Locust Wood Capital Advisers, LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Locust Wood Capital Advisers, LLC reported 42 stock positions worth $2.9 billion . Its top holding was Linde (LIN) at 7.7% of the portfolio, followed by Microsoft (MSFT, 6.5% ) and Taiwan Semiconductor-SP ADR (TSM, 6.0% ). Compared with Q4 2024, it opened 12 new positions, sold out of 7, added to 20 and reduced 10. The biggest buy was Microsoft (MSFT, shares +85% ) and the biggest sale an exit from Unitedhealth (UNH).
Location NEW YORK, NY
CIK 0001349434
Portfolio Value $2.9B (Q1 2025) Holdings 42 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 Q4 2024 LIN Linde PLC 476,435 $221.8M Add +8.2% MSFT Microsoft Corp. 496,195 $186.3M Add +84.5% TSM Taiwan Semiconductor-SP ADR 1,033,967 $171.6M Add +5.6% WM Waste Management Inc. 738,423 $171.0M Add +36.7% AMZN Amazon.com Inc. 834,878 $158.8M Add +34.8% ELV Elevance Health Inc. 325,171 $141.4M Add +26.5% GEHC GE Healthcare Technology 1,744,318 $140.8M Add +23.6% AXTA Axalta Coating Systems Ltd. 3,913,488 $129.8M Add +15.3% ABT Abbott Laboratories 926,517 $122.9M Add +1.4% PCG P G & E Corp. 6,584,587 $113.1M Reduce -13.3% AAPL Apple Inc. 466,107 $103.5M Add +23.2% CRM Salesforce Inc. 385,452 $103.4M Add +28.4% GOOGL Alphabet Inc. Class A 664,902 $102.8M Reduce -3.4% SPGI S&P Global Inc. 191,409 $97.3M Add +12.6% SU Suncor Energy Inc. 2,441,657 $94.5M Reduce -10.9% CP Canadian Pacific Kansas City 1,340,162 $94.1M Add +11.1% NKE Nike Inc. Class B 1,418,917 $90.1M Add +22.3% VRT Vertiv Holdings Co. Class A 1,207,062 $87.1M Add +13.1% STE Steris PLC 370,784 $84.0M Add +45.0% ESI Element Solutions Inc. 3,680,449 $83.2M Add +15.9% V Visa Inc. Class A 232,345 $81.4M Reduce -9.3% GPGI Gpgi Inc. filed as COMPOSECURE INC 7,339,015 $79.8M Add +60.3% APO Apollo Global Management Inc. 431,320 $59.1M Reduce -12.5% BRK.B Berkshire Hathaway Inc. Class B 95,798 $51.0M Add +28.6% CZR Caesars Entertainment Inc. 1,828,732 $45.7M Add +8.2% BRK.A Berkshire Hathaway Inc. Class A 24 $19.2M Reduce -7.7% RHLD Resolute Holdings Manag 540,002 $16.9M New SGU Star Group LP 150,535 $2.0M Reduce -8.6% CE Celanese Corp. 15,150 $860K New BLD Topbuild Corp. 2,605 $794K New LII Lennox International Inc. 1,400 $785K Reduce -22.2% GWW WW Grainger Inc. filed as GRAINGER W W INC 790 $780K New IP International Paper Co. 14,380 $767K New AIT Applied Industrial Tech Inc. 3,400 $766K New IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 9,836 $763K Reduce -29.7% TDY Teledyne Technologies Inc. 1,530 $761K New TT Trane Technologies PLC 2,250 $758K New FTV Fortive Corp. 10,200 $746K New PKG Packaging Corp. of America 3,750 $743K Reduce -25.0% SEE Sealed Air Corp. 24,875 $719K New URI United Rentals Inc. 1,110 $696K New FIX Comfort Systems USA Inc. 2,130 $687K New
Options reported separately and not counted above: SPY puts ($205.6M), ELV calls ($34.1M), ABT calls ($22.4M), PCG calls ($11.1M), NKE puts ($10.0M), ABT puts ($9.7M), CZR calls ($460K).
