Verdad Advisers, LP

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CIK 1812822

13F portfolio (2026-Q1)

$89M

Positions

179

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

179

Top 5

11.9%

Top 10

21.2%

Effective N

96.3

HHI

0.010

This quarter

133 new · 0 exit →

By sector

Health Care38.6%

Information Technology14.5%

Financials11.2%

Consumer Discretionary9.2%

Energy4.6%

Unclassified4.4%

Industrials4.3%

Real Estate3.7%

Other9.5%

By market cap

Small ($300M–2B)30.2%

Mid ($2–10B)24.0%

Large ($10–200B)18.7%

Unknown12.5%

Micro (<$300M)7.5%

Mega (>$200B)7.1%

By region

North America95.5%

Other4.4%

Asia-Pacific0.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Pharmaceuticals & Biotechnology	34.73%	59
Software & IT Services	6.61%	9
Oil, Gas & Consumable Fuels	4.65%	6
Banks	4.40%	5
Unclassified	4.39%	11
Semiconductors & Semiconductor Equipment	4.19%	6
Insurance	3.41%	6
Capital Markets	3.41%	7
Health Care Providers & Services	2.58%	3
Textiles, Apparel & Luxury Goods	2.47%	5
Media & Entertainment	2.24%	3
Agricultural Products	2.20%	1
Real Estate Management & Development	2.09%	3
Software	1.89%	5
Machinery	1.87%	3
Specialty Retail	1.87%	7
Commercial Services & Supplies	1.86%	3
Equity Real Estate Investment Trusts (REITs)	1.66%	3
Distributors	1.41%	4
Automobiles & Components	1.36%	3
Health Care Equipment & Supplies	1.24%	4
Technology Hardware & Equipment	1.12%	3
Media & Publishing	1.08%	2
Chemicals	1.07%	2
Diversified Consumer Services	1.03%	3
Utilities	0.97%	1
Construction Materials	0.71%	1
Communications Equipment	0.66%	3
Metals & Mining	0.62%	2
Hotels, Restaurants & Leisure	0.61%	1
Professional Services	0.57%	1
Food & Staples Retailing	0.46%	1
Leisure Products	0.39%	1
Food Products	0.15%	1
Household Durables	0.04%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	BLTE	BELITE BIO, INC	Health Care	2.48%
2	STT	STATE STREET CORP	Financials	2.37%
3	ATHM	Autohome Inc.	Information Technology	2.37%
4	RVMD	Revolution Medicines, Inc.	Health Care	2.36%
5	ZYME	Zymeworks Inc.	Health Care	2.33%
6	CALM	CAL-MAINE FOODS INC	Consumer Staples	2.20%
7	ZM	Zoom Communications, Inc.	Information Technology	1.95%
8	CRC	California Resources Corp	Energy	1.75%
9	TENX	TENAX THERAPEUTICS, INC.	Health Care	1.72%
10	ACAD	ACADIA PHARMACEUTICALS INC	Health Care	1.71%

168/179 names classified · sector 95.6% of weight · industry 95.6% · mkt cap 87.5%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 18 quarters

Consumer DiscretionaryRYZ, ASO, BLDR, AEO, TJX · other

Information TechnologyDXC, MSFT, QCOM, IMOS, AMAT · other

FinancialsPGR, EG, BRK.B, JPM, C · other

IndustrialsPRIM, JBHT, PRG, EFOR, MCFT · other

Communication ServicesMCS, SALM, ACCO, TMUS, CMCSA · other

Health CareHCA, JNJ, BHC, BLTE, RVMD · other

Consumer StaplesKR, ACI, IMKTA, CALM, CVS · other

MaterialsCL, CMC, BHP, SID, BAK · other

EnergyOXY, PDS, EQNR, CVX, CRC · other

Real EstateCXW, JLL, CLDT, CBRE, MRP · other

UtilitiesHNRG, VST, NGL, DUK, ET · other

UnclassifiedIEF, SPY, IGIB, SCHR, IEI · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 95.6% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (83 classified)Verdad Advisers, LP centroid (Small Core)

Information TechnologyConsumer DiscretionaryFinancialsHealth CareEnergyReal EstateConsumer StaplesIndustrialsCommunication ServicesMaterials

Style box summary for Verdad Advisers, LP: centroid Small Core. Heaviest cells: Small Growth 13.3%, Small Core 10.0%, Small Value 8.1%.

