Locust Wood Capital Advisers, LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 30, 2025), Locust Wood Capital Advisers, LLC reported 50 stock positions worth $3.7 billion . Its top holding was Linde (LIN) at 6.7% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 6.4% ) and Amazon.com (AMZN, 6.3% ). Compared with Q2 2025, it opened 12 new positions, sold out of 12, added to 14 and reduced 23. The biggest buy was Gpgi (GPGI, shares +15% ) and the biggest sale Elevance Health (ELV, shares −56% ).
Location NEW YORK, NY
CIK 0001349434
Portfolio Value $3.7B (Q3 2025) Holdings 50 stocks · $3.7B 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 Q2 2025 LIN Linde PLC 513,916 $244.1M Add +7.9% TSM Taiwan Semiconductor-SP ADR 834,466 $233.1M Reduce -24.3% AMZN Amazon.com Inc. 1,057,181 $232.1M Add +4.9% MSFT Microsoft Corp. 408,678 $211.7M Reduce -7.5% GPGI Gpgi Inc. filed as COMPOSECURE INC 9,341,954 $194.5M Add +14.5% GOOGL Alphabet Inc. Class A 747,791 $181.8M Reduce -2.3% VRT Vertiv Holdings Co. Class A 1,120,137 $169.0M Reduce -15.4% GEHC GE Healthcare Technology 2,084,337 $156.5M Add +7.1% AAPL Apple Inc. 564,545 $143.8M Add +16.7% SPGI S&P Global Inc. 286,233 $139.3M Add +28.6% PCG P G & E Corp. 9,057,078 $136.6M Add +16.4% NVDA Nvidia Corp. 717,665 $133.9M Reduce -2.9% NKE Nike Inc. Class B 1,861,101 $129.8M Reduce -3.4% ABT Abbott Laboratories 942,270 $126.2M Reduce -9.2% ESI Element Solutions Inc. 4,722,464 $118.9M Add +9.6% STE Steris PLC 439,731 $108.8M Add +5.6% WM Waste Management Inc. 470,881 $104.0M Reduce -1.0% AXTA Axalta Coating Systems Ltd. 3,472,354 $99.4M Add +7.1% SU Suncor Energy Inc. 2,250,426 $94.1M Reduce -2.2% V Visa Inc. Class A 246,557 $84.2M Add +2.8% NOW ServiceNow Inc. 88,585 $81.5M Add +100.5% CSX CSX Corp. 1,885,361 $66.9M New CP Canadian Pacific Kansas City 883,111 $65.8M Reduce -43.7% CRM Salesforce Inc. 243,441 $57.7M Reduce -42.8% APO Apollo Global Management Inc. 400,974 $53.4M Reduce -10.3% REZI Resideo Technologies Inc. 1,179,614 $50.9M New SHW The Sherwin-Williams Co. 137,601 $47.6M New ELV Elevance Health Inc. 143,171 $46.3M Reduce -56.1% RHLD Resolute Holdings Manag 582,152 $42.0M Add +0.1% BRK.B Berkshire Hathaway Inc. Class B 80,660 $40.6M Add +20.9% AMRZ Amrize Ltd. 761,948 $37.0M New BRK.A Berkshire Hathaway Inc. Class A 24 $18.1M No change SGU Star Group LP 138,600 $1.6M Reduce -4.2% FIX Comfort Systems USA Inc. 990 $817K Reduce -53.5% SEE Sealed Air Corp. 22,315 $789K New GE General Electric filed as GE AEROSPACE 2,485 $748K New URI United Rentals Inc. 750 $716K Reduce -30.9% EXPD Expeditors Intl Wash Inc. 5,825 $714K Reduce -13.6% CMI Cummins Inc. 1,645 $695K Reduce -32.7% TDY Teledyne Technologies Inc. 1,175 $689K Reduce -23.2% CCK Crown Holdings Inc. 7,120 $688K New PKG Packaging