CIK: 0001950677
Total reported value
$386.2M
Reporting period: 2026-03-31 · Number of holdings: 77
Decagon Asset Management LLP disclosed 77 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $386.2M and a quarterly turnover rate of 149.2%.
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Decagon Asset Management LLP's disclosed holdings carry a Herfindahl concentration index of 0.072 — mathematically equivalent to about 14 equally-sized positions, well below its 77 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.10), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 51% 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.
Trim HO1
-44.8% -$16.3B
Add NSC
+86.2% $28.5B
Trim G0R78B106
+16.2% $943.0M
Trim G5304D106
+24.5% $1.3B
Add MBC
+102.8% $4.4B
New buy PEN
Decagon Asset Management is executing an aggressive capital rotation out of precious metals and biotech (EXK and CDTX fully exited) into high-momentum industrials and healthcare. The new 14% Penumbra and 16% Norfolk Southern positions are high-conviction alpha plays on earnings momentum and reflation, not defensive hedging. This is a pro-risk, hunt-for-alpha posture.
This portfolio is pricing in a pro-cyclical regime of stable growth and reflation: exiting the precious metals safe-haven (EXK) and speculative biotech (CDTX) to buy into industrial cyclicals (NSC) and medtech (PEN) with pricing power. The rail bet telegraphs confidence in domestic freight demand, while the new EA position suggests a view on resilient consumer spending. The opposing thesis is a stagflation scenario where rising input costs crush industrial margins and capital flows back into hard assets and defensives.
The three largest new positions — NSC, PEN, and CWAN — are consensus momentum trades, leaving the fund exposed to a factor reversal when growth expectations reset. The 37% industrial sector bet is a levered bet on the economic cycle without a disclosed hedge, and the hyperactive turnover (1.49x) turns into a liquidity sink during drawdowns.
Sourced and summarized by AI from public SEC filings, limited to historical activity. Not investment guidance.
Showing top 74 holdings (of 77 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NSC | Norfolk Southern CORP | Stock-Industrials | 16.05% | +3.17% | +86.24% | |
| 2 | PEN | Penumbra INC | Stock-Healthcare | 14.25% | +14.25% | NEW | |
| 3 | EA | Electronic Arts INC | Stock-Comm Services | 7.38% | +7.38% | NEW | |
| 4 | CWAN | Clearwater Analytics Holdings, Inc. | Stock-Tech | 6.98% | +6.98% | NEW | |
| 5 | HO1 | Hologic INC | Stock-Other | 5.38% | -8.89% | -44.79% | |
| 6 | ✓ | Mister Car Wash INC | Stock-Other | 5.28% | +5.28% | NEW | |
| 7 | ✓ | Colombier Acquisition CORP I | Stock-Other | 3.88% | +3.88% | NEW | |
| 8 | MBC | Masterbrand INC | Stock-Consumer Disc | 3.33% | +0.09% | +102.77% | |
| 9 | GTLS | Chart Industries INC | Stock-Industrials | 2.83% | +2.83% | NEW | |
| 10 | ✓ | Oaktree Acquisition CORP Iii | Stock-Other | 2.75% | — | +48.37% | |
| 11 | ✓ | Apex Tech Acquisition INC | Stock-Other | 2.62% | +2.62% | NEW | |
| 12 | ✓ | Galaxyedge Acquisition CORP | Stock-Other | 2.57% | +2.57% | NEW | |
