Varde Management, L.P.
Varde Management, L.P. reported 4 US-listed holdings worth $67.1 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: Ziff Davis, Inc. (48.7%), Surgery Partners Inc. (25.1%) and EchoStar Corp. (24.1%). Against the quarter before, it opened 0 positions, added to 4, trimmed 0 and sold out of 0.
The 4 largest of its 4 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +201.9% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Added to 4
- Ziff Davis, Inc. ZD+90,000 shares · +17%
- Surgery Partners Inc. SGRY+248,009 shares · +33%
- EchoStar Corp. ECHO+12,000 shares · +8%
- Ziprecruiter Inc. ZIP+23,929 shares · +7%
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Ziff Davis, Inc. ZD | 624.0K | $32.7 million | 48.70% | +90.0K |
| Surgery Partners Inc. SGRY | 1.0M | $16.9 million | 25.12% | +248.0K |
| EchoStar Corp. ECHO | 159.4K | $16.2 million | 24.11% | +12.0K |
| Ziprecruiter Inc. ZIP | 371.5K | $1.4 million | 2.08% | +23.9K |
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Change is shares against its 13F for the quarter before.Options it reported
| Company | Option | Shares under the options | Value of those shares |
|---|---|---|---|
| Trump Media & Technology Group Com DJT | Puts | 8.5K | $1.3 million |
1 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.