Kensico Capital Management Corp. In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Kensico Capital Management Corp. reported 23 stock positions worth $4.4 billion . Its top holding was AppLovin Class A (APP) at 17.2% of the portfolio, followed by Howmet Aerospace (HWM, 15.6% ) and Fair Isaac (FICO, 10.0% ). Compared with Q4 2024, it opened 4 new positions, sold out of 3, added to 7 and reduced 8. The biggest buy was Sea Ltd.-ADR (SE, shares +34% ) and the biggest sale an exit from PayPal (PYPL).
Location GREENWICH, CT
CIK 0001113000
Portfolio Value $4.4B (Q1 2025) Holdings 23 stocks · $4.4B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 APP AppLovin Corp. Class A 2,879,000 $762.8M Add +12.9% HWM Howmet Aerospace Inc. 5,340,800 $692.9M Reduce -0.6% FICO Fair Isaac Corp. 239,680 $442.0M Add +1.8% FISV Fiserv Inc. 1,389,400 $306.8M Add +0.1% V Visa Inc. Class A 860,800 $301.7M No change AMZN Amazon.com Inc. 1,187,400 $225.9M Add +21.8% SE Sea Ltd.-ADR 1,670,200 $217.9M Add +34.3% EFX Equifax Inc. 747,300 $182.0M Reduce -3.2% LNG Cheniere Energy Inc. 699,700 $161.9M No change GOOGL Alphabet Inc. Class A 923,100 $142.7M Reduce -0.1% ICE Intercontinental Exchange Inc. 814,300 $140.5M No change META Meta Platforms Inc. Class A 241,700 $139.3M Reduce -3.0% MSFT Microsoft Corp. 361,600 $135.7M Reduce -26.2% PGR Progressive Corp. 393,800 $111.4M No change CSGP Costar Group Inc. 1,331,300 $105.5M Add +86.0% UNH Unitedhealth Group Inc. 196,600 $103.0M Reduce -12.8% CRM Salesforce Inc. 235,600 $63.2M Reduce -45.5% ISRG Intuitive Surgical Inc. 98,400 $48.7M New CDNS Cadence Design SYS Inc. 169,800 $43.2M Add +64.2% KKR KKR & Co. Inc. 350,400 $40.5M New TW Tradeweb Markets Inc. Class A 228,500 $33.9M New THC Tenet Healthcare Corp. 230,900 $31.1M New NPWR Net Power Inc. 1,688,100 $4.4M Reduce -3.2%
Other holdings (1): bonds, preferreds, convertibles and warrants · $153K (not counted above) Security Class Shares / Principal Value Change NPWR.WS Rice Acquisition Corp. II-CW *W EXP 06/08/202 500,800 $153K Reduce -3.2%
Total filed on the 13F, all lines: $4.4B.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ PYPL PayPal Holdings Inc. Sold out 0.00% −2.26 CRM Salesforce Inc. Reduce -45.5% 1.42% −1.88 MSFT Microsoft Corp. Reduce -26.2% 3.06% −1.66 MEDP Medpace Holdings Inc. Sold out 0.00% −0.92 GOOGL Alphabet Inc. Class A Reduce -0.1% 3.22% −0.78 EFX Equifax Inc. Reduce -3.2% 4.10% −0.39 NPWR Net Power Inc. Reduce -3.2% 0.10% −0.32 UNH Unitedhealth Group Inc. Reduce -12.8% 2.32% −0.29 META Meta Platforms Inc. Class A Reduce -3.0% 3.14% −0.19 LOAR Loar Holdings Inc. Sold out 0.00% −0.03 HWM Howmet Aerospace Inc. Reduce -0.6% 15.61% +2.18
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ SE Sea Ltd.-ADR Add +34.3% 4.91% +1.90 CSGP Costar Group Inc. Add +86.0% 2.38% +1.21 ISRG Intuitive Surgical Inc. New 1.10% +1.10 KKR KKR & Co. Inc. New 0.91% +0.91 TW Tradeweb Markets Inc. Class A New 0.76% +0.76 THC Tenet Healthcare Corp. New 0.70% +0.70 FISV Fiserv Inc. Add +0.1% 6.91% +0.40 CDNS Cadence Design SYS Inc. Add +64.2% 0.97% +0.26 AMZN Amazon.com Inc. Add +21.8% 5.09% +0.20 FICO Fair Isaac Corp. Add +1.8% 9.96% −0.75 APP AppLovin Corp. Class A Add +12.9% 17.19% −1.69
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ NPWR.WS Rice Acquisition Corp. II-CW *W EXP 06/08/202 Reduce -3.2% 500,800 $153K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 24 $5.8B APP, HWM, GOOGL, FICO, V Q1 2026 19 $4.9B APP, HWM, GOOGL, FICO, V Q4 2025 21 $5.9B APP, HWM, FICO, GOOGL, V Q3 2025 22 $6.5B APP, HWM, FICO, GOOGL, V Q2 2025 20 $5.2B APP, HWM, FICO, GOOGL, V Q1 2025 23 $4.4B APP, HWM, FICO, FISV, V Q4 2024 22 $4.4B APP, HWM, FICO, FISV, V Q3 2024 25 $3.8B HWM, FICO, APP, V, FISV Q2 2024 23 $3.2B HWM, FICO, MSFT, V, META Q1 2024 22 $3.0B HWM, FICO, V, MSFT, CRM