Kodai Capital Management LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Kodai Capital Management LP reported 145 stock positions worth $2.5 billion. Its top holding was AT&T (T) at 3.5% of the portfolio, followed by WW Grainger (GWW, 2.7%) and Equinix (EQIX, 2.4%). Compared with Q4 2024, it opened 80 new positions, sold out of 41, added to 29 and reduced 36. The biggest buy was a new position in WW Grainger (GWW) and the biggest sale an exit from Western Digital (WDC).

Most Recent 13F
Q1 2025
Location
CHICAGO, IL
CIK
0001999612
Portfolio Value
$2.5B (Q1 2025)
SEC Filing
0001999612-25-000004 ↗ filed May 15, 2025

Holdings Value

0$2.0B$4.0B$6.0B Q1 2024: $4.3B Q1 2024 Q2 2024: $5.3B Q2 2024 Q3 2024: $4.8B Q3 2024 Q4 2024: $2.4B Q4 2024 Q1 2025: $2.5B $2.5B Q1 2025

Holdings 145 stocks · $2.5B
T AT&T Inc. 3.50% 3,125,216 $88.4M Reduce -32.3%
GWW WW Grainger Inc. filed as GRAINGER W W INC 2.67% 68,434 $67.6M New
EQIX Equinix Inc. 2.36% 73,160 $59.7M Reduce -32.2%
MKSI MKS Inc. filed as MKS INSTRS INC 2.25% 708,021 $56.7M Add +138.3%
NFLX Netflix Inc. 2.22% 60,108 $56.1M New
EMR Emerson Electric Co. 2.20% 508,327 $55.7M New
CHTR Charter Communications Inc. Class A 2.15% 147,504 $54.4M Reduce -3.6%
TWLO Twilio Inc. Class A 1.93% 498,941 $48.9M Add +87.2%
AMBA Ambarella Inc. 1.80% 904,536 $45.5M Add +16.2%
KEY Keycorp 1.79% 2,835,815 $45.3M Add +13.5%
INTU Intuit Inc. 1.76% 72,525 $44.5M Reduce -46.6%
EA Electronic Arts Inc. 1.76% 307,831 $44.5M New
V Visa Inc. Class A 1.71% 123,032 $43.1M Reduce -18.9%
ORCL Oracle Corp. 1.69% 306,356 $42.8M New
ALGM Allegro Microsystems Inc. 1.65% 1,655,806 $41.6M New
MDB Mongodb Inc. 1.58% 227,736 $39.9M Add +50.6%
IR Ingersoll-Rand Inc. 1.50% 473,547 $37.9M New
AMZN Amazon.com Inc. 1.50% 199,140 $37.9M Add +107.1%
GWRE Guidewire Software Inc. 1.48% 199,059 $37.3M Reduce -11.9%
FTV Fortive Corp. 1.47% 508,081 $37.2M New
LRCX Lam Research Corp. 1.46% 505,987 $36.8M New
WDAY Workday Inc. Class A 1.37% 148,168 $34.6M Add +1426.3%
ICE Intercontinental Exchange Inc. 1.34% 196,388 $33.9M New
CMA Comerica Inc. 1.30% 556,455 $32.9M New
JCI Johnson Controls Internation 1.27% 400,113 $32.1M New
FHN First Horizon Corp. 1.25% 1,629,143 $31.6M Reduce -21.3%
EFX Equifax Inc. 1.25% 129,428 $31.5M Add +153.2%
TEAM Atlassian Corp. Class A 1.20% 142,882 $30.3M Reduce -8.4%
VRSN Verisign Inc. 1.16% 115,251 $29.3M Reduce -31.5%
CME Cme Group Inc. 1.14% 108,721 $28.8M Reduce -60.4%
NET Cloudflare Inc. Class A 1.14% 254,642 $28.7M Add +87.1%
AMAT Applied Materials Inc. 1.12% 195,034 $28.3M New
DKNG Draftkings Inc. Class A 1.08% 823,112 $27.3M Add +639.7%
HUBS HubSpot Inc. 1.06% 46,950 $26.8M Add +18.8%
MS Morgan Stanley 1.03% 223,497 $26.1M New
YUM Yum! Brands Inc. 1.03% 164,701 $25.9M New
