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Livermore
Livermore
ZHEN

AREX Capital Management, LP

SEC CIK
0001800261
Latest filing
May 15, 2026

The latest 13F from AREX Capital Management, LP covers Q1 2026 (filed May 15, 2026): 26 long positions worth $60.5M. The top 10 holdings make up 92.8% of the portfolio, and the largest is Enhabit, Inc. (EHAB) at 58.1%. Livermore has 21 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q1 2026

Share counts compared with Q4 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
19
Est. +$10.5M
Added
4
Est. +$8.51M
Reduced
3
Est. −$4.24M
Sold out
2
Est. −$960.8K

Top 5 holdings

Share of this quarter's portfolio value

  1. EHABEnhabit, Inc.
    58.1%$35.1MHistory
  2. PPLIPeople Inc
    16.5%$10.0MHistory
  3. GNWGenworth Financial Inc
    6.9%$4.19MHistory
  4. CALYCallaway Golf Co
    4.1%$2.48MHistory
  5. VYXNCR Voyix Corp
    1.7%$1.01MHistory

Share of portfolio

Top 5 holdings and the other 21 positions, by share of portfolio value

  1. EHAB58.1%
  2. PPLI16.5%
  3. GNW6.9%
  4. CALY4.1%
  5. VYX1.7%
  6. Other 21 positions12.7%

Biggest buys

New and added positions, by estimated amount bought

  1. PPLIPeople Inc
    +$8.15MAddedHistory
  2. GNWGenworth Financial Inc
    +$4.19MNewHistory
  3. XPOFXponential Fitness, Inc.
    +$903.0KNewHistory
  4. TACTransalta Corp
    +$525.9KNewHistory
  5. RIOTRiot Platforms, Inc.
    +$525.3KNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. PPLIPeople Inc
    +11.37 pp5.2% → 16.5%History
  2. GNWGenworth Financial Inc
    +6.92 pp0.0% → 6.9%History
  3. XPOFXponential Fitness, Inc.
    +1.49 pp0.0% → 1.5%History
  4. TACTransalta Corp
    +0.87 pp0.0% → 0.9%History
  5. RIOTRiot Platforms, Inc.
    +0.87 pp0.0% → 0.9%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. CALYCallaway Golf Co
    −$3.81MReducedHistory
  2. FMXMexican Economic Development Inc
    −$665.4KSold outHistory
  3. NNNextnav Inc.
    −$312.4KReducedHistory
  4. SPBSpectrum Brands Holdings, Inc.
    −$295.4KSold outHistory
  5. SKILSkillsoft Corp.
    −$118.0KReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. CALYCallaway Golf Co
    −10.93 pp15.0% → 4.1%History
  2. SKILSkillsoft Corp.
    −4.85 pp6.4% → 1.5%History
  3. FMXMexican Economic Development Inc
    −1.89 pp1.9% → 0.0%History
  4. NNNextnav Inc.
    −1.04 pp1.2% → 0.1%History
  5. SPBSpectrum Brands Holdings, Inc.
    −0.84 pp0.8% → 0.0%History

Metrics

13F metrics for Q1 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$60.5M
+$25.3M (+72.0%) vs. prior quarter
Positions
26
+17 vs. prior quarter
Top 10 concentration
92.8%
Top 10 as share of value
Turnover
10.9%
Q1 2026, one quarter
Average holding period
11.0 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

21 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $222.6M (Q4 2021)

Q1 2021: $170.1MQ2 2021: $210.8MQ3 2021: $214.2MQ4 2021: $222.6MQ1 2022: $173.2MQ2 2022: $163.3MQ3 2022: $150.6MQ4 2022: $166.3MQ1 2023: $137.1MQ2 2023: $134.9MQ3 2023: $147.0MQ4 2023: $68.5MQ1 2024: $89.3MQ2 2024: $87.5MQ3 2024: $82.3MQ4 2024: $70.2MQ1 2025: $49.2MQ2 2025: $51.3MQ3 2025: $43.4MQ4 2025: $35.2MQ1 2026: $60.5M
Q1 2021Q1 2026
13F filings of AREX Capital Management, LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q1 2026May 15, 202626$60.5MEHABPPLIGNWvs. Q4 2025SEC
Q4 2025Feb 17, 20269$35.2MEHABCALYSKILvs. Q3 2025SEC
Q3 2025Nov 14, 202512$43.4MEHABSKILCALYvs. Q2 2025SEC
Q2 2025Aug 14, 202519$51.3MEHABSKILCALYvs. Q1 2025SEC
Q1 2025May 15, 202513$49.2MEHABSKILCALYvs. Q4 2024SEC
Q4 2024Feb 14, 202514$70.2MEHABCNNESKILvs. Q3 2024SEC
Q3 2024Nov 14, 202413$82.3MCNNEEHABCALYvs. Q2 2024SEC
Q2 2024Aug 14, 202413$87.5MCNNEEHABODPvs. Q1 2024SEC
Q1 2024May 15, 202410$89.3MEHABCNNEODPvs. Q4 2023SEC
Q4 2023Feb 14, 202411$68.5MEHABODPSPBvs. Q3 2023SEC
Q3 2023Nov 14, 202311$147.0MVYXEHABODPvs. Q2 2023SEC
Q2 2023Aug 14, 202311$134.9MLiberty Media Corp DelEHABVYXvs. Q1 2023SEC
Q1 2023May 15, 202315$137.1MPOSTLiberty Media Corp DelFRGIvs. Q4 2022SEC
Q4 2022Feb 14, 202317$166.3MPOSTLiberty Media Corp DelFRGIvs. Q3 2022SEC
Q3 2022Nov 14, 202217$150.6MPOSTLiberty Media Corp DelFRGIvs. Q2 2022SEC
Q2 2022Aug 15, 202214$163.3MPOSTLiberty Media Corp DelBRBRvs. Q1 2022SEC
Q1 2022May 16, 202216$173.2MLiberty Media Corp DelPOSTFRGIvs. Q4 2021SEC
Q4 2021Feb 14, 202219$222.6MPOSTLiberty Media Corp DelFRGIvs. Q3 2021SEC
Q3 2021Nov 15, 202117$214.2MPOSTLiberty Media Corp DelFRGIvs. Q2 2021SEC
Q2 2021Aug 16, 202116$210.8MPOSTLiberty Media Corp DelFRGIvs. Q1 2021SEC
Q1 2021May 17, 202114$170.1MLiberty Media Corp DelSPBFRGI–SEC