Fund 1 Investments, LLC

RINCON, PR · CIK 1959730 · 13F filing filed 2026-08-14

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

$568.8m reported value -26.0% vs Q1 2026

45positions

65.1%in top 10

24 new 5 added 13 reduced 41 sold out vs Q1 2026

Options: 2 call positions ($34.2m notional), 0 put positions (— notional) – listed below, not included above.

This report includes the holdings of 2 other managers that share the investment decisions:

Lennon Jonathan – reports through this filing
Pleasant Lake Partners LLC – reports through this filing

Shares in two reports are counted once in each security's totals.

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	CITI TRENDS INC COM CTRN	CTRN	1,823,486	$105.5m18.54%	18.54%	Reduced -750.0k	-750,000 -29.1%
2	JUMIA TECHNOLOGIES AG SPONSORED ADS JMIA	JMIA	9,262,377	$65.3m11.48%	11.48%	Reduced -3.1m	-3,062,623 -24.9%
3	TILLYS INC CL A TLYS	TLYS	8,058,268	$33.8m5.95%	5.95%	Unchanged
4	FUNKO INC COM CL A FNKO	FNKO	5,284,552	$31.1m5.46%	5.46%	Reduced -81.2k	-81,246 -1.5%
5	GROCERY OUTLET HLDG CORP COM GO	GO	2,732,505	$27.3m4.79%	4.79%	New
6	PROPETRO HLDG CORP COM PUMP	PUMP	1,793,882	$25.7m4.52%	4.52%	Added +1.7m	+1,728,736 2653.6%
7	APPLOVIN CORP COM CL A APP	APP	41,250	$21.3m3.74%	3.74%	Reduced -8.7k	-8,716 -17.4%
8	J JILL INC COM JILL	JILL	1,328,949	$21.1m3.71%	3.71%	Added +653.6k	+653,645 96.8%
9	GENESCO INC COM GCO	GCO	609,963	$20.6m3.62%	3.62%	Added +184.7k	+184,653 43.4%
10	TORRID HLDGS INC COM CURV	CURV	9,847,478	$18.4m3.24%	3.24%	Added +119.4k	+119,433 1.2%
11	CELSIUS HLDGS INC COM NEW CELH	CELH	606,508	$17.8m3.12%	3.12%	Reduced -965.3k	-965,256 -61.4%
12	REDDIT INC CL A RDDT	RDDT	83,650	$14.5m2.55%	2.55%	Reduced -243.8k	-243,750 -74.5%
13	TTM TECHNOLOGIES INC COM TTMI	TTMI	72,933	$13.6m2.40%	2.40%	New
14	FIVE BELOW INC COM FIVE	FIVE	72,621	$13.1m2.30%	2.30%	New
15	ADVANCE AUTO PARTS INC COM AAP	AAP	208,924	$13.0m2.29%	2.29%	New
16	XPONENTIAL FITNESS INC COM CL A XPOF	XPOF	1,808,068	$12.5m2.20%	2.20%	New
17	1 800 FLOWERS COM INC CL A FLWS	FLWS	3,553,230	$12.4m2.17%	2.17%	Reduced -1.8m	-1,806,207 -33.7%
18	NVIDIA CORPORATION COM NVDA	NVDA	60,000	$12.0m2.11%	2.11%	Added +37.0k	+37,000 160.9%
19	AMAZON COM INC COM AMZN	AMZN	50,000	$11.9m2.10%	2.10%	Reduced -96.8k	-96,846 -66.0%
20	SIRIUSXM HOLDINGS INC COMMON STOCK SIRI	SIRI	349,173	$10.3m1.81%	1.81%	New
21	SEA LTD SPONSORD ADS SE	SE	75,000	$7.2m1.26%	1.26%	Reduced -101.1k	-101,078 -57.4%
22	WW INTL INC COM NEW WW	WW	422,467	$6.8m1.19%	1.19%	Reduced -357.2k	-357,162 -45.8%
23	VISTRA CORP COM VST	VST	41,200	$6.5m1.15%	1.15%	New
24	NATIONAL VISION HLDGS INC COM EYE	EYE	255,796	$4.9m0.85%	0.85%	New
25	AMC ENTMT HLDGS INC CL A NEW AMC	AMC	2,206,321	$4.2m0.74%	0.74%	New
26	DESTINATION XL GROUP INC COM DXLG	DXLG	5,758,261	$3.9m0.68%	0.68%	Unchanged
27	BLACKLINE INC COM BL	BL	125,000	$3.5m0.62%	0.62%	New
