13F HOLDINGS REPORT
III Capital Management
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001783139-26-000002
Total Value
$679.4M
Positions
55
Other Managers
0
Confidential Omitted
No
Holdings (55)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | SPDR S&P 500 ETF TR | SPY | 438,886 | $299.3M | 44.05% |
| 2 | SELECT SECTOR SPDR TR | 81369Y506 | 1,435,744 | $64.4M | 9.48% |
| 3 | SELECT SECTOR SPDR TR | 81369Y506 | 911,680 | $40.9M | 6.02% |
| 4 | SELECT SECTOR SPDR TR | 81369Y605 | 608,198 | $33.7M | 4.95% |
| 5 | KRANESHARES TRUST | 500767306 | 850,900 | $29.0M | 4.26% |
| 6 | ISHARES TR | 464287242 | 229,000 | $25.2M | 3.71% |
| 7 | SELECT SECTOR SPDR TR | 81369Y605 | 423,099 | $23.4M | 3.45% |
| 8 | SOUTHERN CO | SOMN | 16,482,000 | $17.6M | 2.59% |
| 9 | KRANESHARES TRUST | 500767306 | 352,400 | $12.0M | 1.77% |
| 10 | SELECT SECTOR SPDR TR | 81369Y886 | 219,800 | $9.4M | 1.38% |
| 11 | WEC ENERGY GROUP INC | WEC | 5,000,000 | $5.8M | 0.86% |
| 12 | RENTOKIL INITIAL PLC | RKLIF | 185,132 | $5.5M | 0.80% |
| 13 | HYATT HOTELS CORP | H | 33,875 | $5.4M | 0.80% |
| 14 | BROADCOM INC | AVGO | 14,814 | $5.1M | 0.75% |
| 15 | COMMSCOPE HLDG CO INC | 20337X109 | 280,000 | $5.1M | 0.75% |
| 16 | VANECK ETF TRUST | 92189F106 | 58,200 | $5.0M | 0.73% |
| 17 | DRIVEN BRANDS HLDGS INC | DRVN | 330,625 | $4.9M | 0.72% |
| 18 | MOHAWK INDS INC | 608190104 | 41,850 | $4.6M | 0.67% |
| 19 | BORGWARNER INC | BWA | 95,810 | $4.3M | 0.64% |
| 20 | BOOKING HOLDINGS INC | BKNG | 800 | $4.3M | 0.63% |
| 21 | URBAN OUTFITTERS INC | URBN | 56,550 | $4.3M | 0.63% |
| 22 | BOYD GAMING CORP | BYD | 49,000 | $4.2M | 0.61% |
| 23 | MATTEL INC | MAT | 210,000 | $4.2M | 0.61% |
| 24 | T-MOBILE US INC | TMUSZ | 20,000 | $4.1M | 0.60% |
| 25 | UBER TECHNOLOGIES INC | UBER | 49,313 | $4.0M | 0.59% |
| 26 | KRANESHARES TRUST | 500767306 | 115,000 | $3.9M | 0.58% |
| 27 | ALBERTSONS COS INC | 013091103 | 215,370 | $3.7M | 0.54% |
| 28 | SPDR SERIES TRUST | 78464A755 | 33,100 | $3.4M | 0.50% |
| 29 | RALPH LAUREN CORP | RL | 9,155 | $3.2M | 0.48% |
| 30 | WESTERN DIGITAL CORP | WDC | 18,506 | $3.2M | 0.47% |
| 31 | NORWEGIAN CRUISE LINE HLDG L | NCLH | 138,734 | $3.1M | 0.46% |
| 32 | PITNEY BOWES INC | PBI-PB | 280,000 | $3.0M | 0.44% |
| 33 | ECHOSTAR CORP | SATS | 25,000 | $2.7M | 0.40% |
| 34 | KIMBERLY-CLARK CORP | KMB | 26,000 | $2.6M | 0.39% |
| 35 | WYNDHAM HOTELS & RESORTS INC | WH | 33,000 | $2.5M | 0.37% |
| 36 | META PLATFORMS INC | META | 3,500 | $2.3M | 0.34% |
| 37 | SELECT SECTOR SPDR TR | 81369Y506 | 50,000 | $2.2M | 0.33% |
| 38 | FLUTTER ENTMT PLC | G3643J108 | 10,000 | $2.2M | 0.32% |
| 39 | CINEMARK HLDGS INC | CNK | 85,000 | $2.0M | 0.29% |
| 40 | CHARTER COMMUNICATIONS INC N | 16119P108 | 9,000 | $1.9M | 0.28% |
| 41 | BOX INC | BXCAP | 1,820,000 | $1.8M | 0.26% |
| 42 | PG&E CORP | PCG-PX | 80,000 | $1.3M | 0.19% |
| 43 | AVIS BUDGET GROUP | CAR | 10,000 | $1.3M | 0.19% |
| 44 | KRAFT HEINZ CO | KHC | 52,779 | $1.3M | 0.19% |
| 45 | SIX FLAGS ENTERTAINMENT CORP | FUN | 80,000 | $1.2M | 0.18% |
| 46 | ETSY INC | ETSY | 20,000 | $1.1M | 0.16% |
| 47 | OUTFRONT MEDIA INC | OUT | 39,300 | $947,130 | 0.14% |
| 48 | SPDR GOLD TR | GLD | 2,066 | $818,776 | 0.12% |
| 49 | NETFLIX INC | NFLX | 6,000 | $562,560 | 0.08% |
| 50 | SELECT SECTOR SPDR TR | 81369Y308 | 6,051 | $470,041 | 0.07% |
| 51 | ISHARES SILVER TR | SLV | 6,500 | $418,730 | 0.06% |
| 52 | PENN ENTERTAINMENT INC | PENN | 20,000 | $295,000 | 0.04% |
| 53 | LUCID GROUP INC | LCID | 25,190 | $266,258 | 0.04% |
| 54 | LUCID GROUP INC | LCID | 9,100 | $96,187 | 0.01% |
| 55 | BIGBEAR AI HLDGS INC | BBAI-WT | 34,000 | $54,570 | 0.01% |