Isabella Capital Management LLP

LONDON, X0 · CIK 2134988 · 13F filing filed 2026-08-03

Exempt reporting adviser since 2025 · limited liability partnership

Private funds1 (1 hedge) · $277.4m gross assets
Main officeWestminster, London
Websiteisabella.capital
Form ADV · 2026-05-12SEC adviser record

Legal entityISABELLA CAPITAL MANAGEMENT LLP (GB)

Kindhedge funds, futures, FCA fund manager
Others nearbyLondon

As an employer

Offices in1 country
Private fundshedge 1

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

In the UK

FCA-authorised companies1
Manages investmentsyes
Runs fundsyes
Retail clientsno, professional only

Company	Town	Staff	Pay gap report	FCA register
ISABELLA CAPITAL MANAGEMENT LLP Limited Liability PartnershipFCA: Authorised · manages investments, manages AIFs, advises, deals	London			Authorisedmanages investments, manages AIFs, advises, deals

Sources: Companies House (accounts filed electronically; the largest groups often file on paper, so their staff numbers can be missing), the UK gender pay gap service (employers with 250+ staff) and the FCA's Financial Services Register. Contains public sector information licensed under the Open Government Licence v3.0.

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$148.4m reported value +57.8% vs Q1 2026

7positions

100.0%in top 10

4 new 3 added 0 reduced 4 sold out vs Q1 2026

Options: 0 call positions (— notional), 1 put positions ($40.0m 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	ALIBABA GROUP HLDG LTD NOTE 0.500% 6/0 · principal BABA 0.5 06.01.31 · principal	BABA 0.5 06.01.31	71,000,000	$83.9m56.52%	56.52%	Added +43.5m	+43,500,000 158.2%
2	MARA HOLDINGS INC NOTE 2.125% 9/0 · principal MARA 2.125 09.01.31 · principal	MARA 2.125 09.01.31	25,000,000	$28.0m18.85%	18.85%	Added +11.5m	+11,500,000 85.2%
3	ISHARES TR IBOXX HI YD ETF HYG	HYG	195,000	$15.6m10.51%	10.51%	Added +20.0k	+20,000 11.4%
4	WEIBO CORP NOTE 1.375%12/0 · principal WB 1.375 12.01.30 · principal	WB 1.375 12.01.30	15,000,000	$15.0m10.13%	10.13%	New
5	SUPER MICRO COMPUTER INC NOTE 6/1 · principal SMCI 0 06.15.30 · principal	SMCI 0 06.15.30	5,500,000	$4.9m3.31%	3.31%	New
6	ALPHABET INC DEP SHS RP1/20 A GOOGL 6.25 05.15.29 A	GOOGL 6.25 05.15.29 A	10,000	$505.6k0.34%	0.34%	New
7	ALPHABET INC DEP SHS RP1/20 B GOOGL 6.25 05.15.29 B	GOOGL 6.25 05.15.29 B	10,000	$500.8k0.34%	0.34%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
STRATEGY INC MSTR 0.875 03.15.31	MSTR 0.875 03.15.31	10,000,000	$9.7m10.0m shares
STRATEGY INC MSTR 0 12.01.29	MSTR 0 12.01.29	11,000,000	$9.2m11.0m shares
STRATEGY INC MSTR 0 03.01.30	MSTR 0 03.01.30	10,000,000	$8.7m10.0m shares
STRATEGY INC MSTR 0.625 09.15.28	MSTR 0.625 09.15.28	2,500,000	$2.8m2.5m shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES TR HYG · Put	HYG	Put	500,000	$40.0m500.0k shares	Unchanged