SEC 13F Intelligence

Managers / Q1 2026

Ursa Fund Management, LLC

CIK 0001693838 · 156 DIABLO RD, STE 250, DANVILLE, CA, 94526 · 415-529-6040

Reported Value
$108M
Q1 2026
Positions
20
Filings on Record
31
2019–present window
Filed
May 15, 2026
original filing

Summary

Ursa Fund Management, LLC reported $108M in U.S.-listed holdings across 20 positions for Q1 2026.

Its largest position, PEN, represents 10.7% of the portfolio.

Compared with Q4 2025, the fund opened 11 new positions and exited 21.

Portfolio Metrics

Turnover
+7.5%
vs prior filed quarter
Top-10 Concentration
+30.2%
share of reported value
Largest Position
+10.7%
Penumbra
New / Exited
11 / 21
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: $2.4BQ4 ’18Q1 ’19: $1.2BQ2 ’19: $1.6BQ3 ’19: $141MQ4 ’19: $2.4BQ4 ’19Q1 ’20: $347MQ2 ’20: $1.7BQ3 ’20: $193MQ4 ’20: $1.6BQ4 ’20Q1 ’21: $92MQ2 ’21: $78MQ3 ’21: $281MQ4 ’21: $4.2BQ4 ’21Q1 ’22: $256MQ2 ’22: $587MQ3 ’22: $148MQ4 ’22: $67MQ4 ’22Q1 ’23: $269MQ2 ’23: $413MQ3 ’23: $20MQ4 ’23: $58MQ4 ’23Q1 ’24: $49MQ2 ’24: $36MQ3 ’24: $76MQ4 ’24: $1.3BQ4 ’24Q1 ’25: $39MQ2 ’25: $80MQ3 ’25: $89MQ4 ’25: $2.4BQ4 ’25Q1 ’26: $108Mfilingsflow.com

Portfolio Composition

By security type
ETP: 53.1%Common Stock: 38.0%Closed-End Fund: 4.7%Other: 2.9%PUBLIC: 1.0%Other: 0.2%
  • ETP · 53.1% · $57M
  • Common Stock · 38.0% · $41M
  • Closed-End Fund · 4.7% · $5M
  • Other · 2.9% · $3M
  • PUBLIC · 1.0% · $1M
  • Other · 0.2% · $209,940

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
STATE STR SPDR S&P 500 ETF TNEW+50.0K50.0K+$33M$33M
PENPENUMBRA INCNEW+84.8K84.8K+$28M$28M
SPDR SERIES TRUSTNEW+200.0K200.0K+$13M$13M
CLBKCOLUMBIA FINL INCNEW+500.0K500.0K+$9M$9M
WIX COM LTDNEW+35.0K35.0K+$3M$3M
XCAFXMORGAN STANLEY CHINA A SH FDNEW+130.2K130.2K+$3M$3M
GABGABELLI EQUITY TR INCNEW+367.9K367.9K+$2M$2M
WOLFWOLFSPEED INCNEW+100.3K100.3K+$2M$2M

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

Holdings — Q1 2026

10 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1PENPENUMBRA INChistory →COM10.69%$11M35.0K
2CLBKCOLUMBIA FINL INChistory →COM8.14%$9M500.0K
3IBITISHARES BITCOIN TRUST ETFhistory →SHS BEN INT2.43%$3M68.0K
4GABGABELLI EQUITY TR INCCOM · RIGHT 04/14/20262.11%$2M30.36M
5ISHARES TR0-3 MNTH TREASRY1.40%$2M15.0K
6NFBKNORTHFIELD BANCORP INC DELhistory →COM1.26%$1M100.0K
7WIX COM LTDSHS1.26%$1M15.0K
8XCAFXMORGAN STANLEY CHINA A SH FDhistory →COM1.14%$1M70.1K
9WHEELER REAL ESTATE INVT TRCV PFD SER B1.03%$1M160.0K
100J7QIAC INCCOM NEW0.93%$1M25.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$108M20May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$2.4B44Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$89M18Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$80M31Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$39M21May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.3B19Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$76M17Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$36M9Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$49M23May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$58M37Feb 1, 202413F-HRchanges · EDGAR ↗
Q3 2023$20M27Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$413M20Aug 9, 202313F-HRchanges · EDGAR ↗
Q1 2023$269M17May 3, 202313F-HRchanges · EDGAR ↗
Q4 2022$67M19Jan 26, 202313F-HRchanges · EDGAR ↗
Q3 2022$148M31Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$587M23Jul 28, 202213F-HRchanges · EDGAR ↗
Q1 2022$256M69May 18, 2022RESTATEMENTchanges · EDGAR ↗
Q4 2021$4.2B86Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$281M19Nov 5, 202113F-HRchanges · EDGAR ↗
Q2 2021$78M15Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$92M20May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.6B29Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$193M34Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.7B22Aug 4, 202013F-HRchanges · EDGAR ↗
Q1 2020$347M12May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$2.4B15Jan 29, 202013F-HRchanges · EDGAR ↗
Q3 2019$141M14Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.6B16Jul 30, 201913F-HRchanges · EDGAR ↗
Q1 2019$1.2B11May 14, 201913F-HRchanges · EDGAR ↗
Q4 2018$2.4B25Jan 8, 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 ↗.