Adobe Acquired Semrush Holdings (SEMR) at a 78% premium
Pernas Research LLC, which manages assets in the “Pernas Portfolio,” released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here.
| No. | Hedge Fund | Shares | Value | Activity | % Port |
|---|---|---|---|---|---|
| 1. | Highland Capital Management James Dondero | 4,597,870 | $54,898,568 | +33% | 3.68% |
| 2. | Alpine Associates Robert Emil Zoellner | 1,584,094 | $18,914,081 | +81% | 1.12% |
| 3. | Soros Fund Management George Soros | 1,482,627 | $17,702,566 | +16% | 0.19% |
| 4. | Squarepoint Ops LLC Maxime Fortin (Cio) | 1,249,664 | $14,920,988 | +10038% | 0.02% |
| 5. | Arrowstreet Capital Peter Rathjens, Bruce Clarke And John Campbell | 1,198,323 | $14,307,977 | +30% | 0.01% |
| Insider | Price | Amount | Total Value | Remaining Holdings | Date | Form 4 |
|---|---|---|---|---|---|---|
| $0.00 | 66,667 | $0.00 | 1,946,479 | 2026-02-10 | Filing | |
| $0.00 | 144,000 | $0.00 | 3,282,040 | 2026-02-10 | Filing | |
| $14.00 | 13,000 | $182,000.00 | 13,000 | 2021-03-29 | Filing |
| Insider | Price | Amount | Total Value | Remaining Holdings | Date | Form 4 |
|---|---|---|---|---|---|---|
| $11.91 | 404,249 | $4,814,605.59 | 580,712 | 2026-03-13 | Filing | |
| $11.93 | 200,000 | $2,386,000.00 | 7,174,188 | 2026-03-09 | Filing | |
| $11.93 | 97,372 | $1,161,647.96 | 271,248 | 2026-03-05 | Filing | |
| $11.81 | 41,249 | $487,150.69 | 341,704 | 2026-03-02 | Filing | |
| $11.90 | 1,399 | $16,648.10 | 1,879,812 | 2026-01-07 | Filing |
| No. | Name | Shares | Value | % Port |
|---|---|---|---|---|
| 1. | 8,983,900 | $107,267,766 | 73.31% | |
| 2. | 5,213,576 | $62,250,097 | 0.05% | |
| 3. | 3,809,781 | $45,488,785 | 0% | |
| 4. | 3,735,948 | $44,607,219 | 0% | |
| 5. | 2,672,069 | $31,904,504 | 0% |