Institutional Portfolio Shifts
Interval Partners Trims Celsius, Boosts Other Holdings Amid Investor Shifts
Key Points
In Celsius Holdings (CELH), director Hal Kravitz bought 8,400 shares on May 22 at an average price of $29.73, bringing his direct ownership to 227,158 shares (about $6.75 million).
TPG (TPG) recently paid a quarterly dividend of $0.59 per share to stockholders of record as of May 11, with payment on May 26 (an annualized $2.36, per the filing summary).
For Reinsurance Group of America (RGA), Interval Partners increased its stake by 186.5% in the fourth quarter to 69,739 shares worth $14.189 million; additionally, EVP John W. Hayden sold 414 shares at an average price of $214.95 (total $88,989.30), leaving him with 20,949 shares.
Brunswick Corporation (BC) also had fresh research/ratings cited alongside Interval Partners’ trim: Texas Capital raised Brunswick from a “hold” to a “strong-buy,” while Weiss Ratings reissued a “sell (d+)” rating.
On Intercontinental Exchange (ICE), Interval Partners’ 64.9% increase brought its position to 96,375 shares worth $15.609 million, and the cited broader buyer set included the Treasurer of the State of North Carolina, which owns 266,496 ICE shares worth $48.894 million after adding 6,373 shares (second quarter).
Interval Partners LP slashed its stake in energy drink maker Celsius Holdings by 69.6% in the fourth quarter, selling roughly 1.08 million shares and leaving the New York hedge fund with 470,331 shares, according to MarketBeat. The move stands out because Celsius insiders are buying, not selling — director Hal Kravitz purchased 8,400 shares on May 22 at $29.73 each, bringing his personal stake to 227,158 shares worth about $6.75 million, per Stock Titan.
The trim is part of a broader portfolio reshuffle by Interval Partners, which manages roughly $9.39 billion in assets. While the firm cut its consumer-facing bets, it doubled down on financial infrastructure and reinsurance — sectors that profit whether markets rise or fall.
Insiders Buy Celsius as Hedge Fund Walks Away
Celsius stock has had a rough 2026, sliding to the $29 range after a period of mixed analyst signals. That price drop triggered what some call "conviction buying" from management. CEO John Fieldly added 8,475 shares on the same day as Kravitz, lifting his total to 937,540 shares, according to MarketBeat. Both executives paid open-market prices — a signal that they believe the stock is cheap.
Bigger institutions moved in as Interval Partners moved out. Vanguard, Geode Capital Management, Norges Bank, and Massachusetts Financial Services all added or initiated positions in Celsius, per SEC filings. Total institutional ownership sits at about 60.95% of shares. JP Morgan holds an "Overweight" rating with a $70 price target. Morgan Stanley is more cautious, cutting its target from $64 to $55 over concerns about promotional spending.
Interval Partners Bets Big on Reinsurance and Exchange Infrastructure
While Interval Partners exited Celsius, it surged into Reinsurance Group of America (RGA), growing its stake by 186.5% in Q4. The fund now holds 69,739 shares worth $14.19 million, according to MarketBeat. RGA has a strong tailwind: in July 2025, it closed a $32 billion reinsurance deal with Equitable Holdings covering 75% of Equitable's in-force life insurance liabilities, boosting RGA's deployable capital to $3.4 billion.
Interval Partners also raised its stake in Intercontinental Exchange (ICE) by 64.9%, reaching 96,375 shares valued at $15.61 million. ICE is what analysts call a "toll-booth" business — it earns fees from trading activity regardless of market direction. The Treasurer of the State of North Carolina holds 266,496 ICE shares worth $48.89 million after adding 6,373 shares in the second quarter, per MarketBeat.
TPG Dividend and Brunswick Rating War Draw Attention
Interval Partners also opened a new position in TPG Inc., the private equity giant managing $306 billion in assets. TPG recently paid a quarterly dividend of $0.59 per share on May 26 to holders of record as of May 11 — an annualized $2.36, per Slickcharts. That puts TPG's dividend yield between 5.36% and 5.73%, making it look more like an income stock than a growth bet in the current rate environment.
On Brunswick Corporation, Interval Partners trimmed its position even as Wall Street fought over the stock's future. Texas Capital upgraded Brunswick from "hold" to "strong-buy" in March, with analyst Eric Wold arguing the marine industry leader offers 20% upside. Weiss Ratings disagrees, reissuing a "sell (D+)" grade and pointing to a negative net margin of -2.47%, according to MarketBeat. Brunswick's stock is nearly entirely institutionally owned, meaning these rating swings carry real weight.
What the Reshuffling Signals About 2026 Markets
Interval Partners' moves tell a clear story: exit consumer-facing growth stocks under pressure, rotate into businesses with stable, recurring revenue. RGA collects premiums from life insurers. ICE charges fees on every trade. TPG pays a fat dividend. Together, these bets suggest the fund sees a market that rewards predictability over hype.
The contrast with Celsius is sharp. Interval Partners sold roughly 1.08 million shares of a stock where insiders are putting their own money in. That divergence — hedge fund out, executives in — sets up a compelling test. If Celsius recovers toward JP Morgan's $70 target, management wins. If it keeps sliding toward Morgan Stanley's $55 target, Interval Partners will look prescient, according to Watchlist News.
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