Highlights from Q1 13Fs

We recently looked through Q1 13Fs and have highlighted a few interesting changes below. OWL users got a more comprehensive list in last Friday’s newsletter - if you’re interested in learning how OWL can help you track manager activity, reach out!

Carvana

• North Peak, Viking, and Avala Global added

• D1, Lone Pine, Coatue, and Reade Street bought new positions

• CAS, Spruce House, and 683 Capital trimmed positions

 PDD Holdings

• Hillhouse, Trivest, Maple Rock added

• Think Investments, Anatole, Grafton Street, and 14B Capital bought new positions

• SCGE and Brilliance sold

• Appaloosa, Franchise Capital, and Sequoia trimmed

 Millrose Properties – Q1 spinoff from Lennar

• Newtyn, Brave Warrior, Mangrove, and Permian disclosed positions

 PG&E

• New position for Sessa Capital, Madison Avenue Partners, and Sourcerock

• OWL Creek, Third Point, Caden Capital added

In addition to the specific examples noted above, OWL users can see aggregated trends at the portfolio level by looking at the “Net Position Change From Recent Buys/Sells” metric in any of the OWL Portfolios or My Portfolios. As an example, for OWL’s Quality portfolio, Visa has had the largest amount of recent selling:

At the manager level, we noticed that Sourcerock was a big buyer during Q1 with more than $700 million in net purchases. Sourcerock, based in Denver, was founded in 2020 by Christian Zann (ex-Balyasny) and Thiru Ramakrishnan (ex-TVR and Point72).

The firm, which counts the Pritzker Foundation as an LP, invests across the energy ecosystem with a bottoms-up, fundamental approach. The team focuses on the energy transition to more environmentally friendly sources, which they believe will create significant innovation and disruption in the industry. The firm’s AUM has grown from less than $200 million 4 years ago to $2.6 billion today.

Sourcerock’s two largest positions are EQT and Antero Resources, which combined make up 36% of its disclosed portfolio. OWL estimates that those two are also the firm’s two most profitable positions. As a reminder, OWL users can see our estimated P&L by position for thousands of public equity managers on our platform.

OWL also estimates that Sourcerock has generated ~$500 million in profits since inception, primarily from strong years in 2021 and 2022.

The firm bought a few new positions during Q1, including PG&E and Permian Resources, and added to almost all of its other holdings, suggesting that the firm has likely had recent inflows:

Other News & Events

• Harvard Discloses Top Administrator and Investment Manager Compensation

• Alaska’s deputy CIO for private markets spots opportunity in private equity co-investments

• The Nature Conservancy names interim CIO

• University of Illinois Foundation, Goodwater Capital, and others invest in Stash

• SEC Chair Signals Investor Access to Private Markets Could Soon Broaden

• Tiger Global and Coatue-backed Hinge Health plans IPO

• Tekne Capital, RF Capital, and Tourbillon profiled in latest "Graham & Doddsville"

• Institutional Investor’s 2025 Hedge Fund Rising Stars

• The $10B Hedge Fund CEO Who's Betting Big on AI - Will England, Walleye Capital

• Florida Family Office Hires Dhvani Shah as CIO

• Third Point Investors Ltd to become insurance-focused holding company

• Steve Cohen interview at Sohn 2025

• CalPERS hiring Deputy CIO

• Pitcairn Hiring Managing Director

About Old Well Labs

OWL is an intelligence platform built for allocators, by allocators. Leading endowments, foundations, and family offices use the system to find, monitor, and connect with thousands of fund managers globally. OWL's analytics engine has collected over one billion data points from 65 countries. We make it easy for allocators to find and track information about the managers they care about – not just positions but also performance analytics, people data, business information, and details about the manager investments of other allocators.

Disclaimers

Returns represent the return on invested capital of publicly disclosed long positions, as calculated by OWL. Actual returns may vary based on a number of factors, including (but not limited to) undisclosed positions, short exposure, non-equity holdings, cash holdings, and lagged disclosure of positions.

This newsletter and the material on the Old Well Labs platform are for informational purposes only and should not be considered investment advice or a recommendation of any particular security, manager, or strategy. Old Well Labs shall not be liable for any investment gain or loss that may occur from the use of this material. No part of this material may be reproduced in any form or used in any publication without express written permission from Old Well Labs.