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Hedge fund

Madison Avenue Partners, LP

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1801265

Reported value
$2.3bn
93% in companies we cover
Positions we cover
24
Largest GHC 12.1%
Copy, a year
+23.4%
S&P 500 +14.6%
Copy Sharpe ratio
0.79
S&P 500 0.66

How copying its 13F would have done

$10.0k$20.0k$40.0k 2020202120222023202420252026 $41.0k$24.9k
CopyS&P 500 $10,000 copying Madison Avenue Partners, LP's filed holdings in companies we cover from February 21, 2020, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −37.8% (S&P 500 −31.0%); beta 0.93; alpha +10.2% a year (t = 1.24); last 12 months +94.2% against +12.1%.

Reported value by quarter

Madison Avenue Partners, LP: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $200B $400B $600B Reported value, 2019-12-31: $101.4M Reported value, 2020-03-31: $185.1M Reported value, 2020-06-30: $233.9M Reported value, 2020-09-30: $271.1M Reported value, 2020-12-31: $274.9M Reported value, 2021-03-31: $326.4M Reported value, 2021-06-30: $334.8M Reported value, 2021-09-30: $451.3M Reported value, 2021-12-31: $461.9M Reported value, 2022-03-31: $535.6B Reported value, 2022-06-30: $488.8M Reported value, 2022-09-30: $466.1M Reported value, 2022-12-31: $564.5B Reported value, 2023-03-31: $464.9M Reported value, 2023-06-30: $458.3M Reported value, 2023-09-30: $704.7M Reported value, 2023-12-31: $708.3M Reported value, 2024-03-31: $619.9M Reported value, 2024-06-30: $791.6M Reported value, 2024-09-30: $1.1B Reported value, 2024-12-31: $944.4M Reported value, 2025-03-31: $1.2B Reported value, 2025-06-30: $1.5B Reported value, 2025-09-30: $1.7B Reported value, 2025-12-31: $2.3B Reported value, 2026-03-31: $2.3B Reported value, 2026-06-30: $2.3B 2019-12-31 2021-06-30 2022-12-31 2024-06-30 2026-06-30 $2.3B
View chart data
Period Reported value
2019-12-31 $101.4M
2020-03-31 $185.1M
2020-06-30 $233.9M
2020-09-30 $271.1M
2020-12-31 $274.9M
2021-03-31 $326.4M
2021-06-30 $334.8M
2021-09-30 $451.3M
2021-12-31 $461.9M
2022-03-31 $535.6B
2022-06-30 $488.8M
2022-09-30 $466.1M
2022-12-31 $564.5B
2023-03-31 $464.9M
2023-06-30 $458.3M
2023-09-30 $704.7M
2023-12-31 $708.3M
2024-03-31 $619.9M
2024-06-30 $791.6M
2024-09-30 $1.1B
2024-12-31 $944.4M
2025-03-31 $1.2B
2025-06-30 $1.5B
2025-09-30 $1.7B
2025-12-31 $2.3B
2026-03-31 $2.3B
2026-06-30 $2.3B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
GHCGraham Holdings Co12.11%$281.2m246.4K+0.2%
INVHInvitation Homes10.84%$251.8m8.34MNew
MKLMarkel Group Inc.9.44%$219.4m112.3K+27.8% Added
CPNGCoupang, Inc.9.31%$216.4m12.46M+33.0% Added
MICCMagnum Ice Cream Co N.V.8.16%$189.6m10.89M−4.8% Reduced
SOLVSolventum5.78%$134.3m1.74M−7.2% Reduced
STAAStaar Surgical Co5.16%$119.8m4.18M+71.0% Added
INDVIndivior Pharmaceuticals, Inc.5.08%$117.9m2.87M−33.4% Reduced
LKFTLakefront Biotherapeutics NV4.45%$103.4m3.45M+39.9% Added
GMEDGlobus Medical Inc3.18%$73.9m935.2K+30.3% Added
OCTVOctave Intelligence plc2.96%$68.8m4.22MNew
BTIBritish American Tobacco P.l.c.2.77%$64.4m1.04M−7.2% Reduced
STGWStagwell Inc2.56%$59.5m8.01M0.0%
SANMSanmina Corp2.05%$47.7m188.3KNew
PRIMPrimoris Services Corp1.97%$45.8m462.1KNew
ADArray Digital Infrastructure, Inc.1.73%$40.2m1.11MNew
AIVApartment Investment & Management Co1.58%$36.8m12.37M0.0%
SNDKSandisk0.95%$22.1m9.7K−98.4% Reduced
TPBTurning Point Brands, Inc.0.91%$21.0m247.8K0.0%
SBGISinclair, Inc.0.85%$19.7m1.38M−6.1% Reduced
MAGNMagnera Corp0.66%$15.3m1.30M−18.1% Reduced
MRPMillrose Properties, Inc.0.39%$9.0m298.5KNew
KROSKeros Therapeutics, Inc.0.29%$6.7m626.6K0.0%
MNROMonro, Inc.0.07%$1.6m96.0KNew
CompanyBought (value)Shares
INVHInvitation Homes$251.8m8.34M
OCTVOctave Intelligence plc$68.8m4.22M
CPNGCoupang, Inc.$53.7m3.09M
STAAStaar Surgical Co$49.8m1.73M
MKLMarkel Group Inc.$47.7m24.4K
SANMSanmina Corp$47.7m188.3K
PRIMPrimoris Services Corp$45.8m462.1K
ADArray Digital Infrastructure, Inc.$40.2m1.11M
LKFTLakefront Biotherapeutics NV$29.5m982.6K
GMEDGlobus Medical Inc$17.2m217.7K
MRPMillrose Properties, Inc.$9.0m298.5K
MNROMonro, Inc.$1.6m96.0K
GHCGraham Holdings Co$615,225539
TPBTurning Point Brands, Inc.$8,481100

