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Livermore
Livermore
ZHEN

Spartan Fund Management Inc.

SEC CIK
0001930346
Latest filing
Feb 14, 2025

The latest 13F from Spartan Fund Management Inc. covers Q4 2024 (filed Feb 14, 2025): 81 long positions worth $30.0M. The top 10 holdings make up 54.4% of the portfolio, and the largest is Teva Pharmaceutical Industries Ltd (TEVA) at 10.9%. Livermore has 14 filings on Form 13F from this institution, going back to Q1 2022.

What changed in Q4 2024

Share counts compared with Q3 2024: 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
32
Est. +$15.1M
Added
12
Est. +$2.65M
Reduced
11
Est. −$2.38M
Sold out
37
Est. −$18.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. TEVATeva Pharmaceutical Industries Ltd
    10.9%$3.27MHistory
  2. DYNCDynamix Corp
    6.5%$1.96MHistory
  3. Rigel Resource Acq CorpG7573M106
    5.8%$1.74M
  4. TAVIUTavia Acquisition Corp.
    5.0%$1.51MHistory
  5. BFACBattery Future Acquisition Corp.
    5.0%$1.50MHistory

Share of portfolio

Top 5 holdings and the other 76 positions, by share of portfolio value

  1. TEVA10.9%
  2. DYNC6.5%
  3. Rigel Resource Acq Corp5.8%
  4. TAVIU5.0%
  5. BFAC5.0%
  6. Other 76 positions66.7%

Biggest buys

New and added positions, by estimated amount bought

  1. DYNCDynamix Corp
    +$1.96MNewHistory
  2. TAVIUTavia Acquisition Corp.
    +$1.51MNewHistory
  3. BMOBank of Montreal
    +$1.38MNewHistory
  4. RANGURange Capital Acquisition Corp.
    +$1.26MNewHistory
  5. ASPCUASPAC III Acquisition Corp.
    +$1.01MNewHistory

Largest weight increases

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

  1. DYNCDynamix Corp
    +6.53 pp0.0% → 6.5%History
  2. TAVIUTavia Acquisition Corp.
    +5.03 pp0.0% → 5.0%History
  3. BMOBank of Montreal
    +4.60 pp0.0% → 4.6%History
  4. RANGURange Capital Acquisition Corp.
    +4.19 pp0.0% → 4.2%History
  5. ASPCUASPAC III Acquisition Corp.
    +3.36 pp0.0% → 3.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. APXIAPx Acquisition Corp. I
    −$1.80MSold outHistory
  2. Mountain & Co I Acquisitn CoG6301J104
    −$1.74MSold out
  3. WELIntegrated Wellness Acquisition Corp
    −$1.72MSold outHistory
  4. Burtech Acquisition Corp123013104
    −$1.69MSold out
  5. FRLAFortune Rise Acquisition Corp
    −$1.52MSold outHistory

Largest weight decreases

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

  1. APXIAPx Acquisition Corp. I
    −5.43 pp5.4% → 0.0%History
  2. Mountain & Co I Acquisitn CoG6301J104
    −5.24 pp5.2% → 0.0%
  3. WELIntegrated Wellness Acquisition Corp
    −5.20 pp5.2% → 0.0%History
  4. Burtech Acquisition Corp123013104
    −5.10 pp5.1% → 0.0%
  5. FRLAFortune Rise Acquisition Corp
    −4.58 pp4.6% → 0.0%History

Metrics

13F metrics for Q4 2024, computed only from the numbers in the filings. Definitions below.

Portfolio value
$30.0M
−$3.21M (−9.7%) vs. prior quarter
Positions
81
−5 vs. prior quarter
Top 10 concentration
54.4%
Top 10 as share of value
Turnover
56.2%
Q4 2024, one quarter
Average holding period
3.5 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 2022), so positions held before then are understated.

13F filings by quarter

12 quarters, going back to Q1 2022. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $611.4M (Q1 2022)

Q1 2022: $611.4MQ2 2022: $471.9MQ3 2022: $328.9MQ4 2022: $276.9MQ1 2023: $214.8MQ2 2023: $205.2MQ3 2023: $133.1MQ4 2023: $81.4MQ1 2024: $49.0MQ2 2024: $35.6MQ3 2024: $33.2MQ4 2024: $30.0M
Q1 2022Q4 2024
13F filings of Spartan Fund Management Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2024Feb 14, 202581$30.0MTEVADYNCRigel Resource Acq Corpvs. Q3 2024SEC
Q3 2024Oct 21, 202486$33.2MTEVAAPXIHCVIvs. Q2 2024SEC
Q2 2024Jul 31, 202492$35.6MTEVAZLSTRISvs. Q1 2024SEC
Q1 2024Apr 23, 2024112$49.0MSIIRigel Resource Acq CorpTRISvs. Q4 2023SEC
Q4 2023Feb 7, 2024212$81.4MSIIMonterey Cap Acquisition CorRigel Resource Acq Corpvs. Q3 2023SEC
Q3 2023Oct 23, 2023281$133.1MKVAUFRigel Resource Acq CorpMonterey Cap Acquisition Corvs. Q2 2023SEC
Q2 2023Jul 31, 2023Amended344$205.2MSLAMZLSBeard Energy Transition Acqvs. Q1 2023SEC
Q1 2023May 15, 2023Amended346$214.8MZLSAimfinity Investment Corp. ISilverbox Corp IIIvs. Q4 2022SEC
Q4 2022Jan 24, 2023410$276.9MLive Oak Mobility Acquisi CoAlphavest Acquisition CorpTHCPvs. Q3 2022SEC
Q3 2022Oct 26, 2022430$328.9MLive Oak Mobility Acquisi CoSouthland Holdings, Inc.Metals Acquisition Corpvs. Q2 2022SEC
Q2 2022Jul 26, 2022454$471.9MLive Oak Mobility Acquisi CoEsm Acquisition CorporationFigure Acquisition Corp. Ivs. Q1 2022SEC
Q1 2022May 23, 2022435$611.4MNocturne Acquisition CorpLive Oak Mobility Acquisi CoEsm Acquisition Corporation–SEC