Lakewood Capital Management, LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Lakewood Capital Management, LP reported 53 stock positions worth $1.4 billion . Its top holding was Cigna (CI) at 7.8% of the portfolio, followed by Ss&c Technologies (SSNC, 5.0% ) and Axalta Coating Systems (AXTA, 4.3% ). Compared with Q3 2025, it opened 8 new positions, sold out of 5, added to 21 and reduced 9. The biggest buy was a new position in Union Pacific (UNP) and the biggest sale Elevance Health (ELV, shares −60% ).
Location New York, NY
CIK 0001424381
Portfolio Value $1.4B (Q4 2025) Holdings 53 stocks · $1.4B 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 2025 CI The Cigna Group 405,307 $111.6M Add +20.2% SSNC Ss&c Technologies Holdings 818,954 $71.6M Add +6.4% AXTA Axalta Coating Systems Ltd. 1,929,648 $62.3M Add +62.5% ICLR Icon PLC 332,500 $60.6M Add +39.0% SHC Sotera Health Co. 3,399,581 $60.0M Add +11.0% BC Brunswick Corp. 778,467 $57.8M Add +6.1% ARW Arrow Electronics Inc. 523,360 $57.7M Reduce -9.3% FAF First American Financial 853,904 $52.5M Add +12.3% C Citigroup Inc. 413,839 $48.3M No change ALLY Ally Financial Inc. 1,036,809 $47.0M Add +227.3% SW Smurfit Westrock PLC 1,185,297 $45.8M Add +2.1% GPI Group 1 Automotive Inc. 111,276 $43.8M Add +7.8% ELV Elevance Health Inc. 121,850 $42.7M Reduce -59.6% AMRZ Amrize Ltd. 699,200 $37.8M Add +13.7% TFSL TFS Financial Corp. 2,750,382 $36.8M Add +8.6% META Meta Platforms Inc. Class A 55,570 $36.7M Add +237.4% UNP Union Pacific Corp. 157,400 $36.4M New IQV Iqvia Holdings Inc. 157,000 $35.4M Reduce -30.9% WEX Wex Inc. 227,968 $34.0M Add +10.9% AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 485,878 $31.2M No change KMPR Kemper Corp. 691,090 $28.0M Reduce -41.5% CRL Charles River Laboratories 140,240 $28.0M No change ABG Asbury Automotive Group 107,129 $24.9M No change HSIC Henry Schein Inc. 305,000 $23.1M New APO Apollo Global Management Inc. 151,197 $21.9M Add +106.6% VTRS Viatris Inc. 1,681,300 $20.9M New IBIT iShares Bitcoin Trust ETF 398,510 $19.8M No change GPN Global Payments Inc. 244,300 $18.9M No change UNFI United Natural Foods Inc. 550,000 $18.5M New JD Jd.com Inc.-ADR 639,050 $18.3M Add +44.0% CMCSA Comcast Corp. Class A 600,748 $18.0M Reduce -45.9% KOF Coca-Cola Femsa Sab-SP ADR 186,800 $17.7M Add +41.7% NICE Nice Ltd. - Spon ADR 151,400 $17.1M Add +58.4% GLNG Golar LNG Ltd. 435,000 $16.2M Add +45.0% GOOGL Alphabet Inc. Class A 49,780 $15.6M Reduce -37.2% RELY Remitly Global Inc. 1,121,200 $15.5M New MCY Mercury General Corp. 158,218 $14.9M No change BZH Beazer Homes USA Inc. 701,006 $14.2M No change SIG Signet Jewelers Ltd. 122,300 $10.1M Reduce -74.8% TBLA Taboola.com Ltd. 1,893,541 $8.7M No change GBTC Grayscale Bitcoin Trust ETF 123,500 $8.4M No change LAW CS Disco Inc. 1,081,531 $8.4M Add +6.4% HIPO Hippo Holdings Inc. 190,000 $5.7M No change DKNG Draftkings Inc. Class A 165,000 $5.7M Add +25.0% KLAR Klarna Group PLC 170,000 $4.9M New AEO American Eagle Outfitters 175,900 $4.6M Reduce -72.8% COF Capital One Financial Corp. 18,000 $4.4M No change EME Emcor Group Inc. 7,000 $4.3M New KWEB Kranesh Csi China Internet 110,000 $3.7M New SDRL Seadrill Limited 85,100 $2.9M Reduce -83.0% BAND Bandwidth Inc. Class A 180,721 $2.8M No change BTC Grayscale Bitcoin Mini ETF 24,700 $957K No change TSEOQ Trinseo PLC 281,279 $140K No change
