General Equity Holdings LP

Hedge Fund • Long/Short

General Equity Holdings LP is a Long/Short Hedge Fund based in Brooklyn, NY led by Andrew James Bellas, reporting $311.8M in AUM as of Q3 2025 with 69% Consumer Cyclical concentration, 97% concentrated in top 10 holdings, and 60% allocation to CVNA.

Managing PartnerAndrew James Bellas

Portfolio Value: $164.4M
Positions: 12
Top Holding: CVNA at 59.67%
Last Reported: Q3 2025

Address45 Main Street,, Suite 411, Brooklyn, NY, 11201, United States

Top Holdings

Largest long holdings in General Equity Holdings LP's portfolio (96.7% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Carvana CVNA	Specialty Retail Consumer Cyclical	$98.1M	59.67%	+$9.0M Bought	0.19% 260.0K shares	Q1 2021 Held for 4y 8m
2 Nu Holdings NU	Banks - Diversified Financial Services	$10.2M	6.18%	+$10.2M New	0.01% 634.4K shares	Q3 2025 Held for 2 months
3 OneWater Marine Inc. ONEW	Auto - Recreational Vehicles Consumer Cyclical	$8.7M	5.27%	+$1.2M Bought	3.34% 546.4K shares	Q4 2020 Held for 4y 11m
4 Applovin Corporation APP	Software - Application Technology	$8.4M	5.14%	+$8.4M New	0.00% 11.8K shares	Q3 2025 Held for 2 months
5 Sea Limited SE	Unknown Unknown	$7.6M	4.59%	-$9.2M Sold	— 42.3K shares	Q3 2024 Held for 1y 2m
6 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$6.3M	3.82%	+$6.3M Bought	0.00% 25.8K shares	Q3 2025 Held for 2 months
7 Shift4 Payments FOUR	Software - Infrastructure Technology	$5.3M	3.24%	+$619.2K Bought	0.10% 68.8K shares	Q2 2025 Held for 5 months
8 Coupang CPNG	Specialty Retail Consumer Cyclical	$5.3M	3.21%	-$2.9M Sold	0.01% 164.1K shares	Q2 2025 Held for 5 months
9 Oscar Health OSCR	Medical - Healthcare Plans Healthcare	$4.9M	2.99%	-$189.3K Sold	0.10% 260.0K shares	Q3 2024 Held for 1y 2m
10 JMIA Jumia Technologies JMIA	Unknown Unknown	$4.2M	2.56%	+$4.2M New	— 363.1K shares	Q3 2025 Held for 2 months

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in General Equity Holdings LP's latest filing

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GthenC

Market Value

$164.4M

Prior: $132.1M

Q/Q Change

+24.41%

+$32.2M

Net Flows % of MV

+9.4%

Turnover Ratio

20.22%

New Purchases

4 stocks

$26.5M

Added To

4 stocks

+$11.3M

Sold Out Of

3 stocks

$10.1M

Reduced Holdings

3 stocks

-$12.2M

Increased Positions

Position	Shares Δ	Change
1 Nu Holdings NU	New	0 → 634.4K +$10.2M
2 Applovin Corporation APP	New	0 → 11.8K +$8.4M
3 JMIA Jumia Technologies JMIA	New	0 → 363.1K +$4.2M
4 FTAI Aviation Ltd. FTAI	New	0 → 22.3K +$3.7M
5 The ONE Group Hospitality STKS	+32.92%	439.1K → 583.6K +$427.8K

Decreased Positions

Position	Shares Δ	Change
1 Citi Trends CTRN	Sold	172.2K → 0 −$5.8M
2 Root, Inc. ROOT	Sold	19.7K → 0 −$2.5M
3 National Vision Holdings, Inc. EYE	Sold	80.0K → 0 −$1.8M
4 Sea Limited SE	-54.81%	93.5K → 42.3K −$9.2M
5 Coupang CPNG	-35.42%	254.1K → 164.1K −$2.9M