Locust Wood Capital Advisers, LLC In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Locust Wood Capital Advisers, LLC reported 37 stock positions worth $2.7 billion . Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 7.2% of the portfolio, followed by Linde (LIN, 6.8% ) and P G & E (PCG, 5.7% ). Compared with Q3 2024, it opened 6 new positions, sold out of 9, added to 11 and reduced 17. The biggest buy was Nike Class B (NKE, shares +112% ) and the biggest sale an exit from Honeywell International (HON).
Location NEW YORK, NY
CIK 0001349434
Portfolio Value $2.7B (Q4 2024) Holdings 37 stocks · $2.7B 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 2024 TSM Taiwan Semiconductor-SP ADR 979,365 $193.4M Reduce -13.2% LIN Linde PLC 440,315 $184.3M Reduce -0.3% PCG P G & E Corp. 7,598,535 $153.3M Add +17.1% AMZN Amazon.com Inc. 619,342 $135.9M Reduce -0.2% GOOGL Alphabet Inc. Class A 688,622 $130.4M Add +5.6% VRT Vertiv Holdings Co. Class A 1,067,653 $121.3M Reduce -40.4% AXTA Axalta Coating Systems Ltd. 3,392,644 $116.1M Reduce -16.1% MSFT Microsoft Corp. 268,905 $113.3M Add +1.8% GEHC GE Healthcare Technology 1,410,676 $110.3M Add +19.8% WM Waste Management Inc. 540,004 $109.0M Add +32.2% ABT Abbott Laboratories 913,824 $103.4M Add +13.6% CRM Salesforce Inc. 300,248 $100.4M Reduce -1.1% SU Suncor Energy Inc. 2,740,637 $97.8M Reduce -0.8% ELV Elevance Health Inc. 257,043 $94.8M Add +7.8% AAPL Apple Inc. 378,290 $94.7M Reduce -3.8% NKE Nike Inc. Class B 1,159,902 $87.8M Add +111.9% CP Canadian Pacific Kansas City 1,206,354 $87.3M Reduce -1.3% SPGI S&P Global Inc. 170,027 $84.7M Reduce -3.5% APO Apollo Global Management Inc. 492,749 $81.4M Reduce -37.1% V Visa Inc. Class A 256,099 $80.9M Reduce -1.5% ESI Element Solutions Inc. 3,174,466 $80.7M Add +11.4% UNH Unitedhealth Group Inc. 158,147 $80.0M Reduce -24.7% GPGI Gpgi Inc. filed as COMPOSECURE INC 4,579,143 $70.2M Add +19.1% CZR Caesars Entertainment Inc. 1,690,657 $56.5M Add +7.1% STE Steris PLC 255,691 $52.6M Reduce -1.5% BRK.B Berkshire Hathaway Inc. Class B 74,484 $33.8M Reduce -19.1% BRK.A Berkshire Hathaway Inc. Class A 26 $17.7M Reduce -16.1% RH RH 44,962 $17.7M Reduce -61.0% VIS Vanguard Industrials ETF 28,500 $7.3M New SGU Star Group LP 164,620 $1.9M No change IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 14,000 $1.2M No change SON Sonoco Products Co. 23,200 $1.1M New PKG Packaging Corp. of America 5,000 $1.1M New LII Lennox International Inc. 1,800 $1.1M New EXPD Expeditors Intl Wash Inc. 9,800 $1.1M New XLI SS Industrial Select Sector 1,700 $224K New DINO HF Sinclair Corp. 6,164 $216K No change
Options reported separately and not counted above: ABT calls ($39.4M), ELV calls ($38.3M), WM calls ($37.1M), VRT puts ($28.4M), LIN calls ($20.6M), GEHC calls ($14.4M), V calls ($7.6M), UNH calls ($6.2M), CZR calls ($615K).
