Birnam Oak Advisors, LP

Portfolio Overview

Birnam Oak Advisors, LP disclosed 35 positions worth $440.6M in its Form 13F-HR for Q1 2026 — $362.9M in common stock plus $77.7M of put/call option positions (reported at underlying notional value, not premium at risk), led by $SPY (SPDR S&P 500 ETF TRUST) puts, followed by $NSC and $GTLS. During the quarter the fund opened 19 new positions and exited 16 — including a new stake in $SPY and a full exit from $CYBR. The portfolio is most concentrated in Industrials (23.5% of disclosed assets). All figures are sourced directly from Birnam Oak Advisors, LP’s Form 13F-HR filing with the SEC under CIK 1997245.

• 

  SPDR S&P 500 ETF TRUST

  $SPY PUT

  —

  Quality

  $58.5M90,000 sh
• 

  NORFOLK SOUTHERN CORP

  $NSC

  70.8#289

  Quality

  $43.6M151,835 sh
• 

  CHART INDUSTRIES INC

  $GTLS

  60.6#843

  Quality

  $41.1M198,940 sh
• 

  Clearwater Analytics Holdings, Inc.

  $CWAN

  50.2

  Quality

  $40.7M1,719,139 sh

• ISHARES TR

  —

  Quality

  $38.3M276,800 sh
• 

  Warner Bros. Discovery, Inc.

  $WBD

  42.1

  Quality

  $33.7M1,227,776 sh
• 

  Penumbra Inc

  $PEN

  69.7

  Quality

  $31.5M95,990 sh
• 

  Kenvue Inc.

  $KVUE

  60.2

  Quality

  $24.3M1,412,271 sh
• 

  Qorvo, Inc.

  $QRVO

  64.3

  Quality

  $18.0M232,010 sh
• 

  INVESCO QQQ TRUST, SERIES 1

  $QQQ PUT

  —

  Quality

  $17.3M30,000 sh

Company	Quality	Value	Shares
SPDR S&P 500 ETF TRUST$SPYPUT	—	$58.5M	90,000
NORFOLK SOUTHERN CORP$NSC	70.8#289	$43.6M	151,835
CHART INDUSTRIES INC$GTLS	60.6#843	$41.1M	198,940
Clearwater Analytics Holdings, Inc.$CWAN	50.2	$40.7M	1,719,139
ISHARES TR	—	$38.3M	276,800
Warner Bros. Discovery, Inc.$WBD	42.1	$33.7M	1,227,776
Penumbra Inc$PEN	69.7	$31.5M	95,990
Kenvue Inc.$KVUE	60.2	$24.3M	1,412,271
Qorvo, Inc.$QRVO	64.3	$18.0M	232,010
INVESCO QQQ TRUST, SERIES 1$QQQPUT	—	$17.3M	30,000

Showing top 10 of 35 holdings.

Full Holdings — Birnam Oak Advisors, LP (Q1 2026)

All 35 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	$SPYPUT	SPDR S&P 500 ETF TRUST	$58.5M	—	NEW	—
2	$NSC	NORFOLK SOUTHERN CORP	$43.6M	12.0%	+24%	70.8
3	$GTLS	CHART INDUSTRIES INC	$41.1M	11.3%	+65%	60.6
4	$CWAN	Clearwater Analytics Holdings, Inc.	$40.7M	11.2%	NEW	50.2
5	—	ISHARES TR	$38.3M	10.6%	+0%	—
6	$WBD	Warner Bros. Discovery, Inc.	$33.7M	9.3%	NEW	42.1
7	$PEN	Penumbra Inc	$31.5M	8.7%	NEW	69.7
8	$KVUE	Kenvue Inc.	$24.3M	6.7%	NEW	60.2
9	$QRVO	Qorvo, Inc.	$18.0M	5.0%	NEW	64.3
10	$QQQPUT	INVESCO QQQ TRUST, SERIES 1	$17.3M	—	NEW	—
11	$ECHO	EchoStar CORP	$17.1M	4.7%	+6%	29.5
12	$RVMD	Revolution Medicines, Inc.	$15.5M	4.3%	NEW	—
13	$UNF	UNIFIRST CORP	$12.9M	3.5%	NEW	48.4
14	$TXNM	TXNM ENERGY INC	$8.6M	2.4%	-61%	57.8
15	$BRK.B	BERKSHIRE HATHAWAY INC	$6.7M	1.9%	-13%	64.5
16	—	VANGUARD INDEX FDS	$6.5M	1.8%	-13%	—
17	—	ISHARES TR	$3.9M	1.1%	+0%	—
18	—	J P MORGAN EXCHANGE TRADED F	$3.8M	1.0%	+0%	—
19	$SPY	SPDR S&P 500 ETF TRUST	$3.3M	0.9%	NEW	—
20	—	VANGUARD INTL EQUITY INDEX F	$2.9M	0.8%	-22%	—
21	$AMZN	AMAZON COM INC	$2.0M	0.6%	-24%	74.6
22	—	VANGUARD INDEX FDS	$2.0M	0.5%	+0%	—
23	$BNOCALL	United States Brent Oil Fund, LP	$1.1M	—	NEW	—
24	$MSFT	MICROSOFT CORP	$1.1M	0.3%	-50%	83.7
25	—	ISHARES TR	$1.1M	0.3%	-50%	—
26	$GS	GOLDMAN SACHS GROUP INC	$845,990	0.2%	NEW	—
27	$CZRCALL	Caesars Entertainment, Inc.	$726,825	—	NEW	44.3
28	$COF	CAPITAL ONE FINANCIAL CORP	$699,254	0.2%	-81%	71
29	$MS	MORGAN STANLEY	$658,280	0.2%	NEW	—
30	$V	VISA INC.	$604,480	0.2%	NEW	83.5
31	$JPM	JPMORGAN CHASE & CO	$588,320	0.2%	NEW	35.6
32	$VLRS	Controladora Vuela Compania de Aviacion, S.A.B. de C.V.	$544,144	0.1%	NEW	—
33	—	ISHARES INC	$337,760	0.1%	+0%	—
34	$AXP	AMERICAN EXPRESS CO	$302,480	0.1%	NEW	73.2
35	$FLL	FULL HOUSE RESORTS INC	$22,501	0.0%	NEW	33.9