Locust Wood Capital Advisers, LLC In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Locust Wood Capital Advisers, LLC reported 40 stock positions worth $2.9 billion . Its top holding was Linde (LIN) at 7.4% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 6.9% ) and Vertiv Class A (VRT, 6.2% ). Compared with Q2 2024, it opened 7 new positions, sold out of 4, added to 15 and reduced 15. The biggest buy was a new position in Gpgi (GPGI) and the biggest sale Elevance Health (ELV, shares −20% ).
Location NEW YORK, NY
CIK 0001349434
Portfolio Value $2.9B (Q3 2024) Holdings 40 stocks · $2.9B 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 2024 LIN Linde PLC 441,586 $210.6M Reduce -3.4% TSM Taiwan Semiconductor-SP ADR 1,128,121 $195.9M Reduce -1.9% VRT Vertiv Holdings Co. Class A 1,790,995 $178.2M Add +12.4% AXTA Axalta Coating Systems Ltd. 4,041,779 $146.3M Add +2.9% PCG P G & E Corp. 6,487,636 $128.3M Add +2.4% ELV Elevance Health Inc. 238,445 $124.0M Reduce -20.4% UNH Unitedhealth Group Inc. 209,982 $122.8M Add +25.9% AMZN Amazon.com Inc. 620,364 $115.6M Add +0.1% MSFT Microsoft Corp. 264,224 $113.7M Add +12.5% GEHC GE Healthcare Technology 1,177,955 $110.6M Add +4.8% GOOGL Alphabet Inc. Class A 652,185 $108.2M Add +6.8% CP Canadian Pacific Kansas City 1,221,713 $104.5M Reduce -3.0% SU Suncor Energy Inc. 2,763,193 $102.0M Reduce -18.0% APO Apollo Global Management Inc. 783,012 $97.8M Reduce -14.8% ABT Abbott Laboratories 804,480 $91.7M Reduce -15.9% AAPL Apple Inc. 393,229 $91.6M Add +11.6% SPGI S&P Global Inc. 176,104 $91.0M Reduce -21.5% WM Waste Management Inc. 408,479 $84.8M Add +7.2% CRM Salesforce Inc. 303,526 $83.1M Add +7.6% ESI Element Solutions Inc. 2,849,169 $77.4M Add +4.7% V Visa Inc. Class A 259,905 $71.5M Reduce -1.9% CZR Caesars Entertainment Inc. 1,578,232 $65.9M Reduce -0.1% STE Steris PLC 259,511 $62.9M Reduce -22.4% GPGI Gpgi Inc. filed as COMPOSECURE INC 3,844,941 $53.9M New HON Honeywell International Inc. 244,244 $50.5M Reduce -28.6% NKE Nike Inc. Class B 547,481 $48.4M Add +222.8% BRK.B Berkshire Hathaway Inc. Class B 92,099 $42.4M Reduce -13.4% RH RH 115,316 $38.6M Add +20.8% BRK.A Berkshire Hathaway Inc. Class A 31 $21.4M Reduce -13.9% JPM JPMorgan Chase & Co. 59,900 $12.6M Reduce -3.0% SGU Star Group LP 164,620 $1.9M No change IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 14,000 $1.5M No change FIX Comfort Systems USA Inc. 3,400 $1.3M New TT Trane Technologies PLC 3,350 $1.3M Add +1.5% WTS Watts Water Technologies-A 6,100 $1.3M New ODFL Old Dominion Freight Line 6,000 $1.2M New XPO Xpo Inc. 11,000 $1.2M New SAIA Saia Inc. 2,700 $1.2M New IP International Paper Co. 23,200 $1.1M New DINO HF Sinclair Corp. 6,164 $275K No change
Options reported separately and not counted above: SPY puts ($60.8M), ABT calls ($20.8M), HYG puts ($17.0M), IWM puts ($11.7M), XLF puts ($9.6M), V calls ($8.2M), TSM calls ($6.3M), CZR calls ($768K).
