Varde Management, L.P.
Performance · Fund vs SPY
Cumulative return · quarterly snapshotsCoverage 100%. 4 quarters of 2024 measured against SPY adj-close benchmark.
Why follow Varde Management, L.P. right now?
Varde Management's Q1 2026 13F-HR discloses a $49M equity book across just four positions, with roughly 80% concentrated in two names. Ziff Davis (ZD) commands 45.4% at 534,028 shares; EchoStar (SATS) holds 35.0% at 147,400 shares. Surgery Partners (SGRY) accounts for 18.3% via 755,438 shares, while ZipRecruiter (ZIP) represents a marginal 1.3% across 347,527 shares — a large share count at low dollar weight, indicating a depressed valuation.
Reported quarterly returns of +73.5% against SPY's +14.5% in Q1 2026 produced alpha of +59.0 percentage points, extending a four-quarter run of positive alpha. The portfolio's narrow construction amplifies both upside and drawdown risk relative to diversified benchmarks. Past performance is not indicative of future results.
Generated from public SEC filings. Not investment advice.…
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Source: 13F-HRRecent trades · Last 90 days
No Form 4 / 13D / 13G trade events on file in the recent window. 13F filers report position snapshots quarterly rather than per-trade events, so this section is most useful for managers who also file Form 4 or 13D/G.
Convergence · Varde Management, L.P.
Source data: SEC EDGAR · 13F-HR filings · Performance through 2026-03-31 · Last refreshed 11:04 UTC.