Bwcp, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Bwcp, LP reported 29 stock positions worth $602.9 million. Its top holding was Zeta Global Class A (ZETA) at 10.8% of the portfolio, followed by United Airlines (UAL, 7.0%) and Microsoft (MSFT, 5.9%). Compared with Q3 2025, it opened 9 new positions, sold out of 3, added to 8 and reduced 12. The biggest buy was a new position in Callaway Golf (CALY) and the biggest sale Coherent (COHR, shares −69%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001787893
- Portfolio Value
- $602.9M (Q4 2025)
- SEC Filing
- 0001787893-26-000002 ↗ filed Feb 13, 2026
Holdings Value
Holdings 29 stocks · $602.9M
| ZETA Zeta Global Holdings Corp. Class A | 10.76% | 3,186,227 | $64.8M | Add +10.5% |
| UAL United Airlines Holdings Inc. | 7.05% | 379,911 | $42.5M | Reduce -3.9% |
| MSFT Microsoft Corp. | 5.89% | 73,411 | $35.5M | Reduce -19.3% |
| BYD Boyd Gaming Corp. | 5.69% | 402,592 | $34.3M | Reduce -15.6% |
| FIX Comfort Systems USA Inc. | 5.20% | 33,610 | $31.4M | Reduce -15.5% |
| ADSK Autodesk Inc. | 5.10% | 103,891 | $30.8M | Add +45.6% |
| AMZN Amazon.com Inc. | 4.49% | 117,219 | $27.1M | Add +18.1% |
| TSM Taiwan Semiconductor-SP ADR | 4.41% | 87,553 | $26.6M | Reduce -8.7% |
| DKNG Draftkings Inc. Class A | 4.32% | 756,346 | $26.1M | Add +24.3% |
| ONON On Holding AG Class A filed as ON HLDG AG | 4.22% | 547,150 | $25.4M | Add +29.4% |
| AXON Axon Enterprise Inc. | 3.72% | 39,523 | $22.4M | Add +69.9% |
| JHX James Hardie Ind PLC | 3.61% | 1,048,492 | $21.8M | Reduce -18.9% |
| CPNG Coupang Inc. | 3.41% | 871,497 | $20.6M | Reduce -14.9% |
| PLNT Planet Fitness Inc. Class A | 2.98% | 165,518 | $18.0M | Reduce -33.3% |
| COHR Coherent Corp. | 2.91% | 95,053 | $17.5M | Reduce -69.4% |
| CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP | 2.91% | 1,501,415 | $17.5M | New |
| PRMB Primo Brands Corp. | 2.72% | 1,003,798 | $16.4M | Add +7.5% |
| ASO Academy Sports & Outdoors Inc. | 2.72% | 328,281 | $16.4M | New |
| EYE National Vision Holdings Inc. | 2.69% | 627,521 | $16.2M | Reduce -32.3% |
| SN Sharkninja Inc. | 2.42% | 130,324 | $14.6M | Reduce -46.8% |
| GRND Grindr Inc. | 2.39% | 1,066,108 | $14.4M | New |
| DASH DoorDash Inc. Class A | 1.94% | 51,580 | $11.7M | New |
| BIRK Birkenstock Holding PLC | 1.81% | 266,749 | $10.9M | New |
| AMT American Tower Corp. | 1.71% | 58,844 | $10.3M | Add +33.1% |
| COMP Compass Inc. Class A | 1.18% | 674,153 | $7.1M | New |
| VRT Vertiv Holdings Co. Class A | 1.08% | 40,123 | $6.5M | Reduce -55.3% |
| GAP The Gap Inc. | 0.93% | 219,668 | $5.6M | New |