Classified: 51.1% of book weight (83/174 names) · unclassified 48.9%: BLTE, , ATHM, RVMD, ZYME, TENX, NRIX, AHCO, CTNM, AXSM +81 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 179 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	BLTEBELITE BIO INC	13,813	$2M	2.5%	NEW
2	STTSTATE STR CORP	16,665	$2M	2.4%	NEW
3	ATHMAUTOHOME INC	121,317	$2M	2.4%	NEW
4	RVMDREVOLUTION MEDICINES INC	21,572	$2M	2.4%	NEW
5	ZYMEZYMEWORKS INC	82,698	$2M	2.3%	NEW
6	CALMCal-Maine Foods, Inc.	24,637	$2M	2.2%	ADD 19%
7	ZMZOOM COMMUNICATIONS INC	21,580	$2M	2.0%	ADD 3%
8	CRCCALIFORNIA RES CORP	22,500	$2M	1.8%	ADD 213%
9	TENXTENAX THERAPEUTICS INC	95,330	$2M	1.7%	NEW
10	ACADACADIA PHARM	68,290	$2M	1.7%	NEW
11	PARRPAR PAC HOLDINGS INC	22,500	$1M	1.6%	NEW
12	JNJJOHNSON & JOHNSON	5,418	$1M	1.5%	TRIM −69%
13	MUMICRON TECHNOLOGY INC	3,841	$1M	1.5%	TRIM −43%
14	NRIXNURIX THERAPEUTICS INC	83,425	$1M	1.5%	NEW
15	CMCSACOMCAST CORP NEW	41,549	$1M	1.3%	TRIM −58%
16	AHCOADAPTHEALTH CORP	95,000	$1M	1.3%	NEW
17	CTNMCONTINEUM THERAPEUTICS INC	86,032	$1M	1.3%	NEW
18	LRCXLAM RESEARCH CORP	5,163	$1M	1.2%	TRIM −67%
19	CLDTCHATHAM LODGING TR	140,000	$1M	1.2%	ADD 22%
20	BNYBANK NEW YORK MELLON CORP	8,951	$1M	1.2%	TRIM −39%
21	AXSMAXSOME THERAPEUTICS INC.	5,971	$1M	1.1%	NEW
22	CLYMCLIMB BIO INC	144,540	$990,099	1.1%	NEW
23	AMATAPPLIED MATLS INC	2,894	$989,140	1.1%	NEW
24	DSGNDESIGN THERAPEUTICS INC	92,310	$982,178	1.1%	NEW
25	JLLJONES LANG LASALLE INC	3,163	$962,564	1.1%	ADD 358%
26	CVXCHEVRON CORP NEW	4,525	$936,223	1.1%	TRIM −76%
27	AMNAMN HEALTHCARE SERVICES INC	50,000	$917,000	1.0%	ADD 11%
28	TALKTALKSPACE INC	175,551	$908,476	1.0%	NEW
29	CRICARTERS INC	25,000	$894,000	1.0%	ADD 25%
30	NGLNGL ENERGY PARTNERS LP	70,000	$863,100	1.0%	NEW
31	MOMOHELLO GROUP INC	149,253	$859,697	1.0%	ADD 37%
32	ATAIATAIBECKLEY INC	227,670	$805,952	0.9%	NEW
33	AIIAMERICAN INTEGRITY INS GROUP	41,095	$792,312	0.9%	ADD 9%
34	FHIFEDERATED HERMES INC	13,710	$777,494	0.9%	NEW
35	ACRSACLARIS THERAPEUTICS INC	197,042	$738,908	0.8%	NEW
36	DNTHDIANTHUS THERAPEUTICS INC	8,699	$730,020	0.8%	NEW
37	VSNTVERSANT MEDIA GROUP INC	18,997	$703,269	0.8%	NEW
38	TERNS PHARMACEUTICALS INC	13,301	$701,229	0.8%	NEW
39	SVRASAVARA INC	128,376	$700,933	0.8%	NEW
40	HRTGHERITAGE INSURANCE HLDGS INC	26,494	$695,468	0.8%	TRIM −8%
41	GMGENERAL MTRS CO	9,207	$685,922	0.8%	TRIM −42%
42	MRKMERCK & CO INC	5,660	$680,841	0.8%	TRIM −51%
43	DECKDECKERS OUTDOOR CORP	6,708	$671,404	0.8%	NEW
44	PRGPROG HOLDINGS INC	22,299	$639,758	0.7%	NEW
45	NYTNEW YORK TIMES CO	7,509	$628,729	0.7%	NEW
