Second Line Capital, LLC
SEC Form 13F institutional filer · CIK 0001992879
13F-HR · 106 reported holdings · 2026-03-31
Reported long-US-equity value
$0.22B
Top-10 concentration
53.5%
Second Line Capital, LLC — $222M AUM allocation strategy
Second Line Capital, LLC files SEC Form 13F and reports $222M of long US equity value across 106 reported holdings for 2026-03-31.
Its largest sector bet is Financials 19.4%, followed by Information Technology 12.6% and Energy 7.2%.
The top 10 holdings account for 54% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
Second Line Capital, LLC — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$222M
total across 106 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
54% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$SPY +7.51K sh · +$6.53M+$CSCO +6.25K sh · +$627K+$INTC +4.83K sh · +$804K
Biggest trims (shares)
−$IVZ −56.9K sh · −$10.7M−$SPGI −7.82K sh · +$2.33M−$IVV −4.43K sh · +$266K
Exited to nil (held last quarter, gone now)
$VTI ($387K last qtr)$ROK ($356K last qtr)$BX ($262K last qtr)$DVN ($245K last qtr)$SPYM ($231K last qtr)
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Financial Exchanges & Data13.0%—
- Integrated Oil & Gas4.9%—
- Semiconductors4.3%—
- Advertising4.3%—
- Systems Software3.5%—
- Technology Hardware, Storage & Peripherals3.4%—
- Diversified Banks3.1%—
- Broadline Retail2.9%—
- Other holdings60.5%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
8 of 8 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $SPGI | S&P Global Inc | 585K | $28.8M | -7.82K | 13.0% |
| $NVDA | NVIDIA Corporation | 48.4K | $9.66M | +990 | 4.4% |
| $APP | Applovin Corporation | 21.6K | $9.63M | +360 | 4.3% |
| $MSFT | Microsoft Corporation | 19.2K | $7.83M | +812 | 3.5% |
| $AAPL | Apple Inc | 27.7K | $7.52M | -412 | 3.4% |
| $JPM | JP Morgan Chase & Co | 21.6K | $6.77M | -1.02K | 3.1% |
| $AMZN | Amazon.com Inc | 24.8K | $6.57M | -1.06K | 3.0% |
| $XOM | ExxonMobil Holdings Corporation | 41.3K | $6.37M | -1.8K | 2.9% |
…and 98 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
← All 13F filers·← QuantOrb.pro
How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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