Managers / Q1 2026
Birnam Oak Advisors, LP
CIK 0001997245 · 520 MADISON AVENUE, SUITE 2104, NEW YORK, NY, 10022 · 212-970-5800
Summary
Birnam Oak Advisors, LP reported $441M in U.S.-listed holdings across 51 positions for Q1 2026.
Its largest position, ACWI, represents 8.7% of the portfolio.
Compared with Q4 2025, the fund opened 18 new positions and exited 16.
Portfolio Metrics
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
Portfolio Composition
- Common Stock · 59.1% · $261M
- ETP · 31.5% · $139M
- Other · 9.2% · $41M
- ADR · 0.1% · $544,144
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | NEW | +95.0K | 95.0K | +$62M | $62M |
| CLEARWATER ANALYTICS HLDGS I | NEW | +1.72M | 1.72M | +$41M | $41M |
| WBDWARNER BROS DISCOVERY INC | NEW | +1.23M | 1.23M | +$34M | $34M |
| PENPENUMBRA INC | NEW | +96.0K | 96.0K | +$32M | $32M |
| KVUEKENVUE INC | NEW | +1.41M | 1.41M | +$24M | $24M |
| QRVOQORVO INC | NEW | +232.0K | 232.0K | +$18M | $18M |
| NDQINVESCO QQQ TR | NEW | +30.0K | 30.0K | +$17M | $17M |
| RVMDREVOLUTION MEDICINES INC | NEW | +159.4K | 159.4K | +$16M | $16M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | NSCNORFOLK SOUTHN CORPhistory → | COM | 9.89% | $44M | 151.8K |
| 2 | ACWIISHARES TR | MSCI ACWI ETF · CORE MSCI EURO · S&P 500 VAL ETF | 9.81% | $43M | 336.8K |
| 3 | GTLSCHART INDS INChistory → | COM | 9.33% | $41M | 198.9K |
| 4 | CLEARWATER ANALYTICS HLDGS I | CL A | 9.23% | $41M | 1.72M |
| 5 | WBDWARNER BROS DISCOVERY INChistory → | COM SER A | 7.65% | $34M | 1.23M |
| 6 | PENPENUMBRA INChistory → | COM | 7.15% | $32M | 96.0K |
| 7 | KVUEKENVUE INChistory → | COM | 5.53% | $24M | 1.41M |
| 8 | QRVOQORVO INChistory → | COM | 4.08% | $18M | 232.0K |
| 9 | ECHOECHOSTAR CORPhistory → | CL A | 3.88% | $17M | 145.9K |
| 10 | RVMDREVOLUTION MEDICINES INChistory → | COM | 3.52% | $16M | 159.4K |
| 11 | UNFUNIFIRST CORP MASShistory → | COM | 2.92% | $13M | 51.1K |
| 12 | TXNMTXNM ENERGY INChistory → | COM | 1.95% | $9M | 146.7K |
| 13 | VTVVANGUARD INDEX FDS | VALUE ETF · GROWTH ETF | 1.92% | $8M | 60.1K |
| 14 | BRK/BBERKSHIRE HATHAWAY INC DELhistory → | CL B NEW | 1.52% | $7M | 14.0K |
| 15 | J P MORGAN EXCHANGE TRADED F | BETABULDRS JAPAN | 0.86% | $4M | 55.0K |
| 16 | STATE STR SPDR S&P 500 ETF T | TR UNIT | 0.74% | $3M | 5.0K |
| 17 | VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 0.65% | $3M | 35.0K |
| 18 | AMZNAMAZON COM INC | COM | 0.45% | $2M | 9.5K |
| 19 | MSFTMICROSOFT CORP | COM | 0.25% | $1M | 3.0K |
| 20 | GSGOLDMAN SACHS GROUP INC | COM | 0.19% | $845,990 | 1.0K |
| 21 | COFCAPITAL ONE FINL CORP | COM | 0.16% | $699,254 | 3.8K |
| 22 | DWDMORGAN STANLEY | COM NEW | 0.15% | $658,280 | 4.0K |
| 23 | VVISA INC | COM CL A | 0.14% | $604,480 | 2.0K |
| 24 | JPMJPMORGAN CHASE & CO | COM | 0.13% | $588,320 | 2.0K |
| 25 | VLRSCONTROLADORA VUELA COMP DE A | SPON ADR RP 10 | 0.12% | $544,144 | 75.2K |
| 26 | ISHARES INC | MSCI JAPAN ETF | 0.08% | $337,760 | 4.0K |
| 27 | AXPAMERICAN EXPRESS CO | COM | 0.07% | $302,480 | 1.0K |
| 28 | FLLFULL HSE RESORTS INC | COM | 0.00% | $14,855 | 6.6K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $441M | 51 | May 12, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $447M | 51 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $435M | 49 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $338M | 36 | Aug 11, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $552M | 41 | May 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $206M | 37 | Feb 10, 2025 | 13F-HR | changes · 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 ↗.