Managers / Q1 2026
Whitebark Investors LP
CIK 0002042091 · 893 TAHOE BOULEVARD, SUITE 1350, INCLINE VILLAGE, NV, 89451 · (775) 737-2214
Summary
Whitebark Investors LP reported $125M in U.S.-listed holdings across 9 positions for Q1 2026.
Its largest position, CPNG, represents 16.2% of the portfolio.
The book was largely unchanged from Q4 2025.
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 · 67.1% · $84M
- Other · 32.9% · $41M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| KLARNA GROUP PLC | ADDED | +423.0K | 690.4K | +$1M | $9M |
| SHENSHENANDOAH TELECOMMUNICATION | ADDED | +303.4K | 726.4K | +$6M | $11M |
| BLNDBLEND LABS INC | ADDED | +1.27M | 6.34M | −$5M | $11M |
| CPNGCOUPANG INC | HELD | +18.9K | 1.07M | −$5M | $20M |
| FLUTTER ENTMT PLC | HELD | +0 | 134.8K | −$15M | $14M |
| GSHDGOOSEHEAD INS INC | HELD | +0 | 269.3K | −$8M | $11M |
| MSFTMICROSOFT CORP | HELD | +0 | 50.9K | −$6M | $19M |
| GLOBAL E ONLINE LTD | HELD | +0 | 595.4K | −$5M | $18M |
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 | CPNGCOUPANG INChistory → | CL A | 16.15% | $20M | 1.07M |
| 2 | MSFTMICROSOFT CORPhistory → | COM | 15.05% | $19M | 50.9K |
| 3 | GLOBAL E ONLINE LTD | SHS | 14.69% | $18M | 595.4K |
| 4 | FLUTTER ENTMT PLC | SHS | 10.99% | $14M | 134.8K |
| 5 | GSHDGOOSEHEAD INS INChistory → | COM CL A | 9.19% | $11M | 269.3K |
| 6 | GOGROCERY OUTLET HLDG CORPhistory → | COM | 9.13% | $11M | 1.62M |
| 7 | SHENSHENANDOAH TELECOMMUNICATIONhistory → | COM | 8.96% | $11M | 726.4K |
| 8 | BLNDBLEND LABS INChistory → | CL A | 8.62% | $11M | 6.34M |
| 9 | KLARNA GROUP PLC | SHS | 7.23% | $9M | 690.4K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $125M | 9 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $166M | 9 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $210M | 10 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025REVEALED | $366M | 16 | Jul 18, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $191M | 9 | May 12, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $216M | 9 | Feb 14, 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 ↗.