28	LEVI STRAUSS & CO NEW CL A COM STK LEVI	LEVI	133,627	$3.3m0.58%	0.58%	New
29	CARVANA CO CL A CVNA	CVNA	47,500	$3.1m0.55%	0.55%	New
30	COMPASS INC CL A COMP	COMP	230,100	$2.8m0.50%	0.50%	New
31	BLACKSTONE DIGITAL INFRASTRU COMMON STOCK BXDC	BXDC	126,250	$2.7m0.48%	0.48%	New
32	ELDORADO GOLD CORP NEW COM EGO	EGO	82,900	$2.6m0.45%	0.45%	New
33	FOSSIL GROUP INC COM FOSL	FOSL	536,982	$2.2m0.39%	0.39%	New
34	BATH & BODY WORKS INC COM BBWI	BBWI	74,404	$1.7m0.30%	0.30%	Reduced -1.2m	-1,195,775 -94.1%
35	THE REALREAL INC COM REAL	REAL	142,618	$1.7m0.30%	0.30%	New
36	COUPANG INC CL A CPNG	CPNG	95,777	$1.7m0.29%	0.29%	Reduced -1.6m	-1,574,489 -94.3%
37	ACADEMY SPORTS & OUTDOORS IN COM ASO	ASO	30,000	$1.4m0.25%	0.25%	New
38	UNDER ARMOUR INC CL C UA	UA	201,612	$1.3m0.22%	0.22%	New
39	BAIDU INC SPON ADR REP A BIDU	BIDU	10,000	$1.1m0.20%	0.20%	Unchanged
40	JAMES HARDIE INDS PLC ORD SHS JHX	JHX	40,000	$1.0m0.18%	0.18%	New
41	BOOST RUN INC ORD SHS CL A BRUN	BRUN	25,898	$1.0m0.18%	0.18%	New
42	HCA HEALTHCARE INC COM HCA	HCA	2,500	$974.7k0.17%	0.17%	New
43	SHAKE SHACK INC CL A SHAK	SHAK	15,000	$840.3k0.15%	0.15%	New
44	ROCKET COS INC COM CL A RKT	RKT	53,236	$838.5k0.15%	0.15%	New
45	VERA BRADLEY INC COM VRA	VRA	102,899	$400.3k0.07%	0.07%	Reduced -692.1k	-692,101 -87.1%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
V F CORP VFC	VFC	2,853,537	$48.5m2.9m shares
ENVIRI CORP		1,503,900	$29.5m1.5m shares
MADDEN STEVEN LTD SHOO	SHOO	459,717	$15.6m459.7k shares
GOLAR LNG LTD GLNG	GLNG	236,302	$12.8m236.3k shares
ARRIVENT BIOPHARMA INC AVBP	AVBP	499,990	$11.5m500.0k shares
TALEN ENERGY CORP TLN	TLN	35,000	$11.2m35.0k shares
BJS RESTAURANTS INC BJRI	BJRI	289,308	$10.2m289.3k shares
DAVITA INC DVA	DVA	54,256	$8.3m54.3k shares
ADVANCED MICRO DEVICES INC AMD	AMD	34,500	$7.0m34.5k shares
STITCH FIX INC SFIX	SFIX	1,970,000	$6.5m2.0m shares
ROSS STORES INC ROST	ROST	29,000	$6.3m29.0k shares
CROCS INC CROX	CROX	75,000	$6.2m75.0k shares
ETHAN ALLEN INTERIORS INC ETD	ETD	254,838	$5.7m254.8k shares
EL POLLO LOCO HLDGS INC LOCO	LOCO	407,341	$5.6m407.3k shares
DAVE INC DAVE	DAVE	30,214	$5.3m30.2k shares
DAVE & BUSTERS ENTMT INC PLAY	PLAY	383,228	$4.2m383.2k shares
AMERICOLD REALTY TRUST INC COLD	COLD	360,000	$4.1m360.0k shares
UNITY SOFTWARE INC U	U	102,306	$2.2m102.3k shares
ICON PLC ICLR	ICLR	19,527	$2.2m19.5k shares
S&P GLOBAL INC SPGI	SPGI	5,000	$2.1m5.0k shares
CHIPOTLE MEXICAN GRILL INC CMG	CMG	65,000	$2.1m65.0k shares
DRAFTKINGS INC NEW DKNG	DKNG	95,946	$2.1m95.9k shares
CAPRI HOLDINGS LIMITED CPRI	CPRI	113,620	$2.0m113.6k shares
MICRON TECHNOLOGY INC MU	MU	5,000	$1.7m5.0k shares
CVS HEALTH CORP CVS	CVS	22,759	$1.6m22.8k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
APPLOVIN CORP APP · Call	APP	Call	500,000	$25.8m500.0k shares	New
GROCERY OUTLET HLDG CORP GO · Call	GO	Call	8,500,000	$8.5m8.5m shares	New

