Flax Pond Capital

MERION STATION, PAfiles as FLAX POND CAPITAL, LLC

$270m in 59 US stocks at the end of 30 June 2026. The top 10 are 45.4% of the money. It changed about 9.2% of the portfolio this quarter.

Value

$270m

Stocks

Top 10 share

45.4%

Turnover

9.2%

What changed this quarter

New

Bought for the first time this quarter.

Kraneshares TrustKWEB
1.0% of the fund
ComcastCMCSA
0.6% of the fund
Planet FitnessPLNT
0.5% of the fund
New Mountain FinanceNMFC
0.4% of the fund
ExxonMobil HoldingsXOM
0.2% of the fund
General MillsGIS
0.2% of the fund
T-Mobile USTMUS
<0.1% of the fund

Added

Bought more of a stock they already held.

Spdr Gold TRGLD
9.3% of the fund
+101%
Murphy OilMUR
5.1% of the fund
+100%
Eagle Point IncomeEIC
4.7% of the fund
+117%
Xplr Infrastructure LPXIFR
4.4% of the fund
+83%
Driven Brands HoldingsDRVN
4.4% of the fund
+107%
IsharesEWZ
3.8% of the fund
+110%
uniQureQURE
3.7% of the fund
+114%
Americold Realty TrustCOLD
3.6% of the fund
+100%
Barrick MiningB
3.2% of the fund
+106%
NexPoint Residential TrustNXRT
3.2% of the fund
+101%
NewmontNEM
3.2% of the fund
+104%
Royal GoldRGLD
3.1% of the fund
+102%
Alexandria Real Estate EquitiesARE
3.1% of the fund
+189%
AngiANGI
2.9% of the fund
+152%
BCEBCE
2.5% of the fund
+45%
Edap TMS S AFOCL
2.5% of the fund
+95%
ComstockLODE
2.5% of the fund
+120%
Joint Stock Co Kaspi.kzKSPI
2.5% of the fund
+102%
GeoParkGPRK
2.1% of the fund
+69%
Saba Capital Income & Opportunities FundBRW
2.0% of the fund
+100%
Dimensional ETF TrustDFAX
1.9% of the fund
+116%
Saba Capital Income & Opportunities Fund IISABA
1.9% of the fund
+105%
LimoneiraLMNR
1.7% of the fund
+108%
People Inc.PPLI
1.6% of the fund
+100%
Vermilion EnergyVET
1.5% of the fund
+171%

Cut

Sold some of their stake.

None this quarter.

Sold out

Sold their entire stake.

Twist BioscienceTWST
-100%
Forward AirFWRD
-100%
Pinterest
-100%
Ur-EnergyURG
-100%
NexgelNXGL
-100%
Alibaba Group HldgBABA
-100%
Hudson PAC Pptys
-100%
PureCycle TechnologiesPCT
-100%
Sigma LithiumSGML
-100%
ArvinasARVN
-100%