| 13 | ✓ | Bhav Acquisition CORP | Stock-Other | 2.56% | +2.56% | NEW | |
| 14 | NWAX | New America Acquisition-cl A | Stock-Other | 2.30% | +2.30% | NEW | |
| 15 | ✓ | M Evo Gbl Acquisition CORP I | Stock-Other | 2.29% | +2.29% | NEW | |
| 16 | ✓ | Future Money Acquisition Cor | Stock-Other | 2.18% | +2.18% | NEW | |
| 17 | ✓ | Helix Acquisition CORP Iii | Stock-Other | 2.10% | +2.10% | NEW | |
| 18 | ✓ | Gigcapital9 CORP | Stock-Other | 1.93% | +1.93% | NEW | |
| 19 | ✓ | Bain Cap Gss Invt CORP | Stock-Other | 1.72% | -0.47% | +16.18% | |
| 20 | ✓ | Pono Cap Four INC | Stock-Other | 1.71% | +1.71% | NEW | |
| 21 | ✓ | Karbon Cap Partners CORP | Stock-Other | 1.70% | +1.70% | NEW | |
| 22 | ✓ | Kochav Defense Acqui Co S | Stock-Other | 1.59% | -0.29% | +24.49% | |
| 23 | ✓ | Tge Value Creative Solutions | Stock-Other | 1.18% | +1.18% | NEW | |
| 24 | ✓ | Xflh Cap CORP | Stock-Other | 1.08% | +1.08% | NEW | |
| 25 | ✓ | Metals Acquisition CORP Ii | Stock-Other | 0.90% | +0.90% | NEW | |
| 26 | ✓ | Newbridge Acquisition LTD | Stock-Other | 0.89% | +0.89% | NEW | |
| 27 | ✓ | Idea Acquisition CORP | Stock-Other | 0.82% | +0.82% | NEW | |
| 28 | ✓ | Praetorian Acquisition CORP | Stock-Other | 0.59% | +0.59% | NEW | |
| 29 | ✓ | Rf Acquisition CORP Iii | Stock-Other | 0.26% | +0.26% | NEW | |
| 30 | ✓ | Gsr Iv Acquisition CORP | Stock-Other | 0.07% | — | +30.65% | |
| 31 | SBCWW | Pono Capital Two INC -27 | Stock-Other | 0.07% | — | -20.01% | |
| 32 | ✓ | Stock-Other | 0.07% | — | +43.62% | ||
| 33 | NWAX-WS | New America Acquisition I Co | Stock-Other | 0.06% | +0.06% | NEW | |
| 34 | ✓ | Colombier Acquisition CORP I | Stock-Other | 0.05% | +0.05% | NEW | |
| 35 | ✓ | Gigcapital9 CORP | Stock-Other | 0.04% | — | — | |
| 36 | ✓ | Egh Acquisition CORP. | Stock-Other | 0.04% | — | +240.22% | |
| 37 | ✓ | K&f Growth Acquisition CORP | Stock-Other | 0.04% | — | +11.52% | |
| 38 | ✓ | M Evo Gbl Acquisition CORP I | Stock-Other | 0.04% | — | — | |
| 39 | ✓ | Stock-Other | 0.04% | — | +75.63% | ||
| 40 | ✓ | Stock-Other | 0.03% | — | +10.30% | ||
| 41 | ✓ | Stock-Other | 0.03% | — | -22.72% | ||
| 42 | ✓ | Iris Acquisition CORP Ii | Stock-Other | 0.02% | — | — | |
| 43 | ✓ | Stock-Other | 0.02% | — | +39.70% | ||
| 44 | ✓ | Karbon Cap Partners CORP | Stock-Other | 0.02% | — | — | |
| 45 | ✓ | Tge Value Creative Solutions | Stock-Other | 0.02% | — | — | |
| 46 | ✓ | Black Spade Acquisition Iii | Stock-Other | 0.02% | — | — | |
| 47 | ✓ | Stock-Other | 0.02% | — | +40.29% | ||
| 48 | ✓ | Axiom Intelligence Ac CORP 1 | Stock-Other | 0.02% | — | — | |
| 49 | ✓ | Stock-Other | 0.02% | — | +1.69% | ||
| 50 | ✓ | Copley Acquisition CORP | Stock-Other | 0.01% | — | — |
Performance for Q3 2026
—
Performance Last 4 Quarters
—
Based on 0 months of available history
Based on 30% of reported portfolio value with available pricing
Decagon Asset Management LLP's most significant position changes for 2026-03-31: New buy: Penumbra INC (PEN); Sold out: Exact Sciences CORP (EXK); New buy: Electronic Arts INC (EA); New buy: Clearwater Analytics Holdings, Inc. (CWAN); Sold out: Cidara Therapeutics INC (CDTX).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NSC | Norfolk Southern CORP | +3.2% | +86.24% | Add |
