Windward Management LP

Miami Beach, FL · CIK 1880817 · 13F filing filed 2026-08-17

SEC-registered investment adviser since 2021 · limited partnership

Assets managed$191.6m
Staff4 · 3 in investment roles
Main clients (by assets)Private funds 97%, High net worth individuals 3%
Private funds2 (2 hedge) · $185.0m gross assets
Websitewindwardmg.com
Form ADV · 2026-08-13SEC adviser record

Legal entityWINDWARD MANAGEMENT LP (US)

$137.7m reported value +49.1% vs Q1 2026

7positions

100.0%in top 10

1 new 1 added 2 reduced 0 sold out vs Q1 2026

Options: 5 call positions ($42.4m notional), 1 put positions ($149.4m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	GROUPON INC COM NEW GRPN	GRPN	2,345,000	$56.4m40.98%	40.98%	Added +135.4k	+135,359 6.1%
2	NETGEAR INC COM NTGR	NTGR	1,368,956	$32.0m23.22%	23.22%	Reduced -87.0k	-86,958 -6.0%
3	BARNES & NOBLE ED INC COM NEW BNED	BNED	1,656,736	$20.8m15.11%	15.11%	Reduced -43.3k	-43,264 -2.5%
4	TURTLE BEACH CORP COM NEW TBCH	TBCH	1,607,989	$20.0m14.54%	14.54%	Unchanged
5	DAVE & BUSTERS ENTMT INC COM PLAY	PLAY	350,000	$4.0m2.90%	2.90%	New
6	JACK IN THE BOX INC COM JACK	JACK	182,404	$2.9m2.09%	2.09%	Unchanged
7	ALLOT LTD SHS ALLT	ALLT	180,000	$1.6m1.16%	1.16%	Unchanged

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	200,000	$149.4m200.0k shares	New
GROUPON INC GRPN · Call	GRPN	Call	940,000	$22.6m940.0k shares	Added
GEO GROUP INC NEW GEO · Call	GEO	Call	250,100	$7.4m250.1k shares	Reduced
DAVE & BUSTERS ENTMT INC PLAY · Call	PLAY	Call	450,000	$5.1m450.0k shares	New
TURTLE BEACH CORP TBCH · Call	TBCH	Call	350,000	$4.4m350.0k shares	Added
NETGEAR INC NTGR · Call	NTGR	Call	125,300	$2.9m125.3k shares	Reduced

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
TURTLE BEACH CORP TBCH · 13G · filed 2025-05-13	TBCH	8.4%≈ $20.6m	+2.9 pts	13G	2025-05-13
GROUPON INC GRPN · 13G · filed 2025-11-14	GRPN	6.5%≈ $63.6m		13G	2025-11-14
NETGEAR INC NTGR · 13G · filed 2026-02-13	NTGR	5.1%≈ $33.8m	new	13G	2026-02-13