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Callodine Capital Management, LP
James Morrow · Hedge Fund · Long/Short Equity
Callodine Capital Management, LP is a Boston-based investment firm founded in 2018 by James Morrow, a former portfolio manager at Fidelity Investments. Operating as a subsidiary of the Callodine Group, the firm specializes in yield-oriented investment strategies within the public equity universe, managing both long/short and long-only portfolios. Callodine focuses on cash-generative companies across diverse industries, with a particular emphasis on specialty income niches such as Business Development Companies (BDCs), Real Estate Investment Trusts (REITs), and Master Limited Partnerships (MLPs). The firm also identifies opportunities in special situations, including mergers, acquisitions, and spin-offs, to enhance total returns. Callodine aims to provide institutional and individual investors with attractive risk-adjusted returns by combining a disciplined valuation framework with a focus on income-producing assets.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +13.4% |
| YTD return | +8.6% |
| Sharpe ratio | 3.27 |
| Win rate | 37% |
| AUM | $1.2B |
| Inception | Oct 1, 2025 |
| Updated | Sep 21, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $1.2B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.callodine.com |
Current Holdings
Updated on Sep 21, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| SPB | Spectrum Brands Holdings Inc | 12.8% | +51.4% |
| VTRS | Viatris Inc | 11.7% | +48.5% |
| WWW | Wolverine World Wide Inc | 7.9% | -8.0% |
| GPN | Global Payments Inc | 7.3% | +4.2% |
| MTCH | Match Group Inc | 6.3% | +26.0% |
| OVV | Ovintiv Inc | 5.4% | -1.2% |
| BTI | British American Tobacco p.l.c. | 5.2% | -2.0% |
| COF | Capital One Financial Corporation | 4.8% | -2.6% |
| BX | Blackstone Group Inc | 4.4% | +6.8% |
| GSK | GlaxoSmithKline PLC ADR | 4.2% | +4.9% |
| UNH | UnitedHealth Group Incorporated | 3.7% | -4.3% |
| ET | Energy Transfer LP | 3.4% | +20.1% |
| PRDO | Perdoceo Education Corp | 3.3% | -3.1% |
| OC | Owens Corning Inc | 3.1% | -5.5% |
| WFC | Wells Fargo & Company | 3.0% | +12.0% |
| FCPT | Four Corners Property Trust Inc | 3.0% | -9.7% |
| SSNC | SS&C Technologies Holdings Inc | 2.8% | +20.7% |
| APO | Apollo Global Management LLC Class A | 2.7% | +1.1% |
| O | Realty Income Corporation | 2.7% | -6.0% |
| TGT | Target Corporation | 2.4% | 0.0% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 21, 2026 | SELL | SPB | 12.7% → 12.8% |
| Sep 21, 2026 | BUY | BTI | 4.7% → 5.2% |
| Sep 21, 2026 | SELL | COF | 5.0% → 4.8% |
| Sep 21, 2026 | BUY | OVV | 5.3% → 5.4% |
| Sep 21, 2026 | SELL | OC | 3.4% → 3.1% |
Investment Style Analysis
Callodine Capital Management, LP is widely recognized for employing a Long/Short Equity strategy. As of Sep 21, 2026, the firm oversees approximately $1.2B in assets under management (AUM). The portfolio demonstrates a clear preference for the Household & Personal Products and Drug Manufacturers - Specialty & Generic sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Sep 21, Callodine Capital Management, LP made a significant move by reducing the position in SPB. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Callodine's investment philosophy is centered on the belief that equity income investing requires a rigorous pairing of attractive dividend yields with strong valuation discipline and earnings growth potential. The firm avoids simply chasing high yields, instead focusing on fundamentally undervalued, cash-generative companies that demonstrate sustainable payout profiles and clear catalysts for alpha generation. By targeting the dividend-paying equity universe and specialized sectors like BDCs and REITs, Callodine seeks to achieve strong risk-adjusted total returns with low market correlation. Their strategy integrates fundamental research with an understanding of market sentiment drivers and opportunistic involvement in special situations to preserve capital while capturing upside potential.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Callodine Capital Management, LP.
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Frequently asked questions
How is the simulated portfolio for Callodine Capital Management, LP constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Callodine Capital Management, LP's largest holding?
As of the latest filing, Callodine Capital Management, LP's top position is Spectrum Brands Holdings Inc (SPB), representing 12.8% of the portfolio. This reflects a high-conviction bet by the institution.
What is Callodine Capital Management, LP's historical performance and risk profile?
Our simulation indicates a total return of +13.4% with a win rate of 37%. Notably, the portfolio maintains a Sharpe Ratio of 3.27, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Callodine Capital Management, LP primarily invest in?
Callodine Capital Management, LP has a strong preference for the Household & Personal Products sector, which makes up 12.8% of their disclosed assets. The portfolio also has exposure to Drug Manufacturers - Specialty & Generic, indicating a specific thematic focus.
Is Callodine Capital Management, LP's portfolio concentrated or diversified?
Callodine Capital Management, LP runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 32.4% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Callodine Capital Management, LP performed in 2026?
Our AI-simulated model portfolio for Callodine Capital Management, LP tracks a Year-to-Date (YTD) return of +8.6%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does James Morrow manage Callodine Capital Management, LP directly?
Yes, James Morrow serves as the key portfolio manager for Callodine Capital Management, LP, overseeing the investment strategy and final capital allocation decisions.