Fund 1 Investments Discloses 11.5% Economic Exposure via Cash-Settled Swaps in Funko
FNKO has more than doubled off its 52-week low of $2.72.
Summary
Fund 1 Investments disclosed a 9.8% direct stake plus 11.5% economic exposure via cash-settled swaps, totaling ~21.3% economic interest in Funko.
Key Events · Ownership and Investor Activity · FNKO
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Fund 1 Builds 21.3% Economic Stake
Fund 1 Investments holds 5,497,413 shares (9.8%) plus cash-settled swaps on 6,462,462 notional shares (11.5%), totaling ~21.3% economic exposure to Funko.
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Cash-Settled Swaps Add Leverage
The swaps provide economic results comparable to ownership but no voting or dispositive power, allowing the fund to gain exposure without triggering a 13D voting threshold.
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Aggregate Investment of $39.5M
The fund's direct share position cost approximately $39,523,665 including commissions, with recent purchases concentrated in the $5.28-$7.07 range.
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Active Trading Pattern
Over the past 60 days, the fund executed numerous purchases and sales, with net buying activity concentrated in August and September 2026.
Analysis · FNKO · Manufacturing
Fund 1 Investments, LLC has built a substantial position in Funko through both direct share ownership and cash-settled total return swaps. The fund now holds 5,497,413 shares (9.8% of outstanding) plus economic exposure to an additional 6,462,462 notional shares via swaps, bringing total economic exposure to approximately 21.3% of the company. The swaps do not confer voting rights, but they signal strong conviction from a sophisticated investor. The fund has been actively buying shares over the past 60 days, with purchases concentrated in the $5.28-$7.07 range, while also executing some sales. This disclosure comes amid a period of insider selling by Funko executives, creating a notable divergence between institutional accumulation and insider distribution.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 29.4% of the 1637 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, FNKO was trading at $5.62 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $315.2M. The 52-week trading range was $2.72 to $7.35. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.