Incision Capital Management LP
SAN FRANCISCO, CA
$103m in 5 US stocks at the end of 30 June 2026. The top 10 are 100.0% of the money. It changed about 16.9% of the portfolio this quarter.
Value
$103m
Stocks
5
Top 10 share
100.0%
Turnover
16.9%
What changed this quarter
New
Bought for the first time this quarter.
- Eldorado GoldEGO15.1% of the fund
Added
Bought more of a stock they already held.
- SeaSE30.2% of the fund+5%
Cut
Sold some of their stake.
- CrocsCROX24.5% of the fund-40%
- Teck ResourcesTECK18.7% of the fund-13%
- Expand EnergyEXE11.5% of the fund-13%
Sold out
Sold their entire stake.
None this quarter.
Holdings
- SeaSE
- Share
- 30.2%
- Value
- $31m
- Shares
- 325,000
+5%
- Teck ResourcesTECK
- Share
- 18.7%
- Value
- $19m
- Shares
- 325,000
-13%
- Eldorado GoldEGO
- Share
- 15.1%
- Value
- $16m
- Shares
- 500,000
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| SeaSE | 30.2% | $31m | 325,000 | +5% |
| CrocsCROX | 24.5% | $25m | 210,000 | -40% |
| Teck ResourcesTECK | 18.7% | $19m | 325,000 | -13% |
| Eldorado GoldEGO | 15.1% | $16m | 500,000 | New |
| Expand EnergyEXE | 11.5% | $12m | 130,000 | -13% |
Over time and by industry
Value over time
Dec '25
Jun '26
Value is down 6.3% since 31 December 2025.
Where the money is
Materials33.8%
Retail & consumer24.5%
Energy11.5%
Other30.2%
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.