Lakewood Capital Management, LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Lakewood Capital Management, LP reported 62 stock positions worth $1.6 billion. Its top holding was Cigna (CI) at 7.3% of the portfolio, followed by Icon (ICLR, 5.3%) and Axalta Coating Systems (AXTA, 5.2%). Compared with Q4 2025, it opened 16 new positions, sold out of 8, added to 23 and reduced 15. The biggest buy was a new position in Microsoft (MSFT) and the biggest sale Citigroup (C, shares −84%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001424381
- Portfolio Value
- $1.6B (Q1 2026)
- SEC Filing
- 0001172661-26-002096 ↗ filed May 15, 2026
Holdings Value
Holdings 62 stocks · $1.6B
| CI The Cigna Group | 7.30% | 426,307 | $113.7M | Add +5.2% |
| ICLR Icon PLC | 5.31% | 747,700 | $82.7M | Add +124.9% |
| AXTA Axalta Coating Systems Ltd. | 5.15% | 2,895,648 | $80.2M | Add +50.1% |
| GPI Group 1 Automotive Inc. | 4.52% | 213,076 | $70.4M | Add +91.5% |
| ALLY Ally Financial Inc. | 4.16% | 1,652,809 | $64.8M | Add +59.4% |
| SSNC Ss&c Technologies Holdings | 4.11% | 946,954 | $64.0M | Add +15.6% |
| SHC Sotera Health Co. | 3.78% | 4,104,581 | $58.9M | Add +20.7% |
| VTRS Viatris Inc. | 3.18% | 3,670,900 | $49.6M | Add +118.3% |
| AMRZ Amrize Ltd. | 2.93% | 814,200 | $45.6M | Add +16.4% |
| BC Brunswick Corp. | 2.74% | 587,467 | $42.7M | Reduce -24.5% |
| META Meta Platforms Inc. Class A | 2.60% | 70,855 | $40.5M | Add +27.5% |
| TFSL TFS Financial Corp. | 2.56% | 2,835,382 | $39.8M | Add +3.1% |
| IQV Iqvia Holdings Inc. | 2.54% | 232,400 | $39.6M | Add +48.0% |
| FAF First American Financial | 2.49% | 643,904 | $38.8M | Reduce -24.6% |
| ARW Arrow Electronics Inc. | 2.35% | 255,360 | $36.6M | Reduce -51.2% |
| MSFT Microsoft Corp. | 2.29% | 96,534 | $35.7M | New |
| UNP Union Pacific Corp. | 2.13% | 136,700 | $33.2M | Reduce -13.2% |
| ELV Elevance Health Inc. | 2.11% | 112,350 | $32.9M | Reduce -7.8% |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 2.03% | 485,878 | $31.6M | No change |
| WEX Wex Inc. | 1.97% | 200,968 | $30.8M | Reduce -11.8% |
| CDW CDW Corp. | 1.95% | 251,000 | $30.4M | New |
| UNFI United Natural Foods Inc. | 1.90% | 655,000 | $29.5M | Add +19.1% |
| SW Smurfit Westrock PLC | 1.73% | 675,897 | $26.9M | Reduce -43.0% |
| JD Jd.com Inc.-ADR | 1.72% | 904,050 | $26.7M | Add +41.5% |
| ABG Asbury Automotive Group | 1.70% | 135,629 | $26.5M | Add +26.6% |
| APO Apollo Global Management Inc. | 1.60% | 224,197 | $25.0M | Add +48.3% |
| BKNG Booking Holdings Inc. | 1.51% | 5,595 | $23.6M | New |
| MA Mastercard Inc. Class A | 1.40% | 43,663 | $21.8M | New |
| V Visa Inc. Class A | 1.39% | 71,576 | $21.6M | New |
| CPNG Coupang Inc. | 1.26% | 1,040,000 | $19.6M | New |
| HSIC Henry Schein Inc. filed as SCHEIN HENRY INC | 1.24% | 262,000 | $19.3M | Reduce -14.1% |
| RELY Remitly Global Inc. | 1.21% | 1,201,200 | $18.8M | Add +7.1% |
| SPGI S&P Global Inc. | 1.19% | 43,750 | $18.6M | New |
| GOOGL Alphabet Inc. Class A | 1.06% | 57,580 | $16.6M | Add +15.7% |
