Keenan Capital, LLC — 13F Portfolio

Keenan Capital, LLC is a registered investment advisory firm based in Miami, Florida, operating as a growth-oriented equity manager serving high-net-worth individuals and institutional clients. The firm files with the SEC under CIK #0001647363 and maintains a focused investment mandate centered on identifying and capitalizing on secular growth opportunities within the U.S. equity market. Miami's emergence as a significant and rapidly expanding hub for alternative investment managers and wealth management practices provides Keenan Capital with access to a deep and growing ecosystem of sophisticated capital allocators, family offices, and entrepreneurial wealth. The firm was founded by David Keenan, who serves as Chief Investment Officer and principal investment decision-maker. Keenan's role as founder-operator places him at the center of the firm's research process, portfolio construction, and risk management framework — a structure that provides direct alignment between investment philosophy and execution. This founder-led architecture enables decisive capital deployment, consistent philosophical application, and the kind of institutional continuity that sophisticated clients value when selecting investment partners for long-duration capital relationships. Keenan Capital's organizational profile reflects the characteristics of a boutique investment practice where depth of research, analytical rigor, and concentrated expertise take precedence over scale. The firm operates without the extensive organizational layers typical of larger asset management organizations, enabling a streamlined investment process where thesis development flows directly from the research desk to portfolio implementation without dilution through committee approvals or institutional compromises. As a 13F-filing institution, Keenan Capital provides quarterly transparency into its U.S. equity positioning, creating a structured analytical record that enables independent evaluation of portfolio construction, sector conviction, position sizing discipline, and allocation evolution. Access to the firm's 13F History through advanced analytics platforms allows researchers and allocators to reconstruct the equity portfolio across multiple market environments and evaluate the consistency and effectiveness of the firm's growth-oriented approach over time.

Keenan Capital, LLC employs a growth-oriented equity strategy with elements of growth-at-a-reasonable-price (GARP) discipline, focusing on companies positioned to benefit from durable secular trends while maintaining sensitivity to valuation and entry point. The firm's investment philosophy centers on identifying businesses with above-average revenue and earnings growth trajectories, strong competitive positions, and scalable business models that can compound shareholder value over multi-year holding periods. The firm's 13F Portfolio Composition reveals an equity portfolio with a pronounced growth orientation, featuring significant allocations to technology, consumer discretionary, and communication services — sectors that serve as the primary beneficiaries of digital transformation, evolving consumer behavior, and platform-driven business model innovation. Within these broad sectors, Keenan Capital demonstrates selectivity, favoring companies with demonstrated execution capability, visible growth runways, and business models that generate or are approaching meaningful cash flow generation. This selectivity distinguishes the firm from more speculative growth managers willing to invest in early-stage, pre-revenue companies purely on narrative potential. The GARP dimension of the strategy introduces valuation discipline that tempers the inherent aggressiveness of a growth mandate. Rather than pursuing growth at any price, Keenan Capital appears to evaluate the relationship between growth expectations and current valuation, seeking situations where the market has not fully discounted the durability or magnitude of a company's growth trajectory. This valuation awareness serves as both a return enhancement mechanism — entering positions at more favorable risk/reward points — and a risk management tool that reduces exposure to the most valuation-stretched segments of the growth universe. The Sector Allocation History across sequential 13F filings reveals a portfolio that maintains a consistent growth sector orientation while modulating individual weightings based on evolving fundamental assessments and opportunity set dynamics. Technology consistently represents a core allocation, reflecting the sector's outsized contribution to U.S. equity market earnings growth and innovation. Consumer discretionary and communication services positions complement the technology core, providing exposure to consumer-facing growth themes including e-commerce, digital advertising, streaming media, and experiential consumption trends. Position sizing within the portfolio reflects a calibrated conviction framework. Core positions — representing the firm's highest-conviction growth ideas — receive larger capital allocations, while secondary and emerging positions receive more measured sizing that reflects either earlier-stage thesis development or moderately lower conviction levels. This tiered sizing approach optimizes the portfolio's exposure to the firm's best ideas while maintaining sufficient diversification to manage position-level idiosyncratic risk. Turnover within the portfolio operates at a moderate cadence, balancing the long-term holding period aspiration of a growth compounder strategy with the tactical flexibility necessary to respond to thesis-altering developments, emerging opportunities, and valuation dislocations. Positions are generally initiated with a multi-quarter to multi-year holding period expectation, but the firm demonstrates willingness to trim or exit positions when fundamental trajectories deteriorate, competitive dynamics shift, or valuations become disconnected from underlying business fundamentals.

