Lakewood Capital Management, LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Lakewood Capital Management, LP reported 50 stock positions worth $1.3 billion . Its top holding was Elevance Health (ELV) at 7.4% of the portfolio, followed by Cigna (CI, 7.4% ) and Arrow Electronics (ARW, 5.3% ). Compared with Q2 2025, it opened 5 new positions, sold out of 2, added to 13 and reduced 11. The biggest buy was a new position in Amrize (AMRZ) and the biggest sale Citigroup (C, shares −59% ).
Location New York, NY
CIK 0001424381
Portfolio Value $1.3B (Q3 2025) Holdings 50 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 Q2 2025 ELV Elevance Health Inc. 301,650 $97.5M Add +49.2% CI The Cigna Group 337,307 $97.2M Reduce -8.1% ARW Arrow Electronics Inc. 577,360 $69.9M Reduce -7.5% SSNC Ss&c Technologies Holdings 769,954 $68.3M No change KMPR Kemper Corp. 1,181,090 $60.9M Add +13.7% SW Smurfit Westrock PLC 1,160,297 $49.4M No change FAF First American Financial 760,604 $48.9M Add +2.8% SHC Sotera Health Co. 3,062,739 $48.2M No change SIG Signet Jewelers Ltd. 486,300 $46.6M Reduce -24.5% BC Brunswick Corp. 733,467 $46.4M No change GPI Group 1 Automotive Inc. 103,276 $45.2M Add +4.9% IQV Iqvia Holdings Inc. 227,200 $43.2M Add +1.3% C Citigroup Inc. 413,839 $42.0M Reduce -58.5% ICLR Icon PLC 239,200 $41.9M Add +22.5% CMCSA Comcast Corp. Class A 1,110,748 $34.9M No change AXTA Axalta Coating Systems Ltd. 1,187,648 $34.0M Add +34.2% TFSL TFS Financial Corp. 2,533,382 $33.4M Add +19.9% WEX Wex Inc. 205,468 $32.4M Add +15.4% AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 485,878 $30.9M No change AMRZ Amrize Ltd. 615,000 $29.8M New ABG Asbury Automotive Group 107,129 $26.2M Reduce -5.7% IBIT iShares Bitcoin Trust ETF 398,510 $25.9M No change CRL Charles River Laboratories 140,240 $21.9M No change GPN Global Payments Inc. 244,300 $20.3M No change GOOGL Alphabet Inc. Class A 79,280 $19.3M Reduce -64.5% BZH Beazer Homes USA Inc. 701,006 $17.2M No change JD Jd.com Inc.-ADR 443,850 $15.5M Add +29.1% SDRL Seadrill Limited 500,100 $15.1M Reduce -4.8% NICE Nice Ltd. - Spon ADR 95,600 $13.8M Add +19.5% MCY Mercury General Corp. 158,218 $13.4M No change ALLY Ally Financial Inc. 316,809 $12.4M No change GLNG Golar LNG Ltd. 300,000 $12.1M Add +3.5% META Meta Platforms Inc. Class A 16,470 $12.1M No change GBTC Grayscale Bitcoin Trust ETF 123,500 $11.1M No change AEO American Eagle Outfitters 645,900 $11.1M New KOF Coca-Cola Femsa Sab-SP ADR 131,800 $11.0M New APO Apollo Global Management Inc. 73,197 $9.8M No change HIPO Hippo Holdings Inc. 190,000 $6.9M No change LAW CS Disco Inc. 1,016,531 $6.6M No change TBLA Taboola.com Ltd. 1,893,541 $6.5M No change GDRX Goodrx Holdings Inc. Class A 1,492,274 $6.3M Reduce -64.1% GIL Gildan Activewear Inc. 107,041 $6.2M Reduce -67.7% DKNG Draftkings Inc. Class A 132,000 $4.9M New COF Capital One Financial Corp. 18,000 $3.8M Reduce -52.6% STZ Constellation Brands Inc. Class A 27,500 $3.7M Add +96.4% BAND Bandwidth Inc. Class A 180,721 $3.0M No change NIQ Niq Global Intelligence PLC 113,000 $1.8M New BTC Grayscale Bitcoin Mini ETF 24,700 $1.3M No change TSEOQ Trinseo PLC 281,279 $661K No change SNBRQ Sleep Number Corp. 55,798 $392K Reduce -80.6%
Options reported separately and not counted above: RGTI puts ($1.2M), OKLO puts ($1.1M), IREN puts ($939K), QBTS puts ($494K), QUBT puts ($276K), QS puts ($246K).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ C Citigroup Inc. Reduce -58.5% 3.18% −3.29 CI The Cigna Group Reduce -8.1% 7.36% −1.88 GOOGL Alphabet Inc. Class A Reduce -64.5% 1.46% −1.54 UNH Unitedhealth Group Inc. Sold out 0.00% −1.14 GDRX Goodrx Holdings Inc. Class A Reduce -64.1% 0.48% −1.10 GIL Gildan Activewear Inc. Reduce -67.7% 0.47% −0.77 ARW Arrow Electronics Inc. Reduce -7.5% 5.29% −0.77 SIG Signet Jewelers Ltd. Reduce -24.5% 3.53% −0.37 COF Capital One Financial Corp. Reduce -52.6% 0.29% −0.33 JBS JBS NV-A Sold out 0.00% −0.21 SNBRQ Sleep Number Corp. Reduce -80.6% 0.03% −0.12 ABG Asbury Automotive Group Reduce -5.7% 1.98% −0.08 SDRL Seadrill Limited Reduce -4.8% 1.14% +0.09
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ AMRZ Amrize Ltd. New 2.26% +2.26 ELV Elevance Health Inc. Add +49.2% 7.38% +1.39 ICLR Icon PLC Add +22.5% 3.17% +1.01 AEO American Eagle Outfitters New 0.84% +0.84 KOF Coca-Cola Femsa Sab-SP ADR New 0.83% +0.83 IQV Iqvia Holdings Inc. Add +1.3% 3.27% +0.58 AXTA Axalta Coating Systems Ltd. Add +34.2% 2.57% +0.57 WEX Wex Inc. Add +15.4% 2.45% +0.46 TFSL TFS Financial Corp. Add +19.9% 2.53% +0.44 DKNG Draftkings Inc. Class A New 0.37% +0.37 JD Jd.com Inc.-ADR Add +29.1% 1.18% +0.32 FAF First American Financial Add +2.8% 3.70% +0.24 GPI Group 1 Automotive Inc. Add +4.9% 3.42% +0.15 NIQ Niq Global Intelligence PLC New 0.13% +0.13 STZ Constellation Brands Inc. Class A Add +96.4% 0.28% +0.11 NICE Nice Ltd. - Spon ADR Add +19.5% 1.05% +0.02 GLNG Golar LNG Ltd. Add +3.5% 0.92% +0.01 KMPR Kemper Corp. Add +13.7% 4.61% −0.50
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ C Citigroup Inc. call Sold out 245,000 $20.9Mbefore exit RBLX Roblox Corp. Class A put Sold out 50,000 $5.3Mbefore exit RGTI Rigetti Computing Inc. put New 39,700 $1.2M OKLO Oklo Inc. put New 10,000 $1.1M IREN Iren Ltd. put New 20,000 $939K QBTS D-Wave Quantum Inc. put New 20,000 $494K QUBT Quantum Computing Inc. put New 15,000 $276K QS Quantumscape Corp. put New 20,000 $246K
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