Lakewood Capital Management, LP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Lakewood Capital Management, LP reported 44 stock positions worth $1.1 billion . Its top holding was Cigna (CI) at 11.5% of the portfolio, followed by Elevance Health (ELV, 7.4% ) and Citigroup (C, 5.6% ). Compared with Q4 2024, it opened 7 new positions, sold out of 4, added to 15 and reduced 6. The biggest buy was Arrow Electronics (ARW, shares +175% ) and the biggest sale Group 1 Automotive (GPI, shares −20% ).
Location New York, NY
CIK 0001424381
Portfolio Value $1.1B (Q1 2025) Holdings 44 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 2024 CI The Cigna Group 393,607 $129.5M Add +10.8% ELV Elevance Health Inc. 190,150 $82.7M Add +6.4% C Citigroup Inc. 887,839 $63.0M Add +4.9% KMPR Kemper Corp. 938,090 $62.7M No change ARW Arrow Electronics Inc. 547,360 $56.8M Add +174.6% SSNC Ss&c Technologies Holdings 647,954 $54.1M No change SW Smurfit Westrock PLC 1,160,297 $52.3M No change FAF First American Financial 739,604 $48.5M Add +6.0% SIG Signet Jewelers Ltd. 795,000 $46.2M Add +33.4% GPI Group 1 Automotive Inc. 114,476 $43.7M Reduce -19.5% CMCSA Comcast Corp. Class A 1,110,748 $41.0M No change BC Brunswick Corp. 733,467 $39.5M Add +7.8% GOOGL Alphabet Inc. Class A 216,680 $33.5M No change SHC Sotera Health Co. 2,817,739 $32.9M Add +6.4% AXTA Axalta Coating Systems Ltd. 884,897 $29.4M Add +6.9% ABG Asbury Automotive Group 128,629 $28.4M No change GPN Global Payments Inc. 244,300 $23.9M No change AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 448,878 $21.7M New GDRX Goodrx Holdings Inc. Class A 4,885,747 $21.5M No change CRL Charles River Laboratories 140,240 $21.1M Add +25.5% IBIT iShares Bitcoin Trust ETF 398,510 $18.7M Reduce -22.3% SDRL Seadrill Limited 646,100 $16.2M Add +28.4% CACI Caci International Inc. Class A 42,123 $15.5M New JD Jd.com Inc.-ADR 333,850 $13.7M Add +76.8% NICE Nice Ltd. - Spon ADR 80,000 $12.3M Add +14.3% FDX FedEx Corp. 48,330 $11.8M No change ALLY Ally Financial Inc. 316,809 $11.6M No change APO Apollo Global Management Inc. 73,197 $10.0M Reduce -36.5% META Meta Platforms Inc. Class A 16,470 $9.5M Add +43.6% GIL Gildan Activewear Inc. 211,041 $9.3M Reduce -8.7% GBTC Grayscale Bitcoin Trust ETF 123,500 $8.0M No change CAR Avis Budget Group Inc. 96,775 $7.3M New COF Capital One Financial Corp. 38,000 $6.8M Reduce -9.5% SNX TD Synnex Corp. 57,000 $5.9M New TFSL TFS Financial Corp. 453,043 $5.6M New TBLA Taboola.com Ltd. 1,893,541 $5.6M Add +30.9% MCY Mercury General Corp. 98,218 $5.5M Reduce -44.4% SNBRQ Sleep Number Corp. 690,000 $4.4M No change LAW CS Disco Inc. 1,016,531 $4.2M No change CZR Caesars Entertainment Inc. 106,000 $2.6M New BAND Bandwidth Inc. Class A 180,721 $2.4M No change TSEOQ Trinseo PLC 281,279 $1.0M No change BTC Grayscale Bitcoin Mini ETF 24,700 $901K No change ONTO Onto Innovation Inc. 5,079 $616K New
Options reported separately and not counted above: C calls ($17.4M), XLE puts ($4.7M), GT calls ($2.8M).
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 ▲ GPI Group 1 Automotive Inc. Reduce -19.5% 3.90% −1.73 APO Apollo Global Management Inc. Reduce -36.5% 0.89% −0.89 IBIT iShares Bitcoin Trust ETF Reduce -22.3% 1.66% −0.89 LBTYA Liberty Global Ltd. Class A Sold out 0.00% −0.66 ROOT Root Inc./Oh Class A Sold out 0.00% −0.64 MCY Mercury General Corp. Reduce -44.4% 0.49% −0.61 CCI Crown Castle Inc. Sold out 0.00% −0.26 TDOC Teladoc Health Inc. Sold out 0.00% −0.19 GIL Gildan Activewear Inc. Reduce -8.7% 0.83% −0.19 COF Capital One Financial Corp. Reduce -9.5% 0.61% −0.10
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 ▼ ARW Arrow Electronics Inc. Add +174.6% 5.07% +2.95 CI The Cigna Group Add +10.8% 11.54% +2.34 AL Sumisho Air Lease Corp. New 1.93% +1.93 CACI Caci International Inc. Class A New 1.38% +1.38 ELV Elevance Health Inc. Add +6.4% 7.37% +1.19 CAR Avis Budget Group Inc. New 0.65% +0.65 JD Jd.com Inc.-ADR Add +76.8% 1.22% +0.61 SNX TD Synnex Corp. New 0.53% +0.53 TFSL TFS Financial Corp. New 0.50% +0.50 FAF First American Financial Add +6.0% 4.33% +0.24 CZR Caesars Entertainment Inc. New 0.24% +0.24 META Meta Platforms Inc. Class A Add +43.6% 0.85% +0.22 ONTO Onto Innovation Inc. New 0.05% +0.05 C Citigroup Inc. Add +4.9% 5.62% +0.02 TBLA Taboola.com Ltd. Add +30.9% 0.50% +0.00 NICE Nice Ltd. - Spon ADR Add +14.3% 1.10% −0.02 AXTA Axalta Coating Systems Ltd. Add +6.9% 2.62% −0.04 CRL Charles River Laboratories Add +25.5% 1.88% −0.05 SDRL Seadrill Limited Add +28.4% 1.44% −0.40 SIG Signet Jewelers Ltd. Add +33.4% 4.11% −0.40 SHC Sotera Health Co. Add +6.4% 2.93% −0.47 BC Brunswick Corp. Add +7.8% 3.52% −0.61
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ C Citigroup Inc. call Reduce -57.2% 245,000 $17.4M BCS Barclays PLC-Spons ADR call Sold out 400,000 $5.3Mbefore exit XLE SS Energy Select Sector put New 50,000 $4.7M ETF OPPORTUNITIES TRUST put Sold out 176,000 $1.3Mbefore exit
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