Hill Capital Investment Corp. II	50,000	$501,050
HCACU	Hall Chadwick Acquisition Corp	50,000	$501,000
BLRKU	Bluerock Acquisition Corp.	50,000	$500,000
ITHAU	ITHAX Acquisition Corp III	50,000	$498,750
BIXIU	Bitcoin Infrastructure Acquisition Corp Ltd	50,000	$498,000
IGACU	Invest Green Acquisition Corp	47,000	$471,410
ITT	Itt Inc.	2,500	$433,775
BTSG	BrightSpring Health Services, Inc.	10,000	$374,500
NP	Neptune Insurance Holdings Inc.	10,500	$306,180
COHR	Coherent Corp.	1,500	$276,855
KBONU	Karbon Capital Partners Corp.	25,000	$251,625
TDWDU	Tailwind 2.0 Acquisition Corp.	25,000	$251,500
MESHU	Meshflow Acquisition Corp	25,000	$250,000
AERO	Grupo Aeromexico, S.A.B. de C.V.	10,000	$219,600
IMNM	Immunome Inc.	10,000	$214,800
CTGO	Contango Silver & Gold Inc.	7,630	$201,508
CRANU	Crane Harbor Acquisition Corp. II	20,000	$201,400
DLHC	DLH Holdings Corp.	34,806	$196,653
LMRI	Lumexa Imaging Holdings, Inc.	10,000	$185,000
No positions match the current search.

Sold Out

Positions the filer fully exited

20 positions

Ticker	Company	Shares	Value
BULL	Webull Corp	64,497	$953,910
BACQ	Merlin, Inc.	87,500	$910,000
—		50,000	$526,000
FTW	PRESIDIO PRODUCTION Co	50,000	$519,000
—		5,500	$475,640
SRG	Seritage Growth Properties	93,887	$399,019
NIQ	NIQ Global Intelligence plc	22,500	$353,250
SEG	Seaport Entertainment Group Inc.	13,311	$305,088
PRTA	Prothena Corp Public Ltd Co	29,950	$292,312
POLE	Andretti Acquisition Corp. II	25,000	$261,500
MACI	Melar Acquisition Corp. I	23,711	$248,965
MH	McGraw Hill, Inc.	15,000	$188,250
KSPI	Joint Stock Co Kaspi.kz	2,175	$177,654
DMAA	Drugs Made In America Acquisition Corp.	15,721	$161,454
VLOS	Velos Acquisition I Corp.	15,000	$158,250
VG	Venture Global, Inc.	10,000	$141,900
CHAC	Crane Harbor Acquisition Corp.	11,921	$120,879
KDP	Keurig Dr Pepper Inc.	2,500	$63,775
ALDFW	Aldel Financial II Inc.	10,000	$5,451
VLOSW	Velos Acquisition I Corp.	12,191	$0
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

