Investor: Michael Lowenstein
Number of Assets: 23
Reporting Period: Q3 - 2025
Holdings at Report: $6,491,695,416
Return Since Report: -$162,368,710
Return Since Report: -2.50%
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 | $216.25 | $115,438,500 | $97,312,500 | -$18,126,000 | -15.70% |
| Intercontinental Exchange Inc. (ICE) | Equity | 0% | 814,300 | 2.11% | $168.48 | $161.69 | $137,193,264 | $131,664,167 | -$5,529,097 | -4.03% |
| Costar Group Inc. (CSGP) | Equity | 0% | 1,282,400 | 1.67% | $84.37 | $63.05 | $108,196,088 | $80,848,908 | -$27,347,180 | -25.28% |
| Howmet Aerospace Inc. (HWM) | Equity | 0% | 5,264,500 | 15.91% | $196.23 | $197.25 | $1,033,052,835 | $1,038,396,303 | +$5,343,468 | +0.52% |
| Casey's General Stores Inc. (CASY) | Equity | +100% | 27,000 | 0.24% | $565.32 | $546.66 | $15,263,640 | $14,759,820 | -$503,820 | -3.30% |
| Fiserv Inc. (FI) | Equity | +2.53% | 1,585,000 | 3.15% | $128.93 | $68.75 | $204,354,050 | $108,968,750 | -$95,385,300 | -46.68% |
| Microsoft Corp. (MSFT) | Equity | -1.77% | 349,700 | 2.79% | $517.95 | $474.26 | $181,127,115 | $165,848,722 | -$15,278,393 | -8.44% |
| Brown & Brown Inc. (BRO) | Equity | +100% | 252,000 | 0.36% | $93.79 | $81.97 | $23,635,080 | $20,655,180 | -$2,979,900 | -12.61% |
| Rb Global Inc. (RBA) | Equity | +151.99% | 1,044,000 | 1.74% | $108.36 | $102.35 | $113,127,840 | $106,848,180 | -$6,279,660 | -5.55% |
| Visa Inc. (V) | Equity | -3.28% | 818,130 | 4.30% | $341.38 | $345.28 | $279,293,219 | $282,483,926 | +$3,190,707 | +1.14% |
| Amazon.com Inc. (AMZN) | Equity | 0% | 978,100 | 3.31% | $219.57 | $223.03 | $214,761,417 | $218,145,643 | +$3,384,226 | +1.58% |
| 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 | $123.08 | $235,923,600 | $162,465,600 | -$73,458,000 | -31.14% |
| Fair Isaac Corp. (FICO) | Equity | +30.38% | 324,880 | 7.49% | $1,496.53 | $1,814.42 | $486,192,666 | $589,468,770 | +$103,276,104 | +21.24% |
| Meta Platforms Inc. (META) | Equity | 0% | 241,700 | 2.73% | $734.38 | $652.04 | $177,499,646 | $157,598,068 | -$19,901,578 | -11.21% |
| Applovin Corp. (APP) | Equity | +3.14% | 3,118,500 | 34.52% | $718.54 | $686.82 | $2,240,766,990 | $2,141,848,170 | -$98,918,820 | -4.41% |
| The Progressive Corp. (PGR) | Equity | 0% | 393,800 | 1.50% | $246.95 | $234.90 | $97,248,910 | $92,501,651 | -$4,747,259 | -4.88% |
| Tradeweb Markets Inc. (TW) | Equity | +109.90% | 462,000 | 0.79% | $110.98 | $104.53 | $51,272,760 | $48,290,550 | -$2,982,210 | -5.82% |
| Cheniere Energy Inc. (LNG) | Equity | 0% | 699,700 | 2.53% | $234.98 | $189.09 | $164,415,506 | $132,306,273 | -$32,109,233 | -19.53% |
| Hilton Worldwide Holdings Inc. (HLT) | Equity | 0% | 342,000 | 1.37% | $259.44 | $285.79 | $88,728,480 | $97,741,206 | +$9,012,726 | +10.16% |
| Alphabet Inc. (GOOGL) | Equity | 0% | 1,783,500 | 6.68% | $243.10 | $307.83 | $433,568,850 | $549,014,805 | +$115,445,955 | +26.63% |
| Salesforce Inc. (CRM) | Equity | 0% | 235,600 | 0.86% | $237.00 | $254.42 | $55,837,200 | $59,940,174 | +$4,102,974 | +7.35% |