8 KNOTS MANAGEMENT, LLC
Portfolio value QoQ: -1.8% 13F does not disclose cash
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q4 2025: 44.41% Est. buys $389,064,074 · sells $482,153,208
Median holding: 2.0 quarters Tracked Q1 2025–Q4 2025 · 35.3% still held
Performance vs S&P 500
Annualized: +1.7% · S&P 500: +36.0%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Sector breakdown
Full portfolio 12 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| MOH | $198,942,438 | 22.92% | 1,146,378 | Up ×1 | |||
| CNC | $193,662,188 | 22.31% | 4,706,250 | $7,000,484 | Down ×1 | ||
| ELV | $179,336,122 | 20.66% | 511,585 | $121,836,918 | Up ×1 | ||
| BTSG | $78,160,996 | 9.00% | 2,087,076 | $26,917,317 | Up ×1 | ||
| EHAB | $46,881,063 | 5.40% | 5,084,714 | $13,088,107 | Up ×2 | ||
| CVS | $40,857,226 | 4.71% | 514,834 | $-47,710,720 | Down ×1 | ||
| ALHC | $36,900,248 | 4.25% | 1,868,367 | $-13,584,225 | Down ×2 | ||
| HCSG | $30,449,843 | 3.51% | 1,592,565 | $-26,076,758 | Down ×1 | ||
| CAH | $28,522,373 | 3.29% | 138,795 | ||||
| PACS | $23,420,587 | 2.70% | 610,070 | Up ×1 | |||
| EHTH | $10,727,278 | 1.24% | 2,332,017 | $676,285 | |||
| PNTG | $245,046 | 0.03% | 8,705 | $-43,676,971 | Down ×3 | ||
| No matches | |||||||
Biggest new bets
New positions opened this quarter, largest first.
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| ELV | Bought more | +334K | +$121.8M |
| CVS | Trimmed | -660K | -$47.7M |
| BTSG | Bought more | +354K | +$26.9M |
| HCSG | Trimmed | -1.8M | -$26.1M |
| ALHC | Trimmed | -1.0M | -$13.6M |
| EHAB | Bought more | +866K | +$13.1M |
| CNC | Trimmed | -525K | +$7.0M |
| EHTH | Price move only | +0 | +$676K |
1 position hidden — reported move looks larger than the position itself (data completeness check)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| CNC | June 30, 2025 | 3,050,904 | $185,220,382 | 18.5% |
| HUM | Sept. 30, 2025 | 441,623 | $107,967,991 | 55.3% |
| UNH | Dec. 31, 2025 | 275,022 | $94,965,097 | 14.7% |
| UNH | June 30, 2025 | 168,923 | $88,473,421 | 21.4% |
| EHC | Sept. 30, 2025 | 641,314 | $78,644,336 | -4.8% |
| LH | Dec. 31, 2025 | 204,859 | $58,806,825 | 23.0% |
| DGX | Dec. 31, 2025 | 275,344 | $52,475,060 | 33.8% |
| CAH | Sept. 30, 2025 | 299,258 | $50,275,344 | 48.5% |
| CON | June 30, 2025 | 1,932,890 | $41,943,713 | 76.0% |
| CVS | June 30, 2025 | 617,120 | $41,809,880 | 26.1% |
| PINC | Sept. 30, 2025 | 1,694,066 | $37,150,867 | No longer tracked |
| MCK | June 30, 2025 | 47,446 | $31,930,684 | 24.9% |
| THC | Dec. 31, 2025 | 147,172 | $29,881,803 | 30.6% |
| DVA | June 30, 2025 | 193,542 | $29,606,120 | 25.5% |
| BTSG | June 30, 2025 | 1,469,341 | $26,580,379 | 162.8% |
| SEM | Sept. 30, 2025 | 1,750,188 | $26,567,854 | No longer tracked |
| CI | Sept. 30, 2025 | 79,617 | $26,319,788 | -5.9% |
| HCA | Dec. 31, 2025 | 53,641 | $22,861,794 | -6.8% |
| ACHC | Sept. 30, 2025 | 844,850 | $19,169,647 | 16.6% |
| EVH | Dec. 31, 2025 | 1,768,113 | $14,958,236 | -9.8% |
| RDNT | Sept. 30, 2025 | 257,488 | $14,653,642 | -7.4% |
| MCK | Dec. 31, 2025 | 17,596 | $13,593,614 | 11.6% |
| GDRX | June 30, 2025 | 1,838,011 | $8,105,629 | -32.5% |
| SCI | Dec. 31, 2025 | 84,062 | $6,995,640 | -2.6% |
| ADUS | Dec. 31, 2025 | 51,491 | $6,075,423 | 5.2% |
| SGRY | Dec. 31, 2025 | 220,088 | $4,762,704 | -13.7% |
| CLOV | June 30, 2025 | 817,905 | $2,936,279 | 67.7% |
| MODVQ | June 30, 2025 | 134,833 | $177,305 | No longer tracked |