CLEARFIELD CAPITAL MANAGEMENT LP

Hedge Fund • Long/Short

CLEARFIELD CAPITAL MANAGEMENT LP is a Long/Short Hedge Fund based in New York, NY led by Philip Joseph Hilal, reporting $280.5M in AUM as of Q3 2025 with 41% Industrials concentration, 100% concentrated in top 10 holdings, and 21% allocation to UAL.

CIOPhilip Joseph Hilal

Portfolio Value: $167.1M
Positions: 11
Top Holding: UAL at 21.35%
Last Reported: Q3 2025

Address430 Park Avenue, 11th Floor, New York, NY, 10022, United States

Top Holdings

Largest long holdings in CLEARFIELD CAPITAL MANAGEMENT LP's portfolio (99.9% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 United Airlines Holdings UAL	Airlines, Airports & Air Services Industrials	$35.7M	21.35%	+$22.5M Bought	0.11% 369.7K shares	Q4 2024 Held for 11 months
2 Talen Energy Corporation TLN	Unknown Unknown	$19.4M	11.58%	+$4.9M Bought	0.10% 45.5K shares	Q2 2025 Held for 5 months
3 Everus Construction Group ECG	Unknown Unknown	$19.3M	11.58%	+$1.3M Bought	0.44% 225.6K shares	Q1 2025 Held for 8 months
4 US Foods USFD	Food Distribution Consumer Defensive	$19.3M	11.56%	-$4.3M Sold	0.11% 252.2K shares	Q2 2022 Held for 3y 5m
5 Delta Air Lines DAL	Airlines, Airports & Air Services Industrials	$16.8M	10.07%	+$5.6M Bought	0.05% 296.5K shares	Q4 2024 Held for 11 months
6 Vertiv Holdings Co VRT	Electrical Equipment & Parts Industrials	$15.4M	9.19%	-$4.6M Sold	0.03% 101.8K shares	Q2 2025 Held for 5 months
7 Applied Digital APLD	Financial - Capital Markets Financial Services	$12.6M	7.54%	-$451.9K Sold	0.20% 549.5K shares	Q2 2024 Held for 1y 5m
8 Vistra VST	Independent Power Producers Utilities	$11.6M	6.92%	+$960.0K Bought	0.02% 59.0K shares	Q2 2025 Held for 5 months
9 Constellation Energy CEG	Renewable Utilities Utilities	$10.1M	6.05%	-$756.9K Sold	0.01% 30.7K shares	Q2 2025 Held for 5 months
10 WYFI WhiteFiber, Inc. Ordinary Shares WYFI	Unknown Unknown	$6.8M	4.06%	+$6.8M New	0.66% 249.5K shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in CLEARFIELD CAPITAL MANAGEMENT LP's latest filing

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Market Value

$167.1M

Prior: $129.8M

Q/Q Change

+28.7%

+$37.3M

Net Flows % of MV

+8.11%

Turnover Ratio

21.16%

New Purchases

1 stocks

$6.8M

Added To

5 stocks

+$35.3M

Sold Out Of

3 stocks

$18.4M

Reduced Holdings

4 stocks

-$10.1M

Increased Positions

Position	Shares Δ	Change
1 WYFI WhiteFiber, Inc. Ordinary Shares WYFI	New	0 → 249.5K +$6.8M
2 United Airlines Holdings UAL	+170.01%	136.9K → 369.7K +$22.5M
3 Delta Air Lines DAL	+50.41%	197.1K → 296.5K +$5.6M
4 Talen Energy Corporation TLN	+34.22%	33.9K → 45.5K +$4.9M
5 Vistra VST	+9.06%	54.1K → 59.0K +$960.0K

Decreased Positions

Position	Shares Δ	Change
1 Gulfterra Energy Partners GTM	Sold	977.9K → 0 −$9.9M
2 Alaska Air Group ALK	Sold	108.9K → 0 −$5.4M
3 Vestis VSTS	Sold	544.4K → 0 −$3.1M
4 Vertiv Holdings Co VRT	-22.94%	132.1K → 101.8K −$4.6M
5 US Foods USFD	-18.25%	308.5K → 252.2K −$4.3M