Compass Rose Asset Management, LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Compass Rose Asset Management, LP reported 13 stock positions worth $156.7 million. Its top holding was Kenvue (KVUE) at 18.7% of the portfolio, followed by Kimberly-Clark (KMB, 12.6%) and Kranesh Csi China Internet (KWEB, 11.9%). Compared with Q3 2025, it opened 8 new positions, sold out of 6, added to 2 and reduced 3. The biggest buy was Kenvue (KVUE, shares +505%) and the biggest sale an exit from SS SPDR S&P Regional Bank (KRE).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001758811
Portfolio Value
$156.7M (Q4 2025)
SEC Filing
0001758811-26-000001 ↗ filed Feb 11, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $83.3M Q1 2024 Q2 2024: $44.7M Q2 2024 Q3 2024: $85.9M Q3 2024 Q4 2024: $204.2M Q4 2024 Q1 2025: $197.8M Q1 2025 Q2 2025: $107.9M Q2 2025 Q3 2025: $104.3M Q3 2025 Q4 2025: $156.7M $156.7M Q4 2025 Q1 2026: $115.8M Q1 2026 Q2 2026: $173.2M Q2 2026

Holdings 13 stocks · $156.7M
KVUE Kenvue Inc. 18.66% 1,695,000 $29.2M Add +505.4%
KMB Kimberly-Clark Corp. 12.62% 196,000 $19.8M New
KWEB Kranesh Csi China Internet 11.95% 550,000 $18.7M New
CMCSA Comcast Corp. Class A 9.82% 515,000 $15.4M New
BLCO Bausch + Lomb Corp. 9.81% 900,000 $15.4M Reduce -10.0%
SUZ Suzano SA - Spon ADR 9.54% 1,600,000 $14.9M Add +51.7%
UPS United Parcel Service Class B 6.58% 104,000 $10.3M New
KHC The Kraft Heinz Co. 6.19% 400,000 $9.7M Reduce -55.6%
AERO Grupo Aeromexico Sab DE CV 5.12% 365,269 $8.0M New
BMA Banco Macro SA-ADR 4.11% 71,390 $6.4M New
AIG American International Group 3.33% 61,000 $5.2M New
KREF KKR Real Estate Finance Trus 1.76% 335,000 $2.8M New
OPTU Optimum Communications Inc. Class A 0.53% 500,000 $825K Reduce -80.0%

Options reported separately and not counted above: SPY calls ($518.3M), ISHARES TR puts ($161.3M), CMCSA calls ($70.0M), NFLX calls ($46.9M), KVUE calls ($34.5M), KRANESHARES TRUST calls ($34.0M), KMB calls ($30.3M), WBD calls ($23.3M).

Other holdings (4): bonds, preferreds, convertibles and warrants · $153.6M (not counted above)
SecurityClassShares / PrincipalValueChange
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 75,000,000$75.9MNo change
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 50,000,000$51.3MNo change
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) NOTE 3.625% 6/1 · principal 25,000,000$24.9MNo change
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 22,624$1.6MNew

Total filed on the 13F, all lines: $310.3M.

Portfolio Sells Q3 2025 → Q4 2025
KRE SS SPDR S&P Regional Bank Sold out 0.00% −18.08
KHC The Kraft Heinz Co. Reduce -55.6% 6.19% −16.27
WBD Warner Bros Discovery Inc. Sold out 0.00% −10.29
RDN Radian Group Inc. Sold out 0.00% −9.55
OPTU Optimum Communications Inc. Class A Reduce -80.0% 0.53% −5.25
BLCO Bausch + Lomb Corp. Reduce -10.0% 9.81% −4.63
LION Lionsgate Studios Corp. Sold out 0.00% −3.31
BHC Bausch Health Cos Inc. Sold out 0.00% −1.55
VBNK Versabank Sold out 0.00% −0.69

Portfolio Buys Q3 2025 → Q4 2025
KVUE Kenvue Inc. Add +505.4% 18.66% +14.30
KMB Kimberly-Clark Corp. New 12.62% +12.62
KWEB Kranesh Csi China Internet New 11.95% +11.95
CMCSA Comcast Corp. Class A New 9.82% +9.82
UPS United Parcel Service Class B New 6.58% +6.58
AERO Grupo Aeromexico Sab DE CV New 5.12% +5.12
BMA Banco Macro SA-ADR New 4.11% +4.11
AIG American International Group New 3.33% +3.33
KREF KKR Real Estate Finance Trus New 1.76% +1.76
SUZ Suzano SA - Spon ADR Add +51.7% 9.54% +0.03

Options Activity Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US call Add +1302.2% 760,000 $518.3M
KRE SS SPDR S&P Regional Bank call Sold out 2,800,000 $177.2Mbefore exit
ISHARES TR put New 2,000,000 $161.3M
CMCSA Comcast Corp. Class A call New 2,500,000 $70.0M
NFLX Netflix Inc. call New 500,000 $46.9M
KVUE Kenvue Inc. call Add +14.3% 2,000,000 $34.5M
KRANESHARES TRUST call New 1,000,000 $34.0M
KMB Kimberly-Clark Corp. call New 300,000 $30.3M
WBD Warner Bros Discovery Inc. call Reduce -78.0% 809,800 $23.3M
EWZ iShares MSCI Brazil ETF put Sold out 750,000 $23.3Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2025 → Q4 2025
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A New 22,624 $1.6M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 14$173.2MWBD, KWEB, CMCSA, MSTR, CHTR
Q1 2026 11$115.8MKWEB, RKT, NVT, KMB, SUZ
Q4 2025 13$156.7MKVUE, KMB, KWEB, CMCSA, BLCO
Q3 2025 11$104.3MKHC, KRE, BLCO, WBD, RDN
Q2 2025 9$107.9MPARAA, UNH, INTC, VALE, BLCO
Q1 2025 15$197.8MVALE, PARAA, B, IWM, BLCO
Q4 2024 13$204.2MBKLN, VALE, EWZ, EWW, BHC
Q3 2024 9$85.9MPARAA, ACI, WBD, INTC, BHC
Q2 2024 5$44.7MWBD, PARAA, IHS, VISN, OPTU
Q1 2024 4$83.3MWBD, FXI, BABA, PARAA