Data as of Q4 2025 (Dec 31, 2025)

Whitebark Investors LP

•CIK: 2042091•Filing: Q4 2025

**Whitebark Investors LP** manages $166M across a concentrated portfolio of nine positions. The fund exhibits significant conviction in technology and industrials, with top holdings including SEIC at $29.0M and CPNG at $24.8M. Further allocations are notable in MSFT ($24.6M) and IVZ ($23.4M), suggesting a focus on established growth and sector leaders. This structure indicates a tactical, high-conviction approach to capital deployment.

Total AUM
$166.0M
QoQ Performance
-21.0%
Positions
9
Top 10 Concentration
100.0%
Latest Filing
Q4 2025

Top Holdings Allocation

FLUT
CPNG
MSFT
GLBE
GSHD
GO
BLND
FLUT17.5%
CPNG14.9%
MSFT14.8%
GLBE14.1%
GSHD11.9%
GO9.9%
BLND9.3%
KLARNA4.7%

📈 Biggest Buys

GO
GROCERY OUTLET HLDG CORP
+149.1%
9.9% of portfolio
—
KLARNA GROUP PLC
+345.6%
4.7% of portfolio
GLBE
GLOBAL E ONLINE LTD
+32.3%
14.1% of portfolio
SHEN
SHENANDOAH TELECOMMUNICATION
NEW
2.9% of portfolio
CPNG
COUPANG INC
+13.9%
14.9% of portfolio

📉 Biggest Sells

MSFT
MICROSOFT CORP
-23.1%
14.8% of portfolio
GSHD
GOOSEHEAD INS INC
-20.6%
11.9% of portfolio
BLND
BLEND LABS INC
-8.9%
9.3% of portfolio
FLUT
FLUTTER ENTMT PLC
-3.6%
17.5% of portfolio

Sector Breakdown

Other85.2%
Technology14.8%

🚪 Exited Positionssold since Q3 2025

TDS
TELEPHONE & DATA SYS INC
SOLD
$28.6M
TMO
THERMO FISHER SCIENTIFIC INC
SOLD
$7.7M

Changes from Q3 2025

NEW1 new position
↑4 increased
↓4 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024

📌 Top Holdings

FLUT17.5%
FLUTTER ENTMT PLC
$29.0M
CPNG14.9%
COUPANG INC
$24.8M
MSFT14.8%
MICROSOFT CORP
$24.6M
GLBE14.1%
GLOBAL E ONLINE LTD
$23.4M
GSHD11.9%
GOOSEHEAD INS INC
$19.8M

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