Becker Drapkin Management, L.P.

Hedge Fund • Long/Short

Becker Drapkin Management, L.P. is a Long/Short Hedge Fund based in Darien, CT led by Richard Benjamin Billig, reporting $398.1M in AUM as of Q3 2025 with 36% Communication Services concentration and 70% concentrated in top 10 holdings.

COORichard Benjamin Billig

Portfolio Value: $323.1M
Positions: 24
Top Holding: NWSA at 11.09%
Last Reported: Q3 2025

Address9 Old Kings Hwy. South, 4th Floor, Darien, CT, 06820, United States

Top Holdings

Largest long holdings in Becker Drapkin Management, L.P.'s portfolio (70.5% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 News Corporation NWSA	Entertainment Communication Services	$35.8M	11.09%	+$4.0M Bought	0.21% 1.2M shares	Q4 2021 Held for 3y 11m
2 Howard Hughes HHH	Real Estate - Diversified Real Estate	$24.9M	7.69%	+$3.4M Bought	— 302.5K shares	Q2 2024 Held for 1y 5m
3 Apollo Global Management APO	Asset Management - Global Financial Services	$24.8M	7.68%	+$1.8M Bought	0.03% 186.2K shares	Q1 2021 Held for 4y 8m
4 Hut 8 Mining Corp. HUT	Financial - Capital Markets Financial Services	$23.8M	7.38%	-$10.0M Sold	0.65% 684.9K shares	Q2 2024 Held for 1y 5m
5 Madison Square Garden Entertainment MSGE	Entertainment Communication Services	$21.5M	6.66%	+$3.6M Bought	1.00% 475.9K shares	Q2 2023 Held for 2y 5m
6 Pinterest, Inc. PINS	Internet Content & Information Communication Services	$21.3M	6.58%	+$15.6M Bought	0.10% 661.1K shares	Q3 2024 Held for 1y 2m
7 TKO Group Holdings TKO	Entertainment Communication Services	$20.6M	6.39%	+$2.8M Bought	0.12% 102.2K shares	Q4 2024 Held for 11 months
8 Norwegian Cruise Line Holdings Ltd. NCLH	Travel Services Consumer Cyclical	$19.5M	6.03%	+$19.5M New	0.17% 790.8K shares	Q3 2025 Held for 2 months
9 Rithm Capital RITM	REIT - Mortgage Real Estate	$19.3M	5.99%	+$4.9M Bought	0.32% 1.7M shares	Q4 2023 Held for 1y 11m
10 DigitalBridge Group DBRG	REIT - Diversified Real Estate	$16.2M	5.01%	+$16.2M Bought	0.76% 1.4M shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Becker Drapkin Management, L.P.'s latest filing

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Market Value

$323.1M

Prior: $292.1M

Q/Q Change

+10.65%

+$31.1M

Net Flows % of MV

-8.48%

Turnover Ratio

34.11%

New Purchases

5 stocks

$49.9M

Added To

9 stocks

+$36.8M

Sold Out Of

9 stocks

$86.7M

Reduced Holdings

4 stocks

-$27.5M

Increased Positions

Position	Shares Δ	Change
1 Norwegian Cruise Line Holdings Ltd. NCLH	New	0 → 790.8K +$19.5M
2 EchoStar SATS	New	0 → 145.0K +$11.1M
3 Vertiv Holdings Co VRT	New	0 → 58.7K +$8.9M
4 Centuri Holdings CTRI	New	0 → 321.1K +$6.8M
5 SmartRent SMRT	New	0 → 2.7M +$3.7M

Decreased Positions

Position	Shares Δ	Change
1 Core Scientific, Inc. CORZ	Sold	1.7M → 0 −$29.4M
2 IAC, Inc. IAC	Sold	568.4K → 0 −$21.2M
3 TransUnion TRU	Sold	160.9K → 0 −$14.2M
4 FTAI Infrastructure Inc. FIP	Sold	885.7K → 0 −$5.5M
5 FTAI Aviation Ltd. FTAI	Sold	885.7K → 0 −$5.5M