Gardner Lewis Asset Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

W. Whitfield Gardner and the team at Gardner Lewis Asset Management represent a sophisticated segment of the institutional investment landscape, characterized by a dynamic and opportunistic approach to capital allocation. As of the first quarter of 2026, the firm manages a portfolio with a total reported market value of approximately $461.80 million. This scale places the institution in a unique position—large enough to command significant positions in mid-cap and small-cap companies, yet nimble enough to execute wholesale strategy shifts without the liquidity constraints that often plague multi-billion dollar "mega-funds."

Analyzing the scale trend, the portfolio value of $461.80 million reflects a firm that is actively navigating a complex market environment. The institution does not appear to be in a passive "buy and hold" mode; rather, the data shows a high level of turnover, with 28 complete exits and 17 entirely new positions established during the quarter. This level of activity indicates a "tactical growth" investment style. The manager is not merely tracking an index but is aggressively seeking alpha by rotating out of stagnant or overvalued sectors and into areas where they perceive a fundamental inflection point.

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II. Sector Allocation Analysis

The top three sectors—Financials, Technology, and Healthcare—collectively represent 62.46% of the total portfolio. This level of concentration indicates a highly focused investment philosophy. The institution is not attempting to mirror the broad market; instead, it is making a concerted bet on the "innovation-and-infrastructure" nexus of the American economy. The heavy weighting in Financials (23.39%) is particularly noteworthy. In a typical growth-oriented fund, financials are often underweighted. However, Gardner Lewis has embraced this sector, likely viewing regional banks and financial services as a play on interest rate stabilization and local economic resilience.

A deeper look at the technology and healthcare holdings reveals a subtle but profound shift. The institution exited several high-profile software-as-a-service (SaaS) names like NOW (ServiceNow, Inc.) and CRM (Salesforce, Inc.). This move, combined with the new positions in companies like FOLD (Amicus Therapeutics, Inc.) and ACLX (Arcellx, Inc.), suggests a belief that the "software gold rush" may be reaching a valuation ceiling, while the "biotech renaissance" is just beginning. The institution is moving capital toward companies with proprietary intellectual property in the life sciences, where the potential for explosive growth is decoupled from the broader tech market's valuation multiples.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Despite a minor reduction in share count (0.42%), NVDA (NVIDIA Corporation) remains the undisputed king of the Gardner Lewis portfolio, representing 8.74% of total assets. The slight decrease in shares is likely a tactical rebalancing rather than a shift in conviction. However, it is crucial to note that the portfolio weight dropped from 10.99% to 8.74%. This indicates that while the institution still views NVIDIA as its primary growth engine, it is actively diversifying away from the "AI concentration risk" that characterized many portfolios in late 2025. NVDA serves as a "conviction holding" that provides the portfolio with its primary growth beta. The decision to maintain such a large position even after the massive run-up in AI stocks suggests a belief that the semiconductor cycle still has legs, driven by the ongoing transition to accelerated computing and generative AI infrastructure.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The institution’s moves in BLFY (Blue Foundry Bancorp) and HTBK (Heritage Commerce Corp) are classic "valuation trough mining" operations. By increasing its stake in Blue Foundry by over 3800% and Heritage Commerce by over 2700%, Gardner Lewis is making a bold statement on the health of regional financials. These are likely bets on "mean reversion." After a period of extreme pessimism in the banking sector, these companies are trading at multiples that the institution clearly finds irresistible. The estimated addition of nearly $22 million across these two names suggests a belief that the "worst is over" for well-capitalized regional lenders and that these stocks are poised for a significant re-rating as interest rate volatility subsides.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The complete exit from DAY (Dayforce Inc.) and FYBR (Frontier Communications Parent, Inc.) represents a "strategic retreat" from sectors where the institution likely sees diminishing returns or increasing competitive pressure. Dayforce, a provider of human capital management software, was a significant 3.27% position. Exiting this entirely suggests a breakdown in the long-term investment thesis, perhaps due to slowing enterprise spend or a shift in the competitive landscape for HR tech. Similarly, the exit from Frontier Communications indicates a move away from "legacy-heavy" telecom infrastructure in favor of the more modern digital infrastructure represented by the addition to DigitalBridge.

The exit from BFIN (BankFinancial Corporation) and CIO (City Office REIT, Inc.) can be qualified as "portfolio slimming." While BFIN was a reasonably sized position at 1.86%, the institution chose to consolidate its banking bets into the much larger additions in Blue Foundry and Heritage Commerce. This is an "efficiency play"—instead of holding three or four small-cap banks, the manager is concentrating capital into their highest-conviction names in the sector. The exit from City Office REIT further confirms the institution's cautious stance on traditional office real estate, preferring the "digital real estate" of data centers.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The institution has executed a sophisticated "capital loop." By liquidating mature software positions (Dayforce, ServiceNow) and trimming mega-cap tech (Apple, Alphabet), they have recouped significant liquidity. This capital was not moved to the sidelines; instead, it was aggressively deployed into two distinct "alpha-seeking" buckets: 1. Specialized Biotech Innovation : The massive entries into Amicus Therapeutics and Arcellx indicate a belief that the healthcare sector is entering a "golden age" of clinical breakthroughs that will reward stock-pickers over index-trackers. 2. Regional Financial Recovery : The outsized additions to Blue Foundry and Heritage Commerce suggest a "contrarian value" play, betting that the regional banking sector has been unfairly punished and is due for a fundamental recovery.

Disclaimer : This analysis is provided for informational and educational purposes only and does not constitute investment advice, financial advice, or a recommendation to buy or sell any security. All investment decisions involve risk, and past performance is no guarantee of future results. Investors should conduct their own research or consult with a qualified financial advisor before making any investment decisions. Gardner Lewis Asset Management’s holdings are subject to change without notice.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.