Locust Wood Capital Advisers, LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Locust Wood Capital Advisers, LLC reported 50 stock positions worth $3.4 billion . Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 7.4% of the portfolio, followed by Linde (LIN, 6.6% ) and Amazon.com (AMZN, 6.5% ). Compared with Q1 2025, it opened 17 new positions, sold out of 9, added to 22 and reduced 8. The biggest buy was a new position in Nvidia (NVDA) and the biggest sale Waste Management (WM, shares −36% ).
Location NEW YORK, NY
CIK 0001349434
Portfolio Value $3.4B (Q2 2025) Holdings 50 stocks · $3.4B 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 Q1 2025 TSM Taiwan Semiconductor-SP ADR 1,102,061 $249.6M Add +6.6% LIN Linde PLC 476,240 $223.4M Reduce -0.0% AMZN Amazon.com Inc. 1,007,456 $221.0M Add +20.7% MSFT Microsoft Corp. 441,957 $219.8M Reduce -10.9% VRT Vertiv Holdings Co. Class A 1,324,618 $170.1M Add +9.7% GEHC GE Healthcare Technology 1,946,345 $144.2M Add +11.6% ABT Abbott Laboratories 1,037,735 $141.1M Add +12.0% NKE Nike Inc. Class B 1,926,739 $136.9M Add +35.8% GOOGL Alphabet Inc. Class A 765,649 $134.9M Add +15.2% ELV Elevance Health Inc. 325,825 $126.7M Add +0.2% CP Canadian Pacific Kansas City 1,568,150 $124.3M Add +17.0% SPGI S&P Global Inc. 222,548 $117.3M Add +16.3% NVDA Nvidia Corp. 738,933 $116.7M New CRM Salesforce Inc. 425,920 $116.1M Add +10.5% GPGI Gpgi Inc. filed as COMPOSECURE INC 8,158,327 $115.0M Add +11.2% WM Waste Management Inc. 475,677 $108.8M Reduce -35.6% PCG P G & E Corp. 7,779,643 $108.4M Add +18.1% STE Steris PLC 416,588 $100.1M Add +12.3% AAPL Apple Inc. 483,674 $99.2M Add +3.8% ESI Element Solutions Inc. 4,308,630 $97.6M Add +17.1% AXTA Axalta Coating Systems Ltd. 3,240,856 $96.2M Reduce -17.2% SU Suncor Energy Inc. 2,301,686 $86.2M Reduce -5.7% V Visa Inc. Class A 239,748 $85.1M Add +3.2% APO Apollo Global Management Inc. 447,236 $63.4M Add +3.7% CZR Caesars Entertainment Inc. 1,943,243 $55.2M Add +6.3% NOW ServiceNow Inc. 44,184 $45.4M New BRK.B Berkshire Hathaway Inc. Class B 66,737 $32.4M Reduce -30.3% RHLD Resolute Holdings Manag 581,884 $18.5M Add +7.8% BRK.A Berkshire Hathaway Inc. Class A 24 $17.5M No change SGU Star Group LP 144,612 $1.7M Reduce -3.9% FIX Comfort Systems USA Inc. 2,130 $1.1M No change URI United Rentals Inc. 1,085 $817K Reduce -2.3% BALL Ball Corp. 14,400 $808K New ETN Eaton Corp. PLC 2,245 $801K New CMI Cummins Inc. 2,445 $801K New SAIA Saia Inc. 2,890 $792K New TDY Teledyne Technologies Inc. 1,530 $784K No change MMM 3M Co. 5,140 $783K New NVT Nvent Electric PLC 10,660 $781K New UFPI Ufp Industries Inc. 7,770 $772K New EXPD Expeditors Intl Wash Inc. 6,745 $771K New PPG PPG Industries Inc. 6,750 $768K New CNH CNH Industrial NV 58,815 $762K New PKG Packaging Corp. of America 4,040 $761K Add +7.7% PCAR Paccar Inc. 7,900 $751K New SSD Simpson Manufacturing Co. Inc. 4,800 $745K New AVY Avery Dennison Corp. 4,135 $726K New GPK Graphic Packaging Holding Co. 32,290 $680K New AAON Aaon Inc. 7,610 $561K New FTV Fortive Corp. 10,500 $547K Add +2.9%
