SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Carlson Capital, L.P.

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

Reported Value
$271M
Q3 2025
Positions
63
Filings on Record
31
2019–present window
Filed
Nov 5, 2025
original filing

Summary

Carlson Capital, L.P. reported $271M in U.S.-listed holdings across 63 positions for Q3 2025.

The portfolio is heavily concentrated: SWKH alone accounts for 45.6% of reported value.

Compared with Q2 2025, the fund opened 31 new positions and exited 34.

Portfolio Metrics

Turnover
+15.1%
vs prior filed quarter
Top-10 Concentration
+53.8%
share of reported value
Largest Position
+45.6%
Swk
New / Exited
31 / 34
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: 64.9%ETP: 31.0%Other: 2.2%ADR: 1.3%REIT: 0.6%
  • Common Stock · 64.9% · $176M
  • ETP · 31.0% · $84M
  • Other · 2.2% · $6M
  • ADR · 1.3% · $4M
  • REIT · 0.6% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
VRNAVERONA PHARMA PLCNEW+33.0K33.0K+$4M$4M
CYBERARK SOFTWARE LTDNEW+4.5K4.5K+$2M$2M
WNS HLDGS LTDNEW+24.0K24.0K+$2M$2M
EAELECTRONIC ARTS INCNEW+8.5K8.5K+$2M$2M
MERUS N VNEW+16.0K16.0K+$2M$2M
6PMPARAMOUNT GROUP INCNEW+230.0K230.0K+$2M$2M
CFRCULLEN FROST BANKERS INCNEW+10.9K10.9K+$1M$1M
JPMJPMORGAN CHASE & CO.NEW+4.1K4.1K+$1M$1M

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

Holdings — Q3 2025

43 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SWKHSWK HLDGS CORPhistory →COM NEW45.61%$124M8.49M
2KELKELLANOVAhistory →COM1.45%$4M48.0K
3VRNAVERONA PHARMA PLChistory →SPONSORED ADS1.30%$4M33.0K
4MR COOPER GROUP INCCOM1.17%$3M15.0K
5FYBRFRONTIER COMMUNICATIONS PARECOM0.84%$2M61.0K
6CYBERARK SOFTWARE LTDSHS0.80%$2M4.5K
7SYU1SYNOVUS FINL CORPCOM NEW0.70%$2M38.4K
8WNS HLDGS LTDCOM SHS0.68%$2M24.0K
9EAELECTRONIC ARTS INCCOM0.63%$2M8.5K
10XXYCROSS CTRY HEALTHCARE INCCOM0.57%$2M109.4K
11MERUS N VCOM0.56%$2M16.0K
126PMPARAMOUNT GROUP INCCOM0.56%$2M230.0K
13CFRCULLEN FROST BANKERS INCCOM0.51%$1M10.9K
14JPMJPMORGAN CHASE & CO.COM0.48%$1M4.1K
15DWDMORGAN STANLEYCOM NEW0.38%$1M6.5K
16PSXPHILLIPS 66COM0.35%$952,1407.0K
17LOCOEL POLLO LOCO HLDGS INCCOM0.33%$892,40092.0K
18BACBANK AMERICA CORPCOM0.33%$887,34817.2K
19TXNTEXAS INSTRS INCCOM0.33%$881,9044.8K
20STTSTATE STR CORPCOM0.33%$881,6767.6K
21KNFKNIFE RIVER CORPCOMMON STOCK0.31%$845,57011.0K
22CNRCANADIAN NATL RY COCOM0.31%$839,2708.9K
23ON1OLD NATL BANCORP INDCOM0.30%$825,32037.6K
24ACIALBERTSONS COS INCCOMMON STOCK0.30%$822,97047.0K
25SSBSOUTHSTATE BK CORPCOM0.30%$800,8478.1K
26BHFBRIGHTHOUSE FINL INCCOM0.29%$796,20015.0K
274I1PHILIP MORRIS INTL INCCOM0.29%$778,5604.8K
28OMCOMNICOM GROUP INCCOM0.29%$777,7969.5K
29UPSUNITED PARCEL SERVICE INCCL B0.27%$735,0648.8K
30MTBM & T BK CORPCOM0.27%$731,1943.7K
31FANGDIAMONDBACK ENERGY INCCOM0.27%$729,8105.1K
32USBUS BANCORP DELCOM NEW0.27%$724,95015.0K
33MDLZMONDELEZ INTL INCCL A0.26%$699,66411.2K
34CHVCHEVRON CORP NEWCOM0.26%$698,8054.5K
35HBANHUNTINGTON BANCSHARES INCCOM0.26%$697,70840.4K
36SPDR SERIES TRUSTS&P REGL BKG0.25%$689,97010.9K
37DYHTARGET CORPCOM0.25%$681,7207.6K
38MSFTMICROSOFT CORPCOM0.25%$673,3351.3K
39OIIOCEANEERING INTL INCCOM0.24%$641,80225.9K
40AMTMAMENTUM HOLDINGS INCCOM0.21%$574,80024.0K
41ARANTERO RESOURCES CORPCOM0.20%$533,60415.9K
42XLESELECT SECTOR SPDR TRENERGY0.19%$518,1725.8K
43EXEEXPAND ENERGY CORPORATIONCOM0.19%$509,9524.8K

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 ↗.