46	SNDSMART SAND INC	122,696	$628,204	0.7%	ADD 21%
47	VRDNVIRIDIAN THERAPEUTICS INC	31,179	$609,861	0.7%	NEW
48	TERTERADYNE INC	2,016	$597,663	0.7%	ADD 95%
49	RCKYROCKY BRANDS INC	15,000	$580,800	0.7%	HOLD
50	HCIHCI GROUP INC	3,737	$577,778	0.7%	ADD 172%
51	ZURAZURA BIO LTD	97,102	$577,757	0.7%	NEW
52	SNFCASECURITY NATL FINL CORP	60,000	$568,800	0.6%	TRIM −26%
53	ASAASA GOLD AND PRECIOUS MTLS L	9,081	$563,294	0.6%	ADD 80%
54	HYGISHARES TR	7,070	$562,489	0.6%	NEW
55	SNEXSTONEX GROUP INC	6,947	$560,276	0.6%	NEW
56	GRVYGRAVITY CO LTD	8,919	$552,621	0.6%	NEW
57	SLDESLIDE INS HLDGS INC	30,658	$551,844	0.6%	NEW
58	GPCRSTRUCTURE THERAPEUTICS INC	11,335	$546,347	0.6%	NEW
59	BLMNBLOOMIN BRANDS INC	100,000	$540,000	0.6%	HOLD
60	ERASERASCA INC	33,070	$535,073	0.6%	NEW
61	NEMNEWMONT CORP	4,923	$532,915	0.6%	NEW
62	MGMISTRAS GROUP INC	34,526	$510,294	0.6%	TRIM −31%
63	EMBCEMBECTA CORP	55,000	$486,200	0.5%	NEW
64	ASOACADEMY SPORTS & OUTDOORS IN	8,500	$479,825	0.5%	TRIM −43%
65	MRPMILLROSE PPTYS INC	17,122	$479,416	0.5%	NEW
66	MIAXMIAMI INTL HLDGS INC	12,282	$478,015	0.5%	NEW
67	CRBPCORBUS PHARMACEUTICALS HLDGS	50,252	$471,866	0.5%	NEW
68	CRUSCIRRUS LOGIC INC	3,237	$468,135	0.5%	NEW
69	NTCTNETSCOUT SYS INC	14,722	$468,012	0.5%	NEW
70	MMACYS INC	25,603	$463,158	0.5%	ADD 12%
71	EMSMART SH GLOBAL LTD	408,078	$461,128	0.5%	ADD 35%
72	NXTCNEXTCURE INC	42,955	$458,759	0.5%	NEW
73	TARSTARSUS PHARMACEUTICALS INC	6,328	$443,909	0.5%	NEW
74	VTRSVIATRIS INC	32,500	$439,075	0.5%	TRIM −50%
75	MMIMARCUS & MILLICHAP INC	15,539	$413,182	0.5%	NEW
76	AVTAVNET INC	6,702	$412,977	0.5%	ADD 34%
77	EWTXEDGEWISE THERAPEUTICS INC	13,052	$411,138	0.5%	NEW
78	VERAVERA THERAPEUTICS INC	10,181	$409,582	0.5%	NEW
79	CVSCVS HEALTH CORP	5,700	$409,374	0.5%	TRIM −64%
80	WHWKWHITEHAWK THERAPEUTICS INC	115,484	$398,420	0.4%	NEW
81	BWABORGWARNER INC	7,269	$394,416	0.4%	TRIM −65%
82	AXGNAXOGEN INC	11,507	$381,227	0.4%	NEW
83	TRI POINTE HOMES INC	8,147	$380,709	0.4%	NEW
84	FORMFORMFACTOR INC	3,877	$376,030	0.4%	NEW
85	APEIAMERICAN PUB ED INC	6,367	$362,155	0.4%	NEW
86	FIGSFIGS INC	24,251	$358,187	0.4%	NEW
87	CCSICONSENSUS CLOUD SOLUTIONS IN	15,000	$356,100	0.4%	HOLD
88	KODKODIAK SCIENCES INC	9,115	$347,464	0.4%	NEW
89	DAKTDAKTRONICS INC	17,692	$345,879	0.4%	NEW
90	SLABSILICON LABORATORIES INC	1,650	$343,448	0.4%	NEW
91	OVIDOVID THERAPEUTICS INC	151,919	$337,260	0.4%	NEW
92	DXCDXC TECHNOLOGY CO	26,653	$335,028	0.4%	NEW
93	PRDOPERDOCEO ED CORP	8,950	$333,030	0.4%	TRIM −64%
94	ARWArrow Electronics	2,320	$332,711	0.4%	NEW
95	ARCELLX INC	2,893	$332,174	0.4%	NEW
