Alamar Sells Academy Sports and Outdoors

According to a May 13,SEC filing, Alamar Capital Management, LLC disclosed it sold all of its Academy Sports and Outdoors (ASO 2.25%)equity stake, liquidating 51,636 shares.

• Sold 51,636 shares of Academy Sports and Outdoors
• It no longer holds any shares
• The position was previously 1.4% of the fund’s AUM as of the prior quarter

What else to know

• Top holdings after the filing:
  • NYSEMKT: VOO: $23.0 million (14.1% of AUM)
  • NASDAQ: SNDK: $10.6 million (6.5% of AUM)
  • NYSEMKT: EFA: $10.2 million (6.2% of AUM)
  • NASDAQ: SHY: $9.3 million (5.7% of AUM)
  • NYSEMKT: AGG: $7.4 million (4.5% of AUM)

Company Overview

Company Snapshot

Academy Sports and Outdoors is a retailer selling sporting goods and outdoor recreation products, with a significant presence across the southern and central United States. The company offers a wide assortment of branded and private-label products.

• Offers a broad portfolio of sporting goods, outdoor recreational products, apparel, footwear, and equipment under both proprietary and third-party brands.
• Operates a multi-channel retail model with 260 physical locations and an e-commerce platform.
• Targets value-oriented families, outdoor enthusiasts, and sports participants across 16 contiguous U.S. states.

What this transaction means for investors

Alamar Capital Management’s nearly 52,000 shares were valued at $2.6 million at the end of 2025. Although not one of its top holdings, the position accounted for 1.4% of the firm’s $189.2 million in AUM.

The share sale comes as Academy Sports and Outdoors’ results have been underwhelming. The company’s same-store sales (comps) dropped 1.5% in the latest fiscal year, which ended on Jan. 31. That includes a 1.6% fall in the fourth quarter.

Management expects a 1% drop to a 2% increase in comps this year. Investors will await the company’s first-quarter results, scheduled for the first part of June, for any updates to its outlook. But macroeconomic pressures have intensified since the company reported fourth-quarter results.

It’s unsurprising that Academy Sports and Outdoors’ stock return lagged the overall market. Over the last year, through May 13, the shares returned 11.4%, including dividends. That’s less than half the S&P 500 index’s 28.2%.