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
TILE SHOP HLDGS INC 13D · filed 2025-12-16		28.8%	no change	13D	2025-12-16
TILLYS INC TLYS · 13D · filed 2026-09-08	TLYS	24.9%≈ $24.4m	-9.9 pts	13D	2026-09-08
CITI TRENDS INC CTRN · 13D · filed 2026-06-25	CTRN	21.9%≈ $105.5m	-9.2 pts	13D	2026-06-25
DESTINATION XL GROUP INC DXLG · 13D · filed 2025-01-22	DXLG	10.6%≈ $3.9m	no change	13D	2025-01-22
TORRID HLDGS INC CURV · 13G · filed 2025-07-08	CURV	10.5%≈ $19.5m	+1.6 pts	13G	2025-07-08
XPONENTIAL FITNESS INC XPOF · 13D · filed 2026-10-20	XPOF	9.9%≈ $28.9m	no change	13D	2026-10-20
FUNKO INC FNKO · 13D · filed 2026-10-16	FNKO	9.9%≈ $32.5m	+0.1 pts	13D	2026-10-16
1 800 FLOWERS COM INC FLWS · 13G · filed 2026-08-14	FLWS	9.6%≈ $12.4m	-5.0 pts	13G	2026-08-14
J JILL INC JILL · 13G · filed 2026-08-14	JILL	8.9%≈ $21.1m	+5.2 pts	13G	2026-08-14
JUMIA TECHNOLOGIES AG JMIA · 13G · filed 2026-08-14	JMIA	7.5%	-2.5 pts	13G	2026-08-14
GENESCO INC GCO · 13G · filed 2026-08-14	GCO	5.5%≈ $20.6m	+1.6 pts	13G	2026-08-14

Trades reported as a company insider since 1 Apr 2026

Owning 10% or more of a company, or having someone on its board, makes this manager an insider there: it reports its trades in that company's shares on Form 4 within two business days. Open-market and private purchases and sales only.

Date	Company	Ticker	Trade	Shares	Value	Their holding
2026-09-08	TILLYS INC 10% owner · See Footnote	TLYS	Sold	179,970	$750.8k180.0k shares	-3%
2026-09-04	TILLYS INC 10% owner · See Footnote	TLYS	Sold	432,110	$1.9m432.1k shares	-7%
2026-09-03	TILLYS INC 10% owner · See Footnote	TLYS	Sold	1,644,255	$7.4m1.6m shares	-20%
2026-06-24	CITI TRENDS INC 10% owner · See Footnote	CTRN	Sold	750,000	$42.4m750.0k shares	-29%
2026-04-22	1 800 FLOWERS COM INC 10% owner · See Footnote	FLWS	Sold	489,238	$2.0m489.2k shares	-12%
2026-04-21	1 800 FLOWERS COM INC 10% owner · See Footnote	FLWS	Sold	720,000	$3.0m720.0k shares	-15%
2026-04-20	1 800 FLOWERS COM INC 10% owner · See Footnote	FLWS	Sold	543,195	$2.5m543.2k shares	-10%