| 2 | MBC | Masterbrand INC | +0.1% | +102.77% | Add |
| 3 | ✓ | Oaktree Acquisition CORP Iii | — | +48.37% | Add |
| 4 | ✓ | Kochav Defense Acqui Co S | -0.3% | +24.49% | Add |
| 5 | ✓ | Bain Cap Gss Invt CORP | -0.5% | +16.18% | Add |
| 6 | HO1 | Hologic INC | -8.9% | -44.79% | Trim |
| 7 | PEN | Penumbra INC | — | NEW | New buy |
| 8 | EXK | Exact Sciences CORP | — | EXIT | Sold out |
| 9 | EA | Electronic Arts INC | — | NEW | New buy |
| 10 | CWAN | Clearwater Analytics Holdings, Inc. | — | NEW | New buy |
| 11 | CDTX | Cidara Therapeutics INC | — | EXIT | Sold out |
| 12 | ✓ | Mister Car Wash INC | — | NEW | New buy |
| 13 | ✓ | Cyberark Software LTD | — | EXIT | Sold out |
| 14 | RNAGBP | Avidity Biosciences INC | — | EXIT | Sold out |
| 15 | ✓ | Colombier Acquisition CORP I | — | NEW | New buy |
| 16 | ✓ | Yorkville Acquisition CORP. S | — | EXIT | Sold out |
| 17 | GTLS | Chart Industries INC | — | NEW | New buy |
| 18 | ✓ | Apex Tech Acquisition INC | — | NEW | New buy |
| 19 | ✓ | Galaxyedge Acquisition CORP | — | NEW | New buy |
| 20 | ✓ | Bhav Acquisition CORP | — | NEW | New buy |
| 21 | NWAX | New America Acquisition-cl A | — | NEW | New buy |
| 22 | ✓ | M Evo Gbl Acquisition CORP I | — | NEW | New buy |
| 23 | ✓ | — | EXIT | Sold out | |
| 24 | ✓ | Future Money Acquisition Cor | — | NEW | New buy |
| 25 | ✓ | Helix Acquisition CORP Iii | — | NEW | New buy |
| 26 | NWAX-U | New America Acquisition I Co | — | EXIT | Sold out |
| 27 | ✓ | Gigcapital9 CORP | — | NEW | New buy |
| 28 | ✓ | — | EXIT | Sold out | |
| 29 | ✓ | Mountain Lake Acquisition Co | — | EXIT | Sold out |
| 30 | ✓ | Pono Cap Four INC | — | NEW | New buy |
| 31 | ✓ | Karbon Cap Partners CORP | — | NEW | New buy |
| 32 | ✓ | Karbon Cap Partners CORP | — | EXIT | Sold out |
| 33 | ✓ | Tge Value Creative Solutions | — | NEW | New buy |
| 34 | ✓ | Tge Value Creative Solutions | — | EXIT | Sold out |
| 35 | ✓ | Xflh Cap CORP | — | NEW | New buy |
| 36 | ✓ | Pelican Acquisition CORP | — | EXIT | Sold out |
| 37 | ✓ | — | EXIT | Sold out | |
| 38 | ✓ | Metals Acquisition CORP Ii | — | NEW | New buy |
| 39 | ✓ | Newbridge Acquisition LTD | — | NEW | New buy |
| 40 | ✓ | Idea Acquisition CORP | — | NEW | New buy |
| 41 | ✓ | New Providence Acquisition C | — | EXIT | Sold out |
| 42 | ✓ | Willow Lane Acquisition CORP | — | EXIT | Sold out |
| 43 | ✓ | Praetorian Acquisition CORP | — | NEW | New buy |
| 44 | ✓ | Safeguard Acquisition CORP | — | EXIT | Sold out |
| 45 | ✓ | Rf Acquisition CORP Iii | — | NEW | New buy |
| 46 | ✓ | — | EXIT | Sold out | |
| 47 | NWAX-WS | New America Acquisition I Co | — | NEW | New buy |
| 48 | UTE0 | Cantaloupe INC | — | EXIT | Sold out |
| 49 | ✓ | Colombier Acquisition CORP I | — | NEW | New buy |
| 50 | ✓ | American Exceptionalism Acqu | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | Amendment | View on EDGAR |
| 2024-12-31 | 2025-02-11 | 13F-HR | View on EDGAR |
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