VM
Varde Management, L.P. — 13F Portfolio Report & Top Holdings (Q2 2026)
Varde Management, L.P.CIK: 0001559130
Concentrated strategySector-focusedMomentum follower
Total reported value
$68.4M
Reporting period: 2026-06-30 · Number of holdings: 5
Varde Management, L.P. disclosed 5 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $68.4M and a quarterly turnover rate of 36.1%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 36.13
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 10
- Sizing Uniformity
- 90.46
Varde Management, L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.346 — mathematically equivalent to about 3 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 0.95), 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 23.1 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 26% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim ECHO
+8.1% -$1.1M
Add SGRY
+32.8% $7.9M
Add ZD
+16.9% $10.3M
New buy DJT
Add ZIP
+6.9% $753.5K
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 | ZD | Ziff Davis Inc | Stock-Other | 47.76% | +2.32% | +16.85% | |
| 2 | SGRY | Surgery Partners Inc | Stock-Other | 24.64% | +6.38% | +32.83% | |
| 3 | ECHO | Echostar Corp-a | Stock-Comm Services | 23.65% | -11.35% | +8.14% | |
| 4 | ZIP | Ziprecruiter Inc-a | Stock-Other | 2.04% | +0.74% | +6.89% | |
| 5 | DJT | Trump Media & Technology Gro | Stock-Comm Services | 1.91% | +1.91% | NEW |
Portfolio Performance
Performance for Q3 2026
+0.3%
Performance Last 4 Quarters
+121.1%
- Stdev
- +25.6%
- Beta
- +0.58
- Alpha
- +54.9%
- Max Drawdown
- -7.9%
- Annualized Perf
- +86.7%
- Batting Avg vs S&P
- +72.7%
- Sortino
- +10.45
- Stutzer
- +0.82
- Treynor
- +1.15
- Sterling
- +6.22
- Calmar
- +11.03
- Information Ratio
- +1.83
- Tracking Error
- +25.2%
- Stdev Down
- +6.4%
- Winning Months %
- +72.7%
- Losing Months %
- +27.3%
- Best 12 Months
- +269%
- Worst 12 Months
- +21.2%
- Efficiency Ratio
- +1.88
- Sharpe
- +2.62
- Stdev Sectors
- 0%
- Skewness
- +0.24
- Kurtosis
- -1.05
- Upside Potential
- +12.11
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 5 | $68.4M | 36 | ||
| 2026 Q1 | 4 | $49.3M | 100 | ||
| 2025 Q4 | 3 | $37.4M | 100 | ||
| 2025 Q3 | 4 | $75.2M | 100 | ||
| 2025 Q2 | 4 | $75.5M | 0 | ||
| 2025 Q1 | 4 | $142.7M | 100 | ||
| 2024 Q4 | 6 | $121.7M | 0 | ||
| 2024 Q3 | 3 | $117.5M | 0 | ||
| 2024 Q2 | 2 | $30.4B | 0 | 1OMF2044103 | |
| 2024 Q1 | 2 | $43.0M | 0 | 1OMF2044103 | |
| 2023 Q4 | 3 | $72.6M | 0 | ||
| 2023 Q3 | 5 | $166.3M | 0 | ||
| 2023 Q2 | 7 | $168.8M | 0 | ||
| 2023 Q1 | 7 | $137.7M | 0 | ||
| 2022 Q4 | 11 | $242.2M | 0 | ||
| 2022 Q3 | 14 | $347.1M | 0 | ||
| 2022 Q2 | 18 | $388.0M | 0 | ||
| 2022 Q1 | 18 | $382.4M | 0 | ||
| 2021 Q4 | 6 | $298.0M | 0 | ||
| 2019 Q1 | 4 | $387.6M | 100 | ||
| 2017 Q3 | 1 | $4.7M | 100 | ||
| 2017 Q2 | 3 | $25.9M | 100 | ||
| 2017 Q1 | 2 | $20.3M | 100 | 1NWG V8.625 PERP ***2WRN | |
| 2016 Q4 | 4 | $115.6M | 100 | 1NWG V8.625 PERP ***296949L39EDNSK | |
| 2015 Q3 | 6 | $40.9M | 75 | ||
| 2015 Q2 | 4 | $53.1M | 44 | ||
| 2015 Q1 | 3 | $58.8M | 30 | ||
| 2014 Q4 | 5 | $74.0M | 70 | ||
| 2014 Q3 | 11 | $105.6M | 79 | ||
| 2014 Q2 | 13 | $104.6M | 0 |
Holding changes this quarter
Varde Management, L.P.'s most significant position changes for 2026-06-30: New buy: Trump Media & Technology Gro (DJT); Add: Echostar Corp-a (ECHO) — shares +8.14%; Add: Surgery Partners Inc (SGRY) — shares +32.83%; Add: Ziff Davis Inc (ZD) — shares +16.85%; Add: Ziprecruiter Inc-a (ZIP) — shares +6.89%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SGRY | Surgery Partners Inc | +6.4% | +32.83% | Add |
| 2 | ZD | Ziff Davis Inc | +2.3% | +16.85% | Add |
| 3 | DJT | Trump Media & Technology Gro | +1.9% | NEW | New buy |
| 4 | ZIP | Ziprecruiter Inc-a | +0.7% | +6.89% | Add |
| 5 | ECHO | Echostar Corp-a | -11.4% | +8.14% | Add |
Filing History
FAQ
What is Varde Management, L.P. and what type of investor is it?
Varde Management, L.P. 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 $68.4M, spread across 5 disclosed positions.
What are Varde Management, L.P.'s largest equity positions?
Based on the latest 13F filing, Varde Management, L.P.'s top holdings by market value are:
1. Ziff Davis Inc (ZD) — $32.7M (47.8%)
2. Surgery Partners Inc (SGRY) — $16.9M (24.6%)
3. Echostar Corp-a (ECHO) — $16.2M (23.6%)
4. Ziprecruiter Inc-a (ZIP) — $1.4M (2.0%)
5. Trump Media & Technology Gro (DJT) — $1.3M (1.9%)
What changes did Varde Management, L.P. make in its most recent portfolio filing?
In the latest quarter, Varde Management, L.P. was primarily adding exposure — initiating 1 new positions and adding to 4 existing holdings. The largest of these moves: New buy: Trump Media & Technology Gro (DJT); Add: Echostar Corp-a (ECHO) — shares +8.14%; Add: Surgery Partners Inc (SGRY) — shares +32.83%; Add: Ziff Davis Inc (ZD) — shares +16.85%; Add: Ziprecruiter Inc-a (ZIP) — shares +6.89%
What sectors does Varde Management, L.P. focus on?
Varde Management, L.P. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Communication Services: 100.0%
Investment Profile
Varde Management, L.P. returned an annualized 86.7% over the trailing 33 months — outperforming the S&P 500 by 54.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.58 (less volatile than the market) and a 73% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 100.0% of the portfolio concentrated in Communication Services.
Its turnover score has risen from 0 to 36 over the past 4 quarters — a shift toward more active trading.
It has trimmed its ECHO position for two straight quarters, cutting it by $6.1M while still holding $16.2M.
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Developer Access
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REST API
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