SBAC SBA Communications Corp. 1.02% 117,166 $25.8M Add +53.7%
VRT Vertiv Holdings Co. Class A 1.01% 354,598 $25.6M New
AFRM Affirm Holdings Inc. 1.01% 562,889 $25.4M Add +17.3%
XYZ Block Inc. 0.97% 452,167 $24.6M Reduce -47.9%
ONB Old National Bancorp 0.93% 1,113,688 $23.6M Reduce -2.6%
CACI Caci International Inc. Class A 0.92% 63,464 $23.3M New
DDOG Datadog Inc. Class A 0.91% 232,564 $23.1M New
WIX Wix.com Ltd. 0.89% 137,901 $22.5M New
TFC Truist Financial Corp. 0.89% 546,670 $22.5M Reduce -30.9%
JPM JPMorgan Chase & Co. 0.89% 91,534 $22.5M Reduce -15.6%
MMM 3M Co. 0.81% 140,258 $20.6M New
TKO Tko Group Holdings Inc. 0.80% 131,537 $20.1M Add +142.0%
TYL Tyler Technologies Inc. 0.79% 34,506 $20.1M Reduce -7.3%
CMI Cummins Inc. 0.79% 63,964 $20.0M New
WYNN WYNN Resorts Ltd. 0.79% 239,031 $20.0M Add +174.5%
TGNA Tegna Inc. 0.78% 1,077,617 $19.6M Reduce -14.7%
WH Wyndham Hotels & Resorts Inc. 0.76% 213,445 $19.3M Reduce -34.3%
CAVA Cava Group Inc. 0.76% 222,101 $19.2M Add +368.7%
RTX RTX Corp. 0.73% 139,909 $18.5M New
IBKR Interactive Brokers Gro Class A 0.72% 109,974 $18.2M Add +147.3%
PAYX Paychex Inc. 0.70% 114,657 $17.7M New
VLY Valley National Bancorp 0.68% 1,922,147 $17.1M Add +33.6%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.67% 93,302 $17.0M Add +34328.8%
QSR Restaurant Brands Intern 0.67% 255,563 $17.0M New
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.67% 521,780 $17.0M New
BKU Bankunited Inc. 0.67% 493,194 $17.0M New
MKTX Marketaxess Holdings Inc. 0.67% 77,944 $16.9M Reduce -43.1%
WFC Wells Fargo & Co. 0.67% 234,311 $16.8M Add +454.5%
SSNC Ss&c Technologies Holdings 0.65% 196,309 $16.4M Add +282.7%
SMTC Semtech Corp. 0.61% 446,629 $15.4M Reduce -43.9%
FOUR SHIFT4 Payments Inc. Class A 0.56% 174,749 $14.3M New
MAT Mattel Inc. 0.56% 723,624 $14.1M Add +35.5%
PENN Penn Entertainment Inc. 0.55% 846,333 $13.8M Add +21.8%
FTNT Fortinet Inc. 0.54% 141,581 $13.6M New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.52% 1,293,955 $13.3M New
SAP Sap SE-Sponsored ADR 0.52% 49,252 $13.2M Add +13.3%
WWD Woodward Inc. 0.52% 71,536 $13.1M New
FLS Flowserve Corp. 0.49% 254,946 $12.5M New
LMT Lockheed Martin Corp. 0.48% 27,367 $12.2M New
MTB M & T Bank Corp. filed as M & T BK CORP 0.47% 65,801 $11.8M New
HXL Hexcel Corp. 0.46% 210,206 $11.5M New
ALLY Ally Financial Inc. 0.44% 303,175 $11.1M New
WBD Warner Bros Discovery Inc. 0.43% 1,023,033 $11.0M Reduce -46.1%
MRVL Marvell Technology Inc. 0.42% 171,771 $10.6M New
TT Trane Technologies PLC 0.39% 29,446 $9.9M New
LLYVK Liberty Media Corp.-Liberty-C 0.39% 143,614 $9.8M Add +7.2%
NBIX Neurocrine Biosciences Inc. 0.38% 85,958 $9.5M New
SG Sweetgreen Inc. Class A 0.37% 371,787 $9.3M New
FIS Fidelity National Info Serv 0.36% 122,418 $9.1M New
