Gambit Capital Management, LLC

Portfolio Overview

Gambit Capital Management, LLC disclosed 90 positions worth $145.2M in its Form 13F-HR for Q1 2026 — $139.5M in common stock plus $5.8M of put/call option positions (reported at underlying notional value, not premium at risk), led by $LLY (ELI LILLY & Co) at 17.1% of the equity portfolio. During the quarter the fund opened 7 new positions and exited 6 — including a new stake in $LLY and a full exit from $FBTC. The portfolio is most concentrated in Other (57.8% of disclosed assets). All figures are sourced directly from Gambit Capital Management, LLC’s Form 13F-HR filing with the SEC under CIK 2107464.

• 

  ELI LILLY & Co

  $LLY

  89.3#2

  Quality

  $23.9M26,000 sh

• VANGUARD INDEX FDS

  —

  Quality

  $11.8M19,808 sh
• 

  SPDR S&P 500 ETF TRUST

  $SPY

  —

  Quality

  $11.5M17,679 sh

• SPDR SERIES TRUST

  —

  Quality

  $10.8M141,116 sh

• SCHWAB STRATEGIC TR

  —

  Quality

  $5.8M225,731 sh
• 

  Invesco Ltd.

  $IVZ

  —

  Quality

  $5.2M27,097 sh

• ISHARES TR

  —

  Quality

  $4.2M21,767 sh

• SPDR INDEX SHS FDS

  —

  Quality

  $4.1M88,733 sh

• ISHARES TR

  —

  Quality

  $3.9M40,294 sh
• 

  ELI LILLY & Co

  $LLY PUT

  89.3

  Quality

  $2.8M3,000 sh

Company	Quality	Value	Shares
ELI LILLY & Co$LLY	89.3#2	$23.9M	26,000
VANGUARD INDEX FDS	—	$11.8M	19,808
SPDR S&P 500 ETF TRUST$SPY	—	$11.5M	17,679
SPDR SERIES TRUST	—	$10.8M	141,116
SCHWAB STRATEGIC TR	—	$5.8M	225,731
Invesco Ltd.$IVZ	—	$5.2M	27,097
ISHARES TR	—	$4.2M	21,767
SPDR INDEX SHS FDS	—	$4.1M	88,733
ISHARES TR	—	$3.9M	40,294
ELI LILLY & Co$LLYPUT	89.3	$2.8M	3,000

Showing top 10 of 90 holdings.

Full Holdings — Gambit Capital Management, LLC (Q1 2026)