Options reported separately and not counted above: SPY puts ($291.9M), ELV calls ($30.5M), PCG calls ($23.0M), ABT calls ($15.4M), NKE puts ($3.7M), CZR calls ($522K).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ WM Waste Management Inc. Reduce -35.6% 3.21% −2.76 AXTA Axalta Coating Systems Ltd. Reduce -17.2% 2.84% −1.69 LIN Linde PLC Reduce -0.0% 6.59% −1.15 BRK.B Berkshire Hathaway Inc. Class B Reduce -30.3% 0.96% −0.83 SU Suncor Energy Inc. Reduce -5.7% 2.54% −0.76 CE Celanese Corp. Sold out 0.00% −0.03 BLD Topbuild Corp. Sold out 0.00% −0.03 LII Lennox International Inc. Sold out 0.00% −0.03 GWW WW Grainger Inc. Sold out 0.00% −0.03 AIT Applied Industrial Tech Inc. Sold out 0.00% −0.03 IP International Paper Co. Sold out 0.00% −0.03 IFF Intl Flavors & Fragrances Sold out 0.00% −0.03 TT Trane Technologies PLC Sold out 0.00% −0.03 SEE Sealed Air Corp. Sold out 0.00% −0.03 SGU Star Group LP Reduce -3.9% 0.05% −0.02 MSFT Microsoft Corp. Reduce -10.9% 6.49% −0.02 URI United Rentals Inc. Reduce -2.3% 0.02% −0.00
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ NVDA Nvidia Corp. New 3.45% +3.45 VRT Vertiv Holdings Co. Class A Add +9.7% 5.02% +1.98 TSM Taiwan Semiconductor-SP ADR Add +6.6% 7.37% +1.37 NOW ServiceNow Inc. New 1.34% +1.34 AMZN Amazon.com Inc. Add +20.7% 6.52% +0.98 NKE Nike Inc. Class B Add +35.8% 4.04% +0.89 GPGI Gpgi Inc. Add +11.2% 3.39% +0.61 GOOGL Alphabet Inc. Class A Add +15.2% 3.98% +0.39 CP Canadian Pacific Kansas City Add +17.0% 3.67% +0.38 SPGI S&P Global Inc. Add +16.3% 3.46% +0.07 CZR Caesars Entertainment Inc. Add +6.3% 1.63% +0.03 BALL Ball Corp. New 0.02% +0.02 ETN Eaton Corp. PLC New 0.02% +0.02 CMI Cummins Inc. New 0.02% +0.02 SAIA Saia Inc. New 0.02% +0.02 MMM 3M Co. New 0.02% +0.02 NVT Nvent Electric PLC New 0.02% +0.02 UFPI Ufp Industries Inc. New 0.02% +0.02 EXPD Expeditors Intl Wash Inc. New 0.02% +0.02 PPG PPG Industries Inc. New 0.02% +0.02 CNH CNH Industrial NV New 0.02% +0.02 PCAR Paccar Inc. New 0.02% +0.02 SSD Simpson Manufacturing Co. Inc. New 0.02% +0.02 AVY Avery Dennison Corp. New 0.02% +0.02 GPK Graphic Packaging Holding Co. New 0.02% +0.02 STE Steris PLC Add +12.3% 2.95% +0.02 AAON Aaon Inc. New 0.02% +0.02 PKG Packaging Corp. of America Add +7.7% 0.02% −0.00 FTV Fortive Corp. Add +2.9% 0.02% −0.01 ESI Element Solutions Inc. Add +17.1% 2.88% −0.03 RHLD Resolute Holdings Manag Add +7.8% 0.55% −0.04 ABT Abbott Laboratories Add +12.0% 4.17% −0.13 CRM Salesforce Inc. Add +10.5% 3.43% −0.18 APO Apollo Global Management Inc. Add +3.7% 1.87% −0.19 V Visa Inc. Class A Add +3.2% 2.51% −0.33 GEHC GE Healthcare Technology Add +11.6% 4.25% −0.66 AAPL Apple Inc. Add +3.8% 2.93% −0.69 PCG P G & E Corp. Add +18.1% 3.20% −0.75 ELV Elevance Health Inc. Add +0.2% 3.74% −1.20
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +28.6% 472,500 $291.9M PCG P G & E Corp. call Add +156.3% 1,653,000 $23.0M ABT Abbott Laboratories call Reduce -32.6% 113,500 $15.4M ABT Abbott Laboratories put Sold out 73,000 $9.7Mbefore exit NKE Nike Inc. Class B put Reduce -66.7% 52,500 $3.7M
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