Lakewood Capital Management, LP In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Lakewood Capital Management, LP reported 38 stock positions worth $1.1 billion . Its top holding was Cigna (CI) at 9.5% of the portfolio, followed by Group 1 Automotive (GPI, 7.9% ) and Citigroup (C, 6.7% ). Compared with Q4 2023, it opened 5 new positions, sold out of 5, added to 12 and reduced 13. The biggest buy was Kemper (KMPR, shares +93% ) and the biggest sale Dell Technologies -C (DELL, shares −96% ).
Location New York, NY
CIK 0001424381
Portfolio Value $1.1B (Q1 2024) Holdings 38 stocks · $1.1B 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 2023 CI The Cigna Group 297,857 $108.2M Reduce -3.6% GPI Group 1 Automotive Inc. 308,726 $90.2M Add +1.0% C Citigroup Inc. 1,211,800 $76.6M Reduce -33.5% GOOGL Alphabet Inc. Class A 408,680 $61.7M Add +3.0% KMPR Kemper Corp. 964,000 $59.7M Add +92.8% CMCSA Comcast Corp. Class A 1,308,748 $56.7M Reduce -9.2% FAF First American Financial 897,604 $54.8M Add +45.8% BC Brunswick Corp. 509,467 $49.2M Add +9.7% FDX FedEx Corp. 165,290 $47.9M Add +80.5% WRK Westrock Co. 947,512 $46.9M Reduce -5.0% APO Apollo Global Management Inc. 377,197 $42.4M Reduce -24.9% ELV Elevance Health Inc. 78,000 $40.4M Add +25.8% ABG Asbury Automotive Group 154,929 $36.5M Reduce -1.3% AXTA Axalta Coating Systems Ltd. 1,051,397 $36.2M No change CRL Charles River Laboratories 112,740 $30.5M Reduce -4.3% SHC Sotera Health Co. 2,307,739 $27.7M New GDRX Goodrx Holdings Inc. Class A 3,305,085 $23.5M Add +49.5% FCNCA First Citizens Bcshs Class A 14,336 $23.4M No change GPN Global Payments Inc. 164,500 $22.0M No change GIL Gildan Activewear Inc. 577,352 $21.4M Add +2.7% CNH CNH Industrial NV 1,520,000 $19.7M Reduce -16.8% ROIV Roivant Sciences Ltd. 1,744,800 $18.4M Add +61.0% KKR KKR & Co. Inc. 176,100 $17.7M Reduce -62.7% BABA Alibaba Group Holding-SP ADR 235,338 $17.0M No change ALLY Ally Financial Inc. 376,609 $15.3M Reduce -25.7% COF Capital One Financial Corp. 101,000 $15.0M No change WH Wyndham Hotels & Resorts Inc. 169,236 $13.0M No change SNBRQ Sleep Number Corp. 645,000 $10.3M New IBIT iShares Bitcoin Trust ETF 245,600 $9.9M New EYE National Vision Holdings Inc. 365,000 $8.1M No change GBTC Grayscale Bitcoin Trust ETF 123,500 $7.8M New LAW CS Disco Inc. 813,411 $6.6M Add +18.5% BAND Bandwidth Inc. Class A 355,721 $6.5M Add +34.5% META Meta Platforms Inc. Class A 12,970 $6.3M Reduce -67.3% TBLA Taboola.com Ltd. 1,239,859 $5.5M No change NSP Insperity Inc. 33,063 $3.6M Reduce -89.5% DELL Dell Technologies -C 21,606 $2.5M Reduce -96.0% CLFD Clearfield Inc. 70,000 $2.2M New
Options reported separately and not counted above: C calls ($59.8M), MSFT puts ($16.8M), BCS calls ($3.8M), MSTR puts ($3.8M), BAND calls ($730K).
