Lingotto Investment Management LLP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Lingotto Investment Management LLP reported 42 stock positions worth $4.7 billion . Its top holding was Carvana (CVNA) at 27.3% of the portfolio, followed by Paramount Global Class B (PARAA, 14.2% ) and Teva Pharmaceutical-SP ADR (TEVA, 10.1% ). Compared with Q1 2025, it opened 4 new positions, sold out of 6, added to 17 and reduced 6. The biggest buy was Novagold Resources (NG, shares +61% ) and the biggest sale Harmony Gold MNG-Spon ADR (HMY, shares −14% ).
Location London, X0
CIK 0001732768
Portfolio Value $4.7B (Q2 2025) Holdings 42 stocks · $4.7B 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 CVNA Carvana Co. 3,765,251 $1.3B Reduce -6.9% PARAA Paramount Global Class B 51,040,940 $658.4M Add +11.4% TEVA Teva Pharmaceutical-SP ADR 28,156,918 $471.9M Add +1.1% RRC Range Resources Corp. 7,161,614 $291.3M Add +2.0% VEON Veon Ltd. 5,957,666 $274.5M Add +1.2% HMY Harmony Gold MNG-Spon ADR 18,209,275 $254.4M Reduce -13.9% SBSW Sibanye-Stillwater Ltd.-ADR 28,430,409 $205.3M Add +0.9% GDXJ Vaneck Junior Gold Miners 2,575,680 $174.1M Add +2.0% VAL Valaris Ltd. 3,655,900 $153.9M Add +1.1% NG Novagold Resources Inc. 34,902,954 $142.8M Add +60.7% SLB SLB Ltd. filed as SCHLUMBERGER LTD 4,128,645 $139.5M Add +1.9% AG First Majestic Silver Corp. 9,964,096 $82.4M Add +2.2% NVDA Nvidia Corp. 383,660 $60.6M No change TEM Tempus AI Inc. Class A 783,859 $49.8M No change NOW ServiceNow Inc. 46,104 $47.4M Add +27.7% TSM Taiwan Semiconductor-SP ADR 205,000 $46.4M Add +10.8% ISRG Intuitive Surgical Inc. 76,357 $41.5M No change MELI MercadoLibre Inc. 15,014 $39.2M No change MSFT Microsoft Corp. 73,009 $36.3M Reduce -19.4% PONY Pony AI Inc. 2,379,892 $31.4M Add +55.6% JOBY Joby Aviation Inc. 2,338,980 $24.7M No change RXRX Recursion Pharmaceuticals-A 3,675,077 $18.6M No change AUR Aurora Innovation Inc. 3,450,000 $18.1M Add +25.4% TSLA Tesla Inc. 43,961 $14.0M Reduce -50.6% APG Api Group Corp. 204,800 $10.5M Add +17.7% MRNA Moderna Inc. 373,095 $10.3M No change DUOL Duolingo 25,000 $10.3M New AMZN Amazon.com Inc. 42,410 $9.3M No change H Hyatt Hotels Corp. Class A 62,877 $8.8M No change SRAD Sportradar Group AG-A 297,980 $8.4M No change DKNG Draftkings Inc. Class A 160,967 $6.9M Add +23.8% CRH CRH PLC 59,613 $5.5M No change UBER Uber Technologies Inc. 53,700 $5.0M Reduce -21.0% KKR KKR & Co. Inc. 37,600 $5.0M New GOOGL Alphabet Inc. Class A 26,845 $4.7M Add +0.1% LTH Life Time Group Holdings Inc. 146,300 $4.4M New OSCR Oscar Health Inc. Class A 180,000 $3.9M Reduce -52.5% RKT Rocket Cos Inc. Class A 242,100 $3.4M New COF Capital One Financial Corp. 16,134 $3.4M No change DNA Ginkgo Bioworks Holdings Inc. 250,282 $2.8M No change CBRE CBRE Group Inc. Class A 16,337 $2.3M No change BHVN Biohaven Ltd. 24,390 $344K No change
Options reported separately and not counted above: SLB calls ($47.0M), TLT calls ($4.9M), GOOGL calls ($2.2M).