| GPN Global Payments Inc. | 1.06% | 244,300 | $16.4M | No change |
| KMPR Kemper Corp. | 0.98% | 501,090 | $15.3M | Reduce -27.5% |
| BZH Beazer Homes USA Inc. | 0.96% | 777,506 | $15.0M | Add +10.9% |
| CMCSA Comcast Corp. Class A | 0.92% | 500,748 | $14.4M | Reduce -16.6% |
| NICE Nice Ltd. - Spon ADR | 0.83% | 116,800 | $12.9M | Reduce -22.9% |
| CRL Charles River Laboratories | 0.76% | 69,000 | $11.9M | Reduce -50.8% |
| IBIT iShares Bitcoin Trust ETF | 0.73% | 296,510 | $11.4M | Reduce -25.6% |
| LRN Stride Inc. | 0.51% | 90,000 | $7.9M | New |
| DKNG Draftkings Inc. Class A | 0.51% | 364,500 | $7.9M | Add +120.9% |
| LEG Leggett & Platt Inc. | 0.49% | 780,000 | $7.7M | New |
| TFX Teleflex Inc. | 0.49% | 64,000 | $7.7M | New |
| C Citigroup Inc. | 0.47% | 64,339 | $7.3M | Reduce -84.5% |
| GBTC Grayscale Bitcoin Trust ETF | 0.42% | 123,500 | $6.5M | No change |
| DELL Dell Technologies -C | 0.38% | 35,800 | $5.9M | New |
| TBLA Taboola.com Ltd. | 0.38% | 1,893,541 | $5.9M | No change |
| EME Emcor Group Inc. | 0.33% | 7,000 | $5.2M | No change |
| AVT Avnet Inc. | 0.33% | 83,000 | $5.1M | New |
| HIPO Hippo Holdings Inc. | 0.32% | 190,000 | $5.0M | No change |
| QQQ Invesco QQQ Trust Series 1 | 0.32% | 8,500 | $4.9M | New |
| LAW CS Disco Inc. | 0.27% | 1,106,531 | $4.2M | Add +2.3% |
| VSNT Versant Media Group Inc. | 0.25% | 104,029 | $3.9M | Add +332.9% |
| SBET Sharplink Inc. | 0.23% | 559,000 | $3.6M | New |
| KLAR Klarna Group PLC | 0.23% | 270,000 | $3.5M | Add +58.8% |
| ASST Strive Inc. Class A | 0.21% | 328,570 | $3.3M | New |
| COF Capital One Financial Corp. | 0.21% | 18,000 | $3.3M | No change |
| WAY Waystar Holding Corp. | 0.15% | 96,700 | $2.3M | New |
| BAND Bandwidth Inc. Class A | 0.08% | 65,721 | $1.2M | Reduce -63.6% |
| BTC Grayscale Bitcoin Mini ETF | 0.05% | 24,700 | $741K | No change |
Options reported separately and not counted above: FIX puts ($11.0M), NICE calls ($6.0M), SNAP calls ($5.8M), IONQ puts ($1.4M), QS puts ($766K), QBTS puts ($289K), QUBT puts ($103K).
Portfolio Sells Q4 2025 → Q1 2026
| C Citigroup Inc. | Reduce -84.5% | 0.47% | −2.89 |
| ARW Arrow Electronics Inc. | Reduce -51.2% | 2.35% | −1.66 |
| SW Smurfit Westrock PLC | Reduce -43.0% | 1.73% | −1.46 |
| BC Brunswick Corp. | Reduce -24.5% | 2.74% | −1.28 |
| KOF Coca-Cola Femsa Sab-SP ADR | Sold out | 0.00% | −1.23 |
| CRL Charles River Laboratories | Reduce -50.8% | 0.76% | −1.18 |
| FAF First American Financial | Reduce -24.6% | 2.49% | −1.16 |
| GLNG Golar LNG Ltd. | Sold out | 0.00% | −1.13 |
| MCY Mercury General Corp. | Sold out | 0.00% | −1.04 |
| KMPR Kemper Corp. | Reduce -27.5% | 0.98% | −0.97 |
| ELV Elevance Health Inc. | Reduce -7.8% | 2.11% | −0.86 |
| SIG Signet Jewelers Ltd. | Sold out | 0.00% | −0.71 |
| IBIT iShares Bitcoin Trust ETF | Reduce -25.6% | 0.73% | −0.65 |
| UNP Union Pacific Corp. | Reduce -13.2% | 2.13% | −0.40 |
| WEX Wex Inc. | Reduce -11.8% | 1.97% | −0.39 |
| HSIC Henry Schein Inc. | Reduce -14.1% | 1.24% | −0.36 |