Holdings

Spdr Gold TRGLD
Share
9.3%
Value
$25m
Shares
62,914
+101%
Murphy OilMUR
Share
5.1%
Value
$14m
Shares
375,212
+100%
Eagle Point IncomeEIC
Share
4.7%
Value
$13m
Shares
1,306,307
+117%
Xplr Infrastructure LPXIFR
Share
4.4%
Value
$12m
Shares
1,065,468
+83%
Driven Brands HoldingsDRVN
Share
4.4%
Value
$12m
Shares
891,790
+107%
IsharesEWZ
Share
3.8%
Value
$10m
Shares
285,026
+110%
uniQureQURE
Share
3.7%
Value
$10m
Shares
324,757
+114%
Americold Realty TrustCOLD
Share
3.6%
Value
$10m
Shares
710,826
+100%
Barrick MiningB
Share
3.2%
Value
$9m
Shares
222,586
+106%
NexPoint Residential TrustNXRT
Share
3.2%
Value
$9m
Shares
324,857
+101%
NewmontNEM
Share
3.2%
Value
$9m
Shares
84,805
+104%
Royal GoldRGLD
Share
3.1%
Value
$8m
Shares
37,050
+102%
Alexandria Real Estate EquitiesARE
Share
3.1%
Value
$8m
Shares
166,010
+189%
AngiANGI
Share
2.9%
Value
$8m
Shares
1,225,053
+152%
BCEBCE
Share
2.5%
Value
$7m
Shares
284,305
+45%
Edap TMS S AFOCL
Share
2.5%
Value
$7m
Shares
1,525,676
+95%
ComstockLODE
Share
2.5%
Value
$7m
Shares
1,871,105
+120%
Joint Stock Co Kaspi.kzKSPI
Share
2.5%
Value
$7m
Shares
82,608
+102%
GeoParkGPRK
Share
2.1%
Value
$6m
Shares
595,116
+69%
Saba Capital Income & Opportunities FundBRW
Share
2.0%
Value
$5m
Shares
811,572
+100%
Dimensional ETF TrustDFAX
Share
1.9%
Value
$5m
Shares
147,718
+116%
Saba Capital Income & Opportunities Fund IISABA
Share
1.9%
Value
$5m
Shares
613,004
+105%
LimoneiraLMNR
Share
1.7%
Value
$5m
Shares
355,140
+108%
People Inc.PPLI
Share
1.6%
Value
$4m
Shares
102,210
+100%
Vermilion EnergyVET
Share
1.5%
Value
$4m
Shares
372,485
+171%
Structure TherapeuticsGPCR
Share
1.4%
Value
$4m
Shares
73,000
+103%
WeyerhaeuserWY
Share
1.3%
Value
$3m
Shares
140,420
+99%
Nurix TherapeuticsNRIX
Share
1.2%
Value
$3m
Shares
162,600
+103%
Ultragenyx PharmaceuticalRARE
Share
1.2%
Value
$3m
Shares
114,776
+103%
IDEAYA BiosciencesIDYA
Share
1.1%
Value
$3m
Shares
81,744
+108%
Kraneshares TrustKWEB
Share
1.0%
Value
$3m
Shares
115,133
New
Genesis Energy L PGEL
Share
1.0%
Value
$3m
Shares
170,464
+100%
Global PaymentsGPN
Share
0.9%
Value
$2m
Shares
34,595
+127%
Jd.comJD
Share
0.9%
Value
$2m
Shares
85,634
+102%
Revolution MedicinesRVMD
Share
0.8%
Value
$2m
Shares
16,266
+105%
Organogenesis HoldingsORGO
Share
0.7%
Value
$2m
Shares
842,682
+101%
Kyndryl HoldingsKD
Share
0.7%
Value
$2m
Shares
173,820
+17282%
Nomad FoodsNOMD
Share
0.6%
Value
$2m
Shares
164,600
+105%
Bicycle TherapeuticsBCYC
Share
0.6%
Value
$2m
Shares
376,222
+114%
ComcastCMCSA
Share
0.6%
Value
$2m
Shares
66,260
New
James River Group HoldingsJRVR
Share
0.6%
Value
$2m
Shares
328,574
+2214%
Five Point HoldingsFPH
Share
0.5%
Value
$1m
Shares
290,937
+105%
LyondellBasell IndustriesLYB
Share
0.5%
Value
$1m
Shares
21,184
+103%
Planet FitnessPLNT
Share
0.5%
Value
$1m
Shares
25,722
New
Energy Transfer L PET
Share
0.4%
Value
$1m
Shares
62,700
+132%
New Mountain FinanceNMFC
Share
0.4%
Value
$1m
Shares
156,299
New
ASA Gold & Precious MetalsASA
Share
0.4%
Value
$1m
Shares
19,008
+100%
COMPASS PathwaysCMPS
Share
0.4%
Value
$1m
Shares
109,182
+108%
PTC TherapeuticsPTCT
Share
0.3%
Value
$898,200
Shares
12,000
+100%
ExxonMobil HoldingsXOM
Share
0.3%
Value
$786,204
Shares
4,634
Held
ExxonMobil HoldingsXOM
Share
0.2%
Value
$633,560
Shares
4,634
New
General MillsGIS
Share
0.2%
Value
$498,336
Shares
14,320
New
CadizCDZI
Share
0.2%
Value
$480,819
Shares
105,630
+96%
enCore EnergyEU
Share
0.1%
Value
$396,929
Shares
268,483
+413%
Terrestrial EnergyIMSR
Share
<0.1%
Value
$239,385
Shares
37,000
+131%
T-Mobile USTMUS
Share
<0.1%
Value
$236,332
Shares
1,409
New
BrandywineGLOBAL-Global Income Opportunities FundBWG
Share
<0.1%
Value
$234,150
Shares
30,000
+100%
Johnson & JohnsonJNJ
Share
<0.1%
Value
$213,152
Shares
872
Held
Ishares TREIDO
Share
<0.1%
Value
$157,900
Shares
10,000
Held