Portfolio Sells Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ UNH Unitedhealth Group Inc. Sold out 0.00% −2.96 PCG P G & E Corp. Reduce -13.3% 3.95% −1.72 GOOGL Alphabet Inc. Class A Reduce -3.4% 3.59% −1.23 APO Apollo Global Management Inc. Reduce -12.5% 2.06% −0.95 RH RH Sold out 0.00% −0.65 SU Suncor Energy Inc. Reduce -10.9% 3.30% −0.31 VIS Vanguard Industrials ETF Sold out 0.00% −0.27 V Visa Inc. Class A Reduce -9.3% 2.84% −0.15 SON Sonoco Products Co. Sold out 0.00% −0.04 EXPD Expeditors Intl Wash Inc. Sold out 0.00% −0.04 IFF Intl Flavors & Fragrances Reduce -29.7% 0.03% −0.02 PKG Packaging Corp. of America Reduce -25.0% 0.03% −0.02 LII Lennox International Inc. Reduce -22.2% 0.03% −0.01 XLI SS Industrial Select Sector Sold out 0.00% −0.01 DINO HF Sinclair Corp. Sold out 0.00% −0.01 SGU Star Group LP Reduce -8.6% 0.07% −0.00 BRK.A Berkshire Hathaway Inc. Class A Reduce -7.7% 0.67% +0.01
Portfolio Buys Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ MSFT Microsoft Corp. Add +84.5% 6.50% +2.31 WM Waste Management Inc. Add +36.7% 5.97% +1.94 ELV Elevance Health Inc. Add +26.5% 4.94% +1.43 STE Steris PLC Add +45.0% 2.93% +0.99 LIN Linde PLC Add +8.2% 7.75% +0.93 GEHC GE Healthcare Technology Add +23.6% 4.92% +0.84 RHLD Resolute Holdings Manag New 0.59% +0.59 BRK.B Berkshire Hathaway Inc. Class B Add +28.6% 1.78% +0.53 AMZN Amazon.com Inc. Add +34.8% 5.55% +0.52 ABT Abbott Laboratories Add +1.4% 4.29% +0.47 SPGI S&P Global Inc. Add +12.6% 3.40% +0.27 AXTA Axalta Coating Systems Ltd. Add +15.3% 4.53% +0.24 GPGI Gpgi Inc. Add +60.3% 2.79% +0.19 AAPL Apple Inc. Add +23.2% 3.62% +0.11 CP Canadian Pacific Kansas City Add +11.1% 3.29% +0.06 CE Celanese Corp. New 0.03% +0.03 BLD Topbuild Corp. New 0.03% +0.03 GWW WW Grainger Inc. New 0.03% +0.03 AIT Applied Industrial Tech Inc. New 0.03% +0.03 IP International Paper Co. New 0.03% +0.03 TDY Teledyne Technologies Inc. New 0.03% +0.03 TT Trane Technologies PLC New 0.03% +0.03 FTV Fortive Corp. New 0.03% +0.03 SEE Sealed Air Corp. New 0.03% +0.03 URI United Rentals Inc. New 0.02% +0.02 FIX Comfort Systems USA Inc. New 0.02% +0.02 ESI Element Solutions Inc. Add +15.9% 2.91% −0.08 CRM Salesforce Inc. Add +28.4% 3.61% −0.10 NKE Nike Inc. Class B Add +22.3% 3.15% −0.10 CZR Caesars Entertainment Inc. Add +8.2% 1.60% −0.49 TSM Taiwan Semiconductor-SP ADR Add +5.6% 5.99% −1.16 VRT Vertiv Holdings Co. Class A Add +13.1% 3.04% −1.44
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 367,500 $205.6M WM Waste Management Inc. call Sold out 184,000 $37.1Mbefore exit ELV Elevance Health Inc. call Reduce -24.6% 78,300 $34.1M VRT Vertiv Holdings Co. Class A put Sold out 250,100 $28.4Mbefore exit ABT Abbott Laboratories call Reduce -51.7% 168,500 $22.4M LIN Linde PLC call Sold out 49,200 $20.6Mbefore exit GEHC GE Healthcare Technology call Sold out 184,500 $14.4Mbefore exit PCG P G & E Corp. call New 645,000 $11.1M NKE Nike Inc. Class B put New 157,500 $10.0M ABT Abbott Laboratories put New 73,000 $9.7M V Visa Inc. Class A call Sold out 24,000 $7.6Mbefore exit UNH Unitedhealth Group Inc. call Sold out 12,300 $6.2Mbefore 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 $4.1B 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