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NORTHERN RIGHT CAPITAL MANAGEMENT, L.P.

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DARIEN CT Investment Advisor Hedge Fund Activist Investor
13F Summary

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85

S&P 500
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Northern Right Capital Management is based out of Darien. Northern Right Capital Management is a hedge fund with 6 clients and discretionary assets under management (AUM) of $379,965,910 (Form ADV from 2024-03-29). Their last reported 13F filing for Q3 2024 included $268,651,713 in managed 13F securities and a top 10 holdings concentration of 73.55%. Northern Right Capital Management's largest holding is Apollo Global Management Inc with shares held of 226,373. Whalewisdom has at least 60 13F filings, 162 13D filings, 66 13G filings, and 33 Form 4 filings
Business Description
The advisory business provides investment advice tailored to each client's investment guidelines and objectives, as outlined in the investment management agreement. Clients may impose restrictions and limitations on the management of their accounts. The firm does not participate in any Wrap Fee Programs and manages approximately $379,965,910 in regulatory assets under management on a discretionary or limited discretionary basis. Mr. Drapkin, a key figure in the advisory business, serves as a director, officer, or committee member of public companies. His activities in these roles may present potential conflicts of interest with advisory clients. To mitigate these risks, the firm emphasizes full and fair disclosure in relevant documents and the brochure.
Investment Strategy
The firm primarily invests in small and mid-cap equities, generally between $100 million and $25 billion in market capitalizations, and opportunistically in unique situation larger cap companies, those greater than $25 billion. They focus on specific opportunities across three target investment categories, pursuing them within sectors that have attractive characteristics and align with the target opportunity. This approach results in a differentiated universe compared to traditional value and growth investors, providing a unique opportunity set for finding attractive structural mispricing. The firm's investment strategies involve a substantial degree of risk, including the risk of complete loss. They are appropriate only for sophisticated persons who fully understand and are capable of bearing the risks of investment. The firm typically invests in a limited number of issuers and pursues investment strategies similar to those used for the Northern Right Funds, while targeting different levels of risk. However, Advisory Accounts are managed in accordance with the terms, conditions, guidelines, and limitations set forth in the applicable investment management agreements.
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2024-09-30

Top Buys (13F)

Name % Change
PINS Pinterest Inc 3.75%
MTCH Match Group Inc 3.59%
HHH Howard Hughes Holdin 1.98%
RITM Rithm Capital Corpor 1.55%
CHTR Charter Communicatio 1.43%

2024-09-30

Top Sells (13F)

Name % Change
MSGS Madison Square Garde 6.99%
KBR KBR Inc 4.61%
WEX WEX, Inc 2.74%
MFIC MidCap Financial Inv 2.43%
MGM MGM Resorts Internat 2.04%

2024-09-30

13F Holdings Summary

Name $ Change
APO Apollo Global Manage 10.53%
NWSA News Inc. Class A 10.16%
IAC IAC Inc 9.39%
MSGE Madison Square Garde 8.18%
ARES Ares Management Corp 7.68%

2024-09-30

13F Activity

Market Value $269m, Prior: $271m
Inflows (Outflows) as % of Total MV (-9.6708)%
New Purchases 8 stocks
Added To 8 stocks
Sold out of 10 stocks
Reduced holdings in 5 stocks
Top 10 Holdings % 73.55%
Turnover %[1] 48.65%
Turnover Alt %[2] 15.73%
Time Held Top 20 5.3 quarters
Time Held Top 10 5.5 quarters
Time Held All 6.78 quarters

[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.

[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2024-09-30

13F Sector Allocation Over Time

limited to past 4 quarters. Subscribe to see all available data

2024-09-30

Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2024-09-30

Portfolio Performance