Lingotto Investment Management LLP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Lingotto Investment Management LLP reported 38 stock positions worth $5.7 billion . Its top holding was Carvana (CVNA) at 21.3% of the portfolio, followed by Teva Pharmaceutical-SP ADR (TEVA, 15.6% ) and Paramount Skydance Class B (PSKY, 11.2% ). Compared with Q3 2025, it opened 7 new positions, sold out of 3, added to 22 and reduced 3. The biggest buy was First Majestic Silver (AG, shares +0% ) and the biggest sale Harmony Gold MNG-Spon ADR (HMY, shares −57% ).
Location London, X0
CIK 0001732768
Portfolio Value $5.7B (Q4 2025) Holdings 38 stocks · $5.7B 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 Q3 2025 CVNA Carvana Co. 2,855,140 $1.2B Reduce -7.7% TEVA Teva Pharmaceutical-SP ADR 28,422,768 $887.1M Reduce -0.6% PSKY Paramount Skydance Class B 47,193,833 $632.4M Add +0.2% SBSW Sibanye-Stillwater Ltd.-ADR 28,430,409 $405.1M No change NG Novagold Resources Inc. 35,196,788 $328.0M Add +0.2% VEON Veon Ltd. 6,060,852 $318.6M Add +0.3% GDXJ Vaneck Junior Gold Miners 2,602,894 $296.2M Add +0.8% RRC Range Resources Corp. 7,216,694 $254.5M Add +0.2% VAL Valaris Ltd. 3,719,176 $187.4M Add +0.2% AG First Majestic Silver Corp. 10,046,918 $167.4M Add +0.2% SLB SLB Ltd. filed as SLB LIMITED 4,158,163 $159.6M Add +0.2% HMY Harmony Gold MNG-Spon ADR 4,897,286 $97.5M Reduce -56.8% NVDA Nvidia Corp. 514,967 $96.0M Add +34.2% TSM Taiwan Semiconductor-SP ADR 274,878 $83.5M Add +34.1% TEM Tempus AI Inc. Class A 1,143,526 $67.5M Add +45.9% ISRG Intuitive Surgical Inc. 107,756 $61.0M Add +41.1% PONY Pony AI Inc. 4,107,512 $59.6M Add +72.6% NOW ServiceNow Inc. 285,325 $43.7M Add +23.8% MSFT Microsoft Corp. 88,837 $43.0M Add +21.7% JOBY Joby Aviation Inc. 3,138,240 $41.4M Add +34.2% MELI MercadoLibre Inc. 20,152 $40.6M Add +34.2% NET Cloudflare Inc. Class A 175,635 $34.6M New AUR Aurora Innovation Inc. 8,153,945 $31.3M Add +34.1% TSLA Tesla Inc. 58,804 $26.4M Add +33.8% RXRX Recursion Pharmaceuticals-A 4,931,057 $20.2M Add +34.2% MRNA Moderna Inc. 498,693 $14.7M Add +33.7% APG Api Group Corp. 307,200 $11.8M No change H Hyatt Hotels Corp. Class A 62,923 $10.1M No change AMZN Amazon.com Inc. 42,410 $9.8M No change CRH CRH PLC 59,761 $7.5M No change DUOL Duolingo 33,563 $5.9M Add +34.3% RKT Rocket Cos Inc. Class A 299,900 $5.8M New RUN Sunrun Inc. 243,500 $4.5M New PRMB Primo Brands Corp. 179,200 $2.9M New VRT Vertiv Holdings Co. Class A 16,300 $2.6M New BABA Alibaba Group Holding-SP ADR 17,100 $2.5M New DNA Ginkgo Bioworks Holdings Inc. 250,282 $2.1M No change UUUU Energy Fuels Inc. 96,900 $1.4M New
Options reported separately and not counted above: SLB calls ($69.2M).
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 ▲ HMY Harmony Gold MNG-Spon ADR Reduce -56.8% 1.72% −2.13 CVNA Carvana Co. Reduce -7.7% 21.25% −0.58 DKNG Draftkings Inc. Class A Sold out 0.00% −0.11 UBER Uber Technologies Inc. Sold out 0.00% −0.10 BHVN Biohaven Ltd. Sold out 0.00% −0.01 TEVA Teva Pharmaceutical-SP ADR Reduce -0.6% 15.65% +4.84
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 ▼ AG First Majestic Silver Corp. Add +0.2% 2.95% +0.65 NET Cloudflare Inc. Class A New 0.61% +0.61 GDXJ Vaneck Junior Gold Miners Add +0.8% 5.22% +0.44 ISRG Intuitive Surgical Inc. Add +41.1% 1.08% +0.44 TSM Taiwan Semiconductor-SP ADR Add +34.1% 1.47% +0.40 NVDA Nvidia Corp. Add +34.2% 1.69% +0.35 SLB SLB Ltd. Add +0.2% 2.82% +0.15 RKT Rocket Cos Inc. Class A New 0.10% +0.10 TSLA Tesla Inc. Add +33.8% 0.47% +0.10 MRNA Moderna Inc. Add +33.7% 0.26% +0.08 RUN Sunrun Inc. New 0.08% +0.08 MELI MercadoLibre Inc. Add +34.2% 0.72% +0.06 PRMB Primo Brands Corp. New 0.05% +0.05 MSFT Microsoft Corp. Add +21.7% 0.76% +0.05 PONY Pony AI Inc. Add +72.6% 1.05% +0.05 VRT Vertiv Holdings Co. Class A New 0.05% +0.05 BABA Alibaba Group Holding-SP ADR New 0.04% +0.04 UUUU Energy Fuels Inc. New 0.02% +0.02 JOBY Joby Aviation Inc. Add +34.2% 0.73% +0.02 RXRX Recursion Pharmaceuticals-A Add +34.2% 0.36% +0.02 TEM Tempus AI Inc. Class A Add +45.9% 1.19% +0.01 NG Novagold Resources Inc. Add +0.2% 5.79% +0.00 NOW ServiceNow Inc. Add +23.8% 0.77% −0.02 DUOL Duolingo Add +34.3% 0.10% −0.05 AUR Aurora Innovation Inc. Add +34.1% 0.55% −0.06 VAL Valaris Ltd. Add +0.2% 3.31% −0.08 VEON Veon Ltd. Add +0.3% 5.62% −0.54 RRC Range Resources Corp. Add +0.2% 4.49% −0.58 PSKY Paramount Skydance Class B Add +0.2% 11.16% −5.52
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ TLT iShares 20+ Year Treasury BD call Sold out 55,000 $4.9Mbefore 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