Adam Wyden - Adw Capital Management, Llc Portfolio Q2'2025: Top Holdings & Recent Changes
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Adam Wyden, founder of Adw Capital Management, continues to demonstrate a rare discipline in concentrated, high-conviction investing. His Q2 2025 portfolio is a masterclass in focus, with just seven core positions accounting for 100% of the fund’s $366.3 million in assets. This quarter, Wyden’s moves were surgical—trimming one position, adding significantly to another, and initiating a new stake—all while maintaining an average holding period of 16 quarters and a modest 14.3% turnover. Such concentration and patience are hallmarks of Wyden’s strategy, which seeks to capitalize on niche growth opportunities that larger funds often overlook.
Portfolio Overview: Ultra-Concentrated Excellence
Portfolio Highlights (Q2 2025): - Market Value: $366.3 million - Top 10 Holdings: 100.0% (all assets in just seven positions) - Portfolio Size: 7 (+1 new position this quarter) - Average Holding Period: 16 quarters (4 years) - Turnover: 14.3%
Adw Capital’s portfolio is a study in concentration. Unlike most funds that diversify across dozens or even hundreds of names, Wyden’s approach is to go deep on a handful of companies he knows exceptionally well. This quarter, the fund’s top three positions—PAR Technology Corporation, APi Group Corporation, and GFL Environmental Inc.—account for nearly 80% of assets, underscoring Wyden’s willingness to let winners run. The low turnover and long average holding period suggest a patient, research-driven investment style that avoids the churn typical of many hedge funds.
Holdings Overview: Niche Leaders and New Opportunities
The portfolio is anchored by PAR Technology Corporation (PAR), which comprises a staggering 49.2% of assets. This position, unchanged from last quarter, reflects Wyden’s continued conviction in the company’s growth trajectory. APi Group Corporation (APG) and GFL Environmental Inc. (GFL) follow at 14.9% and 13.9%, respectively, both held steady, signaling long-term confidence in these businesses.
This quarter’s most notable changes came in the middle of the portfolio. Wyden reduced his stake in RCI Hospitality Holdings, Inc. (RICK) by 0.75%, bringing it to 9.2% of the portfolio. In contrast, he made a substantial addition to ACUREN CORP, increasing the position by 31.05% to 7.9% of assets—a clear vote of confidence in this lesser-known name. The portfolio also welcomed a new position in Olo Inc. (OLO), a 4.6% stake initiated this quarter. Rounding out the portfolio are smaller, unchanged positions in FAT Brands Inc. (FAT) and others.
This blend of stability and selective action—holding core winners, adding to emerging ideas, and initiating new positions—demonstrates Wyden’s ability to balance conviction with adaptability. The portfolio’s sector mix is eclectic, spanning technology, industrial services, environmental solutions, hospitality, and restaurants, yet each holding shares a common thread: potential for durable, underappreciated growth.
What the Portfolio Reveals About Current Strategy
- Ultra-Concentration: Wyden’s willingness to allocate nearly half the portfolio to a single stock (PAR) is rare among professional investors and signals deep fundamental research and high conviction.
- Patient Capital: An average holding period of 16 quarters and low turnover suggest Wyden is focused on multi-year compounding, not short-term trading.
- Selective Opportunism: The addition to ACUREN CORP and the new Olo Inc. position show Wyden is actively seeking new ideas but remains highly selective.
- Sector Agnosticism: The portfolio’s diversity across industries indicates a bottom-up, idea-driven approach rather than a top-down sector bet.
- Risk Management: Despite concentration, the fund’s long holding periods and careful position sizing help mitigate the risks of overexposure.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| PAR Technology Corporation | $180.2M | 49.2% | No change |
| APi Group Corporation | $54.5M | 14.9% | No change |
| GFL Environmental Inc. | $51.0M | 13.9% | No change |
| RCI Hospitality Holdings | $33.5M | 9.2% | Reduce 0.75% |
| ACUREN CORP | $28.9M | 7.9% | Add 31.05% |
| Olo Inc. | $16.9M | 4.6% | Buy |
| FAT Brands Inc. | $1.4M | 0.4% | No change |
This table underscores the extreme concentration in Adw Capital’s portfolio. The top three positions alone account for nearly 80% of assets, with PAR Technology dominating. The recent reduction in RCI Hospitality and the meaningful addition to ACUREN CORP highlight Wyden’s active management within a concentrated framework. The initiation of Olo Inc. suggests Wyden is finding new opportunities even in a tightly curated portfolio.
Investment Lessons from Adam Wyden’s Strategy
- Concentration Works—If You Know Your Businesses: Wyden’s success demonstrates that deep research and high conviction can justify extreme portfolio concentration, but only if you truly understand the companies you own.
- Patience Pays: Holding positions for years, not quarters, allows compounding to work in your favor and reduces the drag of transaction costs and taxes.
- Selectivity Over Diversification: By focusing on a handful of high-conviction ideas, Wyden avoids the dilution of returns that comes with over-diversification.
- Adaptability Within Discipline: Even in a concentrated portfolio, Wyden is willing to make meaningful changes when new opportunities arise or the thesis evolves.
- Ignore the Crowd: Many of Wyden’s holdings are off-the-radar names, showing that alpha can be found outside the mainstream.
Looking Ahead: What Comes Next?
With $366.3 million deployed across just seven names, Wyden’s portfolio is fully invested, leaving little dry powder for new opportunities. However, the addition of Olo Inc. and the increased stake in ACUREN CORP suggest Wyden remains on the hunt for new ideas. Given the fund’s low turnover, further changes are likely to be measured and deliberate. Investors tracking Adw Capital should watch for any shifts in the massive PAR Technology position, as well as potential new additions in the coming quarters. In a market environment where many funds are chasing the same mega-cap tech stocks, Wyden’s focus on niche growth companies offers a compelling alternative for those seeking differentiated returns.
FAQ about Adam Wyden’s Portfolio
Q: Why is Adw Capital’s portfolio so concentrated?
A: Adam Wyden believes in putting significant capital behind his highest-conviction ideas, based on deep fundamental research. This approach allows for outsized returns if the thesis plays out, though it also increases risk if any single position falters.
Q: How often does Wyden make changes to the portfolio?
A: The portfolio has a low turnover rate (14.3% this quarter) and an average holding period of 16 quarters, indicating changes are infrequent and deliberate.
Q: What sectors does Wyden favor?
A: The portfolio is sector-agnostic, with current holdings in technology, industrial services, environmental solutions, hospitality, and restaurants. The common thread is potential for durable, underappreciated growth.
Q: How can I track Adw Capital’s portfolio changes?
A: You can follow Adw Capital’s latest moves via quarterly 13F filings, which are aggregated and analyzed on ValueSense’s Adw Capital superinvestor page. Note that 13F filings are reported with a 45-day lag.
Q: What is the outlook for Wyden’s top holdings?
A: With nearly half the portfolio in PAR Technology, the fund’s performance is closely tied to this company’s execution. The recent additions to ACUREN CORP and Olo Inc. suggest Wyden sees new growth opportunities, but further changes are likely to be measured given the fund’s low turnover.
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