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
SNDKSandisk−$1.4bn−609.3K
ICLRIcon PLC−$142.0m−1.28M
MOHMolina Healthcare, Inc.−$84.5m−633.9K
INDVIndivior Pharmaceuticals, Inc.−$59.1m−1.44M
WLYJohn Wiley & Sons, Inc.−$25.8m−678.4K
PRMBPrimo Brands Corp−$24.9m−1.32M
DNOWDnow Inc.−$16.3m−1.37M
CBCCentral Bancompany, Inc.−$10.7m−444.9K
SOLVSolventum−$10.4m−134.5K
MICCMagnum Ice Cream Co N.V.−$9.6m−552.9K
PARPAR Technology Corp−$6.0m−447.9K
BTIBritish American Tobacco P.l.c.−$5.0m−80.5K
MAGNMagnera Corp−$3.4m−288.6K
SBGISinclair, Inc.−$1.3m−90.0K
FSPFranklin Street Properties Corp−$717,748−1.08M

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
ICLRIcon PLC$142.0m1.28M
MOHMolina Healthcare, Inc.$84.5m633.9K
WLYJohn Wiley & Sons, Inc.$25.8m678.4K
PRMBPrimo Brands Corp$24.9m1.32M
DNOWDnow Inc.$16.3m1.37M
CBCCentral Bancompany, Inc.$10.7m444.9K
PARPAR Technology Corp$6.0m447.9K
FSPFranklin Street Properties Corp$717,7481.08M
SNSharkninja, Inc.$651,4976.2K
  • Health Care25.7%
  • Consumer Discretionary23.0%
  • Real Estate13.7%
  • Consumer Staples12.7%
  • Financials10.1%
  • Technology6.4%
  • Communication Services5.5%
  • Industrials2.1%
  • Materials0.7%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestFebruary 21, 2020 to November 2, 2026+23.4%+14.6%0.790.66−37.8%0.93
Last three yearsNovember 3, 2023 to November 2, 2026+60.5%+21.8%1.791.16−16.0%0.98
Last yearNovember 7, 2025 to November 2, 2026+75.0%+14.2%2.100.84−11.5%1.18

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.