WEX Wex Inc. 0.36% 57,958 $9.1M New
COF Capital One Financial Corp. 0.35% 48,794 $8.7M Add +34.0%
CNK Cinemark Holdings Inc. 0.33% 340,109 $8.5M New
RKT Rocket Cos Inc. Class A 0.33% 700,703 $8.5M New
CCC CCC Intelligent Solutions Ho 0.32% 885,101 $8.0M New
NVDA Nvidia Corp. 0.29% 67,540 $7.3M Reduce -87.9%
MGM MGM Resorts International 0.28% 238,936 $7.1M New
OSK Oshkosh Corp. 0.28% 75,225 $7.1M New
FOX Fox Corp. Class B 0.28% 133,065 $7.0M Reduce -43.1%
SARO Standardaero Inc. 0.26% 250,860 $6.7M Add +418.7%
STM Stmicroelectronics NV-NY SHS 0.26% 303,258 $6.7M New
PCOR Procore Technologies Inc. 0.26% 97,686 $6.4M New
YUMC Yum China Holdings Inc. 0.25% 120,079 $6.3M New
EEFT Euronet Worldwide Inc. 0.23% 55,316 $5.9M Reduce -31.2%
EPAM Epam Systems Inc. 0.23% 34,964 $5.9M Reduce -51.0%
ALNY Alnylam Pharmaceuticals Inc. 0.23% 21,159 $5.7M New
FITB Fifth Third Bancorp 0.23% 145,637 $5.7M New
PZZA Papa John's Intl Inc. 0.22% 137,304 $5.6M New
SFD Smithfield Foods Inc. 0.22% 276,583 $5.6M New
PNFP Pinnacle Financial Partners 0.22% 53,182 $5.6M New
CDNS Cadence Design SYS Inc. 0.22% 21,764 $5.5M Reduce -31.9%
HOOD Robinhood Markets Inc. Class A 0.22% 132,536 $5.5M New
TXRH Texas Roadhouse Inc. 0.21% 31,525 $5.3M Reduce -13.0%
S Sentinelone Inc. Class A 0.21% 286,778 $5.2M New
FOLD Amicus Therapeutics Inc. 0.20% 605,110 $4.9M New
KNSA Kiniksa Pharmaceuticals Inte 0.16% 185,364 $4.1M New
BMRN Biomarin Pharmaceutical Inc. 0.16% 56,540 $4.0M New
PAYC Paycom Software Inc. 0.14% 16,318 $3.6M New
BCRX Biocryst Pharmaceuticals Inc. 0.14% 468,799 $3.5M New
GFS Globalfoundries Inc. 0.13% 92,019 $3.4M New
ADP Automatic Data Processing 0.13% 10,619 $3.2M New
BFH Bread Financial Holdings Inc. 0.12% 62,551 $3.1M Reduce -48.8%
SDGR Schrodinger Inc. 0.12% 153,313 $3.0M New
CON Concentra Group Holdings Par 0.12% 136,278 $3.0M Reduce -9.9%
BANC Banc of California Inc. 0.12% 205,185 $2.9M New
CWST Casella Waste Systems Inc. Class A 0.11% 24,758 $2.8M Reduce -54.2%
ECHO Echostar Corp. Class A 0.10% 103,741 $2.7M New
MIRM Mirum Pharmaceuticals Inc. 0.09% 52,430 $2.4M New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.09% 6,780 $2.3M Reduce -82.8%
INCY Incyte Corp. 0.09% 37,530 $2.3M New
SIMO Silicon Motion Technol-ADR 0.08% 41,604 $2.1M Reduce -91.4%
FVR Frontview REIT Inc. 0.07% 140,655 $1.8M Reduce -1.9%
MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC 0.07% 46,501 $1.6M Add +44.6%
ULS Ul Solutions Inc. Class A 0.06% 26,617 $1.5M Reduce -60.5%
AGIO Agios Pharmaceuticals Inc. 0.06% 50,692 $1.5M New
GERN Geron Corp. 0.06% 893,091 $1.4M New
AMPL Amplitude Inc. Class A 0.06% 138,316 $1.4M New
WAY Waystar Holding Corp. 0.05% 33,900 $1.3M New
AMTM Amentum Holdings Inc. 0.05% 65,540 $1.2M New
