59 North Capital Management, LP

Hedge Fund • Long/Short

59 North Capital Management, LP is a Long/Short Hedge Fund based in Salt Lake City, UT led by Michael Richard Bilger, reporting $4.2B in AUM as of Q3 2025 with 38% Industrials concentration and 90% concentrated in top 10 holdings.

Managing PartnerMichael Richard Bilger

Portfolio Value: $3.2B
Positions: 14
Top Holding: AER at 14.83%
Last Reported: Q3 2025

Address623 E Fort Union Blvd., Suite 101, Salt Lake City, UT, 84047, United States

Top Holdings

Largest long holdings in 59 North Capital Management, LP's portfolio (89.7% of total portfolio)

See all holdings

GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 AerCap Holdings N.V. AER	Rental & Leasing Services Industrials	$475.9M	14.83%	-$40.9M Sold	2.21% 3.9M shares	Q1 2023 Held for 2y 8m
2 News Corporation NWSA	Entertainment Communication Services	$430.2M	13.41%	+$41.7M Bought	2.49% 14.0M shares	Q4 2020 Held for 4y 11m
3 DT Midstream DTM	Oil & Gas Midstream Energy	$347.6M	10.83%	+$114.3M Bought	3.03% 3.1M shares	Q2 2025 Held for 5 months
4 Kinder Morgan KMI	Oil & Gas Midstream Energy	$322.0M	10.03%	+$22.0M Bought	0.51% 11.4M shares	Q1 2025 Held for 8 months
5 Ferguson Enterprises FERG	Industrial - Distribution Industrials	$281.9M	8.78%	+$150.6M Bought	0.63% 1.3M shares	Q3 2022 Held for 3y 2m
6 Louisiana-Pacific Corporation LPX	Construction Industrials	$248.7M	7.75%	-$789.9K Sold	4.02% 2.8M shares	Q2 2024 Held for 1y 5m
7 Carnival Corporation CCL	Leisure Consumer Cyclical	$235.1M	7.32%	+$12.3M Bought	0.62% 8.1M shares	Q1 2025 Held for 8 months
8 SiteOne Landscape Supply SITE	Industrial - Distribution Industrials	$214.4M	6.68%	+$214.4M New	3.73% 1.7M shares	Q3 2025 Held for 2 months
9 iShares Bitcoin Trust IBIT	ETF ETF	$169.1M	5.27%	+$169.1M New	— 2.6M shares	Q3 2025 Held for 2 months
10 Constellation Energy CEG	Renewable Utilities Utilities	$153.5M	4.78%	-$74.0M Sold	0.15% 466.5K shares	Q4 2022 Held for 2y 11m

See all holdings

GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in 59 North Capital Management, LP's latest filing

See all changes

GthenC

Market Value

$3.2B

Prior: $2.8B

Q/Q Change

+14.58%

+$408.3M

Net Flows % of MV

+10.72%

Turnover Ratio

18.74%

New Purchases

2 stocks

$383.5M

Added To

6 stocks

+$389.8M

Sold Out Of

2 stocks

$74.3M

Reduced Holdings

5 stocks

-$355.1M

Increased Positions

Position	Shares Δ	Change
1 SiteOne Landscape Supply SITE	New	0 → 1.7M +$214.4M
2 iShares Bitcoin Trust IBIT	New	0 → 2.6M +$169.1M
3 Ferguson Enterprises FERG	+114.68%	584.7K → 1.3M +$150.6M
4 Extendicare Inc. EXE	+52.29%	880.4K → 1.3M +$48.9M
5 DT Midstream DTM	+49.0%	2.1M → 3.1M +$114.3M

Decreased Positions

Position	Shares Δ	Change
1 Norwegian Cruise Line Holdings Ltd. NCLH	Sold	1.9M → 0 −$38.3M
2 Core Scientific, Inc. CORZ	Sold	2.1M → 0 −$36.0M
3 iShares Russell 2000 IWM	-81.92%	963.3K → 174.2K −$190.9M
4 News Corporation NWS	-39.56%	3.5M → 2.1M −$48.4M
5 Constellation Energy CEG	-32.52%	691.3K → 466.5K −$74.0M