On January 21, 2026, Kawa Capital Management, Inc disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold out its entire position in Delek US Holdings (DK +3.31%), unloading 200,000 shares for an estimated $6.45 million based on quarterly average pricing.
What Happened
According to a January 21, 2026, SEC filing, Kawa Capital Management, Inc sold its entire 200,000-share position in Delek US Holdings during the fourth quarter. The estimated transaction value, based on the quarter’s average share price, was $6.45 million. The quarter-end value for the position declined by $6.45 million, as the fund fully exited its stake. The position was previously 11.7% of the fund’s AUM as of the prior quarter.
What Else to Know
Kawa Capital Management, Inc's sale of Delek US Holdings eliminated a position that previously made up 11.7% of 13F AUM as of the prior quarter. Post-sale, the position accounts for none of AUM.
Fund’s top holdings after the filing:
- NYSE:BDN: $15.73 million (36.37% of AUM)
- NYSE:ONL: $12.54 million (28.99% of AUM)
- NYSE:ARE: $7.93 million (18.33% of AUM)
- NYSE:VALE: $7.05 million (16.31% of AUM)
As of January 20, 2026, Delek US Holdings shares were priced at $26.68, up 45.47% over the past year, outperforming the S&P 500 by 28.34 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $10.67 billion |
| Net income (TTM) | ($453.50 million) |
| Dividend yield | 3.63% |
| Price (as of market close January 20, 2026) | $26.68 |
Company Snapshot
- Produces and markets refined petroleum products, including gasoline, diesel, aviation fuel, asphalt, and operates convenience retail stores primarily in West Texas and New Mexico.
- Generates revenue through integrated operations spanning crude oil refining, logistics (pipelines, storage, terminals), and retail fuel and merchandise sales.
- Serves oil companies, independent refiners and marketers, distributors, transportation companies, government entities, and retail fuel consumers.
Delek US Holdings, Inc. is a diversified downstream energy company with a significant presence in oil refining, logistics, and retail fuel distribution across the southern United States. The company leverages its integrated infrastructure—including four refineries, extensive pipeline networks, and a large retail footprint—to drive operational efficiency and market reach. Its strategy focuses on capturing value across the supply chain, from crude oil sourcing to end-consumer sales, positioning itself competitively in the energy sector.
What This Transaction Means For Investors
Kawa Capital, a Florida-based alternative asset manager, recently closed its entire stake in Delek US Holdings stock. Here’s what it means for retail investors.
First off, it’s important to note what Delek does. Through its refineries, pipelines, and retail operations, Delek is positioned at the ‘downstream’ segment of the energy sector. As such, margins tend to be tight and can fluctuate wildly based on a variety of factors.
Therefore, it’s no surprise that Delek’s quarterly operating margin has been as high as 11.3% and as low as -7.5% over the last year alone. Over the last five years, the company’s average operating margin stands at 0.5%.
For investors, this pattern can lead to a whipsaw effect. Shares of Dalek have generated a total return of 60% over the last five years, but those gains have come with plenty of volatility. Shares have soared as much as 136%, and there have also been several drawdowns of 30% or more.
In summary, Delek stock is not for the faint of heart. While the stock has generated exceptional returns during its rallies, its high volatility may make it unappealing to investors unwilling to ride out deep and prolonged drawdowns. In short, this stock may be better suited to traders rather than long-term investors.
