The $143 Million 'Bet' on Indivior Was Already Being Unwound

The financial press recently ran with a headline about Divisadero Street Capital Management's supposed conviction bet: a $143 million new position in Indivior, filed as of March 31, 2026, representing 5.72% of the fund's reportable U.S. equity portfolio. Indivior shares are up 260% over the past year. The narrative is seductive - a smart fund, a big position, a turnaround drug story. It is not as good as it looks.