| URBN Urban Outfitters Inc. | 0.88% | 70,425 | $5.3M | New |
| M Macy's Inc. | 0.85% | 233,283 | $5.1M | New |
Portfolio Sells Q3 2025 → Q4 2025
| COHR Coherent Corp. | Reduce -69.4% | 2.91% | −2.88 |
| CPNG Coupang Inc. | Reduce -14.9% | 3.41% | −2.31 |
| MSFT Microsoft Corp. | Reduce -19.3% | 5.89% | −2.28 |
| EYE National Vision Holdings Inc. | Reduce -32.3% | 2.69% | −2.00 |
| SN Sharkninja Inc. | Reduce -46.8% | 2.42% | −1.96 |
| PCOR Procore Technologies Inc. | Sold out | 0.00% | −1.89 |
| WIX Wix.com Ltd. | Sold out | 0.00% | −1.50 |
| PLNT Planet Fitness Inc. Class A | Reduce -33.3% | 2.98% | −1.49 |
| BYD Boyd Gaming Corp. | Reduce -15.6% | 5.69% | −1.45 |
| VRT Vertiv Holdings Co. Class A | Reduce -55.3% | 1.08% | −1.27 |
| JHX James Hardie Ind PLC | Reduce -18.9% | 3.61% | −0.69 |
| FIX Comfort Systems USA Inc. | Reduce -15.5% | 5.20% | −0.48 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -8.7% | 4.41% | −0.23 |
| BLND Blend Labs Inc. Class A | Sold out | 0.00% | −0.04 |
| UAL United Airlines Holdings Inc. | Reduce -3.9% | 7.05% | +0.44 |
Portfolio Buys Q3 2025 → Q4 2025
| CALY Callaway Golf Company | New | 2.91% | +2.91 |
| ASO Academy Sports & Outdoors Inc. | New | 2.72% | +2.72 |
| GRND Grindr Inc. | New | 2.39% | +2.39 |
| DASH DoorDash Inc. Class A | New | 1.94% | +1.94 |
| BIRK Birkenstock Holding PLC | New | 1.81% | +1.81 |
| COMP Compass Inc. Class A | New | 1.18% | +1.18 |
| ADSK Autodesk Inc. | Add +45.6% | 5.10% | +1.17 |
| ONON On Holding AG Class A | Add +29.4% | 4.22% | +1.12 |
| GAP The Gap Inc. | New | 0.93% | +0.93 |
| URBN Urban Outfitters Inc. | New | 0.88% | +0.88 |
| M Macy's Inc. | New | 0.85% | +0.85 |
| AXON Axon Enterprise Inc. | Add +69.9% | 3.72% | +0.83 |
| ZETA Zeta Global Holdings Corp. Class A | Add +10.5% | 10.76% | +0.82 |
| AMZN Amazon.com Inc. | Add +18.1% | 4.49% | +0.71 |
| DKNG Draftkings Inc. Class A | Add +24.3% | 4.32% | +0.38 |
| AMT American Tower Corp. | Add +33.1% | 1.71% | +0.24 |
| PRMB Primo Brands Corp. | Add +7.5% | 2.72% | −0.85 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 24 | $700.1M | ZETA, UAL, BYD, AS, GPGI |
| Q1 2026 | 27 | $655.6M | ZETA, UAL, BYD, MSI, META |
| Q4 2025 | 29 | $602.9M | ZETA, UAL, MSFT, BYD, FIX |
| Q3 2025 | 23 | $577.1M | ZETA, MSFT, BYD, UAL, COHR |
| Q2 2025 | 27 | $612.2M | ZETA, BYD, PLNT, UAL, CPNG |
| Q1 2025 | 24 | $493.4M | ZETA, BYD, ADSK, PLNT, SKX |
| Q4 2024 | 25 | $464.7M | BYD, UAL, ADSK, SKX, AMZN |
| Q3 2024 | 26 | $451.0M | BYD, ZETA, VRT, ASO, CPNG |
| Q2 2024 | 21 | $397.8M | ZETA, BYD, AMZN, CALY, TSM |
| Q1 2024 | 21 | $390.5M | BYD, ASO, AMZN, CALY, VRT |