Lingotto Investment Management LLP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Lingotto Investment Management LLP reported 34 stock positions worth $5.3 billion . Its top holding was Carvana (CVNA) at 21.8% of the portfolio, followed by Paramount Skydance Class B (PSKY, 16.7% ) and Teva Pharmaceutical-SP ADR (TEVA, 10.8% ). Compared with Q2 2025, it opened 1 new position, sold out of 9, added to 12 and reduced 2. The biggest buy was a new position in Paramount Skydance Class B (PSKY) and the biggest sale an exit from Paramount Global Class B (PARAA).
Location London, X0
CIK 0001732768
Portfolio Value $5.3B (Q3 2025) Holdings 34 stocks · $5.3B 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 CVNA Carvana Co. 3,093,536 $1.2B Reduce -17.8% PSKY Paramount Skydance Class B 47,088,625 $890.9M New TEVA Teva Pharmaceutical-SP ADR 28,588,790 $577.5M Add +1.5% VEON Veon Ltd. 6,044,094 $329.0M Add +1.4% SBSW Sibanye-Stillwater Ltd.-ADR 28,430,409 $319.6M No change NG Novagold Resources Inc. 35,111,968 $309.0M Add +0.6% RRC Range Resources Corp. 7,200,474 $271.0M Add +0.5% GDXJ Vaneck Junior Gold Miners 2,582,737 $255.8M Add +0.3% HMY Harmony Gold MNG-Spon ADR 11,334,733 $205.7M Reduce -37.8% VAL Valaris Ltd. 3,710,929 $181.0M Add +1.5% SLB SLB Ltd. filed as SCHLUMBERGER LTD 4,149,171 $142.6M Add +0.5% AG First Majestic Silver Corp. 10,022,690 $123.2M Add +0.6% NVDA Nvidia Corp. 383,660 $71.6M No change TEM Tempus AI Inc. Class A 783,859 $63.3M No change TSM Taiwan Semiconductor-SP ADR 205,000 $57.3M No change PONY Pony AI Inc. 2,379,892 $53.5M No change NOW ServiceNow Inc. 46,104 $42.4M No change MSFT Microsoft Corp. 73,023 $37.8M Add +0.0% JOBY Joby Aviation Inc. 2,338,980 $37.8M No change MELI MercadoLibre Inc. 15,014 $35.1M No change ISRG Intuitive Surgical Inc. 76,357 $34.1M No change AUR Aurora Innovation Inc. 6,081,579 $32.8M Add +76.3% TSLA Tesla Inc. 43,961 $19.6M No change RXRX Recursion Pharmaceuticals-A 3,675,077 $17.9M No change APG Api Group Corp. 307,200 $10.6M No change MRNA Moderna Inc. 373,095 $9.6M No change AMZN Amazon.com Inc. 42,410 $9.3M No change H Hyatt Hotels Corp. Class A 62,923 $8.9M Add +0.1% DUOL Duolingo 25,000 $8.0M No change CRH CRH PLC 59,761 $7.2M Add +0.3% DKNG Draftkings Inc. Class A 160,967 $6.0M No change UBER Uber Technologies Inc. 53,700 $5.3M No change DNA Ginkgo Bioworks Holdings Inc. 250,282 $3.6M No change BHVN Biohaven Ltd. 24,390 $366K No change
Options reported separately and not counted above: SLB calls ($61.9M), TLT calls ($4.9M).
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 ▲ PARAA Paramount Global Class B Sold out 0.00% −14.16 CVNA Carvana Co. Reduce -17.8% 21.84% −5.45 HMY Harmony Gold MNG-Spon ADR Reduce -37.8% 3.85% −1.62 SRAD Sportradar Group AG-A Sold out 0.00% −0.18 KKR KKR & Co. Inc. Sold out 0.00% −0.11 GOOGL Alphabet Inc. Class A Sold out 0.00% −0.10 LTH Life Time Group Holdings Inc. Sold out 0.00% −0.10 OSCR Oscar Health Inc. Class A Sold out 0.00% −0.08 COF Capital One Financial Corp. Sold out 0.00% −0.07 RKT Rocket Cos Inc. Class A Sold out 0.00% −0.07 CBRE CBRE Group Inc. Class A Sold out 0.00% −0.05
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 ▼ PSKY Paramount Skydance Class B New 16.67% +16.67 NG Novagold Resources Inc. Add +0.6% 5.78% +2.71 GDXJ Vaneck Junior Gold Miners Add +0.3% 4.79% +1.04 TEVA Teva Pharmaceutical-SP ADR Add +1.5% 10.81% +0.66 AG First Majestic Silver Corp. Add +0.6% 2.30% +0.53 VEON Veon Ltd. Add +1.4% 6.16% +0.25 AUR Aurora Innovation Inc. Add +76.3% 0.61% +0.22 VAL Valaris Ltd. Add +1.5% 3.39% +0.08 CRH CRH PLC Add +0.3% 0.13% +0.02 H Hyatt Hotels Corp. Class A Add +0.1% 0.17% −0.02 MSFT Microsoft Corp. Add +0.0% 0.71% −0.07 SLB SLB Ltd. Add +0.5% 2.67% −0.33 RRC Range Resources Corp. Add +0.5% 5.07% −1.19
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ SLB SLB Ltd. call Add +29.5% 1,801,770 $61.9M GOOGL Alphabet Inc. Class A call Sold out 12,500 $2.2Mbefore 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 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