Portfolio Sells Q2 2024 → Q3 2024 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 2024 % Of Portfolio Change To Portfolio ▲ ELV Elevance Health Inc. Reduce -20.4% 4.34% −1.65 SU Suncor Energy Inc. Reduce -18.0% 3.57% −1.17 HON Honeywell International Inc. Reduce -28.6% 1.77% −0.93 APO Apollo Global Management Inc. Reduce -14.8% 3.42% −0.58 COKE Coca-Cola Consolidated Inc. Sold out 0.00% −0.57 TSM Taiwan Semiconductor-SP ADR Reduce -1.9% 6.85% −0.52 SPGI S&P Global Inc. Reduce -21.5% 3.18% −0.51 STE Steris PLC Reduce -22.4% 2.20% −0.51 ABT Abbott Laboratories Reduce -15.9% 3.21% −0.46 XLI SS Industrial Select Sector Sold out 0.00% −0.17 BRK.B Berkshire Hathaway Inc. Class B Reduce -13.4% 1.48% −0.11 V Visa Inc. Class A Reduce -1.9% 2.50% −0.07 BRK.A Berkshire Hathaway Inc. Class A Reduce -13.9% 0.75% −0.06 OC Owens Corning Sold out 0.00% −0.04 CSL Carlisle Cos Inc. Sold out 0.00% −0.04 LIN Linde PLC Reduce -3.4% 7.37% −0.04 JPM JPMorgan Chase & Co. Reduce -3.0% 0.44% −0.02 CZR Caesars Entertainment Inc. Reduce -0.1% 2.30% −0.01 CP Canadian Pacific Kansas City Reduce -3.0% 3.66% −0.00
Portfolio Buys Q2 2024 → Q3 2024 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 2024 % Of Portfolio Change To Portfolio ▼ GPGI Gpgi Inc. New 1.89% +1.89 NKE Nike Inc. Class B Add +222.8% 1.69% +1.22 UNH Unitedhealth Group Inc. Add +25.9% 4.30% +1.16 VRT Vertiv Holdings Co. Class A Add +12.4% 6.23% +1.15 GEHC GE Healthcare Technology Add +4.8% 3.87% +0.64 RH RH Add +20.8% 1.35% +0.49 AAPL Apple Inc. Add +11.6% 3.21% +0.47 PCG P G & E Corp. Add +2.4% 4.49% +0.40 CRM Salesforce Inc. Add +7.6% 2.91% +0.23 AXTA Axalta Coating Systems Ltd. Add +2.9% 5.12% +0.17 MSFT Microsoft Corp. Add +12.5% 3.98% +0.10 FIX Comfort Systems USA Inc. New 0.05% +0.05 WTS Watts Water Technologies-A New 0.04% +0.04 ODFL Old Dominion Freight Line New 0.04% +0.04 XPO Xpo Inc. New 0.04% +0.04 SAIA Saia Inc. New 0.04% +0.04 IP International Paper Co. New 0.04% +0.04 TT Trane Technologies PLC Add +1.5% 0.05% +0.01 ESI Element Solutions Inc. Add +4.7% 2.71% −0.01 WM Waste Management Inc. Add +7.2% 2.97% −0.03 GOOGL Alphabet Inc. Class A Add +6.8% 3.78% −0.32 AMZN Amazon.com Inc. Add +0.1% 4.04% −0.37
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 106,000 $60.8M GOOGL Alphabet Inc. Class A put Sold out 123,000 $22.4Mbefore exit ABT Abbott Laboratories call Reduce -21.4% 182,700 $20.8M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 212,000 $17.0M APO Apollo Global Management Inc. put Sold out 124,700 $14.7Mbefore exit IWM iShares Russell 2000 ETF put New 53,000 $11.7M XLF SS Financial Select Sector put New 212,000 $9.6M VRT Vertiv Holdings Co. Class A put Sold out 64,500 $5.6Mbefore 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 $4.1B TSM, AMZN, NVDA, GPGI, GOOGL Q1 2026 Amended 27 $3.7B AMZN, TSM, GPGI, LIN, NVDA Q4 2025 32 $4.0B LIN, MSFT, AMZN, TSM, GOOGL Q3 2025 50 $3.7B LIN, TSM, AMZN, MSFT, GPGI Q2 2025 50 $3.4B TSM, LIN, AMZN, MSFT, VRT Q1 2025 42 $2.9B LIN, MSFT, TSM, WM, AMZN Q4 2024 37 $2.7B TSM, LIN, PCG, AMZN, GOOGL Q3 2024 40 $2.9B LIN, TSM, VRT, AXTA, PCG Q2 2024 37 $2.7B LIN, TSM, ELV, VRT, AXTA Q1 2024 37 $2.5B VRT, LIN, ELV, TSM, SU