Investor: Michael Lowenstein
Number of Assets: 22
Reporting Period: Q4 - 2025
Holdings at Report: $5,884,986,723
Return Since Report: -$1,156,643,128
Return Since Report: -19.65%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Alphabet Inc. (GOOGL) | Equity | -21.64% | 1,397,600 | 7.43% | $313.00 | $287.22 | $437,448,800 | $401,418,672 | -$36,030,128 | -8.24% |
| Amazon.com Inc. (AMZN) | Equity | +5.10% | 1,028,000 | 4.03% | $230.82 | $208.30 | $237,282,960 | $214,132,400 | -$23,150,560 | -9.76% |
| Applovin Corp. (APP) | Equity | 0% | 3,118,500 | 35.71% | $673.82 | $398.48 | $2,101,307,670 | $1,242,659,880 | -$858,647,790 | -40.86% |
| Brunswick Corp. (BC) | Equity | +100% | 144,600 | 0.18% | $74.24 | $69.57 | $10,735,104 | $10,059,822 | -$675,282 | -6.29% |
| Cheniere Energy Inc. (LNG) | Equity | -39.27% | 424,900 | 1.40% | $194.39 | $282.11 | $82,596,311 | $119,866,415 | +$37,270,104 | +45.12% |
| Costar Group Inc. (CSGP) | Equity | -29.69% | 901,600 | 1.03% | $67.24 | $40.34 | $60,623,584 | $36,370,544 | -$24,253,040 | -40.01% |
| Dollar Tree Inc. (DLTR) | Equity | +100% | 302,800 | 0.63% | $123.01 | $109.54 | $37,247,428 | $33,168,712 | -$4,078,716 | -10.95% |
| Fair Isaac Corp. (FICO) | Equity | -5.91% | 305,680 | 8.78% | $1,690.62 | $1,068.14 | $516,788,722 | $326,509,035 | -$190,279,687 | -36.82% |
| Hilton Worldwide Holdings Inc. (HLT) | Equity | -3.60% | 329,700 | 1.61% | $287.25 | $305.17 | $94,706,325 | $100,612,901 | +$5,906,576 | +6.24% |
| Howmet Aerospace Inc. (HWM) | Equity | 0% | 5,264,500 | 18.34% | $205.02 | $230.18 | $1,079,327,790 | $1,211,782,610 | +$132,454,820 | +12.27% |
| Intercontinental Exchange Inc. (ICE) | Equity | -10.06% | 732,400 | 2.02% | $161.96 | $157.32 | $118,619,504 | $115,221,168 | -$3,398,336 | -2.86% |
| Microsoft Corp. (MSFT) | Equity | -3.17% | 338,600 | 2.78% | $483.62 | $370.17 | $163,753,732 | $125,339,562 | -$38,414,170 | -23.46% |
| Net Power Inc. (NPWR-WS) | Bond | +100% | 465,200 | N/A | $0.50 | N/A | $232,600 | N/A | N/A | N/A |
| The Progressive Corp. (PGR) | Equity | +26.59% | 498,500 | 1.93% | $227.72 | $198.17 | $113,518,420 | $98,785,253 | -$14,733,168 | -12.98% |
| Rb Global Inc. (RBA) | Equity | -58.44% | 433,900 | 0.76% | $102.87 | $95.85 | $44,635,293 | $41,589,315 | -$3,045,978 | -6.82% |
| Ryan Specialty Holdings Inc. (RYAN) | Equity | +57.04% | 959,500 | 0.84% | $51.63 | $52.14 | $49,538,985 | $50,028,330 | +$489,345 | +0.99% |
| S&P Global Inc. (SPGI) | Equity | +100% | 47,300 | 0.42% | $522.59 | $426.27 | $24,718,507 | $20,162,571 | -$4,555,936 | -18.43% |
| Sea Limited (SE) | Equity | +42.45% | 1,880,400 | 4.08% | $127.57 | $82.54 | $239,882,628 | $155,208,216 | -$84,674,412 | -35.30% |
| Spotify Technology S.A. (SPOT) | Equity | +100% | 136,900 | 1.35% | $580.71 | $485.45 | $79,499,199 | $66,458,105 | -$13,041,094 | -16.40% |
| Stryker Corp. (SYK) | Equity | +100% | 121,500 | 0.73% | $351.47 | $328.57 | $42,703,605 | $39,921,255 | -$2,782,350 | -6.52% |
| Tradeweb Markets Inc. (TW) | Equity | +57.60% | 728,100 | 1.33% | $107.54 | $117.38 | $78,299,874 | $85,460,738 | +$7,160,864 | +9.15% |
| Visa Inc. (V) | Equity | -5.37% | 774,200 | 4.61% | $350.71 | $301.42 | $271,519,682 | $233,355,493 | -$38,164,189 | -14.06% |