Tyro Capital Management portfolio

What changed this quarter

26 positions with a change (3 new, 6 added to, 5 trimmed, 12 sold); also, 1 entered through an IPO. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Establishment Labs Holdings−47%fewer sharesReduced
  16.5% → 11.7%
• Carpenter Technology−52%fewer sharesReduced
  13.5% → 9.0%
• Celsius Holdings+372%more sharesIncreased
  2.8% → 9.8%
• Hinge Health+714%more sharesIncreased
  0.5% → 7.5%
• Edgewise Therapeutics+5.6 ppof portfolioNew
  — → 5.6%
• Sonida Senior Living+1,623%more sharesIncreased
  0.3% → 5.8%
• Sharkninja−37%fewer sharesReduced
  10.2% → 8.3%
• Western Digital−3.6 ppof portfolioSold out
  4.1% → —
• Sandisk−3.6 ppof portfolioSold out
  4.0% → —
• Hallador Energy+2.9 ppof portfolioNew
  — → 2.9%
• Crocs−27%fewer sharesReduced
  8.1% → 7.7%
• New ERA Energy & Digital+2.8 ppof portfolioNew
  — → 2.8%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Establishment Labs HoldingsESTA11.7%Since Q1 2025 · 6 quartersDetails ▾
• Celsius HoldingsCELH9.8%Since Q4 2025 · 3 quartersDetails ▾
• Carpenter TechnologyCRS9.0%Since Q2 2024 · 9 quartersDetails ▾
• SharkninjaSN8.3%Since Q1 2025 · 6 quartersDetails ▾
• ARS PharmaceuticalsSPRY8.0%Since Q4 2025 · 3 quartersDetails ▾
• SuncreteRMIX7.8%Since Q2 2026 · 1 quarterDetails ▾
• CrocsCROX7.7%Since at least Q4 2023 · 11 quartersDetails ▾
• Hinge HealthHNGE7.5%Since Q1 2026 · 2 quartersDetails ▾
• CRH publicCRH7.3%Since at least Q4 2023 · 11 quartersDetails ▾
• Sonida Senior LivingSNDA5.8%Since Q1 2026 · 2 quartersDetails ▾
• Edgewise TherapeuticsEWTX5.6%Since Q2 2026 · 1 quarterDetails ▾
• Construction PartnersROAD4.9%Since at least Q4 2023 · 11 quartersDetails ▾
• Hallador EnergyHNRG2.9%Since Q2 2026 · 1 quarterDetails ▾
• New ERA Energy & DigitalNUAI2.8%Since Q2 2026 · 1 quarterDetails ▾
• Rivian AutomotiveRIVN1.1%Since Q1 2026 · 2 quartersDetails ▾

“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.