112 tracked positions · $36,751,638 total · filing declares 128 positions · $40,101,320 · as of Dec 31, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 112 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
		Added	349,987	+149,987	$3,982,852	+75.6%	5	unpriced	10.84%
BEAG	Bold Eagle Acquisition Corp. Financial Services	Reduced	117,662	-63,208	$1,244,863	−33.8%	5	unpriced	3.39%
RGS	Regis Corp Consumer Cyclical	Held	32,936	0	$913,974	−4.8%	6	$23.65	2.49%
RGR	Sturm Ruger & Co Inc Industrials	NEW	26,485	NEW	$864,735	NEW	1	unpriced	2.35%
LGN	Legence Corp. Industrials	Added	19,850	+9,850	$854,344	+177.3%	2	unpriced	2.32%
MDLN	Medline Inc. Healthcare	NEW	20,000	NEW	$840,000	NEW	1	unpriced	2.29%
ALH	Alliance Laundry Holdings Inc. Consumer Cyclical	NEW	39,522	NEW	$804,272	NEW	1	$24.03	2.19%
WBI	WaterBridge Infrastructure LLC Energy	Added	40,000	+15,000	$800,400	+26.9%	2	unpriced	2.18%
SVAQU	Silicon Valley Acquisition Corp. Financial Services	NEW	75,000	NEW	$745,875	NEW	1	unpriced	2.03%
NTSK	Netskope Inc Technology	Added	40,000	+30,000	$701,600	+208.7%	2	unpriced	1.91%
CAI	Caris Life Sciences, Inc. Healthcare	Added	23,600	+15,000	$636,728	+144.8%	3	unpriced	1.73%
GTEN	Gores Holdings X, Inc. Financial Services	Added	61,632	+11,506	$631,728	+23.4%	2	$10.24	1.72%
APACU	StoneBridge Acquisition II Corp Financial Services	Held	60,000	0	$602,400	+0.7%	2	unpriced	1.64%
MIAX	Miami International Holdings, Inc. Financial Services	Added	13,000	+6,400	$576,940	+117.1%	2	$40.53	1.57%
DRDB	Roman DBDR Acquisition Corp. II Financial Services	Reduced	50,038	-62	$521,896	+1.0%	3	$10.19	1.42%
ULS	UL Solutions Inc. Industrials	NEW	6,535	NEW	$515,350	NEW	1	$80.28	1.40%
TMS	Teamshares Inc Financial Services	Reduced	50,000	-50,000	$515,000	−49.5%	3	$10.30	1.40%
CEPV	Cantor Equity Partners V, Inc. Financial Services	NEW	50,000	NEW	$512,500	NEW	1	$10.25	1.39%
MBVIU	M3-Brigade Acquisition VI Corp. Financial Services	Held	50,000	0	$506,250	+0.0%	2	$10.05	1.38%
VHCPU	Vine Hill Capital Investment Corp. II Financial Services	NEW	50,000	NEW	$501,050	NEW	1	unpriced	1.36%
HCACU	Hall Chadwick Acquisition Corp Financial Services	NEW	50,000	NEW	$501,000	NEW	1	$10.02	1.36%
BLRKU	Bluerock Acquisition Corp. Financial Services	NEW	50,000	NEW	$500,000	NEW	1	unpriced	1.36%
ITHAU	ITHAX Acquisition Corp III Financial Services	NEW	50,000	NEW	$498,750	NEW	1	unpriced	1.36%
BIXIU	Bitcoin Infrastructure Acquisition Corp Ltd Financial Services	NEW	50,000	NEW	$498,000	NEW	1	$9.99	1.36%
VIA	Via Transportation, Inc. Technology	Added	17,048	+48	$494,562	−39.5%	2	unpriced	1.35%
IGACU	Invest Green Acquisition Corp Financial Services	NEW	47,000	NEW	$471,410	NEW	1	$10.02	1.28%
HTFL	Heartflow, Inc. Healthcare	Added	15,917	+8,417	$463,980	+83.8%	2	$32.21	1.26%
BRCB	Black Rock Coffee Bar, Inc. Consumer Cyclical	Added	20,000	+5,000	$445,000	+24.3%	2	unpriced	1.21%
ATEX	Anterix Inc. Communication Services	Reduced	20,000	-7,340	$436,600	−25.6%	2	$22.42	1.19%
ITT	Itt Inc. Industrials	NEW	2,500	NEW	$433,775	NEW	1	$179.17	1.18%
SARO	StandardAero, Inc. Industrials	Reduced	15,000	-5,000	$430,200	−21.2%	5	$27.85	1.17%
SNDA	Sonida Senior Living, Inc. Healthcare	Held	12,612	0	$411,277	+17.6%	6	$28.12	1.12%
FIGR	Figure Technology Solutions, Inc. Financial Services	Added	10,000	+1,500	$408,400	+32.1%	2	unpriced	1.11%
RVMD	Revolution Medicines, Inc. Healthcare	Held	5,000	0	$398,250	+70.6%	5	$50.47	1.08%
CRCL	Circle Internet Group, Inc. Financial Services	Added	5,000	+3,500	$396,500	+99.4%	2	$119.81	1.08%
CTRI	Centuri Holdings, Inc. Utilities	Added	15,000	+1,600	$378,750	+33.5%	7	$21.83	1.03%
BLSH	Bullish Technology	Added	10,000	+9,800	$378,700	+2876.7%	2	$48.96	1.03%
BTSG	BrightSpring Health Services, Inc. Healthcare	NEW	10,000	NEW	$374,500	NEW	1	$33.54	1.02%
KGS	Kodiak Gas Services, Inc. Energy	Reduced	10,000	-5,000	$374,000	−32.6%	3	$34.61	1.02%
KLAR	Klarna Group plc Financial Services	Added	12,404	+1,404	$358,599	−11.1%	2	unpriced	0.98%
ALDF	Aldel Financial II Inc. Financial Services	Reduced	30,000	-7,500	$314,700	−19.7%	3	$10.32	0.86%
CHYM	Chime Financial, Inc. Technology	Reduced	12,500	-2,500	$314,625	+4.0%	3	unpriced	0.86%
NP	Neptune Insurance Holdings Inc. Financial Services	NEW	10,500	NEW	$306,180	NEW	1	$26.30	0.83%
CRBG	Corebridge Financial, Inc. Financial Services	Added	10,000	+5,000	$301,700	+88.3%	14	unpriced	0.82%
PACS	PACS Group, Inc. Healthcare	Reduced	7,500	-5,000	$287,925	+67.8%	7	$33.31	0.78%
COHR	Coherent Corp. Technology	NEW	1,500	NEW	$276,855	NEW	1	$149.58	0.75%
JAKK	Jakks Pacific Inc Consumer Cyclical	Added	16,236	+5,225	$274,063	+32.9%	5	$23.99	0.75%
FIG	Figma, Inc. Technology	Added	7,000	+6,000	$261,590	+404.3%	2	$48.54	0.71%
FACT	FACT II Acquisition Corp.	Reduced	25,000	-100,100	$260,250	−79.8%	3	$10.14	0.71%
		Held	25,000	0	$259,125	+1.8%	3	$10.06	0.71%

Showing the top 50 of 112 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.