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ HON Honeywell International Inc. Sold out 0.00% −1.77 VRT Vertiv Holdings Co. Class A Reduce -40.4% 4.48% −1.75 UNH Unitedhealth Group Inc. Reduce -24.7% 2.96% −1.34 AXTA Axalta Coating Systems Ltd. Reduce -16.1% 4.29% −0.83 RH RH Reduce -61.0% 0.65% −0.69 LIN Linde PLC Reduce -0.3% 6.82% −0.55 JPM JPMorgan Chase & Co. Sold out 0.00% −0.44 CP Canadian Pacific Kansas City Reduce -1.3% 3.23% −0.43 APO Apollo Global Management Inc. Reduce -37.1% 3.01% −0.41 STE Steris PLC Reduce -1.5% 1.94% −0.26 BRK.B Berkshire Hathaway Inc. Class B Reduce -19.1% 1.25% −0.23 BRK.A Berkshire Hathaway Inc. Class A Reduce -16.1% 0.65% −0.10 SPGI S&P Global Inc. Reduce -3.5% 3.13% −0.05 FIX Comfort Systems USA Inc. Sold out 0.00% −0.05 TT Trane Technologies PLC Sold out 0.00% −0.05 WTS Watts Water Technologies-A Sold out 0.00% −0.04 ODFL Old Dominion Freight Line Sold out 0.00% −0.04 XPO Xpo Inc. Sold out 0.00% −0.04 SAIA Saia Inc. Sold out 0.00% −0.04 IP International Paper Co. Sold out 0.00% −0.04 SU Suncor Energy Inc. Reduce -0.8% 3.62% +0.05 TSM Taiwan Semiconductor-SP ADR Reduce -13.2% 7.15% +0.30 AAPL Apple Inc. Reduce -3.8% 3.50% +0.30 V Visa Inc. Class A Reduce -1.5% 2.99% +0.49 CRM Salesforce Inc. Reduce -1.1% 3.71% +0.80 AMZN Amazon.com Inc. Reduce -0.2% 5.02% +0.98
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ NKE Nike Inc. Class B Add +111.9% 3.24% +1.55 PCG P G & E Corp. Add +17.1% 5.67% +1.18 WM Waste Management Inc. Add +32.2% 4.03% +1.06 GOOGL Alphabet Inc. Class A Add +5.6% 4.82% +1.03 GPGI Gpgi Inc. Add +19.1% 2.60% +0.71 ABT Abbott Laboratories Add +13.6% 3.82% +0.61 ESI Element Solutions Inc. Add +11.4% 2.98% +0.28 VIS Vanguard Industrials ETF New 0.27% +0.27 MSFT Microsoft Corp. Add +1.8% 4.19% +0.21 GEHC GE Healthcare Technology Add +19.8% 4.08% +0.21 SON Sonoco Products Co. New 0.04% +0.04 PKG Packaging Corp. of America New 0.04% +0.04 LII Lennox International Inc. New 0.04% +0.04 EXPD Expeditors Intl Wash Inc. New 0.04% +0.04 XLI SS Industrial Select Sector New 0.01% +0.01 CZR Caesars Entertainment Inc. Add +7.1% 2.09% −0.22 ELV Elevance Health Inc. Add +7.8% 3.51% −0.83
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 106,000 $60.8Mbefore exit ABT Abbott Laboratories call Add +90.9% 348,700 $39.4M ELV Elevance Health Inc. call New 103,800 $38.3M WM Waste Management Inc. call New 184,000 $37.1M VRT Vertiv Holdings Co. Class A put New 250,100 $28.4M LIN Linde PLC call New 49,200 $20.6M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 212,000 $17.0Mbefore exit GEHC GE Healthcare Technology call New 184,500 $14.4M IWM iShares Russell 2000 ETF put Sold out 53,000 $11.7Mbefore exit XLF SS Financial Select Sector put Sold out 212,000 $9.6Mbefore exit V Visa Inc. Class A call Reduce -20.0% 24,000 $7.6M TSM Taiwan Semiconductor-SP ADR call Sold out 36,000 $6.3Mbefore exit UNH Unitedhealth Group Inc. call New 12,300 $6.2M
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