96	RLMDRELMADA THERAPEUTICS INC	47,149	$328,157	0.4%	NEW
97	DJCODAILY JOURNAL CORP	679	$327,509	0.4%	NEW
98	SUPNSUPERNUS PHARMACEUTICALS INC	6,295	$325,389	0.4%	NEW
99	MSBMESABI TR	10,303	$324,545	0.4%	TRIM −47%
100	NSSCNAPCO SEC TECHNOLOGIES INC	8,091	$318,704	0.4%	NEW
101	NOAHNOAH HLDGS LTD	30,922	$306,128	0.3%	NEW
102	OPYOPPENHEIMER HLDGS INC	3,421	$305,119	0.3%	NEW
103	ENHABIT INC	21,500	$302,935	0.3%	NEW
104	USNAUSANA HEALTH SCIENCES INC	17,074	$298,283	0.3%	NEW
105	ASSERTIO HOLDINGS INC	15,541	$296,211	0.3%	NEW
106	ANNXANNEXON INC	53,277	$295,155	0.3%	NEW
107	CCCCC4 THERAPEUTICS INC	109,407	$287,740	0.3%	NEW
108	RLRALPH LAUREN CORP	832	$286,200	0.3%	TRIM −70%
109	FETFORUM ENERGY TECHNOLOGIES IN	4,853	$284,677	0.3%	NEW
110	ROGROGERS CORP	2,637	$283,029	0.3%	NEW
111	OOMAOOMA INC	19,326	$281,193	0.3%	NEW
112	NRTNORTH EUROPEAN OIL RTY TR	30,782	$277,038	0.3%	ADD 115%
113	NLOPNET LEASE OFFICE PROPERTIES	23,929	$275,662	0.3%	NEW
114	OISOIL STS INTL INC	23,415	$272,551	0.3%	NEW
115	BIOABIOAGE LABS INC	15,210	$266,023	0.3%	NEW
116	NUSNU SKIN ENTERPRISES INC	36,172	$263,332	0.3%	TRIM −54%
117	MOVMOVADO GROUP INC	10,743	$262,344	0.3%	NEW
118	CTSHCOGNIZANT TECHNOLOGY SOLUTIO	4,149	$254,541	0.3%	NEW
119	INNVINNOVAGE HLDG CORP	31,641	$253,761	0.3%	NEW
120	KLICKULICKE & SOFFA INDS INC	3,791	$249,145	0.3%	NEW
121	SNXSYNNEX CORP	1,446	$243,955	0.3%	NEW
122	CBIOCRESCENT BIOPHARMA INC.	12,748	$234,181	0.3%	NEW
123	EZPWEZCORP INC	8,902	$225,933	0.3%	NEW
124	MAPSWM TECHNOLOGY INC	340,704	$224,320	0.3%	TRIM −17%
125	PMVPPMV PHARMACEUTICALS INC	180,161	$223,400	0.3%	NEW
126	REGNREGENERON PHARMACEUTICALS	283	$218,657	0.2%	NEW
127	LINCLINCOLN EDL SVCS CORP	5,334	$216,987	0.2%	NEW
128	RYTMRHYTHM PHARMACEUTICALS INC	2,445	$212,642	0.2%	NEW
129	DIBS1STDIBS COM INC	37,803	$207,917	0.2%	NEW
130	ELVELEVANCE HEALTH INC FORMERLY	709	$207,560	0.2%	NEW
131	EGANEGAIN CORP	26,288	$207,412	0.2%	TRIM −20%
132	COGTCOGENT BIOSCIENCES INC	5,329	$205,113	0.2%	NEW
133	STCSTEWART INFORMATION SVCS COR	3,326	$204,815	0.2%	NEW
134	TCMDTACTILE SYS TECHNOLOGY INC	7,816	$204,232	0.2%	NEW
135	BKTIBK TECHNOLOGIES CORPORATION	2,728	$203,591	0.2%	NEW
136	ALMSALUMIS INC	9,173	$202,081	0.2%	NEW
137	CGEMCULLINAN THERAPEUTICS INC	12,604	$179,103	0.2%	NEW
138	PASGPASSAGE BIO INC	22,128	$173,705	0.2%	NEW
139	IVVDINVIVYD INC	131,276	$170,659	0.2%	NEW
140	ON24 INC	18,770	$152,037	0.2%	NEW
141	KSSKOHLS CORP	11,282	$145,538	0.2%	NEW
142	CTMXCYTOMX THERAPEUTICS INC.	30,187	$141,879	0.2%	NEW
143	VSTMVERASTEM INC	26,119	$138,431	0.2%	NEW
