IC
Incision Capital Management LP 13F Portfolio Snapshot & Holdings (Q2 2026)
Incision Capital Management LPCIK: 0002049997
Momentum followerQuality / disciplined sizingConcentrated strategy
Total reported value
$103.2M
Reporting period: 2026-06-30 · Number of holdings: 5
Incision Capital Management LP disclosed 5 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $103.2M and a quarterly turnover rate of 30.4%.
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Personality snowflake
- Concentration
- 88.91
- Portfolio Stability
- 30.38
- Momentum
- 100
- Sector conviction
- 83
- Diversification
- 10
- Sizing Uniformity
- 96.27
Incision Capital Management LP's disclosed holdings carry a Herfindahl concentration index of 0.222 — mathematically equivalent to about 4 equally-sized positions, close to its 5 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.37), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 13.3 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy EGO
Trim CROX
-40.0% -$3.7M
Trim EXE
-13.3% -$4.6M
Trim TECK
-13.3% -$81.8K
Add SE
+4.8% $5.5M
Holdings Map
New buyAddUnchangedTrim
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SE | Sea Ltd-adr | Stock-Comm Services | 30.18% | +1.85% | +4.84% | |
| 2 | CROX | Crocs Inc | Stock-Consumer Disc | 24.55% | -7.52% | -40.00% | |
| 3 | TECK | Teck Resources Ltd-cls B | Stock-Materials | 18.72% | -2.70% | -13.33% | |
| 4 | EGO | Eldorado Gold CORP | Stock-Other | 15.06% | +15.06% | NEW | |
| 5 | EXE | Expand Energy CORP | Stock-Energy | 11.49% | -6.69% | -13.33% |
Portfolio Performance
Performance for Q3 2026
+11.3%
Performance Last 4 Quarters
+8.4%
- Stdev
- +21.2%
- Beta
- +0.79
- Alpha
- -1.2%
- Max Drawdown
- -0.4%
- Annualized Perf
- +17.6%
- Batting Avg vs S&P
- +50%
- Sortino
- +1.29
- Stutzer
- +0.26
- Treynor
- +0.23
- Sterling
- —
- Calmar
- +46.02
- Information Ratio
- -0.41
- Tracking Error
- +15.8%
- Stdev Down
- +14.1%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- +0.28
- Sharpe
- +0.86
- Stdev Sectors
- +8.2%
- Skewness
- -1.27
- Kurtosis
- +0.16
- Upside Potential
- +2.76
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Incision Capital Management LP's most significant position changes for 2026-06-30: New buy: Eldorado Gold CORP (EGO); Trim: Crocs Inc (CROX) — shares -40.00%; Trim: Expand Energy CORP (EXE) — shares -13.33%; Trim: Teck Resources Ltd-cls B (TECK) — shares -13.33%; Add: Sea Ltd-adr (SE) — shares +4.84%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | EGO | Eldorado Gold CORP | +15.1% | NEW | New buy |
| 2 | SE | Sea Ltd-adr | +1.9% | +4.84% | Add |
| 3 | TECK | Teck Resources Ltd-cls B | -2.7% | -13.33% | Trim |
| 4 | EXE | Expand Energy CORP | -6.7% | -13.33% | Trim |
| 5 | CROX | Crocs Inc | -7.5% | -40.00% | Trim |
Filing History
FAQ
What is Incision Capital Management LP and what type of investor is it?
Incision Capital Management LP is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $103.2M, spread across 5 disclosed positions.
What are Incision Capital Management LP's largest equity positions?
Based on the latest 13F filing, Incision Capital Management LP's top holdings by market value are:
1. Sea Ltd-adr (SE) — $31.1M (30.2%)
2. Crocs Inc (CROX) — $25.3M (24.6%)
3. Teck Resources Ltd-cls B (TECK) — $19.3M (18.7%)
4. Eldorado Gold CORP (EGO) — $15.5M (15.1%)
5. Expand Energy CORP (EXE) — $11.9M (11.5%)
What changes did Incision Capital Management LP make in its most recent portfolio filing?
In the latest reported quarter, Incision Capital Management LP made 5 notable position adjustments: 1 new positions were initiated, 1 existing holdings were added to, 3 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: Eldorado Gold CORP (EGO); Trim: Crocs Inc (CROX) — shares -40.00%; Trim: Expand Energy CORP (EXE) — shares -13.33%; Trim: Teck Resources Ltd-cls B (TECK) — shares -13.33%; Add: Sea Ltd-adr (SE) — shares +4.84%
What sectors does Incision Capital Management LP focus on?
Incision Capital Management LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Communication Services: 35.5%
• Consumer Discretionary: 28.9%
• Materials: 22.1%
• Energy: 13.5%
Investment Profile
Incision Capital Management LP returned an annualized 17.6% over the trailing 6 months — underperforming the S&P 500 by 1.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.79 (less volatile than the market) and a 50% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 35.5% of the portfolio concentrated in Communication Services.
Its turnover score has risen from 0 to 30 over the past 2 quarters — a shift toward more active trading.
It has added to its SE position over the past two quarters (+$13.3M, now $31.1M), while trimming TECK over the same stretch (-$3.4M, still holding $19.3M).
Peer Institutions
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Developer Access
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REST API
curl https://alphasmo.com/api/v1/institutions/incision-capital-management-lpCLI
npx alphasmo institutions get incision-capital-management-lp