Lionstone Capital Management LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Lionstone Capital Management LLC reported 11 stock positions worth $416.4 million. Its top holding was Api (APG) at 21.4% of the portfolio, followed by Amazon.com (AMZN, 16.4%) and Alphabet Class C (GOOG, 11.1%). Compared with Q1 2025, it opened 1 new position, sold out of 1 and reduced 4. The biggest buy was a new position in Qxo (QXO) and the biggest sale Alphabet Class C (GOOG, shares −24%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001575662
Portfolio Value
$416.4M (Q2 2025)
SEC Filing
0000950123-25-008067 ↗ filed Aug 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $394.6M Q1 2024 Q2 2024: $391.6M Q2 2024 Q3 2024: $371.2M Q3 2024 Q4 2024: $390.7M Q4 2024 Q1 2025: $361.6M Q1 2025 Q2 2025: $416.4M $416.4M Q2 2025 Q3 2025: $427.9M Q3 2025 Q4 2025: $432.6M Q4 2025 Q1 2026: $413.0M Q1 2026 Q2 2026: $435.0M Q2 2026

Holdings 11 stocks · $416.4M
APG Api Group Corp. 21.39% 1,744,500 $89.1M Reduce -16.5%
AMZN Amazon.com Inc. 16.44% 312,000 $68.4M Reduce -6.7%
GOOG Alphabet Inc. Class C 11.12% 261,120 $46.3M Reduce -23.8%
QXO Qxo Inc. 10.97% 2,121,212 $45.7M New
SPGI S&P Global Inc. 10.64% 84,000 $44.3M No change
CPRT Copart Inc. 9.15% 776,300 $38.1M No change
FSV Firstservice Corp. 9.07% 216,200 $37.8M No change
FERG Ferguson Enterprises Inc. 8.42% 161,048 $35.1M No change
LOW Lowe's Cos Inc. 2.21% 41,450 $9.2M Reduce -25.9%
LBRDK Liberty Broadband-C 0.58% 24,605 $2.4M No change
UUUU Energy Fuels Inc. 0.01% 6,760 $39K No change

Portfolio Sells Q1 2025 → Q2 2025
GOOG Alphabet Inc. Class C Reduce -23.8% 11.12% −3.67
PRKS United Parks & Resorts Inc. Sold out 0.00% −1.74
LOW Lowe's Cos Inc. Reduce -25.9% 2.21% −1.40
AMZN Amazon.com Inc. Reduce -6.7% 16.44% −1.16
APG Api Group Corp. Reduce -16.5% 21.39% +0.72

Portfolio Buys Q1 2025 → Q2 2025
QXO Qxo Inc. New 10.97% +10.97

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 11$435.0MAPG, GOOG, AMZN, QXO, FSV
Q1 2026 12$413.0MAPG, GOOG, AMZN, QXO, FERG
Q4 2025 12$432.6MAPG, GOOG, AMZN, QXO, SPGI
Q3 2025 12$427.9MAPG, AMZN, GOOG, FSV, SPGI
Q2 2025 11$416.4MAPG, AMZN, GOOG, QXO, SPGI
Q1 2025 11$361.6MAPG, AMZN, GOOG, CPRT, SPGI
Q4 2024 11$390.7MAPG, AMZN, GOOG, CPRT, SPGI
Q3 2024 11$371.2MAPG, AMZN, GOOG, SPGI, CPRT
Q2 2024 12$391.6MAPG, AMZN, GOOG, CPRT, SPGI
Q1 2024 12$394.6MAPG, AMZN, GOOG, CPRT, FSV