144	TCRXTSCAN THERAPEUTICS INC	134,001	$135,341	0.2%	NEW
145	MEDMEDIFAST INC	13,148	$133,978	0.2%	NEW
146	KODKEASTMAN KODAK CO	14,795	$133,895	0.2%	NEW
147	EGYVAALCO ENERGY INC	20,887	$132,424	0.1%	NEW
148	NIONIO INC	21,450	$129,344	0.1%	HOLD
149	PLRXPLIANT THERAPEUTICS INC	98,320	$123,883	0.1%	NEW
150	DDIDOUBLEDOWN INTERACTIVE CO LT	14,322	$121,021	0.1%	NEW
151	FHTXFOGHORN THERAPEUTICS INC	24,416	$116,708	0.1%	NEW
152	SLDBSOLID BIOSCIENCES INC	14,879	$107,129	0.1%	NEW
153	IBIOIBIO INC	56,318	$107,004	0.1%	NEW
154	VTGNVISTAGEN THERAPEUTICS INC	184,938	$105,692	0.1%	NEW
155	YRDYIREN DIGITAL LTD	56,303	$96,841	0.1%	ADD 7%
156	PEPGPEPGEN INC	54,380	$96,253	0.1%	NEW
157	SITCSITE CTRS CORP	17,387	$93,890	0.1%	NEW
158	BGSFBGSF INC	14,418	$93,284	0.1%	NEW
159	AMCXAMC NETWORKS INC	13,429	$91,183	0.1%	NEW
160	ABOSACUMEN PHARMACEUTICALS INC	37,278	$87,976	0.1%	NEW
161	STTKSHATTUCK LABS INC	13,378	$86,021	0.1%	NEW
162	DBIDESIGNER BRANDS INC	14,168	$80,616	0.1%	NEW
163	SPROSPERO THERAPEUTICS INC	33,455	$78,285	0.1%	NEW
164	UAAUNDER ARMOUR INC	12,889	$76,174	0.1%	NEW
165	FINVFINVOLUTION GROUP	15,145	$72,545	0.1%	TRIM −46%
166	RSKDRISKIFIED LTD	18,182	$71,273	0.1%	NEW
167	JSPRJASPER THERAPEUTICS INC	73,967	$64,810	0.1%	NEW
168	VRCAVERRICA PHARMACEUTICALS INC	12,098	$63,998	0.1%	NEW
169	CMTLCOMTECH TELECOMMUNICATIONS C	19,099	$63,409	0.1%	NEW
170	TUSKMAMMOTH ENERGY SVCS INC	22,729	$55,686	0.1%	NEW
171	DDLDINGDONG CAYMAN LTD	21,170	$54,407	0.1%	NEW
172	ALECALECTOR INC	23,554	$50,641	0.1%	NEW
173	REIRING ENERGY INC	25,058	$38,339	0.0%	NEW
174	MYPSPLAYSTUDIOS INC	73,733	$34,596	0.0%	HOLD
175	VIOTVIOMI TECHNOLOGY CO LTD	29,693	$32,959	0.0%	TRIM −44%
176	CERSCERUS CORP	16,909	$30,774	0.0%	NEW
177	HOWLWEREWOLF THERAPEUTICS INC	29,760	$24,778	0.0%	NEW
178	EGHT8X8 INC NEW	12,269	$20,367	0.0%	NEW
179	GOROGOLD RESOURCE CORP	14,706	$17,647	0.0%	NEW

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

BLTEBELITE BIO INC

—

14K

$2M

STTSTATE STR CORP

—

17K

$2M

ATHMAUTOHOME INC

—

121K

$2M

RVMDREVOLUTION MEDICINES INC

—

22K

$2M

ZYMEZYMEWORKS INC

—

83K

$2M

CALMCal-Maine Foods, Inc.

—

21K

25K

$2M

ZMZOOM COMMUNICATIONS INC

—

21K

22K

$2M

CRCCALIFORNIA RES CORP

—

23K

$2M

TENXTENAX THERAPEUTICS INC

—

95K

$2M

ACADACADIA PHARM

—

68K

$2M

PARRPAR PAC HOLDINGS INC

—

23K

$1M

JNJJOHNSON & JOHNSON

—

17K

$1M

MUMICRON TECHNOLOGY INC

—

$1M

NRIXNURIX THERAPEUTICS INC

—

83K

$1M

CMCSACOMCAST CORP NEW

—

98K

42K

$1M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆Verdad Advisers, LP