Lakewood Capital Management, LP In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Lakewood Capital Management, LP reported 41 stock positions worth $1.1 billion . Its top holding was Cigna (CI) at 9.2% of the portfolio, followed by Elevance Health (ELV, 6.2% ) and Smurfit Westrock (SW, 5.9% ). Compared with Q3 2024, it opened 2 new positions, sold out of 5, added to 13 and reduced 13. The biggest buy was a new position in Arrow Electronics (ARW) and the biggest sale FedEx (FDX, shares −72% ).
Location New York, NY
CIK 0001424381
Portfolio Value $1.1B (Q4 2024) Holdings 41 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 Q3 2024 CI The Cigna Group 355,107 $98.1M Add +17.4% ELV Elevance Health Inc. 178,650 $65.9M Add +79.5% SW Smurfit Westrock PLC 1,160,297 $62.5M Add +5.9% KMPR Kemper Corp. 938,090 $62.3M Reduce -8.7% GPI Group 1 Automotive Inc. 142,226 $59.9M Reduce -44.0% C Citigroup Inc. 846,500 $59.6M Reduce -33.2% SSNC Ss&c Technologies Holdings 647,954 $49.1M Add +24.4% SIG Signet Jewelers Ltd. 596,000 $48.1M Add +12.0% BC Brunswick Corp. 680,467 $44.0M Reduce -7.6% FAF First American Financial 697,604 $43.6M No change CMCSA Comcast Corp. Class A 1,110,748 $41.7M Reduce -13.8% GOOGL Alphabet Inc. Class A 216,680 $41.0M Reduce -12.2% SHC Sotera Health Co. 2,647,739 $36.2M Add +17.3% ABG Asbury Automotive Group 128,629 $31.3M Reduce -7.4% AXTA Axalta Coating Systems Ltd. 827,897 $28.3M Reduce -7.8% GPN Global Payments Inc. 244,300 $27.4M Add +5.6% IBIT iShares Bitcoin Trust ETF 512,760 $27.2M Add +62.6% GDRX Goodrx Holdings Inc. Class A 4,885,747 $22.7M Add +31.3% ARW Arrow Electronics Inc. 199,360 $22.6M New CRL Charles River Laboratories 111,740 $20.6M No change SDRL Seadrill Limited 503,000 $19.6M Add +20.1% APO Apollo Global Management Inc. 115,197 $19.0M Reduce -71.7% FDX FedEx Corp. 48,330 $13.6M Reduce -72.5% NICE Nice Ltd. - Spon ADR 70,000 $11.9M Add +16.7% MCY Mercury General Corp. 176,700 $11.7M No change ALLY Ally Financial Inc. 316,809 $11.4M No change GIL Gildan Activewear Inc. 231,041 $10.9M No change SNBRQ Sleep Number Corp. 690,000 $10.5M No change GBTC Grayscale Bitcoin Trust ETF 123,500 $9.1M No change COF Capital One Financial Corp. 42,000 $7.5M Reduce -58.4% LBTYA Liberty Global Ltd. Class A 549,178 $7.0M Reduce -50.0% ROOT Root Inc./Oh Class A 94,200 $6.8M No change META Meta Platforms Inc. Class A 11,470 $6.7M No change JD Jd.com Inc.-ADR 188,850 $6.5M Add +176.3% TBLA Taboola.com Ltd. 1,446,541 $5.3M No change LAW CS Disco Inc. 1,016,531 $5.1M Add +5.2% BAND Bandwidth Inc. Class A 180,721 $3.1M No change CCI Crown Castle Inc. 31,000 $2.8M New TDOC Teladoc Health Inc. 225,000 $2.0M Reduce -60.9% TSEOQ Trinseo PLC 281,279 $1.4M No change BTC Grayscale Bitcoin Mini ETF 24,700 $1.0M No change
Options reported separately and not counted above: C calls ($40.3M), BCS calls ($5.3M), GT calls ($2.7M), ETF OPPORTUNITIES TRUST puts ($1.3M).
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ FDX FedEx Corp. Reduce -72.5% 1.28% −2.64 APO Apollo Global Management Inc. Reduce -71.7% 1.79% −2.35 GPI Group 1 Automotive Inc. Reduce -44.0% 5.63% −2.28 FCNCA First Citizens Bcshs Class A Sold out 0.00% −1.49 LBTYA Liberty Global Ltd. Class A Reduce -50.0% 0.66% −1.23 BC Brunswick Corp. Reduce -7.6% 4.13% −0.89 C Citigroup Inc. Reduce -33.2% 5.59% −0.86 ROIV Roivant Sciences Ltd. Sold out 0.00% −0.82 LSPD Lightspeed Commerce Inc. Sold out 0.00% −0.72 COF Capital One Financial Corp. Reduce -58.4% 0.70% −0.53 CMCSA Comcast Corp. Class A Reduce -13.8% 3.91% −0.47 EYE National Vision Holdings Inc. Sold out 0.00% −0.42 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.30 TDOC Teladoc Health Inc. Reduce -60.9% 0.19% −0.24 AXTA Axalta Coating Systems Ltd. Reduce -7.8% 2.66% +0.02 ABG Asbury Automotive Group Reduce -7.4% 2.93% +0.24 GOOGL Alphabet Inc. Class A Reduce -12.2% 3.85% +0.52 KMPR Kemper Corp. Reduce -8.7% 5.85% +0.73
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ ARW Arrow Electronics Inc. New 2.12% +2.12 ELV Elevance Health Inc. Add +79.5% 6.19% +1.98 IBIT iShares Bitcoin Trust ETF Add +62.6% 2.55% +1.63 SSNC Ss&c Technologies Holdings Add +24.4% 4.61% +1.46 SW Smurfit Westrock PLC Add +5.9% 5.87% +1.46 CI The Cigna Group Add +17.4% 9.21% +0.68 GPN Global Payments Inc. Add +5.6% 2.57% +0.64 SDRL Seadrill Limited Add +20.1% 1.84% +0.48 JD Jd.com Inc.-ADR Add +176.3% 0.61% +0.39 SHC Sotera Health Co. Add +17.3% 3.40% +0.33 NICE Nice Ltd. - Spon ADR Add +16.7% 1.12% +0.27 CCI Crown Castle Inc. New 0.26% +0.26 SIG Signet Jewelers Ltd. Add +12.0% 4.52% +0.05 GDRX Goodrx Holdings Inc. Class A Add +31.3% 2.13% +0.03 LAW CS Disco Inc. Add +5.2% 0.48% +0.01
Options Activity Q3 2024 → Q4 2024 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