SEC 13F Intelligence

Managers / Q1 2025 · view latest →

Carlson Capital, L.P.

CIK 0001056973 · 2100 MCKINNEY AVE, STE 1900, DALLAS, TX, 75201 · 2149329600

Reported Value
$256M
Q1 2025
Positions
40
Filings on Record
31
2019–present window
Filed
May 14, 2025
original filing

Summary

Carlson Capital, L.P. reported $256M in U.S.-listed holdings across 40 positions for Q1 2025.

The portfolio is heavily concentrated: SWKH alone accounts for 57.7% of reported value.

Compared with Q4 2024, the fund opened 23 new positions and exited 16.

Portfolio Metrics

Turnover
+8.4%
vs prior filed quarter
Top-10 Concentration
+64.6%
share of reported value
Largest Position
+57.7%
Swk
New / Exited
23 / 16
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $6.5BQ4 ’18Q1 ’19: $5.6BQ2 ’19: $6.6BQ3 ’19: $5.5BQ4 ’19: $5.5BQ4 ’19Q1 ’20: $3.8BQ2 ’20: $3.6BQ3 ’20: $6.8BQ4 ’20: $2.8BQ4 ’20Q1 ’21: $2.7BQ2 ’21: $2.1BQ3 ’21: $1.9BQ4 ’21: $1.7BQ4 ’21Q1 ’22: $1.5BQ2 ’22: $1.5BQ3 ’22: $1.3BQ4 ’22: $1.3BQ4 ’22Q1 ’23: $1.1BQ2 ’23: $1.2BQ3 ’23: $1.3BQ4 ’23: $1.3BQ4 ’23Q1 ’24: $1.2BQ2 ’24: $641MQ3 ’24: $166MQ4 ’24: $170MQ4 ’24Q1 ’25: $256MQ2 ’25: $242MQ3 ’25: $271MQ4 ’25: $282MQ4 ’25Q1 ’26: $318Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 73.1%ETP: 26.8%Other: 0.1%
  • Common Stock · 73.1% · $187M
  • ETP · 26.8% · $69M
  • Other · 0.1% · $242,400

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TSLATESLA INCNEW+12.0K12.0K+$3M$3M
ITCIEURINTRA-CELLULAR THERAPIES INCNEW+23.0K23.0K+$3M$3M
SOFISOFI TECHNOLOGIES INCNEW+250.0K250.0K+$3M$3M
AFRMAFFIRM HLDGS INCNEW+30.0K30.0K+$1M$1M
HALHALLIBURTON CONEW+42.4K42.4K+$1M$1M
XXYCROSS CTRY HEALTHCARE INCNEW+70.0K70.0K+$1M$1M
AKXANSYS INCNEW+3.1K3.1K+$981,336$981,336
CMRXEURCHIMERIX INCNEW+114.0K114.0K+$970,140$970,140

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2025

35 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SWKHSWK HLDGS CORPhistory →COM NEW57.65%$148M8.49M
2HESHESS CORPhistory →COM1.37%$4M22.0K
3DFSEURDISCOVER FINL SVCShistory →COM1.37%$3M20.5K
4ITCIEURINTRA-CELLULAR THERAPIES INChistory →COM1.18%$3M23.0K
5KELKELLANOVAhistory →COM1.00%$3M31.1K
6PNCPNC FINL SVCS GROUP INCCOM0.48%$1M7.0K
7HALHALLIBURTON COCOM0.42%$1M42.4K
8XXYCROSS CTRY HEALTHCARE INCCOM0.41%$1M70.0K
9AKXANSYS INCCOM0.38%$981,3363.1K
10CMRXEURCHIMERIX INCCOM0.38%$970,140114.0K
11APY1EURCHAMPIONX CORPORATIONCOM0.37%$953,60032.0K
12STTSTATE STR CORPCOM0.37%$940,06510.5K
13FITBFIFTH THIRD BANCORPCOM0.29%$752,64019.2K
14EXMOCEXXON MOBIL CORPCOM0.29%$749,2596.3K
15BACBANK AMERICA CORPCOM0.29%$746,96717.9K
16FAFFIRST AMERN FINL CORPCOM0.25%$630,0489.6K
17ACIALBERTSONS COS INCCOMMON STOCK0.24%$604,72527.5K
18DLTRDOLLAR TREE INCCOM0.23%$585,5467.8K
19BOKFBOK FINL CORPCOM NEW0.23%$583,2405.6K
20MAGNMAGNERA CORPCOM SHS0.23%$582,93632.1K
21FANGDIAMONDBACK ENERGY INCCOM0.22%$575,5683.6K
22SYU1SYNOVUS FINL CORPCOM NEW0.21%$532,83611.4K
23AMTMAMENTUM HOLDINGS INCCOM0.20%$509,60028.0K
24CSXCSX CORPCOM0.20%$500,31017.0K
25GPNGLOBAL PMTS INCCOM0.19%$489,6005.0K
26USBUS BANCORP DELCOM NEW0.18%$455,97610.8K
27COPCONOCOPHILLIPSCOM0.18%$451,5864.3K
28SSBUSDSOUTHSTATE CORPORATIONCOM0.16%$408,4084.4K
29NTRSNORTHERN TR CORPCOM0.16%$404,4654.1K
30CARRCARRIER GLOBAL CORPORATIONCOM0.15%$380,4006.0K
31GOOGALPHABET INCCAP STK CL C0.14%$359,3292.3K
32LOWLOWES COS INCCOM0.14%$349,8451.5K
33CYTKCYTOKINETICS INCCOM NEW0.12%$301,4257.5K
34DECKDECKERS OUTDOOR CORPCOM0.11%$279,5252.5K
35CHECKPOINT THERAPEUTICS INCCOM NEW0.09%$242,40060.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$318M72May 28, 202613F-HRchanges · EDGAR ↗
Q4 2025$282M70Feb 3, 202613F-HRchanges · EDGAR ↗
Q3 2025$271M63Nov 5, 202513F-HRchanges · EDGAR ↗
Q2 2025$242M65Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$256M40May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$170M33Feb 5, 202513F-HRchanges · EDGAR ↗
Q3 2024$166M4Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$641M93Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$1.2B114May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$1.3B121Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$1.3B134Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$1.2B118Aug 10, 202313F-HRchanges · EDGAR ↗
Q1 2023$1.1B110May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$1.3B117Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$1.3B120Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$1.5B124Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.5B151May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.7B144Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$1.9B161Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$2.1B152Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$2.7B169May 13, 202113F-HRchanges · EDGAR ↗
Q4 2020$2.8B152Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020REVEALED$6.8B341Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$3.6B162Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$3.8B210May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$5.5B240Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$5.5B224Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$6.6B250Aug 12, 201913F-HRchanges · EDGAR ↗
Q1 2019$5.6B242May 14, 201913F-HRchanges · EDGAR ↗
Q4 2018$6.5B266Feb 13, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.