Incision Capital Management LP

CIK

2049997

Location

SAN FRANCISCO, CA

Portfolio Value

Micro $90,601,350

Diversification

Highly concentrated

Filing Date

Global Rank

#5,545 / 8,232 ▼ 1332

Top Industry

Footwear & Accessories 32.1%

3Y Alpha vs SPY

-2.6%

Period ended 2 months ago

Filed May 15, 2026 · 29d

2 quarters · since Dec 2025

Clone Performance

Feb 2026–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+8.7%

SPY

+9.1%

Annualised alpha

-1.4%

Max drawdown

−20.4%

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, 2025

Top Position

32.1%

−9.8 pts

Top 5

100.0%

+9.4 pts

Top 10

100.0%

0.0 pts

HHI

2,621

Highly concentrated+176

Portfolio Trend

2 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Consumer Cyclical	60.4%	$54,728,100	2
Basic Materials	21.4%	$19,406,250	1
Energy	18.2%	$16,467,000	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

2 positions

Ticker	Company	Δ Shares	Shares	Value
SE	Sea Ltd	+170,000	310,000	$25,671,100
CROX	Crocs, Inc.	+25,000	350,000	$29,057,000
No positions match the current search.

Trimmed

Positions the filer reduced

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
TECK	Teck Resources Ltd	−100,000	375,000	$19,406,250
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
EXE	EXPAND ENERGY Corp	150,000	$16,467,000
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
GLD	Spdr Gold Trust	200,000	$79,262,000
EQX	Equinox Gold Corp.	1,650,000	$23,166,000
CVE	Cenovus Energy Inc.	1,100,000	$18,612,000
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

4 positions · $90,601,350 total · as of Mar 31, 2026

All sectors Basic Materials Consumer Cyclical Energy

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CROX	Crocs, Inc. Consumer Cyclical	Added	350,000	+25,000	$29,057,000	+4.5%	32.07%
SE	Sea Ltd Consumer Cyclical	Added	310,000	+170,000	$25,671,100	+43.7%	28.33%
TECK	Teck Resources Ltd Basic Materials	Reduced	375,000	-100,000	$19,406,250	−14.7%	21.42%
EXE	EXPAND ENERGY Corp Energy	NEW	150,000	NEW	$16,467,000	NEW	18.18%