SEC 13F Intelligence

Managers / Q3 2022 · view latest →

Ursa Fund Management, LLC

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

Reported Value
$148M
Q3 2022
Positions
31
Filings on Record
31
2019–present window
Filed
Nov 14, 2022
original filing

Summary

Ursa Fund Management, LLC reported $148M in U.S.-listed holdings across 31 positions for Q3 2022.

The portfolio is heavily concentrated: CHNGUSD alone accounts for 63.4% of reported value.

Compared with Q2 2022, the fund opened 12 new positions and exited 7.

Portfolio Metrics

Turnover
+33.2%
vs prior filed quarter
Top-10 Concentration
+92.2%
share of reported value
Largest Position
+63.4%
Change Healthcare
New / Exited
12 / 7
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
Common Stock: 68.6%Closed-End Fund: 14.9%Other: 14.6%Equity WRT: 1.1%REIT: 0.6%Other: 0.2%
  • Common Stock · 68.6% · $102M
  • Closed-End Fund · 14.9% · $22M
  • Other · 14.6% · $22M
  • Equity WRT · 1.1% · $2M
  • REIT · 0.6% · $870,000
  • Other · 0.2% · $289,000

Quarter-over-Quarter Changes full breakdown →

vs Q2 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CHNGUSDCHANGE HEALTHCARE INCNEW+3.99M3.99M+$94M$94M
BIOHAVEN LTDNEW+104.3K104.3K+$8M$8M
CANO HEALTH INCNEW+2.80M2.80M+$7M$7M
AMC ENTMT HLDGS INCNEW+462.0K462.0K+$5M$5M
ADTADT INC DELNEW+595.2K595.2K+$3M$3M
ISTAR INCNEW+162.3K162.3K+$2M$2M
ZTRVIRTUS TOTAL RETURN FD INCNEW+188.4K188.4K+$1M$1M
PLTKPLAYTIKA HLDG CORPNEW+564.5K564.5K+$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 2022

17 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CHNGUSDCHANGE HEALTHCARE INChistory →COM63.39%$94M3.41M
2CLMCORNERSTONE STRATEGIC VALUEhistory →COM13.54%$20M2.34M
3BIOHAVEN LTDCOM5.11%$8M50.0K
4CANO HEALTH INC*W EXP 06/03/2025.00%$7M2.80M
5ISTAR INCCOM1.02%$2M162.3K
6MSPRWMSP RECOVERY INC*W EXP 05/20/2021.00%$1M23.07M
7ADTADT INC DELCOM0.87%$1M171.7K
8ZTRVIRTUS TOTAL RETURN FD INCCOM0.79%$1M188.4K
9VMWEURVMWARE INCCL A COM0.76%$1M10.5K
10PLTKPLAYTIKA HLDG CORPCOM0.73%$1M114.5K
11CRFCORNERSTONE TOTAL RETURN FDCOM0.59%$877,000108.0K
12BLUEROCK RESIDENTIAL GWT REICOM CL A0.45%$669,00025.0K
13AMC ENTMT HLDGS INCCL A COM0.41%$614,00088.0K
14SIRIUSPOINT LTDCOM0.37%$549,000110.9K
15BHMBLUEROCK HOMES TRUST INCCOM CL A0.14%$201,0009.9K
16CSSEQCHICKEN SOUP FOR THE SOUL ENCL A0.07%$103,00014.9K
17LVWR/WSLIVEWIRE GROUP INC*W EXP 09/26/2020.05%$80,000230.5K

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 ↗.