Keenan Capital, LLC represents a focused, founder-led growth equity practice operating from Miami, Florida under the investment leadership of David Keenan. The firm's growth-at-a-reasonable-price approach combines secular growth thesis development with valuation discipline, producing a portfolio that is distinctly growth-oriented but tempered by an awareness of entry point and risk/reward asymmetry. Key characteristics observable through the firm's 13F filing history include a consistent growth-sector orientation anchored by technology, consumer discretionary, and communication services; a conviction-based position sizing framework that concentrates capital in highest-confidence ideas; moderate turnover reflecting a balance between long-term compounding aspirations and tactical responsiveness; and a GARP valuation overlay that introduces discipline into the growth investment process. The Alpha Generation vs S&P 500 derived from historical replication of Keenan Capital's disclosed positioning is a central metric for evaluating whether the firm's active growth stock selection has generated excess risk-adjusted outcomes beyond what a passive growth factor or broad market allocation would have delivered. For a growth-oriented manager, this comparison is particularly informative: if the portfolio has merely tracked or lagged a growth index while assuming concentrated idiosyncratic risk, the active management value proposition is difficult to justify. Conversely, if stock selection and position timing have generated meaningful alpha above the growth factor baseline, the firm's research process and investment philosophy are empirically validated. The Simulated Growth Chart reconstructed from sequential 13F filings provides a visual representation of long-term capital trajectory, enabling direct comparison of compounding behavior against relevant benchmarks across the full observable filing period. This longitudinal view reveals not just endpoint returns but the path dependency of the portfolio — the volatility, drawdowns, and recovery patterns that shape the actual investor experience. Performance backtests online using Keenan Capital's 13F history can generate these visualizations with empirical fidelity. Areas of particular analytical interest include the consistency of the firm's alpha generation across distinct market regimes, the degree to which the GARP valuation discipline has provided measurable downside protection during growth corrections versus pure growth alternatives, and the portfolio's response to the AI-driven market concentration of 2023-2024 — a period that created dramatic performance dispersion between mega-cap technology leaders and the broader growth universe. The essential diagnostic question for evaluating Keenan Capital's investment model is this: Has the firm's growth-at-a-reasonable-price discipline — which theoretically sacrifices some upside participation during speculative growth rallies in exchange for reduced drawdown severity during corrections — produced a superior long-term compounding trajectory compared to both passive growth factor exposure and valuation-agnostic growth strategies, and does the observable capital trajectory suggest that the GARP framework is a genuine alpha-generating mechanism or merely a growth-lagging compromise that underperforms in both rising and falling growth environments?

Keenan Capital's risk profile is shaped by the intersection of its growth-sector orientation, moderately concentrated portfolio construction, and GARP-influenced valuation discipline. These factors combine to create a portfolio with distinctive risk characteristics that differ meaningfully from both diversified benchmark-hugging strategies and highly concentrated, valuation-agnostic growth mandates. The Volatility Profile of Keenan Capital's disclosed positioning is expected to be moderately elevated relative to broad equity indices, driven primarily by the portfolio's structural overweight to growth sectors that tend to exhibit higher beta characteristics than the overall market. Technology and consumer discretionary stocks — which form the core of the portfolio — have historically demonstrated amplified sensitivity to changes in interest rate expectations, economic growth forecasts, and risk sentiment. During periods of rising rates or growth deceleration fears, these sectors typically underperform, creating drawdown pressure on growth-oriented portfolios. Conversely, during periods of monetary accommodation, innovation-driven market leadership, or economic expansion, the same growth bias generates amplified upside participation. The Max Drawdown Depth for the portfolio is a critical analytical metric, particularly given the growth strategy's exposure to the sharp sector rotations experienced during the 2020-2024 period. The COVID-19 sell-off of March 2020 impacted all equity portfolios but was followed by an unprecedented growth stock rally that disproportionately benefited technology and consumer platform companies. The subsequent rate-driven correction of 2022 reversed this dynamic, creating severe drawdowns for growth-oriented portfolios — particularly those concentrated in high-multiple technology and consumer discretionary names. Keenan Capital's positioning through these sequential and opposing market regimes provides a valuable empirical test of the firm's risk management capabilities and the protective value of its GARP valuation discipline. The GARP element of the strategy provides a meaningful risk mitigation layer that distinguishes Keenan Capital from pure momentum or high-growth managers. By incorporating valuation awareness into the investment process, the firm creates a natural buffer against the most extreme drawdowns that occur when highly valued growth stocks experience multiple compression. Portfolios that enter positions at more reasonable valuations tend to experience shallower drawdowns during valuation-driven corrections, even within the same growth sectors, because less premium is at risk of erasure. Correlation with growth factor indices is likely to be elevated, given the portfolio's structural sector exposures. Allocators evaluating Keenan Capital should consider the portfolio's return stream in the context of their existing growth factor exposure to assess the diversification benefit or redundancy of adding this strategy. However, the firm's stock selection within growth sectors — its specific company choices and position timing — introduces an idiosyncratic component that may produce meaningful deviation from broad growth factor returns. Liquidity risk is generally well-managed through the portfolio's focus on established, publicly traded growth companies with substantial trading volumes. However, any allocation to smaller or emerging growth companies within the portfolio may introduce pockets of reduced liquidity that could amplify volatility during periods of market stress when bid-ask spreads widen and institutional selling pressure compresses prices beyond fundamental justification. A backtesting service that reconstructs Keenan Capital's historical positioning across specific stress scenarios — particularly the 2022 growth correction and the subsequent AI-driven recovery of 2023-2024 — can quantify these risk dynamics with empirical precision, revealing the actual drawdown experience and recovery trajectory of the disclosed portfolio.