LC
Lodbrok Capital LLP Institutional Portfolio (13F)
Lodbrok Capital LLPCIK: 0001778719
High-turnover traderConcentrated strategyContrarian
Total reported value
$77.2B
Reporting period: 2025-09-30 · Number of holdings: 4
Lodbrok Capital LLP disclosed 4 holdings in its latest 13F filing for the period ending 2025-09-30, with total reported value of $77.2B and a quarterly turnover rate of 91.7%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 91.68
- Momentum/Contrarian
- 0
- Sector conviction
- 0
- Diversification
- 8
- Sizing Uniformity
- 88.77
Sector classification currently covers about 34% 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.
Recent moves
Trim OTLY 9.25 09-14-28
+35.9% $22.8B
Trim SKIL
+0.0% -$1.3B
Trim ALVO
0.0% -$45.7M
New buy FIVN 1 03-15-29
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Lodbrok Capital is not rotating; it's building a fortress around two high-conviction convertible positions — adding to OTLY and initiating a new 34% stake in FIVN — signaling a pure alpha hunt through idiosyncratic credit dislocations, not a sector or macro pivot.
Macro & Fundamentals
This portfolio is short volatility and long a benign credit regime, betting that OTLY and FIVN can survive their cash crunches and converge to conversion value. The opposing thesis: these are secular losers in capital-intensive subsectors — default risk is underpriced, and a shift in risk appetite will reprice these bonds into distressed territory.
Blind Spots / Risks
The single-trade walk-away risk: 94% in two convertible issuers means any negative catalyst takes down the entire book. Factor crowding in convertible arb and the high turnover also expose Lodbrok to a liquidity trap if the market reprices credit risk — the positions will bleed daily without an exit.
AI-assisted summary drawn from public regulatory disclosures, covering historical data only. Not a substitute for professional investment advice.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | OTLY 9.25 09-14-28 | Oatly Group AB | Stock-Other | 63.98% | -21.05% | +35.90% | |
| 2 | FIVN 1 03-15-29 | Five9 INC | Stock-Tech | 36.01% | +34.12% | NEW | |
| 3 | ALVO | Alvotech | Stock-Other | 0.01% | -0.16% | — | |
| 4 | SKIL | Skillsoft CORP | Stock-Other | 0.01% | -12.91% | +0.03% |
Portfolio Performance
Performance for Q3 2026
—
Performance Last 4 Quarters
—
Based on 4 months of available history
Based on 0% of reported portfolio value with available pricing
- Stdev
- +14.1%
- Beta
- +0.65
- Alpha
- -39.7%
- Max Drawdown
- -7.4%
- Annualized Perf
- -19.1%
- Batting Avg vs S&P
- 0%
- Sortino
- -1.53
- Stutzer
- —
- Treynor
- -0.31
- Sterling
- —
- Calmar
- -2.57
- Information Ratio
- -3.92
- Tracking Error
- +12.8%
- Stdev Down
- +13.2%
- Winning Months %
- +50%
- Losing Months %
- +50%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- +0.59
- Sharpe
- -1.43
- Stdev Sectors
- 0%
- Skewness
- -0.78
- Kurtosis
- -1.02
- Upside Potential
- +0.55
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2025-09-30 | 4 | $77.2B | 92 | |
| 2025-06-30 | 3 | $32.9B | 0 | |
| 2025-03-31 | 3 | $29.4B | 100 | |
| 2024-12-31 | 3 | $32.1M | 0 | |
| 2024-09-30 | 5 | $304.8M | 0 | |
| 2024-06-30 | 5 | $463.4M | 0 | |
| 2024-03-31 | 5 | $366.5M | 0 | |
| 2023-12-31 | 5 | $341.0M | 0 | |
| 2023-09-30 | 5 | $333.3M | 0 | |
| 2023-06-30 | 6 | $317.7M | 0 | |
| 2023-03-31 | 7 | $361.8M | 0 | |
| 2022-12-31 | 8 | $727.1M | 0 | |
| 2022-09-30 | 7 | $395.0M | 0 | |
| 2022-06-30 | 8 | $2.1B | 0 | |
| 2022-03-31 | 5 | $432.2M | 0 | |
| 2021-12-31 | 2 | $244.5M | 0 | |
| 2021-09-30 | 3 | $365.3M | 0 | |
| 2021-06-30 | 3 | $245.3M | 0 | |
| 2021-03-31 | 1 | $23.1K | 15 | 1G90073 |
| 2020-12-31 | 1 | $19.8K | 100 | 1G90073 |
| 2020-09-30 | 1 | $2.0M | 100 | |
| 2020-06-30 | 2 | $53.8K | 44 | |
| 2020-03-31 | 2 | $83.2K | 100 | |
| 2019-12-31 | 5 | $398.6M | 11 | |
| 2019-09-30 | 5 | $361.7M | 26 | |
| 2019-06-30 | 4 | $301.0M | 100 | |
| 2019-03-31 | 1 | $133.2K | 24 | |
| 2018-12-31 | 1 | $105.0K | 0 |
Holding changes this quarter
Lodbrok Capital LLP's most significant position changes for 2025-09-30: New buy: Five9 INC (FIVN 1 03-15-29); Add: Oatly Group AB (OTLY 9.25 09-14-28) — shares +35.90%; Add: Skillsoft CORP (SKIL) — shares +0.03%; Add: Alvotech (ALVO) — shares 0.00%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ALVO | Alvotech | -0.2% | — | Add |
| 2 | SKIL | Skillsoft CORP | -12.9% | +0.03% | Add |
| 3 | OTLY 9.25 09-14-28 | Oatly Group AB | -21.1% | +35.90% | Add |
| 4 | FIVN 1 03-15-29 | Five9 INC | — | NEW | New buy |
Filing History
| Period | Filed | Type | 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 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-15 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-05-15 | Amendment | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2020-05-15 | Amendment | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2020-05-15 | Amendment | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-06-04 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-06-04 | 13F-HR | View on EDGAR |
FAQ
What is Lodbrok Capital LLP and what type of investor is it?
Lodbrok Capital LLP is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2025-09-30), the firm manages a tracked equity portfolio valued at approximately $77.2B, spread across 4 disclosed positions.
What are Lodbrok Capital LLP's largest equity positions?
Based on the latest 13F filing, Lodbrok Capital LLP's top holdings by market value are:
1. Oatly Group AB (OTLY 9.25 09-14-28) — $46.8B (64.0%)
2. Five9 INC (FIVN 1 03-15-29) — $26.3B (36.0%)
3. Alvotech (ALVO) — $4.9M (0.0%)
4. Skillsoft CORP (SKIL) — $4.1M (0.0%)
What changes did Lodbrok Capital LLP make in its most recent portfolio filing?
In the latest quarter, Lodbrok Capital LLP was primarily adding exposure — initiating 1 new positions and adding to 3 existing holdings. The largest of these moves: New buy: Five9 INC (FIVN 1 03-15-29); Add: Oatly Group AB (OTLY 9.25 09-14-28) — shares +35.90%; Add: Skillsoft CORP (SKIL) — shares +0.03%; Add: Alvotech (ALVO) — shares 0.00%
What sectors does Lodbrok Capital LLP focus on?
Lodbrok Capital LLP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 100.0%
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