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 ▲ HMY Harmony Gold MNG-Spon ADR Reduce -13.9% 5.47% −2.69 PCOR Procore Technologies Inc. Sold out 0.00% −0.56 TSLA Tesla Inc. Reduce -50.6% 0.30% −0.30 BN Brookfield Corp. Sold out 0.00% −0.20 TTD Trade Desk Inc./the Class A Sold out 0.00% −0.12 CP Canadian Pacific Kansas City Sold out 0.00% −0.12 MSFT Microsoft Corp. Reduce -19.4% 0.78% −0.11 LNG Cheniere Energy Inc. Sold out 0.00% −0.07 WSC Willscot Holdings Corp. Sold out 0.00% −0.06 OSCR Oscar Health Inc. Class A Reduce -52.5% 0.08% −0.05 UBER Uber Technologies Inc. Reduce -21.0% 0.11% −0.02 CVNA Carvana Co. Reduce -6.9% 27.28% +5.18
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 ▼ NG Novagold Resources Inc. Add +60.7% 3.07% +1.41 SBSW Sibanye-Stillwater Ltd.-ADR Add +0.9% 4.41% +1.04 PONY Pony AI Inc. Add +55.6% 0.68% +0.32 NOW ServiceNow Inc. Add +27.7% 1.02% +0.27 DUOL Duolingo New 0.22% +0.22 TSM Taiwan Semiconductor-SP ADR Add +10.8% 1.00% +0.20 KKR KKR & Co. Inc. New 0.11% +0.11 LTH Life Time Group Holdings Inc. New 0.10% +0.10 RKT Rocket Cos Inc. Class A New 0.07% +0.07 AG First Majestic Silver Corp. Add +2.2% 1.77% +0.07 APG Api Group Corp. Add +17.7% 0.22% +0.06 DKNG Draftkings Inc. Class A Add +23.8% 0.15% +0.04 GOOGL Alphabet Inc. Class A Add +0.1% 0.10% −0.01 GDXJ Vaneck Junior Gold Miners Add +2.0% 3.74% −0.03 AUR Aurora Innovation Inc. Add +25.4% 0.39% −0.09 PARAA Paramount Global Class B Add +11.4% 14.16% −0.17 VAL Valaris Ltd. Add +1.1% 3.31% −0.40 VEON Veon Ltd. Add +1.2% 5.90% −0.81 TEVA Teva Pharmaceutical-SP ADR Add +1.1% 10.15% −1.04 RRC Range Resources Corp. Add +2.0% 6.26% −1.06 SLB SLB Ltd. Add +1.9% 3.00% −1.43
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ SLB SLB Ltd. call New 1,391,770 $47.0M TLT iShares 20+ Year Treasury BD call New 55,000 $4.9M
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 31 $4.6B TEVA, CVNA, MOH, PSKY, RRC Q1 2026 34 $5.0B TEVA, CVNA, PSKY, VAL, NG Q4 2025 38 $5.7B CVNA, TEVA, PSKY, SBSW, NG Q3 2025 Amended 34 $5.3B CVNA, PSKY, TEVA, VEON, SBSW Q2 2025 42 $4.7B CVNA, PARAA, TEVA, RRC, VEON Q1 2025 44 $3.8B CVNA, PARAA, TEVA, HMY, RRC Q4 2024 53 $3.7B CVNA, TEVA, PARAA, RRC, VEON Q3 2024 46 $3.5B CVNA, TEVA, PARAA, HMY, RRC Q2 2024 50 $3.0B CVNA, TEVA, PARAA, VAL, RRC Q1 2024 47 $2.4B TEVA, CVNA, VAL, RRC, HMY