Benchstone Capital Management LP

Hedge Fund • Long/Short

Benchstone Capital Management LP is a Long/Short Hedge Fund based in Richmond, VA led by Christopher Morgan Leff, reporting $1.1B in AUM as of Q3 2025 with 47% Technology concentration, 60% concentrated in top 10 holdings, and 47% technology allocation.

FounderChristopher Morgan Leff

Portfolio Value: $733.3M
Positions: 27
Top Holding: MSFT at 7.85%
Last Reported: Q3 2025

Address4120 W. Broad Street, Richmond, VA, 23230, United States

Top Holdings

Largest long holdings in Benchstone Capital Management LP's portfolio (60.4% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Microsoft MSFT	Software - Infrastructure Technology	$57.6M	7.85%	+$4.5M Bought	0.00% 111.1K shares	Q2 2025 Held for 5 months
2 Norwegian Cruise Line Holdings Ltd. NCLH	Travel Services Consumer Cyclical	$52.5M	7.17%	+$8.0M Bought	0.47% 2.1M shares	Q4 2024 Held for 11 months
3 Liberty Media Corporation FWONK	Entertainment Communication Services	$49.9M	6.80%	-$382.5K Sold	0.19% 477.4K shares	Q4 2024 Held for 11 months
4 McDonald's MCD	Restaurants Consumer Cyclical	$49.6M	6.77%	+$16.4M Bought	0.02% 163.3K shares	Q4 2024 Held for 11 months
5 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$47.0M	6.41%	+$5.3M Bought	0.00% 64.0K shares	Q4 2024 Held for 11 months
6 Home Depot HD	Home Improvement Consumer Cyclical	$42.4M	5.78%	+$42.4M New	0.01% 104.7K shares	Q3 2025 Held for 2 months
7 Ross Stores ROST	Apparel - Retail Consumer Cyclical	$39.7M	5.41%	+$4.6M Bought	0.08% 260.4K shares	Q4 2024 Held for 11 months
8 ServiceNow NOW	Software - Application Technology	$37.5M	5.11%	+$9.9M Bought	0.02% 40.7K shares	Q2 2025 Held for 5 months
9 Nvidia NVDA	Semiconductors Technology	$34.6M	4.72%	-$41.8M Sold	0.00% 185.4K shares	Q4 2024 Held for 11 months
10 Broadcom Inc. AVGO	Semiconductors Technology	$31.9M	4.36%	+$31.9M Bought	0.00% 96.8K shares	Q1 2025 Held for 8 months

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Changes

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

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Market Value

$733.3M

Prior: $1.1B

Q/Q Change

-35.27%

-$399.5M

Net Flows % of MV

-57.89%

Turnover Ratio

57.15%

New Purchases

7 stocks

$134.2M

Added To

8 stocks

+$56.6M

Sold Out Of

16 stocks

$426.5M

Reduced Holdings

11 stocks

-$188.8M

Increased Positions

Position	Shares Δ	Change
1 Home Depot HD	New	0 → 104.7K +$42.4M
2 Hewlett Packard Enterprise HPE	New	0 → 933.9K +$22.9M
3 Warner Bros. Discovery, Inc. WBD	New	0 → 1.0M +$20.1M
4 Applied Materials AMAT	New	0 → 84.3K +$17.3M
5 Tower Semiconductor TSEM	New	0 → 238.3K +$17.2M

Decreased Positions

Position	Shares Δ	Change
1 AT&T T	Sold	1.7M → 0 −$48.2M
2 Live Nation Entertainment LYV	Sold	251.5K → 0 −$38.0M
3 Electronic Arts EA	Sold	235.4K → 0 −$37.6M
4 Domino's Pizza DPZ	Sold	72.9K → 0 −$32.9M
5 Pinterest, Inc. PINS	Sold	905.3K → 0 −$32.5M