Madison Avenue Partners, LP

Hedge Fund • Value

Madison Avenue Partners, LP is a Value-focused Hedge Fund based in Chicago, IL led by Eli Jackson Samaha, reporting $2.3B in AUM as of Q3 2025 with 34% Unknown concentration, 86% concentrated in top 10 holdings, and 15% allocation to GHC.

Managing PartnerEli Jackson Samaha

Portfolio Value: $1.9B
Positions: 21
Top Holding: GHC at 15.18%
Last Reported: Q3 2025

Address444 W. Lake St, Suite 4400, Chicago, IL, 60606, United States

Top Holdings

Largest long holdings in Madison Avenue Partners, LP's portfolio (86% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Graham Holdings GHC	Education & Training Services Consumer Defensive	$289.4M	15.18%	+$656.9K Bought	5.64% 245.8K shares	Q1 2020 Held for 5y 8m
2 SNDK SanDisk SNDK	Unknown Unknown	$231.4M	12.13%	-$169.3M Sold	— 2.1M shares	Q2 2025 Held for 5 months
3 SNDK Sandisk Corporation Common Stock SNDK	Unknown Unknown	$231.4M	12.13%	-$169.3M Sold	1.41% 2.1M shares	Q2 2025 Held for 5 months
4 Markel MKL	Insurance - Property & Casualty Financial Services	$161.1M	8.45%	—	0.67% 84.3K shares	Q1 2025 Held for 8 months
5 Indivior INDV	Drug Manufacturers - Specialty & Generic Healthcare	$155.8M	8.17%	-$35.2M Sold	5.18% 6.5M shares	Q2 2023 Held for 2y 5m
6 Globus Medical GMED	Medical - Devices Healthcare	$145.9M	7.65%	+$47.9M Bought	1.89% 2.5M shares	Q2 2025 Held for 5 months
7 Solventum SOLV	Medical - Care Facilities Healthcare	$145.2M	7.61%	-$18.7M Sold	1.15% 2.0M shares	Q2 2024 Held for 1y 5m
8 Theravance Biopharma TBPH	Biotechnology Healthcare	$138.9M	7.28%	—	18.89% 9.5M shares	Q3 2021 Held for 4y 2m
9 GLPG Galapagos GLPG	Unknown Unknown	$76.1M	3.99%	+$11.0M Bought	— 2.2M shares	Q2 2025 Held for 5 months
10 BTI British American Tobacco BTI	Unknown Unknown	$65.0M	3.41%	+$65.0M New	— 1.2M shares	Q3 2025 Held for 2 months

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Madison Avenue Partners, LP's latest filing

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GthenC

Market Value

$1.9B

Prior: $1.7B

Q/Q Change

+13.3%

+$223.8M

Net Flows % of MV

-24.45%

Turnover Ratio

21.6%

New Purchases

2 stocks

$79.6M

Added To

5 stocks

+$76.8M

Sold Out Of

10 stocks

$168.9M

Reduced Holdings

8 stocks

-$453.9M

Increased Positions

Position	Shares Δ	Change
1 BTI British American Tobacco BTI	New	0 → 1.2M +$65.0M
2 Centuri Holdings CTRI	New	0 → 693.1K +$14.7M
3 Apartment Investment and Management AIV	+145.44%	1.5M → 3.6M +$17.0M
4 Globus Medical GMED	+48.83%	1.7M → 2.5M +$47.9M
5 GLPG Galapagos GLPG	+16.98%	1.9M → 2.2M +$11.0M

Decreased Positions

Position	Shares Δ	Change
1 Sage Therapeutics SAGE	Sold	6.1M → 0 −$55.4M
2 Innovex International INVX	Sold	1.8M → 0 −$27.6M
3 MRP Millrose Properties, Inc. MRP	Sold	825.8K → 0 −$23.5M
4 MRP Morgan Stanley MRP	Sold	825.8K → 0 −$23.5M
5 CARGO Therapeutics, Inc. CRGX	Sold	4.2M → 0 −$17.3M