Governors Lane LP

CIK 0001644187 · Q1 2026

13F Equity AUM

$1.6B

-6.6% QoQ

Positions

180

+20 QoQ

AUM Rank

#2,102

Top 17%

Skill Alpha (FF)

-0.9%/yr^ns

No Clear Edge

Rank #3,480 · Top 42%

vs S&P -2.8%/yr (unadj.)

Quarters Tracked

~10 years

Portfolio Concentration

Top 5: 34.8%Top 10: 51.4%Top 20: 67.0%

TSM10.0%

HYG8.4%

META6.7%

FDX4.9%

WBD4.8%

NSC4.2%

ASML3.6%

SHW3.4%

LITE3.0%

WMT2.4%

Others (170)48.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services26.9%

Technology20.1%

Communication Services14.4%

Unclassified12.7%

Industrials9.9%

Consumer Cyclical5.6%

Basic Materials3.8%

Utilities2.9%

Other3.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 180Median: 0.16%Avg: 0.56%

0–0.5%

133(15.2%)

0.5–1%

28(18.7%)

1–3%

10(17.1%)

3–5%

6(23.9%)

5%+

3(25.1%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 78Unique: 102vs 20 funds

1.1%Low

180

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

JPMORGAN CHASE & CO

1.6%

MORGAN STANLEY

0.9%

BANK OF AMERICA CORP /DE/

BlackRock, Inc.

1.1%

STATE STREET CORP

1.2%

FMR LLC

1.4%

GEODE CAPITAL MANAGEMENT, LLC

1.2%

VANGUARD CAPITAL MANAGEMENT LLC

1.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

1.4%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New73Increased14Decreased22Exited53

New Positions

HYG8.4%

+1.6M

META6.7%

+181K

FDX4.9%

+212K

SHW3.4%

+165K

LITE3.0%

+67K

WMT2.4%

+300K

SBUX2.0%

+350K

RGA1.3%

+99K

MU0.9%

+42K

NEW AMER ACQUISITION…0.8%

+1.3M

Increased

AES1.2%

+817K(+159%)

JHG1.8%

+408K(+326%)

ONCHW0.5%

+227K(+44%)

SPRING VY ACQUISITIO…0.5%

+201K(+40%)

QRVO1.3%

+100K(+64%)

IVZ0.7%

+97K(+29%)

NSC4.2%

+32K(+16%)

NEW PROVIDENCE ACQUI…0.6%

+25K(+3%)

PYROPHYTE ACQUISITIO…0.3%

+18K(+4%)

NKE1.1%

+17K(+6%)

Decreased

WBD4.8%

-940,916(-26%)

TXNM1.7%

-457,050(-51%)

CRBG0.8%

-300,000(-38%)

AMZN2.0%

-277,673(-65%)

ALLY0.6%

-220,249(-48%)

AIG0.1%

-163,549(-93%)

BLUE ACQUISITION COR…0.0%

-141,455(-47%)

SATS0.7%

-111,418(-57%)

KMB0.1%

-107,775(-91%)

CEPT0.7%

-107,740(-9%)

Exited

-480,000

-864,965

-161,032

-860,000

-384,596

-111,000

-186,636

-264,358

-1,000,000

-62,325

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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