Eminence Capital
Eminence Capital, led by Ricky Sandler, is a hedge fund known for its fundamental, research-driven investment approach focusing on long-term capital growth. Sandler, who has a reputable track record in the investment community, emphasizes a blend of both value and growth investing strategies. The fund manages approximately $4.36 billion in assets, maintaining a relatively concentrated portfolio.
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 |
|---|---|---|---|---|---|---|---|
| SE | $336.7M | 7.72% | $82.81 | $103.06 | +24.4% | 7.7% | |
| AMZN | $321.5M | 7.37% | $208.27 | $242.93 | +16.6% | 7.4% | |
| PFGC | $318.6M | 7.31% | $85.66 | $112.40 | +31.2% | 7.3% | |
| CPNG | $292.8M | 6.71% | $18.88 | $19.12 | +1.3% | 6.7% | |
| AMD | $239.4M | 5.49% | $203.43 | $569.36 | +179.9% | 5.5% | |
| DT | $196.2M | 4.50% | $36.98 | $45.23 | +22.3% | 4.5% | |
| ABG | $186.8M | 4.28% | $195.41 | $200.91 | +2.8% | 4.3% | |
| LPX | $184.3M | 4.23% | $72.44 | $77.03 | +6.3% | 4.2% | |
| SNPS | $178.1M | 4.08% | $396.48 | $439.70 | +10.9% | 4.1% | |
| FWONK | $168.6M | 3.87% | $85.02 | $99.58 | +17.1% | 3.9% | |
| FERG | $150.6M | 3.45% | $232.37 | $226.50 | -2.5% | 3.5% | |
| WK | $150.3M | 3.45% | $59.63 | $50.87 | -14.7% | 3.5% | |
| THC | $149.1M | 3.42% | $188.71 | $204.73 | +8.5% | 3.4% | |
| VVV | $149.0M | 3.42% | $33.68 | $38.01 | +12.9% | 3.4% | |
| Z | $142.6M | 3.27% | $41.38 | $33.03 | -20.2% | 3.3% | |
| TSM | $142.5M | 3.27% | $337.16 | $456.97 | +35.5% | 3.3% | |
| SGI | $111.8M | 2.56% | $73.73 | $77.01 | +4.5% | 2.6% | |
| BABA | $108.1M | 2.48% | $124.32 | $96.64 | -22.3% | 2.5% | |
| DHR | $106.4M | 2.44% | $189.21 | $190.90 | +0.9% | 2.4% | |
| MDLN | $101.4M | 2.33% | $44.50 | $42.33 | -4.9% | 2.3% | |
| MTN | $91.6M | 2.10% | $126.35 | $138.42 | +9.6% | 2.1% | |
| MGRC | $88.9M | 2.04% | $109.81 | $115.99 | +5.6% | 2.0% | |
| ATMU | $72.8M | 1.67% | $56.71 | $50.13 | -11.6% | 1.7% | |
| AON | $57.8M | 1.32% | $321.93 | $353.38 | +9.8% | 1.3% | |
| MRSH | $55.6M | 1.27% | $172.56 | $173.40 | +0.5% | 1.3% | |
| EL | $50.1M | 1.15% | $71.49 | $83.03 | +16.1% | 1.1% | |
| FLUT | $49.3M | 1.13% | $101.95 | $104.49 | +2.5% | 1.1% | |
| MDB | $39.9M | 0.91% | $244.77 | $351.20 | +43.5% | 0.9% | |
| CWH | $39.8M | 0.91% | $6.83 | $6.96 | +1.9% | 0.9% | |
| PLAY | $25.4M | 0.58% | $10.83 | $10.35 | -4.4% | 0.6% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (8)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| TSM | $142.5M | +35.5% | |
| DHR | $106.4M | +0.9% | |
| MTN | $91.6M | +9.6% | |
| AON | $57.8M | +9.8% | |
| MRSH | $55.6M | +0.5% | |
| EL | $50.1M | +16.1% | |
| MNDY | $17.1M | ||
| U | $15.9M |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| DKNG | $290.4M | |
| GTLB | $289.1M | |
| CRM | $276.2M | |
| JEF | $236.3M | |
| GPK | $192.9M | |
| ELV | $170.8M | |
| LPLA | $157.8M | |
| UNH | $124.9M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| FLUT | $32.3M | +511.4% | +2.5% | |
| SGI | $83.8M | +382.2% | +4.5% | |
| SNPS | $61.0M | +80.2% | +10.9% | |
| Z | $-0.3M | +64.6% | -20.2% | |
| SE | $-0.3M | +53.9% | +24.4% | |
| MDLN | $38.2M | +51.4% | -4.9% | |
| PFGC | $80.5M | +40.5% | +31.2% | |
| FERG | $39.4M | +29.2% | -2.5% |
Trimmed (5)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| RRR | $-77.9M | -74.3% | ||
| ATMU | $-125.8M | -66.5% | -11.6% | |
| LPX | $-142.6M | -37.4% | +6.3% | |
| WK | $-169.4M | -32.0% | -14.7% | |
| MGRC | $-10.8M | -15.1% | +5.6% |
Quarter Activity
During the quarter, Eminence Capital initiated significant new positions in Taiwan Semiconductor Manufacturing Company (TSM), Danaher Corporation (DHR), and Vail Resorts (MTN), reflecting a strategic diversification in their portfolio. The fund also exited substantial stakes in DraftKings (DKNG), GitLab (GTLB), and Salesforce (CRM), indicating a major reallocation of resources. Additionally, there was a notable increase in their position in Flutter Entertainment (FLUT) and a decrease in Red Rock Resorts (RRR), suggesting shifts in sector focus and risk management strategies.
AI Commentary
<p>Eminence Capital's portfolio, with an AUM of $4.36 billion, shows a strong concentration in technology and consumer services. The top holdings include SEA LTD (SE) at 7.7% of the portfolio, AMAZON COM INC (AMZN) at 7.4%, and PERFORMANCE FOOD GROUP CO (PFGC) at 7.3%. Other significant positions are in COUPANG INC (CPNG), ADVANCED MICRO DEVICES INC (AMD), and DYNATRACE INC (DT), indicating a strategic focus on e-commerce, semiconductor, and software sectors. This sector concentration suggests a bullish stance on digital and tech-driven markets, alongside consumer distribution networks.</p> <p>The recent quarter's activity signals a strategic shift in Eminence Capital's investment thesis. The fund initiated substantial new positions in TSM, DHR, MTN, AON, and MRSH, diversifying into sectors like semiconductor manufacturing and insurance. Conversely, the closure of large positions in DKNG, GTLB, CRM, JEF, and GPK might indicate a move away from certain tech and consumer discretionary stocks, possibly due to market saturation or anticipated sector downturns. Notably, the fund increased its stake in SNPS by 80% and SE by 54%, reinforcing its confidence in these companies, while significant reductions in RRR and ATMU suggest a strategic pullback from these areas.</p>