Company	Share of fund	Value	Shares	Change
Spdr Gold TRGLD	9.3%	$25m	62,914	+101%
Murphy OilMUR	5.1%	$14m	375,212	+100%
Eagle Point IncomeEIC	4.7%	$13m	1,306,307	+117%
Xplr Infrastructure LPXIFR	4.4%	$12m	1,065,468	+83%
Driven Brands HoldingsDRVN	4.4%	$12m	891,790	+107%
IsharesEWZ	3.8%	$10m	285,026	+110%
uniQureQURE	3.7%	$10m	324,757	+114%
Americold Realty TrustCOLD	3.6%	$10m	710,826	+100%
Barrick MiningB	3.2%	$9m	222,586	+106%
NexPoint Residential TrustNXRT	3.2%	$9m	324,857	+101%
NewmontNEM	3.2%	$9m	84,805	+104%
Royal GoldRGLD	3.1%	$8m	37,050	+102%
Alexandria Real Estate EquitiesARE	3.1%	$8m	166,010	+189%
AngiANGI	2.9%	$8m	1,225,053	+152%
BCEBCE	2.5%	$7m	284,305	+45%
Edap TMS S AFOCL	2.5%	$7m	1,525,676	+95%
ComstockLODE	2.5%	$7m	1,871,105	+120%
Joint Stock Co Kaspi.kzKSPI	2.5%	$7m	82,608	+102%
GeoParkGPRK	2.1%	$6m	595,116	+69%
Saba Capital Income & Opportunities FundBRW	2.0%	$5m	811,572	+100%
Dimensional ETF TrustDFAX	1.9%	$5m	147,718	+116%
Saba Capital Income & Opportunities Fund IISABA	1.9%	$5m	613,004	+105%
LimoneiraLMNR	1.7%	$5m	355,140	+108%
People Inc.PPLI	1.6%	$4m	102,210	+100%
Vermilion EnergyVET	1.5%	$4m	372,485	+171%
Structure TherapeuticsGPCR	1.4%	$4m	73,000	+103%
WeyerhaeuserWY	1.3%	$3m	140,420	+99%
Nurix TherapeuticsNRIX	1.2%	$3m	162,600	+103%
Ultragenyx PharmaceuticalRARE	1.2%	$3m	114,776	+103%
IDEAYA BiosciencesIDYA	1.1%	$3m	81,744	+108%
Kraneshares TrustKWEB	1.0%	$3m	115,133	New
Genesis Energy L PGEL	1.0%	$3m	170,464	+100%
Global PaymentsGPN	0.9%	$2m	34,595	+127%
Jd.comJD	0.9%	$2m	85,634	+102%
Revolution MedicinesRVMD	0.8%	$2m	16,266	+105%
Organogenesis HoldingsORGO	0.7%	$2m	842,682	+101%
Kyndryl HoldingsKD	0.7%	$2m	173,820	+17282%
Nomad FoodsNOMD	0.6%	$2m	164,600	+105%
Bicycle TherapeuticsBCYC	0.6%	$2m	376,222	+114%
ComcastCMCSA	0.6%	$2m	66,260	New
James River Group HoldingsJRVR	0.6%	$2m	328,574	+2214%
Five Point HoldingsFPH	0.5%	$1m	290,937	+105%
LyondellBasell IndustriesLYB	0.5%	$1m	21,184	+103%
Planet FitnessPLNT	0.5%	$1m	25,722	New
Energy Transfer L PET	0.4%	$1m	62,700	+132%
New Mountain FinanceNMFC	0.4%	$1m	156,299	New
ASA Gold & Precious MetalsASA	0.4%	$1m	19,008	+100%
COMPASS PathwaysCMPS	0.4%	$1m	109,182	+108%
PTC TherapeuticsPTCT	0.3%	$898,200	12,000	+100%
ExxonMobil HoldingsXOM	0.3%	$786,204	4,634	Held
ExxonMobil HoldingsXOM	0.2%	$633,560	4,634	New
General MillsGIS	0.2%	$498,336	14,320	New
CadizCDZI	0.2%	$480,819	105,630	+96%
enCore EnergyEU	0.1%	$396,929	268,483	+413%
Terrestrial EnergyIMSR	<0.1%	$239,385	37,000	+131%
T-Mobile USTMUS	<0.1%	$236,332	1,409	New
BrandywineGLOBAL-Global Income Opportunities FundBWG	<0.1%	$234,150	30,000	+100%
Johnson & JohnsonJNJ	<0.1%	$213,152	872	Held
Ishares TREIDO	<0.1%	$157,900	10,000	Held

Over time and by industry

Value over time

Dec '25

Jun '26

Value is up 100.9% since 31 December 2025.

Where the money is

Materials12.6%

Real estate11.7%

Health care9.5%

Energy9.2%

Media & telecom6.1%

Retail & consumer4.9%

Technology4.8%

Everyday goods2.6%

Financial services1.5%

Utilities0.2%

Industrials0.1%

Other36.9%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.