Institutional Manager · CIK 0001828180

High Ground Investment Management LLP

LONDON, X0 · File #028-22811

Latest AUM

$686.8M

Positions

Top-10 Concentration

100.0%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	AERCAP HOLDINGS NV	AER	+427,651	+$61.5M	+$17.0M
EXITED	AIR LEASE CORP	00912X302	-549,201	-$35.0M	$0
ADD	ELEVANCE HEALTH INC	ELV	+36,849	+$12.9M	+$7.9M
ADD	REV GROUP INC	749527107	+158,815	+$9.7M	+$5.4M
ADD	ARCH CAPITAL GROUP LTD	G0450A105	+97,404	+$9.3M	+$8.9M
REDUCE	WARRIOR MET COAL INC	HCC	-93,540	-$8.2M	+$6.2M
EXITED	T-MOBILE US INC	872590104	-26,164	-$6.3M	$0
REDUCE	HUMANA INC	HUM	-9,838	-$2.5M	-$2.0M

Sector Allocation

Healthcare

35.1%$240.8M

Industrials

24.6%$169.1M

Materials

2.0%$14.0M

Filing History

Jan 23, 202613F HOLDINGS REPORTQ/E Dec 20256 pos · $686.8M
Nov 5, 202513F HOLDINGS REPORTQ/E Sep 20258 pos · $601.9M
Jul 15, 202513F HOLDINGS REPORTQ/E Jun 20256 pos · $477.1M
May 8, 202513F HOLDINGS REPORTQ/E Mar 20259 pos · $428.2M
Feb 12, 202513F HOLDINGS REPORTQ/E Dec 20249 pos · $322.3M
Nov 5, 202413F HOLDINGS REPORTQ/E Sep 20248 pos · $217.1M
Jul 22, 202413F HOLDINGS REPORTQ/E Jun 202410 pos · $256.5M
May 9, 202413F HOLDINGS REPORTQ/E Mar 202411 pos · $208.4M
Oct 30, 202313F HOLDINGS REPORTQ/E Dec 20237 pos · $150.1M

Top 6 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ARCH CAPITAL GROUP LTD	G0450A105	1,812,072	$173.8M	25.31%
2	AERCAP HOLDINGS NV	AER	1,176,170	$169.1M	24.62%
3	HUMANA INC	HUM	493,963	$126.5M	18.42%
4	ELEVANCE HEALTH INC	ELV	326,081	$114.3M	16.64%
5	REV GROUP INC	749527107	1,464,784	$89.1M	12.97%
6	WARRIOR MET COAL INC	HCC	158,344	$14.0M	2.03%