ABX Abacus Global Management Inc. 0.05% 158,200 $1.2M Reduce -13.9%
GTES Gates Industrial Corp. UK Ltd. 0.04% 58,523 $1.1M Reduce -72.0%
SPY SS SPDR S&P 500 ETF Trust-US 0.04% 1,688 $944K New
ACAD Acadia Pharmaceuticals Inc. 0.04% 53,497 $889K New
HON Honeywell International Inc. 0.03% 3,687 $781K New
SNV Synovus Financial Corp. 0.03% 16,540 $773K New
SPRY Ars Pharmaceuticals Inc. 0.03% 60,111 $756K New
GAUZ Gauzy Ltd. 0.01% 44,473 $356K Add +11.2%
INGM Ingram Micro Holding Corp. 0.01% 16,950 $301K Reduce -92.8%
DAWN Day One Biopharmaceuticals I 0.01% 34,685 $275K New
HUMA Humacyte Inc. 0.00% 72,565 $124K New

Portfolio Sells Q4 2024 → Q1 2025
WDC Western Digital Corp. Sold out 0.00% −3.10
NVDA Nvidia Corp. Reduce -87.9% 0.29% −2.79
ADBE Adobe Inc. Sold out 0.00% −2.41
MPWR Monolithic Power Systems Inc. Sold out 0.00% −2.36
SNOW Snowflake Inc. Sold out 0.00% −2.24
ST Sensata Technologies Holdplc Sold out 0.00% −2.10
XYZ Block Inc. Reduce -47.9% 0.97% −2.05
OKTA Okta Inc. Sold out 0.00% −1.95
EQIX Equinix Inc. Reduce -32.2% 2.36% −1.81
INTU Intuit Inc. Reduce -46.6% 1.76% −1.74
FLUT Flutter Entertainment PLC-Di Sold out 0.00% −1.67
ZS Zscaler Inc. Sold out 0.00% −1.65
BAC Bank of America Corp. Sold out 0.00% −1.57
MA Mastercard Inc. Class A Sold out 0.00% −1.54
CME Cme Group Inc. Reduce -60.4% 1.14% −1.48
GLOB Globant SA Sold out 0.00% −1.42
SMTC Semtech Corp. Reduce -43.9% 0.61% −1.41
MCD McDonald's Corp. Sold out 0.00% −1.29
SIMO Silicon Motion Technol-ADR Reduce -91.4% 0.08% −0.98
META Meta Platforms Inc. Class A Sold out 0.00% −0.82
T AT&T Inc. Reduce -32.3% 3.50% −0.81
AUB Atlantic Union Bankshares Co. Sold out 0.00% −0.80
LVS Las Vegas Sands Corp. Sold out 0.00% −0.77
DPZ Domino's Pizza Inc. Sold out 0.00% −0.77
HBAN Huntington Bancshares Inc. Sold out 0.00% −0.74
POWI Power Integrations Inc. Sold out 0.00% −0.71
FULT Fulton Financial Corp. Sold out 0.00% −0.62
MKTX Marketaxess Holdings Inc. Reduce -43.1% 0.67% −0.60
WH Wyndham Hotels & Resorts Inc. Reduce -34.3% 0.76% −0.58
NCLH Norwegian Cruise Line Holdin Sold out 0.00% −0.55
EWBC East West Bancorp Inc. Sold out 0.00% −0.54
TFC Truist Financial Corp. Reduce -30.9% 0.89% −0.52
PB Prosperity Bancshares Inc. Sold out 0.00% −0.52
SPOT Spotify Technology SA Sold out 0.00% −0.49
DAY Dayforce Inc. Sold out 0.00% −0.48
FHN First Horizon Corp. Reduce -21.3% 1.25% −0.46
EPAM Epam Systems Inc. Reduce -51.0% 0.23% −0.45
LYV Live Nation Entertainment Inc. Sold out 0.00% −0.45
PNC PNC Financial Services Group Sold out 0.00% −0.42
NDAQ Nasdaq Inc. Sold out 0.00% −0.40
CYBR Cyberark Software Ltd./Israel Sold out 0.00% −0.39
WBD Warner Bros Discovery Inc. Reduce -46.1% 0.43% −0.39
AJG Arthur J Gallagher & Co. Reduce -82.8% 0.09% −0.36
