Incline Global Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Incline Global Management LLC reported 26 stock positions worth $162.2 million. Its top holding was People (PPLI) at 5.3% of the portfolio, followed by Wex (WEX, 5.1%) and Madison Square Garden Sports (MSGS, 5.1%). Compared with Q4 2024, it opened 7 new positions, sold out of 5, added to 14 and reduced 5. The biggest buy was People (PPLI, shares +2671%) and the biggest sale an exit from Uber Technologies (UBER).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001567195
- Portfolio Value
- $162.2M (Q1 2025)
- SEC Filing
- 0001172661-25-002079 ↗ filed May 15, 2025
Holdings Value
Holdings 26 stocks · $162.2M
| PPLI People Inc. filed as IAC INC | 5.34% | 188,598 | $8.7M | Add +2671.5% |
| WEX Wex Inc. | 5.10% | 52,707 | $8.3M | Add +16.3% |
| MSGS Madison Square Garden Sports | 5.07% | 42,263 | $8.2M | Add +22.1% |
| FLR Fluor Corp. | 5.03% | 227,821 | $8.2M | New |
| CART Maplebear Inc. | 4.85% | 197,414 | $7.9M | Add +4.9% |
| GVA Granite Construction Inc. | 4.81% | 103,443 | $7.8M | New |
| MSGE Madison Square Garden Entert | 4.76% | 236,036 | $7.7M | Add +4.9% |
| ARES Ares Management Corp. Class A | 4.68% | 51,761 | $7.6M | Add +45.6% |
| TRU Transunion | 4.68% | 91,403 | $7.6M | Add +9.1% |
| AMZN Amazon.com Inc. | 4.64% | 39,555 | $7.5M | Add +379.4% |
| APO Apollo Global Management Inc. | 4.61% | 54,558 | $7.5M | Add +40.8% |
| META Meta Platforms Inc. Class A | 4.60% | 12,955 | $7.5M | Add +135.6% |
| MGM MGM Resorts International | 4.57% | 250,008 | $7.4M | New |
| GOOGL Alphabet Inc. Class A | 4.57% | 47,916 | $7.4M | Add +212.7% |
| PINS Pinterest Inc. Class A | 4.47% | 234,006 | $7.3M | Reduce -14.5% |
| STNE Stoneco Ltd. Class A | 4.43% | 686,178 | $7.2M | Reduce -31.2% |
| CORZ Core Scientific Inc. | 4.36% | 977,558 | $7.1M | New |
| HUT Hut 8 Corp. | 3.99% | 557,650 | $6.5M | New |
| NWSA News Corp. Class A | 3.97% | 236,550 | $6.4M | Reduce -17.2% |
| NVDA Nvidia Corp. | 3.94% | 58,902 | $6.4M | New |
| CPAY Corpay Inc. | 3.71% | 17,254 | $6.0M | Reduce -24.9% |
| PLAY Dave & Buster's Entertainmen | 1.71% | 157,545 | $2.8M | Add +1477.5% |
| PYPL PayPal Holdings Inc. | 0.54% | 13,321 | $869K | Add +74.9% |
| PAGS Pagseguro Digital Ltd. Class A | 0.53% | 112,134 | $856K | Add +162.3% |
| ASML ASML Holding NV-NY Reg SHS | 0.52% | 1,281 | $849K | Reduce -88.6% |
| MSFT Microsoft Corp. | 0.52% | 2,233 | $838K | New |
Portfolio Sells Q4 2024 → Q1 2025
| UBER Uber Technologies Inc. | Sold out | 0.00% | −5.93 |
| SSNC Ss&c Technologies Holdings | Sold out | 0.00% | −5.92 |
| MTCH Match Group Inc. | Sold out | 0.00% | −5.85 |
| EL Estee Lauder Companies Class A | Sold out | 0.00% | −5.66 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -88.6% | 0.52% | −5.39 |
| CPAY Corpay Inc. | Reduce -24.9% | 3.71% | −2.18 |
| NWSA News Corp. Class A | Reduce -17.2% | 3.97% | −2.00 |
| STNE Stoneco Ltd. Class A | Reduce -31.2% | 4.43% | −1.60 |
| PINS Pinterest Inc. Class A | Reduce -14.5% | 4.47% | −1.55 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.22 |
Portfolio Buys Q4 2024 → Q1 2025
| PPLI People Inc. | Add +2671.5% | 5.34% | +5.12 |
| FLR Fluor Corp. | New | 5.03% | +5.03 |
| GVA Granite Construction Inc. | New | 4.81% | +4.81 |
| MGM MGM Resorts International | New | 4.57% | +4.57 |
| CORZ Core Scientific Inc. | New | 4.36% | +4.36 |
| HUT Hut 8 Corp. | New | 3.99% | +3.99 |
| NVDA Nvidia Corp. | New | 3.94% | +3.94 |
| AMZN Amazon.com Inc. | Add +379.4% | 4.64% | +3.27 |
| GOOGL Alphabet Inc. Class A | Add +212.7% | 4.57% | +2.37 |
| META Meta Platforms Inc. Class A | Add +135.6% | 4.60% | +2.16 |
| PLAY Dave & Buster's Entertainmen | Add +1477.5% | 1.71% | +1.49 |
| MSFT Microsoft Corp. | New | 0.52% | +0.52 |
| PAGS Pagseguro Digital Ltd. Class A | Add +162.3% | 0.53% | +0.32 |
| PYPL PayPal Holdings Inc. | Add +74.9% | 0.54% | +0.04 |
| ARES Ares Management Corp. Class A | Add +45.6% | 4.68% | −0.09 |
| APO Apollo Global Management Inc. | Add +40.8% | 4.61% | −0.25 |
| MSGS Madison Square Garden Sports | Add +22.1% | 5.07% | −0.85 |
| WEX Wex Inc. | Add +16.3% | 5.10% | −0.92 |
| CART Maplebear Inc. | Add +4.9% | 4.85% | −1.05 |
| TRU Transunion | Add +9.1% | 4.68% | −1.21 |
| MSGE Madison Square Garden Entert | Add +4.9% | 4.76% | −1.31 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 20 | $356.6M | FTAI, LITE, COHR, WEX, AMZN |
| Q1 2026 | 24 | $254.6M | EFOR, CUK, TEL, NCLH, CBRE |
| Q4 2025 | 30 | $292.7M | EFOR, VRT, NCLH, GVA, PRIM |
| Q3 2025 | 27 | $337.3M | WEX, NCLH, EFOR, BRO, TRU |
| Q2 2025 | 25 | $254.3M | CORZ, HUT, MSGS, WEX, NCLH |
| Q1 2025 | 26 | $162.2M | PPLI, WEX, MSGS, FLR, CART |
| Q4 2024 | 24 | $131.9M | MSGE, STNE, WEX, PINS, NWSA |
| Q3 2024 | 26 | $225.1M | PINS, MTCH, STNE, WEX, LULU |
| Q2 2024 | 24 | $242.6M | WEX, PPLI, STNE, TRU, MTCH |
| Q1 2024 | 22 | $315.0M | WEX, SBUX, MTCH, STNE, NKE |