Bridger Management, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Bridger Management, LLC reported 23 stock positions worth $155.5 million. Its top holding was Morgan Stanley (MS) at 15.6% of the portfolio, followed by Amazon.com (AMZN, 9.8%) and Teva Pharmaceutical-SP ADR (TEVA, 7.4%). Compared with Q3 2025, it opened 7 new positions, sold out of 11, added to 3 and reduced 4. The biggest buy was a new position in Cemex Sab-Spons ADR Part Cer (CX) and the biggest sale an exit from Citigroup (C).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001166309
Portfolio Value
$155.5M (Q4 2025)
SEC Filing
0001166309-26-000001 ↗ filed Feb 17, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $221.8M Q1 2024 Q2 2024: $194.3M Q2 2024 Q3 2024: $199.9M Q3 2024 Q4 2024: $186.1M Q4 2024 Q1 2025: $201.1M Q1 2025 Q2 2025: $169.5M Q2 2025 Q3 2025: $185.6M Q3 2025 Q4 2025: $155.5M $155.5M Q4 2025 Q1 2026: $128.0M Q1 2026 Q2 2026: $150.1M Q2 2026

Holdings 23 stocks · $155.5M
MS Morgan Stanley 15.60% 136,693 $24.3M Reduce -11.1%
AMZN Amazon.com Inc. 9.83% 66,271 $15.3M No change
TEVA Teva Pharmaceutical-SP ADR 7.38% 367,600 $11.5M Reduce -47.1%
NKE Nike Inc. Class B 7.36% 179,765 $11.5M Add +13.3%
ALC Alcon Inc. filed as ALCON AG 5.48% 108,200 $8.5M Add +51.0%
CX Cemex Sab-Spons ADR Part Cer 4.58% 620,000 $7.1M New
UBER Uber Technologies Inc. 4.36% 83,036 $6.8M Reduce -16.1%
DXCM Dexcom Inc. 4.35% 101,893 $6.8M Add +142.6%
CHDN Churchill Downs Inc. 4.18% 57,179 $6.5M New
BIIB Biogen Inc. 4.08% 36,065 $6.3M New
BMY Bristol-Myers Squibb Co. 3.99% 115,179 $6.2M New
AORT Artivion Inc. 3.89% 132,588 $6.0M No change
V Visa Inc. Class A 3.88% 17,200 $6.0M New
MSFT Microsoft Corp. 3.82% 12,300 $5.9M No change
HQY Healthequity Inc. 3.56% 60,484 $5.5M New
FLUT Flutter Entertainment PLC-Di 3.39% 24,484 $5.3M No change
IBIT iShares Bitcoin Trust ETF 2.65% 83,119 $4.1M Reduce -19.8%
MLCO Melco Resorts & Entert-ADR 2.55% 522,966 $4.0M No change
MSGS Madison Square Garden Sports 2.17% 13,072 $3.4M No change
RXST Rxsight Inc. 1.08% 160,700 $1.7M New
TOST Toast Inc. Class A 0.92% 40,392 $1.4M No change
CMPS Compass Pathways PLC 0.65% 147,209 $1.0M No change
NEXT Nextdecade Corp. 0.23% 67,837 $358K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $9K (not counted above)
SecurityClassShares / PrincipalValueChange
SRZNW Surrozen Inc.-CW25 *W EXP 08/01/203 442,052$9KNo change

Total filed on the 13F, all lines: $155.5M.

Portfolio Sells Q3 2025 → Q4 2025
C Citigroup Inc. Sold out 0.00% −4.86
BBWI Bath & Body Works Inc. Sold out 0.00% −4.17
VRTX Vertex Pharmaceuticals Inc. Sold out 0.00% −3.96
MASI Masimo Corp. Sold out 0.00% −3.80
CZR Caesars Entertainment Inc. Sold out 0.00% −3.61
GLD SPDR Gold Shares Sold out 0.00% −3.26
NVO Novo-Nordisk A/S-Spons ADR Sold out 0.00% −3.08
UNH Unitedhealth Group Inc. Sold out 0.00% −3.06
MA Mastercard Inc. Class A Sold out 0.00% −2.85
OSCR Oscar Health Inc. Class A Sold out 0.00% −2.53
GDX Vaneck Gold Miners ETF Sold out 0.00% −1.56
IBIT iShares Bitcoin Trust ETF Reduce -19.8% 2.65% −0.97
UBER Uber Technologies Inc. Reduce -16.1% 4.36% −0.86
TEVA Teva Pharmaceutical-SP ADR Reduce -47.1% 7.38% −0.19
MS Morgan Stanley Reduce -11.1% 15.60% +2.44

Portfolio Buys Q3 2025 → Q4 2025
CX Cemex Sab-Spons ADR Part Cer New 4.58% +4.58
CHDN Churchill Downs Inc. New 4.18% +4.18
BIIB Biogen Inc. New 4.08% +4.08
BMY Bristol-Myers Squibb Co. New 3.99% +3.99
V Visa Inc. Class A New 3.88% +3.88
HQY Healthequity Inc. New 3.56% +3.56
DXCM Dexcom Inc. Add +142.6% 4.35% +2.83
ALC Alcon Inc. Add +51.0% 5.48% +2.61
NKE Nike Inc. Class B Add +13.3% 7.36% +1.40
RXST Rxsight Inc. New 1.08% +1.08

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 23$150.1MMS, AMZN, TEVA, UNH, FLUT
Q1 2026 23$128.0MMS, AMZN, TEVA, FLUT, DXCM
Q4 2025 23$155.5MMS, AMZN, TEVA, NKE, ALC
Q3 2025 27$185.6MMS, AMZN, TEVA, NKE, UBER
Q2 2025 24$169.5MMS, UBER, AMZN, TEVA, PFE
Q1 2025 28$201.1MMS, VRTX, UBER, AMZN, PFE
Q4 2024 27$186.1MMS, UBER, VRTX, TEVA, PFE
Q3 2024 28$199.9MUBER, MS, VRTX, TEVA, ALNY
Q2 2024 27$194.3MLLY, UBER, VRTX, MS, TEVA
Q1 2024 30$221.8MUBER, LLY, TEVA, MS, VRTX