TEAM Atlassian Corp. Class A Reduce -8.4% 1.20% −0.36
GLBE Global-E Online Ltd. Sold out 0.00% −0.35
CMG Chipotle Mexican Grill Inc. Sold out 0.00% −0.32
TTWO Take-Two Interactive Softwre Sold out 0.00% −0.31
TCBI Texas Capital Bancshares Inc. Sold out 0.00% −0.30
GBCI Glacier Bancorp Inc. Sold out 0.00% −0.29
MQ Marqeta Inc. Sold out 0.00% −0.27

Portfolio Buys Q4 2024 → Q1 2025
GWW WW Grainger Inc. New 2.67% +2.67
NFLX Netflix Inc. New 2.22% +2.22
EMR Emerson Electric Co. New 2.20% +2.20
EA Electronic Arts Inc. New 1.76% +1.76
ORCL Oracle Corp. New 1.69% +1.69
ALGM Allegro Microsystems Inc. New 1.65% +1.65
IR Ingersoll-Rand Inc. New 1.50% +1.50
FTV Fortive Corp. New 1.47% +1.47
LRCX Lam Research Corp. New 1.46% +1.46
ICE Intercontinental Exchange Inc. New 1.34% +1.34
CMA Comerica Inc. New 1.30% +1.30
JCI Johnson Controls Internation New 1.27% +1.27
WDAY Workday Inc. Class A Add +1426.3% 1.37% +1.27
AMAT Applied Materials Inc. New 1.12% +1.12
MS Morgan Stanley New 1.03% +1.03
YUM Yum! Brands Inc. New 1.03% +1.03
VRT Vertiv Holdings Co. Class A New 1.01% +1.01
MKSI MKS Inc. Add +138.3% 2.25% +0.97
CACI Caci International Inc. Class A New 0.92% +0.92
DDOG Datadog Inc. Class A New 0.91% +0.91
DKNG Draftkings Inc. Class A Add +639.7% 1.08% +0.91
WIX Wix.com Ltd. New 0.89% +0.89
MMM 3M Co. New 0.81% +0.81
CMI Cummins Inc. New 0.79% +0.79
TWLO Twilio Inc. Class A Add +87.2% 1.93% +0.75
RTX RTX Corp. New 0.73% +0.73
EFX Equifax Inc. Add +153.2% 1.25% +0.71
PAYX Paychex Inc. New 0.70% +0.70
QSR Restaurant Brands Intern New 0.67% +0.67
VICI Vici Properties Inc. New 0.67% +0.67
JKHY Jack Henry & Associates Inc. Add +34328.8% 0.67% +0.67
BKU Bankunited Inc. New 0.67% +0.67
AMZN Amazon.com Inc. Add +107.1% 1.50% +0.63
FOUR SHIFT4 Payments Inc. Class A New 0.56% +0.56
WFC Wells Fargo & Co. Add +454.5% 0.67% +0.54
CAVA Cava Group Inc. Add +368.7% 0.76% +0.54
FTNT Fortinet Inc. New 0.54% +0.54
NET Cloudflare Inc. Class A Add +87.1% 1.14% +0.53
NU Nu Holdings Ltd./Cayman Isl-A New 0.52% +0.52
WWD Woodward Inc. New 0.52% +0.52
FLS Flowserve Corp. New 0.49% +0.49
SSNC Ss&c Technologies Holdings Add +282.7% 0.65% +0.49
LMT Lockheed Martin Corp. New 0.48% +0.48
WYNN WYNN Resorts Ltd. Add +174.5% 0.79% +0.48
TKO Tko Group Holdings Inc. Add +142.0% 0.80% +0.48
MTB M & T Bank Corp. New 0.47% +0.47
HXL Hexcel Corp. New 0.46% +0.46
ALLY Ally Financial Inc. New 0.44% +0.44
MRVL Marvell Technology Inc. New 0.42% +0.42
IBKR Interactive Brokers Gro Class A Add +147.3% 0.72% +0.40

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q1 2025 145$2.5BT, GWW, EQIX, MKSI, NFLX
Q4 2024 106$2.4BT, EQIX, INTU, WDC, NVDA
Q3 2024 162$4.8BT, MRVL, MSFT, WDC, ST
Q2 2024 121$5.3BTWLO, HUBS, GPN, T, PH
Q1 2024 102$4.3BADBE, T, PNR, PH, XYL