Lakewood Capital Management, LP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Lakewood Capital Management, LP reported 47 stock positions worth $1.3 billion . Its top holding was Cigna (CI) at 9.2% of the portfolio, followed by Citigroup (C, 6.5% ) and Arrow Electronics (ARW, 6.1% ). Compared with Q1 2025, it opened 9 new positions, sold out of 6, added to 12 and reduced 7. The biggest buy was a new position in Iqvia (IQV) and the biggest sale Cigna (CI, shares −7% ).
Location New York, NY
CIK 0001424381
Portfolio Value $1.3B (Q2 2025) Holdings 47 stocks · $1.3B 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 Q1 2025 CI The Cigna Group 367,107 $121.4M Reduce -6.7% C Citigroup Inc. 997,839 $84.9M Add +12.4% ARW Arrow Electronics Inc. 624,360 $79.6M Add +14.1% ELV Elevance Health Inc. 202,150 $78.6M Add +6.3% KMPR Kemper Corp. 1,039,090 $67.1M Add +10.8% SSNC Ss&c Technologies Holdings 769,954 $63.8M Add +18.8% SIG Signet Jewelers Ltd. 644,000 $51.2M Reduce -19.0% SW Smurfit Westrock PLC 1,160,297 $50.1M No change FAF First American Financial 739,604 $45.4M No change GPI Group 1 Automotive Inc. 98,476 $43.0M Reduce -14.0% BC Brunswick Corp. 733,467 $40.5M No change CMCSA Comcast Corp. Class A 1,110,748 $39.6M No change GOOGL Alphabet Inc. Class A 223,180 $39.3M Add +3.0% IQV Iqvia Holdings Inc. 224,200 $35.3M New SHC Sotera Health Co. 3,062,739 $34.1M Add +8.7% AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 485,878 $28.4M Add +8.2% ICLR Icon PLC 195,200 $28.4M New TFSL TFS Financial Corp. 2,113,382 $27.4M Add +366.5% ABG Asbury Automotive Group 113,629 $27.1M Reduce -11.7% AXTA Axalta Coating Systems Ltd. 884,897 $26.3M No change WEX Wex Inc. 177,968 $26.1M New IBIT iShares Bitcoin Trust ETF 398,510 $24.4M No change CRL Charles River Laboratories 140,240 $21.3M No change GDRX Goodrx Holdings Inc. Class A 4,157,274 $20.7M Reduce -14.9% GPN Global Payments Inc. 244,300 $19.6M No change GIL Gildan Activewear Inc. 331,041 $16.3M Add +56.9% BZH Beazer Homes USA Inc. 701,006 $15.7M New UNH Unitedhealth Group Inc. 48,000 $15.0M New SDRL Seadrill Limited 525,100 $13.8M Reduce -18.7% NICE Nice Ltd. - Spon ADR 80,000 $13.5M No change ALLY Ally Financial Inc. 316,809 $12.3M No change META Meta Platforms Inc. Class A 16,470 $12.2M No change GLNG Golar LNG Ltd. 290,000 $11.9M New JD Jd.com Inc.-ADR 343,850 $11.2M Add +3.0% MCY Mercury General Corp. 158,218 $10.7M Add +61.1% GBTC Grayscale Bitcoin Trust ETF 123,500 $10.5M No change APO Apollo Global Management Inc. 73,197 $10.4M No change COF Capital One Financial Corp. 38,000 $8.1M No change TBLA Taboola.com Ltd. 1,893,541 $6.9M No change HIPO Hippo Holdings Inc. 190,000 $5.3M New LAW CS Disco Inc. 1,016,531 $4.4M No change BAND Bandwidth Inc. Class A 180,721 $2.9M No change JBS JBS NV-A 190,000 $2.8M New STZ Constellation Brands Inc. Class A 14,000 $2.3M New SNBRQ Sleep Number Corp. 287,009 $1.9M Reduce -58.4% BTC Grayscale Bitcoin Mini ETF 24,700 $1.2M No change TSEOQ Trinseo PLC 281,279 $878K No change
Options reported separately and not counted above: C calls ($20.9M), RBLX puts ($5.3M).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ CI The Cigna Group Reduce -6.7% 9.24% −2.30 CACI Caci International Inc. Class A Sold out 0.00% −1.38 FDX FedEx Corp. Sold out 0.00% −1.05 CAR Avis Budget Group Inc. Sold out 0.00% −0.65 GPI Group 1 Automotive Inc. Reduce -14.0% 3.27% −0.62 SNX TD Synnex Corp. Sold out 0.00% −0.53 ABG Asbury Automotive Group Reduce -11.7% 2.06% −0.47 SDRL Seadrill Limited Reduce -18.7% 1.05% −0.39 GDRX Goodrx Holdings Inc. Class A Reduce -14.9% 1.58% −0.34 SNBRQ Sleep Number Corp. Reduce -58.4% 0.15% −0.24 CZR Caesars Entertainment Inc. Sold out 0.00% −0.24 SIG Signet Jewelers Ltd. Reduce -19.0% 3.90% −0.21 ONTO Onto Innovation Inc. Sold out 0.00% −0.05
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ IQV Iqvia Holdings Inc. New 2.69% +2.69 ICLR Icon PLC New 2.16% +2.16 WEX Wex Inc. New 1.99% +1.99 TFSL TFS Financial Corp. Add +366.5% 2.08% +1.58 BZH Beazer Homes USA Inc. New 1.19% +1.19 UNH Unitedhealth Group Inc. New 1.14% +1.14 ARW Arrow Electronics Inc. Add +14.1% 6.06% +0.99 GLNG Golar LNG Ltd. New 0.91% +0.91 C Citigroup Inc. Add +12.4% 6.47% +0.85 GIL Gildan Activewear Inc. Add +56.9% 1.24% +0.41 HIPO Hippo Holdings Inc. New 0.40% +0.40 MCY Mercury General Corp. Add +61.1% 0.81% +0.32 AL Sumisho Air Lease Corp. Add +8.2% 2.16% +0.23 JBS JBS NV-A New 0.21% +0.21 STZ Constellation Brands Inc. Class A New 0.17% +0.17 SSNC Ss&c Technologies Holdings Add +18.8% 4.85% +0.03 GOOGL Alphabet Inc. Class A Add +3.0% 2.99% +0.01 SHC Sotera Health Co. Add +8.7% 2.59% −0.34 JD Jd.com Inc.-ADR Add +3.0% 0.85% −0.37 KMPR Kemper Corp. Add +10.8% 5.11% −0.48 ELV Elevance Health Inc. Add +6.3% 5.99% −1.39
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ RBLX Roblox Corp. Class A put New 50,000 $5.3M XLE SS Energy Select Sector put Sold out 50,000 $4.7Mbefore exit GT Goodyear Tire & Rubber Co. call Sold out 300,000 $2.8Mbefore 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