Discovery Capital Management
Discovery Capital Management, founded by Robert Citrone, is known for its focus on global macroeconomic trends and its application of a fundamental analysis approach to investing. Citrone, a former portfolio manager at Fidelity Investments and Tiger Management, has built a reputation for his expertise in emerging markets and technology sectors. The firm's investment philosophy emphasizes identifying undervalued opportunities that benefit from broader economic shifts.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| SNDK | $116.7M | 6.06% | $635.34 | $1560.11 | +145.6% | 6.1% | |
| AMX | $113.2M | 5.88% | $25.48 | $26.14 | +2.6% | 5.9% | |
| MU | $93.3M | 4.85% | $337.79 | $910.65 | +169.6% | 4.8% | |
| ON | $87.3M | 4.53% | $61.92 | $90.29 | +45.8% | 4.5% | |
| METC | $85.2M | 4.43% | $15.46 | $11.90 | -23.0% | 4.4% | |
| CAR | $80.0M | 4.16% | $145.85 | $154.12 | +5.7% | 4.2% | |
| TV | $65.2M | 3.38% | $2.91 | $2.74 | -5.8% | 3.4% | |
| LRCX | $63.7M | 3.31% | $213.51 | $320.48 | +50.1% | 3.3% | |
| IREN | $62.9M | 3.27% | $34.28 | $40.13 | +17.1% | 3.3% | |
| JBS | $60.4M | 3.14% | $16.63 | $12.23 | -26.5% | 3.1% | |
| IFS | $53.1M | 2.76% | $48.23 | $58.06 | +20.4% | 2.8% | |
| VNET | $50.4M | 2.62% | $8.39 | $7.71 | -8.1% | 2.6% | |
| COF | $49.0M | 2.55% | $181.65 | $203.71 | +12.1% | 2.5% | |
| SATS | $48.3M | 2.51% | $117.07 | $101.50 | -13.3% | 2.5% | |
| BAP | $47.7M | 2.48% | $323.87 | $386.99 | +19.5% | 2.5% | |
| JPM | $45.5M | 2.36% | $291.35 | $338.65 | +16.2% | 2.4% | |
| COMP | $44.4M | 2.31% | $7.31 | $12.10 | +65.5% | 2.3% | |
| GGAL | $40.6M | 2.11% | $45.83 | $51.47 | +12.3% | 2.1% | |
| CX | $39.8M | 2.07% | $11.41 | $12.02 | +5.3% | 2.1% | |
| PPTA | $36.7M | 1.91% | $28.12 | $19.81 | -29.6% | 1.9% | |
| GENI | $33.0M | 1.72% | $4.43 | $6.51 | +47.0% | 1.7% | |
| NU | $32.2M | 1.67% | $14.37 | $13.67 | -4.9% | 1.7% | |
| PSN | $27.0M | 1.40% | $54.17 | $56.83 | +4.9% | 1.4% | |
| QXO | $26.7M | 1.39% | $19.42 | $15.35 | -21.0% | 1.4% | |
| PRMB | $26.4M | 1.37% | $18.83 | $24.92 | +32.3% | 1.4% | |
| AMZN | $25.9M | 1.35% | $208.27 | $245.65 | +17.9% | 1.4% | |
| YPF | $24.9M | 1.29% | $46.22 | $47.22 | +2.2% | 1.3% | |
| IBIT | $24.7M | 1.28% | $38.42 | $35.95 | -6.4% | 1.3% | |
| ULTA | $24.4M | 1.27% | $522.71 | $452.95 | -13.3% | 1.3% | |
| GEO | $24.0M | 1.25% | $16.81 | $29.14 | +73.3% | 1.3% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (8)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| SNDK | $116.7M | +145.6% | |
| ON | $87.3M | +45.8% | |
| CAR | $80.0M | +5.7% | |
| IFS | $53.1M | +20.4% | |
| ULTA | $24.4M | -13.3% | |
| VLO | $21.0M | ||
| LNG | $19.1M | ||
| ROST | $15.5M |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| AMKR | $103.2M | |
| COHR | $60.7M | |
| GDS | $49.8M | |
| EAT | $35.9M | |
| TTWO | $35.0M | |
| AVGO | $28.8M | |
| AMD | $28.1M | |
| META | $27.7M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| IBIT | $24.4M | +9331.9% | -6.4% | |
| SHY | $4.0M | +594.6% | ||
| NU | $25.1M | +424.6% | -4.9% | |
| AMZN | $15.9M | +187.3% | +17.9% | |
| MU | $63.2M | +162.4% | +169.6% | |
| SATS | $29.5M | +138.3% | -13.3% | |
| BBAR | $8.1M | +124.8% | ||
| YPF | $15.1M | +99.3% | +2.2% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| HDB | $-23.1M | -75.8% | ||
| JPM | $-27.7M | -31.9% | +16.2% | |
| IREN | $-34.7M | -29.0% | +17.1% | |
| CLF | $-14.0M | -26.8% | ||
| PRMB | $-2.0M | -19.4% | +32.3% | |
| AEM | $0.2M | -14.1% | ||
| CHDN | $-4.8M | -5.2% | ||
| VNET | $-3.0M | -4.9% | -8.1% |
Quarter Activity
During the quarter, Discovery Capital Management initiated significant new positions in SNDK, ON, and CAR, with investments totaling $117 million, $87 million, and $80 million respectively. The fund also exited several positions, including AMKR and COHR, where the exits were valued at $103 million and $61 million. Notably, the fund increased its stake in IBIT dramatically, adding approximately $9332 million to this position, while reducing its holdings in HDB and JPM by $76 million and $32 million, respectively.
AI Commentary
<p>Discovery Capital Management's current portfolio highlights a strong focus on the technology and semiconductor sectors, with top positions in SANDISK CORP (SNDK) at $117M (6.1% of the portfolio), MICRON TECHNOLOGY INC (MU) at $93M (4.8%), and ON SEMICONDUCTOR CORP (ON) at $87M (4.5%). Additionally, the fund holds significant stakes in telecommunications and media through AMERICA MOVIL SAB DE CV (AMX) and GRUPO TELEVISA S A B (TV), indicating a diversified interest in technology-driven sectors. The inclusion of AVIS BUDGET GROUP INC (CAR) and RAMACO RES INC (METC) suggests a strategic allocation to consumer services and materials sectors as well.</p> <p>The recent quarter's activity shows a strategic shift in Discovery Capital Management's investment approach. The initiation of substantial new positions in SNDK, ON, and CAR, alongside the closure of positions in AMKR, COHR, and GDS, signals a pivot towards companies with strong technological or consumer service foundations. The significant increases in positions like IBIT and SHY indicate a bullish outlook on specific tech and financial instruments, while the reductions in HDB and JPM suggest a more cautious stance on certain banking stocks. This rebalancing reflects a nuanced view on sectoral growth prospects and potential market shifts.</p>