| NICE Nice Ltd. - Spon ADR | Reduce -22.9% | 0.83% | −0.36 |
| CMCSA Comcast Corp. Class A | Reduce -16.6% | 0.92% | −0.33 |
| AEO American Eagle Outfitters | Sold out | 0.00% | −0.32 |
| KWEB Kranesh Csi China Internet | Sold out | 0.00% | −0.26 |
| SDRL Seadrill Limited | Sold out | 0.00% | −0.20 |
| BAND Bandwidth Inc. Class A | Reduce -63.6% | 0.08% | −0.12 |
| TSEOQ Trinseo PLC | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2025 → Q1 2026
| MSFT Microsoft Corp. | New | 2.29% | +2.29 |
| CDW CDW Corp. | New | 1.95% | +1.95 |
| VTRS Viatris Inc. | Add +118.3% | 3.18% | +1.73 |
| BKNG Booking Holdings Inc. | New | 1.51% | +1.51 |
| GPI Group 1 Automotive Inc. | Add +91.5% | 4.52% | +1.48 |
| MA Mastercard Inc. Class A | New | 1.40% | +1.40 |
| V Visa Inc. Class A | New | 1.39% | +1.39 |
| CPNG Coupang Inc. | New | 1.26% | +1.26 |
| SPGI S&P Global Inc. | New | 1.19% | +1.19 |
| ICLR Icon PLC | Add +124.9% | 5.31% | +1.10 |
| ALLY Ally Financial Inc. | Add +59.4% | 4.16% | +0.90 |
| AXTA Axalta Coating Systems Ltd. | Add +50.1% | 5.15% | +0.81 |
| UNFI United Natural Foods Inc. | Add +19.1% | 1.90% | +0.61 |
| LRN Stride Inc. | New | 0.51% | +0.51 |
| LEG Leggett & Platt Inc. | New | 0.49% | +0.49 |
| TFX Teleflex Inc. | New | 0.49% | +0.49 |
| JD Jd.com Inc.-ADR | Add +41.5% | 1.72% | +0.44 |
| DELL Dell Technologies -C | New | 0.38% | +0.38 |
| AVT Avnet Inc. | New | 0.33% | +0.33 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.32% | +0.32 |
| AMRZ Amrize Ltd. | Add +16.4% | 2.93% | +0.30 |
| SBET Sharplink Inc. | New | 0.23% | +0.23 |
| ASST Strive Inc. Class A | New | 0.21% | +0.21 |
| VSNT Versant Media Group Inc. | Add +332.9% | 0.25% | +0.19 |
| WAY Waystar Holding Corp. | New | 0.15% | +0.15 |
| RELY Remitly Global Inc. | Add +7.1% | 1.21% | +0.13 |
| DKNG Draftkings Inc. Class A | Add +120.9% | 0.51% | +0.11 |
| IQV Iqvia Holdings Inc. | Add +48.0% | 2.54% | +0.08 |
| APO Apollo Global Management Inc. | Add +48.3% | 1.60% | +0.08 |
| META Meta Platforms Inc. Class A | Add +27.5% | 2.60% | +0.05 |
| TFSL TFS Financial Corp. | Add +3.1% | 2.56% | −0.00 |
| GOOGL Alphabet Inc. Class A | Add +15.7% | 1.06% | −0.02 |
| BZH Beazer Homes USA Inc. | Add +10.9% | 0.96% | −0.03 |
| ABG Asbury Automotive Group | Add +26.6% | 1.70% | −0.03 |
| KLAR Klarna Group PLC | Add +58.8% | 0.23% | −0.12 |
| LAW CS Disco Inc. | Add +2.3% | 0.27% | −0.31 |
| SHC Sotera Health Co. | Add +20.7% | 3.78% | −0.39 |
| CI The Cigna Group | Add +5.2% | 7.30% | −0.46 |
| SSNC Ss&c Technologies Holdings | Add +15.6% | 4.11% | −0.87 |
Options Activity Q4 2025 → Q1 2026
| ASTS Ast Spacemobile Inc. | put | Sold out | 436,000 | $31.7Mbefore exit |
| OKLO Oklo Inc. | put | Sold out | 240,000 | $17.2Mbefore exit |
| RGTI Rigetti Computing Inc. | put | Sold out | 289,700 | $6.4Mbefore exit |
| SNAP Snap Inc. Class A | call | New | 1,250,000 | $5.8M |
| IREN Iren Ltd. | put | Sold out | 20,000 | $755Kbefore 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 |