Options reported separately and not counted above: ASTS puts ($31.7M), OKLO puts ($17.2M), FIX puts ($7.5M), RGTI puts ($6.4M), NICE calls ($6.1M), IONQ puts ($2.2M), QS puts ($1.3M), IREN puts ($755K), QBTS puts ($523K), QUBT puts ($154K).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ ELV Elevance Health Inc. Reduce -59.6% 2.97% −4.41 SIG Signet Jewelers Ltd. Reduce -74.8% 0.71% −2.83 KMPR Kemper Corp. Reduce -41.5% 1.95% −2.66 CMCSA Comcast Corp. Class A Reduce -45.9% 1.25% −1.39 ARW Arrow Electronics Inc. Reduce -9.3% 4.01% −1.28 SDRL Seadrill Limited Reduce -83.0% 0.20% −0.94 IQV Iqvia Holdings Inc. Reduce -30.9% 2.46% −0.80 AEO American Eagle Outfitters Reduce -72.8% 0.32% −0.51 GDRX Goodrx Holdings Inc. Class A Sold out 0.00% −0.48 GIL Gildan Activewear Inc. Sold out 0.00% −0.47 GOOGL Alphabet Inc. Class A Reduce -37.2% 1.08% −0.37 STZ Constellation Brands Inc. Class A Sold out 0.00% −0.28 NIQ Niq Global Intelligence PLC Sold out 0.00% −0.13 SNBRQ Sleep Number Corp. Sold out 0.00% −0.03
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ UNP Union Pacific Corp. New 2.53% +2.53 ALLY Ally Financial Inc. Add +227.3% 3.27% +2.33 AXTA Axalta Coating Systems Ltd. Add +62.5% 4.34% +1.77 META Meta Platforms Inc. Class A Add +237.4% 2.55% +1.64 HSIC Henry Schein Inc. New 1.60% +1.60 VTRS Viatris Inc. New 1.46% +1.46 UNFI United Natural Foods Inc. New 1.29% +1.29 RELY Remitly Global Inc. New 1.08% +1.08 ICLR Icon PLC Add +39.0% 4.22% +1.05 APO Apollo Global Management Inc. Add +106.6% 1.52% +0.78 SHC Sotera Health Co. Add +11.0% 4.17% +0.53 BC Brunswick Corp. Add +6.1% 4.02% +0.51 CI The Cigna Group Add +20.2% 7.76% +0.40 KOF Coca-Cola Femsa Sab-SP ADR Add +41.7% 1.23% +0.40 AMRZ Amrize Ltd. Add +13.7% 2.63% +0.37 KLAR Klarna Group PLC New 0.34% +0.34 EME Emcor Group Inc. New 0.30% +0.30 KWEB Kranesh Csi China Internet New 0.26% +0.26 GLNG Golar LNG Ltd. Add +45.0% 1.13% +0.21 NICE Nice Ltd. - Spon ADR Add +58.4% 1.19% +0.14 JD Jd.com Inc.-ADR Add +44.0% 1.28% +0.10 LAW CS Disco Inc. Add +6.4% 0.58% +0.09 TFSL TFS Financial Corp. Add +8.6% 2.56% +0.03 DKNG Draftkings Inc. Class A Add +25.0% 0.40% +0.02 FAF First American Financial Add +12.3% 3.65% −0.05 WEX Wex Inc. Add +10.9% 2.36% −0.09 SSNC Ss&c Technologies Holdings Add +6.4% 4.98% −0.19 GPI Group 1 Automotive Inc. Add +7.8% 3.05% −0.38 SW Smurfit Westrock PLC Add +2.1% 3.19% −0.55
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ ASTS Ast Spacemobile Inc. put New 436,000 $31.7M OKLO Oklo Inc. put Add +2300.0% 240,000 $17.2M FIX Comfort Systems USA Inc. put New 8,000 $7.5M RGTI Rigetti Computing Inc. put Add +629.7% 289,700 $6.4M NICE Nice Ltd. - Spon ADR call New 54,200 $6.1M IONQ Ionq Inc. put New 50,000 $2.2M QS Quantumscape Corp. put Add +500.0% 120,000 $1.3M
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