Terrapin Asset Management, LLC

Exempt adviser

CIK

1965645

Location

MIAMI, FL

Portfolio Value

Micro $77,268,420

Diversification

Diversified

Filing Date

Global Rank

#6,498 / 7,036 ▲ 148 · as of Sep 2023

Top Industry

Drug Manufacturers - Specialty & Generic 19.5%

3Y Alpha vs SPY

-15.2%

Period ended 3 years ago

Filed Nov 14, 2023 · 2y

4 quarters · since Dec 2022

Regulatory profile

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

Holder type

Exempt adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 134855

Roster of Nov 1, 2026

Private funds

1 fund · Hedge funds

Focus by fund count, roster of Nov 1, 2026

$60,740,000 gross assets

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

As filed Mar 27, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$75,528,000 gross assets in 2 funds Hedge funds $75,528,000 (2)

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	—	—
Apr 2025 to Mar 2026	—	—
Apr 2024 to Mar 2025	—	—
Jun 2023 to Mar 2024	—	—
May 2023	$0	—
Jul 2021 to Apr 2023	—	—

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Sep 30, 2023, never from the firm's own description.

Style

Concentrated

The top 10 positions are 73.7% of the book (60%+)

Turnover

Turnover unknown

It needs four straight quarters of measured turnover

Horizon

Short horizon

Value-weighted holding period 2.6 quarters (under 4)

Closest benchmark: every 13F filer's combined book, active share 92.7%; sector active share 48.4% against the combined 13F book's sector weights.

Over time 4 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

29 tracked positions · as of Sep 30, 2023 · Δ vs Jun 30, 2023

Top Position

15.1%

+5.6 pts

Top 5

51.3%

+12.0 pts

Top 10

75.8%

+8.3 pts

HHI

726

Diversified+170

Portfolio Trend

4 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2023

Sector	% Portfolio	Value	Positions
Unclassified	48.2%	$37,222,586	10
Financial Services	14.1%	$10,932,991	5
Communication Services	13.6%	$10,545,215	2
Healthcare	13.4%	$10,324,907	4
Technology	5.0%	$3,867,603	4
Consumer Defensive	3.3%	$2,538,652	2
Basic Materials	2.2%	$1,702,079	1
Industrials	0.2%	$134,387	1

Last Quarter's Activity

Export CSV

Sep 30, 2023 vs Jun 30, 2023

Added To

Positions the filer increased

7 positions

Ticker	Company	Δ Shares	Shares	Value
CCIF	Carlyle Credit Income Fund	+57,712	530,867	$4,342,492
TLT	iShares 20+ Year Treasury Bond ETF	+50,000	90,000	$7,982,100
XLE	State Street(R) Energy Select Sector SPDR(R) ETF	+45,200	50,000	$4,519,500
—		+30,238	123,793	$1,297,351
GMED	Globus Medical Inc	+5,598	33,487	$1,662,629
ZTS	Zoetis Inc.	+5,500	17,500	$3,044,650
GOOGL	Alphabet Inc.	+3,600	49,300	$6,451,398
No positions match the current search.

Trimmed

Positions the filer reduced

6 positions

Ticker	Company	Δ Shares	Shares	Value
LGF-B	Starz Entertainment Corp	−81,252	520,180	$4,093,817
—		−75,758	321,180	$0
—		−47,240	353,460	$3,661,846
FHN	First Horizon Corp	−33,000	211,800	$2,334,036
SPB	Spectrum Brands Holdings, Inc.	−23,226	17,374	$1,361,252
CZFS	Citizens Financial Services Inc	−113	37,460	$1,795,081
No positions match the current search.

New Positions

Positions the filer opened this quarter

7 positions

Ticker	Company	Shares	Value
—		14,000	$2,970,100
MCHB	Mechanics Bancorp	247,225	$1,925,882
IPXX	USA Rare Earth, Inc.	166,570	$1,702,079
WNNR	Zapata Quantum, Inc.	100,000	$1,075,000
AVRO	Tectonic Therapeutic, Inc.	558,787	$860,532
SIMO	Silicon Motion Technology CORP	14,609	$748,711
MXL	Maxlinear, Inc	16,921	$376,492
No positions match the current search.