All 90 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	$LLY	ELI LILLY & Co	$23.9M	17.1%	+6%	89.3
2	—	VANGUARD INDEX FDS	$11.8M	8.5%	-12%	—
3	$SPY	SPDR S&P 500 ETF TRUST	$11.5M	8.2%	-2%	—
4	—	SPDR SERIES TRUST	$10.8M	7.7%	+43%	—
5	—	SCHWAB STRATEGIC TR	$5.8M	4.2%	-3%	—
6	$IVZ	Invesco Ltd.	$5.2M	3.7%	NEW	—
7	—	ISHARES TR	$4.2M	3.0%	-11%	—
8	—	SPDR INDEX SHS FDS	$4.1M	2.9%	+99%	—
9	—	ISHARES TR	$3.9M	2.8%	+53%	—
10	$LLYPUT	ELI LILLY & Co	$2.8M	—	NEW	89.3
11	—	SPDR SERIES TRUST	$2.5M	1.8%	-60%	—
12	$AAPL	Apple Inc.	$2.3M	1.7%	-4%	76.1
13	$SPYPUT	SPDR S&P 500 ETF TRUST	$2.1M	—	NEW	—
14	$BRK.B	BERKSHIRE HATHAWAY INC	$2.1M	1.5%	-2%	64.5
15	—	SPDR SERIES TRUST	$1.8M	1.3%	+7%	—
16	—	SPDR SERIES TRUST	$1.8M	1.3%	-17%	—
17	—	SCHWAB STRATEGIC TR	$1.8M	1.3%	+38%	—
18	$MSFT	MICROSOFT CORP	$1.7M	1.2%	+0%	83.7
19	—	SCHWAB STRATEGIC TR	$1.7M	1.2%	-70%	—
20	$IVZ	Invesco Ltd.	$1.7M	1.2%	+13%	—
21	$ETHA	iShares Ethereum Trust ETF	$1.6M	1.2%	NEW	—
22	$IVZ	Invesco Ltd.	$1.6M	1.1%	-16%	—
23	—	SCHWAB STRATEGIC TR	$1.5M	1.1%	-4%	—
24	—	ISHARES TR	$1.3M	0.9%	-39%	—
25	$AMZN	AMAZON COM INC	$1.3M	0.9%	+18%	74.6
26	$GOOG	Alphabet Inc.	$1.2M	0.9%	-7%	80.2
27	$NVDA	NVIDIA CORP	$1.2M	0.9%	-5%	90.2
28	$GLDM	World Gold Trust	$1.2M	0.9%	-1%	—
29	$JPM	JPMORGAN CHASE & CO	$1.1M	0.8%	-2%	35.6
30	$IVZ	Invesco Ltd.	$1.1M	0.8%	+81%	—
31	—	VANGUARD BD INDEX FDS	$957,025	0.7%	NEW	—
32	—	SIMPLIFY EXCHANGE TRADED FUN	$953,453	0.7%	+13%	—
33	$APG	APi Group Corp	$926,004	0.7%	-6%	61.3
34	$MDY	SPDR S&P MIDCAP 400 ETF TRUST	$919,726	0.7%	-54%	—
35	—	ISHARES TR	$911,423	0.7%	+10%	—
36	—	DIMENSIONAL ETF TRUST	$856,309	0.6%	-0%	—
37	$SPYCALL	SPDR S&P 500 ETF TRUST	$845,442	—	NEW	—
38	—	VANGUARD INDEX FDS	$796,250	0.6%	+165%	—
39	$WT	WisdomTree, Inc.	$761,836	0.6%	-9%	62.9
40	—	ISHARES TR	$712,043	0.5%	-47%	—
41	—	SCHWAB STRATEGIC TR	$701,509	0.5%	+57%	—
42	$COST	COSTCO WHOLESALE CORP /NEW	$670,598	0.5%	-6%	67
43	—	VANGUARD INDEX FDS	$666,978	0.5%	-0%	—
44	—	SPDR SERIES TRUST	$612,975	0.4%	-75%	—
45	—	VANGUARD INSTL INDEX FD	$611,857	0.4%	NEW	—
46	—	PIMCO ETF TR	$607,539	0.4%	-3%	—
47	$META	Meta Platforms, Inc.	$570,986	0.4%	-14%	80.9
48	$SCHW	SCHWAB CHARLES CORP	$554,388	0.4%	+0%	77.2
49	$ABBV	AbbVie Inc.	$551,554	0.4%	-2%	59.3
50	—	SELECT SECTOR SPDR TR	$545,023	0.4%	+1%	—
51	—	AMERICAN CENTY ETF TR	$544,617	0.4%	-34%	—
52	$TSLA	Tesla, Inc.	$518,963	0.4%	-4%	50.1
53	—	SPDR INDEX SHS FDS	$510,850	0.4%	+32%	—
54	$AVGO	Broadcom Inc.	$498,001	0.4%	-6%	86.4
55	—	SCHWAB STRATEGIC TR	$493,509	0.3%	-92%	—
56	—	SCHWAB STRATEGIC TR	$482,350	0.3%	-43%	—
57	—	SELECT SECTOR SPDR TR	$476,113	0.3%	-4%	—
58	$JNJ	JOHNSON & JOHNSON	$474,947	0.3%	-34%	72.8
59	$GOOGL	Alphabet Inc.	$464,713	0.3%	+0%	80.2
60	—	JANUS DETROIT STR TR	$458,065	0.3%	-84%	—
61	—	SCHWAB STRATEGIC TR	$457,093	0.3%	-15%	—
62	$NFLX	NETFLIX INC	$434,982	0.3%	-4%	86.7
63	—	VANGUARD INTL EQUITY INDEX F	$420,887	0.3%	-5%	—
64	$NUE	NUCOR CORP	$416,831	0.3%	+0%	58.9
65	$DOV	DOVER Corp	$403,894	0.3%	+0%	63.1
66	$V	VISA INC.	$392,912	0.3%	-20%	83.5
67	—	VANGUARD INDEX FDS	$373,563	0.3%	+25%	—
68	$GLD	SPDR GOLD TRUST	$351,547	0.3%	-4%	—
69	—	ISHARES TR	$351,357	0.3%	-39%	—
70	—	PACER FDS TR	$333,593	0.2%	-2%	—
71	—	AMERICAN CENTY ETF TR	$329,603	0.2%	+0%	—
72	$RTX	RTX Corp	$328,702	0.2%	+1%	70
73	—	VANGUARD INDEX FDS	$311,357	0.2%	-20%	—
74	$WMT	Walmart Inc.	$308,463	0.2%	-18%	63.2
75	—	ISHARES TR	$297,567	0.2%	-75%	—
76	$ORCL	ORACLE CORP	$288,483	0.2%	-4%	67.2
77	$XOM	EXXON MOBIL CORP	$265,688	0.2%	-21%	61.8
78	$AAAU	Goldman Sachs Physical Gold ETF	$261,297	0.2%	NEW	—
79	$MA	Mastercard Inc	$257,884	0.2%	-19%	81.7
80	$CAH	CARDINAL HEALTH INC	$255,474	0.2%	-14%	58.6
81	$ABT	ABBOTT LABORATORIES	$254,006	0.2%	-6%	67
82	$IBM	INTERNATIONAL BUSINESS MACHINES CORP	$252,086	0.2%	-1%	66.7
83	$LRCX	LAM RESEARCH CORP	$249,769	0.2%	-28%	82.4
84	$CBOE	Cboe Global Markets, Inc.	$220,640	0.2%	-7%	81.2
85	$FERG	Ferguson Enterprises Inc. /DE/	$214,832	0.1%	-11%	58.9
86	$MMM	3M CO	$212,617	0.1%	-6%	60.7
87	—	SCHWAB STRATEGIC TR	$207,122	0.1%	-80%	—
88	$UNP	UNION PACIFIC CORP	$205,257	0.1%	-18%	74
89	—	SELECT SECTOR SPDR TR	$201,735	0.1%	-83%	—
90	$PCT	PureCycle Technologies, Inc.	$99,648	0.1%	+0%	26.6