So, here’s the thing about the hedge fund world: everyone talks about the massive, headline-grabbing whales like Citadel or Renaissance, but the real interesting moves often happen in the mid-sized shops that have been around the block a few times. Scopus Asset Management LP is exactly that kind of player. Founded way back in 1998 by Alexander Mitchell, it’s a New York-based firm that has quietly navigated nearly three decades of market insanity—from the dot-com bubble to the 2026 landscape we're seeing today.
Most people look at a firm like this and just see a list of stocks in a SEC filing. But if you actually dig into how they operate, it’s a much more nuanced story of fundamental analysis meeting aggressive long/short strategies. They aren't just "buying the market." They're hunting for specific mispricings, mostly in the consumer discretionary and services sectors, which, honestly, is where things get the messiest and most rewarding.
The Mitchell Method and the $7 Billion Footprint
Alexander Mitchell isn't a guy who spends his time on every CNBC panel. He’s a portfolio manager who focuses on a research-intensive, bottom-up approach. Basically, this means the firm doesn't care much about "vibes" or broad macro trends as much as they care about the specific plumbing of a company's balance sheet.
As of late 2025 and moving into 2026, the firm’s 13F filings showed a massive jump in market value, hitting over $7 billion. That's a huge leap from where they were just a few years ago. Why the sudden surge? It wasn't just luck. They’ve been heavily active in high-conviction plays that others were kida' nervous about.
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Take their recent positions. While everyone was debating the "soft landing," Scopus was doubling down on names like Spotify Technology (SPOT) and Meta Platforms (META).
- Spotify: They increased this position by nearly 170% in the latter half of 2025.
- Carvana (CVNA): A controversial pick for many, but a top five holding for Scopus.
- Alphabet (GOOGL): They actually trimmed some of this, showing they aren't afraid to take profits when the "Magnificent Seven" trade starts feeling a bit crowded.
Why Scopus Asset Management LP Matters Right Now
You’ve probably noticed that the retail and consumer sectors are a total roller coaster lately. That is exactly Scopus’s playground. They have a massive concentration in consumer cyclical stocks—sometimes more than 50% of their total asset allocation. This is a gutsy move. If the consumer stops spending, these funds get hammered. But Mitchell and his team of about 20 professionals seem to bet on the idea that even in weird economies, people still buy clothes, go to Ross Stores, and scroll through Instagram.
The firm is employee-owned. That’s a detail a lot of people overlook. When the people making the trades also own the shop, the risk tolerance changes. It’s not just "client money"; it’s their reputation and their own equity on the line. They operate out of 717 Fifth Avenue in Manhattan—right in the heart of the action—but they keep the team lean. We're talking under 25 employees total.
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Breaking Down the Portfolio Shifts
If you look at their 2026 trajectory, you’ll see some surprising exits. They completely sold out of Tapestry Inc. (TPR) and Ross Stores (ROST) recently. These were stalwarts for them. It signals a shift away from traditional brick-and-mortar retail toward more "experience" and "tech-integrated" consumer services.
Honestly, it’s a bit of a pivot. They’ve picked up new stakes in Sysco Corp (SYY) and Floor & Decor (FND). It seems they are moving toward companies that provide the backbone for other businesses (like food distribution and home improvement) rather than just pure-play fashion.
What Most People Miss About Hedge Fund Filings
Here is a reality check: 13F filings are a snapshot, not a live stream. When you see that Scopus owns a huge chunk of Invesco QQQ Trust (QQQ) puts, it doesn't mean they think the whole tech market is going to zero. It means they are hedging.
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They use derivatives—options, puts, calls—to protect their long bets. This is the "short" part of the long/short equity strategy. It’s a sophisticated dance. They might be "long" on Meta but "short" on the broader Nasdaq to make sure a sudden market crash doesn't wipe them out.
- Fundamental Analysis: They spend months looking at one company.
- Concentrated Bets: Their top 10 holdings often make up 25% or more of the portfolio.
- Low Turnover (Mostly): While they make big moves, they aren't day traders. They hold things until the "story" changes.
Actionable Insights for 2026
If you're watching Scopus Asset Management LP to figure out your own moves, don't just copy their trades. The lag in reporting means you're seeing what they did months ago. Instead, look at their sector weightings.
If they are moving heavily into Industrials (which now make up about 25% of their book) and Consumer Cyclicals, it tells you they believe the "real" economy still has legs. They aren't hiding in "defensive" stocks like utilities or gold. They are in the trenches of the American economy.
- Watch the Options: When Scopus increases put positions on the QQQ, it’s a signal they see volatility ahead for tech.
- Check the "New Buys": Stocks like SharkNinja (SN) and Amer Sports (ASO) appearing in their filings suggest they are looking for "disruptor" brands in the consumer space.
- Pay Attention to the Exits: When a veteran like Alexander Mitchell dumps a long-term holding like Ross Stores, it’s worth asking if that specific sector has peaked.
Scopus isn't for the faint of heart. Their strategy involves high conviction and significant exposure to the whims of the American consumer. But for a firm that has survived since the late 90s, they clearly know something about staying power.
To stay ahead, you should monitor their quarterly 13F filings through the SEC’s EDGAR database or platforms like WhaleWisdom. Pay less attention to the individual stock names and more to the shift in sector percentages—that’s where the real institutional intelligence lives. If they continue to rotate out of pure tech and into industrial services, it might be time to rethink how "safe" those big-cap tech gains really are for the rest of the year.