Sold Out

Positions the filer fully exited

14 positions

Ticker	Company	Shares	Value
—		30,000	$2,529,000
VZ	Verizon Communications Inc	60,000	$2,231,400
CNDA	Concord Acquisition Corp II	210,777	$2,162,572
—		180,308	$1,867,991
—		130,641	$1,367,811
—		84,744	$876,253
ASCB	ASPAC II Acquisition Corp.	50,000	$527,750
—		244,550	$442,636
—		29,939	$317,503
—		20,000	$211,400
—		20,000	$207,300
FLD	Fold Holdings, Inc.	20,000	$207,000
HRZN	Horizon Technology Finance Corp	10,000	$120,800
FLDDW	Fold Holdings, Inc.	10,000	$600
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

29 tracked positions · $77,268,420 total · filing declares 52 positions · $87,813,672 · as of Sep 30, 2023

All sectors Basic Materials Communication Services Consumer Defensive Financial Services Healthcare Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
	PUT CALL + SHARES	NEW	54,900	NEW	$11,647,035	NEW	1	unpriced	15.07%
TLT	iShares 20+ Year Treasury Bond ETF	Added	90,000	+50,000	$7,982,100	+93.9%	2	unpriced	10.33%
ZTS	Zoetis Inc. PUT CALL + SHARES Healthcare	Added	40,200	+19,200	$6,993,996	+93.4%	3	$172.51	9.05%
GOOGL	Alphabet Inc. Communication Services	Added	49,300	+3,600	$6,451,398	+17.9%	2	$116.14	8.35%
		Held	599,622	0	$6,272,046	+1.4%	4	before history	8.12%
XLE	State Street(R) Energy Select Sector SPDR(R) ETF	Added	50,000	+45,200	$4,519,500	+1060.0%	2	unpriced	5.85%
CCIF	Carlyle Credit Income Fund Financial Services	Added	530,867	+57,712	$4,342,492	−7.7%	3	$9.60	5.62%
LGF-B	Starz Entertainment Corp Communication Services	Reduced	520,180	-81,252	$4,093,817	−18.5%	4	before history	5.30%
		Reduced	353,460	-47,240	$3,661,846	−11.0%	4	before history	4.74%
FHN	First Horizon Corp Financial Services	Reduced	211,800	-52,000	$2,334,036	−21.5%	4	before history	3.02%
MCHB	Mechanics Bancorp Financial Services	NEW	247,225	NEW	$1,925,882	NEW	1	$8.88	2.49%
CZFS	Citizens Financial Services Inc Financial Services	Reduced	37,460	-113	$1,795,081	−35.8%	2	unpriced	2.32%
IPXX	USA Rare Earth, Inc. Basic Materials	NEW	166,570	NEW	$1,702,079	NEW	1	unpriced	2.20%
GMED	Globus Medical Inc Healthcare	Added	33,487	+5,598	$1,662,629	+0.1%	2	$56.81	2.15%
SIMO	Silicon Motion Technology CORP PUT + SHARES Technology	NEW	28,609	NEW	$1,466,211	NEW	1	$56.88	1.90%
SPB	Spectrum Brands Holdings, Inc. Consumer Defensive	Reduced	17,374	-29,226	$1,361,252	−62.6%	3	$64.67	1.76%
		Added	123,793	+30,238	$1,297,351	+33.7%	4	before history	1.68%
MO	Altria Group, Inc. CALL + SHARES Consumer Defensive	Held	28,000	0	$1,177,400	−7.2%	4	before history	1.52%
WNNR	Zapata Quantum, Inc. Technology	NEW	100,000	NEW	$1,075,000	NEW	1	unpriced	1.39%
		Held	86,269	0	$875,622	+1.0%	4	before history	1.13%
AVRO	Tectonic Therapeutic, Inc. Healthcare	NEW	558,787	NEW	$860,532	NEW	1	unpriced	1.11%
TENK	Citius Oncology, Inc. Healthcare	Held	75,000	0	$807,750	+2.3%	4	before history	1.05%
MXL	Maxlinear, Inc PUT + SHARES Technology	NEW	30,921	NEW	$687,992	NEW	1	$25.41	0.89%
	PUT CALL	NEW	35,900	NEW	$665,586	NEW	—	—	0.86%
MCAC	ConnectM Technology Solutions, Inc. Technology	Held	60,000	0	$638,400	+1.7%	4	before history	0.83%
AQU	Aquaron Acquisition Corp. Financial Services	Held	50,000	0	$535,500	+2.7%	2	unpriced	0.69%
PFF	iShares Preferred and Income Securities ETF	Held	10,000	0	$301,500	−2.5%	2	unpriced	0.39%
VATE	INNOVATE Corp. Industrials	Held	82,955	0	$134,387	−7.4%	4	before history	0.17%
		Reduced	321,180	-75,758	$0	—	3	unpriced	0.00%

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.