Portfolio Sells Q4 2023 → Q1 2024 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 2023 % Of Portfolio Change To Portfolio ▲ DELL Dell Technologies -C Reduce -96.0% 0.22% −3.54 NSP Insperity Inc. Reduce -89.5% 0.32% −3.04 KKR KKR & Co. Inc. Reduce -62.7% 1.55% −2.00 C Citigroup Inc. Reduce -33.5% 6.71% −1.81 LBTYK Liberty Global Ltd. Class C Sold out 0.00% −1.09 DEO Diageo PLC-Sponsored ADR Sold out 0.00% −0.89 CMCSA Comcast Corp. Class A Reduce -9.2% 4.97% −0.77 META Meta Platforms Inc. Class A Reduce -67.3% 0.55% −0.73 APO Apollo Global Management Inc. Reduce -24.9% 3.72% −0.54 LBTYA Liberty Global Ltd. Class A Sold out 0.00% −0.44 CNH CNH Industrial NV Reduce -16.8% 1.73% −0.30 ALLY Ally Financial Inc. Reduce -25.7% 1.34% −0.27 APP AppLovin Corp. Class A Sold out 0.00% −0.09 ZVIA Zevia PBC-A Sold out 0.00% −0.04 ABG Asbury Automotive Group Reduce -1.3% 3.20% −0.01 CRL Charles River Laboratories Reduce -4.3% 2.68% +0.15 WRK Westrock Co. Reduce -5.0% 4.10% +0.34 CI The Cigna Group Reduce -3.6% 9.48% +1.07
Portfolio Buys Q4 2023 → Q1 2024 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 2023 % Of Portfolio Change To Portfolio ▼ KMPR Kemper Corp. Add +92.8% 5.23% +3.02 SHC Sotera Health Co. New 2.43% +2.43 FDX FedEx Corp. Add +80.5% 4.20% +2.09 FAF First American Financial Add +45.8% 4.80% +1.19 SNBRQ Sleep Number Corp. New 0.91% +0.91 ELV Elevance Health Inc. Add +25.8% 3.54% +0.88 IBIT iShares Bitcoin Trust ETF New 0.87% +0.87 GDRX Goodrx Holdings Inc. Class A Add +49.5% 2.06% +0.71 GBTC Grayscale Bitcoin Trust ETF New 0.68% +0.68 ROIV Roivant Sciences Ltd. Add +61.0% 1.61% +0.50 GOOGL Alphabet Inc. Class A Add +3.0% 5.40% +0.37 BC Brunswick Corp. Add +9.7% 4.31% +0.22 BAND Bandwidth Inc. Class A Add +34.5% 0.57% +0.22 CLFD Clearfield Inc. New 0.19% +0.19 GIL Gildan Activewear Inc. Add +2.7% 1.88% +0.19 LAW CS Disco Inc. Add +18.5% 0.58% +0.11 GPI Group 1 Automotive Inc. Add +1.0% 7.90% −0.57
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ C Citigroup Inc. call Reduce -23.8% 945,000 $59.8M BABA Alibaba Group Holding-SP ADR call Sold out 350,000 $27.1Mbefore exit MSFT Microsoft Corp. put New 40,000 $16.8M MSTR Strategy Inc. put New 2,200 $3.8M BAND Bandwidth Inc. Class A call Reduce -50.0% 40,000 $730K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 62 $1.9B CI, AXTA, ICLR, ALLY, CPA Q1 2026 62 $1.6B CI, ICLR, AXTA, GPI, ALLY Q4 2025 53 $1.4B CI, SSNC, AXTA, ICLR, SHC Q3 2025 50 $1.3B ELV, CI, ARW, SSNC, KMPR Q2 2025 47 $1.3B CI, C, ARW, ELV, KMPR Q1 2025 44 $1.1B CI, ELV, C, KMPR, ARW Q4 2024 41 $1.1B CI, ELV, SW, KMPR, GPI Q3 2024 44 $1.2B CI, GPI, C, KMPR, BC Q2 2024 42 $1.2B CI, GPI, C, KMPR, FAF Q1 2024 38 $1.1B CI, GPI, C, GOOGL, KMPR