Investor: Michael Lowenstein
Number of Assets: 23
Reporting Period: Q3 - 2025
Holdings at Report: $6,491,695,416
Return Since Report: -$144,942,532
Return Since Report: -2.23%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Ryan Specialty Holdings Inc. (RYAN) | Equity | +100% | 611,000 | 0.53% | $56.36 | $52.14 | $34,435,960 | $31,857,540 | -$2,578,420 | -7.49% |
| Equifax Inc. (EFX) | Equity | -37.49% | 450,000 | 1.78% | $256.53 | $218.74 | $115,438,500 | $98,433,000 | -$17,005,500 | -14.73% |
| Intercontinental Exchange Inc. (ICE) | Equity | 0% | 814,300 | 2.11% | $168.48 | $163.78 | $137,193,264 | $133,366,054 | -$3,827,210 | -2.79% |
| Costar Group Inc. (CSGP) | Equity | 0% | 1,282,400 | 1.67% | $84.37 | $68.35 | $108,196,088 | $87,652,040 | -$20,544,048 | -18.99% |
| Howmet Aerospace Inc. (HWM) | Equity | 0% | 5,264,500 | 15.91% | $196.23 | $198.10 | $1,033,052,835 | $1,042,897,450 | +$9,844,615 | +0.95% |
| Casey's General Stores Inc. (CASY) | Equity | +100% | 27,000 | 0.24% | $565.32 | $536.17 | $15,263,640 | $14,476,590 | -$787,050 | -5.16% |
| Fiserv Inc. (FI) | Equity | +2.53% | 1,585,000 | 3.15% | $128.93 | $68.16 | $204,354,050 | $108,033,600 | -$96,320,450 | -47.13% |
| Microsoft Corp. (MSFT) | Equity | -1.77% | 349,700 | 2.79% | $517.95 | $478.84 | $181,127,115 | $167,450,348 | -$13,676,767 | -7.55% |
| Brown & Brown Inc. (BRO) | Equity | +100% | 252,000 | 0.36% | $93.79 | $81.21 | $23,635,080 | $20,464,920 | -$3,170,160 | -13.41% |
| Rb Global Inc. (RBA) | Equity | +151.99% | 1,044,000 | 1.74% | $108.36 | $103.62 | $113,127,840 | $108,174,060 | -$4,953,780 | -4.38% |
| Visa Inc. (V) | Equity | -3.28% | 818,130 | 4.30% | $341.38 | $347.47 | $279,293,219 | $284,275,631 | +$4,982,412 | +1.78% |
| Amazon.com Inc. (AMZN) | Equity | 0% | 978,100 | 3.31% | $219.57 | $226.83 | $214,761,417 | $221,862,423 | +$7,101,006 | +3.31% |
| Net Power Inc. (NPWR-WS) | Bond | +100% | 482,400 | N/A | $0.75 | N/A | $361,800 | N/A | N/A | N/A |
| Sea Limited (SE) | Equity | -17.95% | 1,320,000 | 3.63% | $178.73 | $123.98 | $235,923,600 | $163,653,600 | -$72,270,000 | -30.63% |
| Fair Isaac Corp. (FICO) | Equity | +30.38% | 324,880 | 7.49% | $1,496.53 | $1,840.02 | $486,192,666 | $597,784,073 | +$111,591,407 | +22.95% |
| Meta Platforms Inc. (META) | Equity | 0% | 241,700 | 2.73% | $734.38 | $646.63 | $177,499,646 | $156,290,471 | -$21,209,175 | -11.95% |
| Applovin Corp. (APP) | Equity | +3.14% | 3,118,500 | 34.52% | $718.54 | $681.46 | $2,240,766,990 | $2,125,133,010 | -$115,633,980 | -5.16% |
| The Progressive Corp. (PGR) | Equity | 0% | 393,800 | 1.50% | $246.95 | $234.60 | $97,248,910 | $92,387,055 | -$4,861,855 | -5.00% |
| Tradeweb Markets Inc. (TW) | Equity | +109.90% | 462,000 | 0.79% | $110.98 | $107.21 | $51,272,760 | $49,531,020 | -$1,741,740 | -3.40% |
| Cheniere Energy Inc. (LNG) | Equity | 0% | 699,700 | 2.53% | $234.98 | $190.06 | $164,415,506 | $132,984,982 | -$31,430,524 | -19.12% |
| Hilton Worldwide Holdings Inc. (HLT) | Equity | 0% | 342,000 | 1.37% | $259.44 | $280.77 | $88,728,480 | $96,023,340 | +$7,294,860 | +8.22% |
| Alphabet Inc. (GOOGL) | Equity | 0% | 1,783,500 | 6.68% | $243.10 | $309.47 | $433,568,850 | $551,939,745 | +$118,370,895 | +27.30% |
| Salesforce Inc. (CRM) | Equity | 0% | 235,600 | 0.86% | $237.00 | $261.97 | $55,837,200 | $61,720,132 | +$5,882,932 | +10.54% |