Investment Portfolio Shake-Up
Union Square Park Capital Management Buys Carrier, RideNow Stakes; Trims Peloton
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Key Points
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For Carrier Global, Union Square Park bought 25,000 shares in Q4 valued at about $1.321 million. The filings also show 91.00% of the stock is owned by hedge funds and other institutional investors. On the analyst side, Evercore raised its price target from $75 to $85 (May 1), Citigroup raised from $72 to $79 and reiterated a “buy” (May 1), while JPMorgan raised from $63 to $67 but kept a “neutral” rating (May 14).
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Union Square Park’s Peloton trim coincided with insider sales under pre-planned trading: Dion C. Sanders sold 112,523 shares at an average price of $5.19 for about $583,994.37 on May 20, executed under a pre-arranged Rule 10b5-1 plan; CFO Saqib Baig sold 29,075 shares at an average price of $5.27 for about $153,225.25 on May 18.
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RideNow Group details in the filing show the stake is a meaningful portfolio position: RideNow made up 4.2% of Union Square Park’s holdings (the fund’s 4th-largest position) and the firm owned about 4.18% of RideNow at quarter-end. The stock data cited also includes a market cap of about $291.35 million, a negative P/E of -6.09, and a beta of 1.15, with a 12-month range of $1.91 to $8.55.
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For BILL Holdings, Union Square Park’s new stake was 30,000 shares valued at about $1.636 million, representing roughly 0.8% of its holdings (described as its 26th-biggest position). The article also notes that 97.99% of BILL’s stock is held by institutional investors and hedge funds, and cites other large investors adding exposure—for example, Marshall Wace boosted its stake by 36.5% in Q4 (adding 791,197 shares).
Union Square Park Capital Management, a roughly $176 million hedge fund, has been quietly reshaping its portfolio. Its Q4 2025 and Q1 2026 SEC filings reveal new stakes in Carrier Global and BILL Holdings, a big bet on powersports retailer RideNow Group, and a trim of its Peloton position — all while Peloton insiders were selling shares, according to SEC EDGAR.
The fund, led by managing member Leon Zaltzman, initiated a 25,000-share position in Carrier Global worth about $1.3 million and bought 1.59 million shares of RideNow Group worth roughly $8.8 million, per Fintel. RideNow became the fund's fourth-largest holding at 4.2% of its portfolio.
Carrier Global Earns Analyst Upgrades After Strong Q1
Carrier Global beat Q1 2026 revenue expectations with $5.34 billion — well above the $5 billion forecast — according to Investing.com. The strong results triggered a wave of analyst target hikes. Evercore raised its price target from $75 to $85 on May 1. Citigroup lifted its target from $72 to $79 the same day and kept a "buy" rating.
JPMorgan was more cautious. It raised its target from $63 to $67 on May 14 but held a "neutral" rating, per Benzinga. Evercore specifically pointed to "very strong demand in data centers" as a reason for optimism. Carrier has shifted toward high-margin HVAC and cooling systems — a direct play on the AI infrastructure boom. Institutional investors own 91% of Carrier's shares.
RideNow Group Bet Signals Confidence in Powersports Recovery
Union Square Park owns about 4.18% of RideNow Group — a powersports retailer with a market cap of roughly $291 million. The stock has a 12-month range of $1.91 to $8.55 and carries a negative P/E ratio of -6.09, reflecting ongoing losses. Its beta of 1.15 signals it moves more sharply than the broader market, per MarketBeat.
RideNow reported a net loss of $6.4 million in Q4 2025 — a sharp improvement from the $56.4 million loss a year earlier. CEO Michael Quartieri said the company is seeing "momentum building" through its "back to our roots" strategy. If interest rates ease later in 2026, the fund's concentrated bet on this high-beta consumer stock could pay off.
Peloton Insiders Sell Shares as Fund Trims Its Position
Union Square Park cut its Peloton stake by about 15%, leaving it with roughly 1.1 million shares worth $6.8 million. That trim coincided with two insider sales. On May 18, interim CFO Saqib Baig sold 29,075 shares at $5.27 each, taking in about $153,225, per Stock Titan. Two days later, Chief Commercial Officer Dion C. Sanders sold 112,523 shares at $5.19 each for roughly $584,000.
Both sales were executed under Rule 10b5-1 plans — pre-arranged agreements that let insiders sell shares without being accused of trading on inside information. Sanders' plan dates back to December 2025, per SEC Form 4. Still, Sanders sold 100% of his direct Class A shares, which some outlets frame as a "complete exit." Telsey Advisory Group kept a "market perform" rating on Peloton, citing "unpredictability of consumer spending."
Aimco and BILL Holdings Round Out the Portfolio Moves
Union Square Park also increased its stake in Apartment Investment and Management, known as Aimco, to 650,000 shares worth about $3.9 million. This is not a typical growth bet. Aimco's shareholders approved a full liquidation plan in February 2026. The board declared a $1.30 per share cash distribution in April, signaling the REIT is winding down, per PR Newswire.
The fund's new BILL Holdings position — 30,000 shares worth about $1.6 million — makes up roughly 0.8% of its portfolio. Institutional investors own nearly 98% of BILL's shares, per MarketBeat. Marshall Wace boosted its own BILL stake by 36.5% in Q4, adding 791,197 shares. Despite that "smart money" interest, BILL's stock has fallen about 25% over the past 52 weeks, reflecting ongoing skepticism about SaaS valuations.
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