Corp. of America 3,155 $688K Reduce -21.9% EMN Eastman Chemical Co. 10,890 $687K New WTS Watts Water Technologies-A 2,430 $679K New PCAR Paccar Inc. 6,530 $642K Reduce -17.3% TT Trane Technologies PLC 1,490 $629K New BLD Topbuild Corp. 1,585 $620K New BALL Ball Corp. 12,180 $614K Reduce -15.4% IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 9,815 $604K New GPK Graphic Packaging Holding Co. 26,945 $527K Reduce -16.6%
Options reported separately and not counted above: SPY puts ($314.8M), ABT calls ($15.2M), PCG calls ($13.4M), CZR calls ($497K).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ ELV Elevance Health Inc. Reduce -56.1% 1.26% −2.48 CP Canadian Pacific Kansas City Reduce -43.7% 1.80% −1.87 CRM Salesforce Inc. Reduce -42.8% 1.58% −1.85 CZR Caesars Entertainment Inc. Sold out 0.00% −1.63 TSM Taiwan Semiconductor-SP ADR Reduce -24.3% 6.36% −1.00 ABT Abbott Laboratories Reduce -9.2% 3.45% −0.72 MSFT Microsoft Corp. Reduce -7.5% 5.78% −0.71 NKE Nike Inc. Class B Reduce -3.4% 3.54% −0.50 APO Apollo Global Management Inc. Reduce -10.3% 1.46% −0.41 VRT Vertiv Holdings Co. Class A Reduce -15.4% 4.61% −0.41 WM Waste Management Inc. Reduce -1.0% 2.84% −0.37 ETN Eaton Corp. PLC Sold out 0.00% −0.02 SAIA Saia Inc. Sold out 0.00% −0.02 MMM 3M Co. Sold out 0.00% −0.02 NVT Nvent Electric PLC Sold out 0.00% −0.02 UFPI Ufp Industries Inc. Sold out 0.00% −0.02 PPG PPG Industries Inc. Sold out 0.00% −0.02 CNH CNH Industrial NV Sold out 0.00% −0.02 SSD Simpson Manufacturing Co. Inc. Sold out 0.00% −0.02 AVY Avery Dennison Corp. Sold out 0.00% −0.02 AAON Aaon Inc. Sold out 0.00% −0.02 FTV Fortive Corp. Sold out 0.00% −0.02 FIX Comfort Systems USA Inc. Reduce -53.5% 0.02% −0.01 BALL Ball Corp. Reduce -15.4% 0.02% −0.01 GPK Graphic Packaging Holding Co. Reduce -16.6% 0.01% −0.01 SGU Star Group LP Reduce -4.2% 0.04% −0.01 CMI Cummins Inc. Reduce -32.7% 0.02% −0.00 PCAR Paccar Inc. Reduce -17.3% 0.02% −0.00 URI United Rentals Inc. Reduce -30.9% 0.02% −0.00 TDY Teledyne Technologies Inc. Reduce -23.2% 0.02% −0.00 PKG Packaging Corp. of America Reduce -21.9% 0.02% −0.00 EXPD Expeditors Intl Wash Inc. Reduce -13.6% 0.02% −0.00 SU Suncor Energy Inc. Reduce -2.2% 2.57% +0.03 NVDA Nvidia Corp. Reduce -2.9% 3.66% +0.21 GOOGL Alphabet Inc. Class A Reduce -2.3% 4.96% +0.98
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ GPGI Gpgi Inc. Add +14.5% 5.31% +1.92 CSX CSX Corp. New 1.83% +1.83 REZI Resideo Technologies Inc. New 1.39% +1.39 SHW The Sherwin-Williams Co. New 1.30% +1.30 AMRZ Amrize Ltd. New 1.01% +1.01 AAPL Apple Inc. Add +16.7% 3.92% +1.00 NOW ServiceNow Inc. Add +100.5% 2.23% +0.89 RHLD Resolute Holdings Manag Add +0.1% 1.15% +0.60 PCG P G & E Corp. Add +16.4% 3.73% +0.53 ESI Element Solutions Inc. Add +9.6% 3.25% +0.37 SPGI S&P Global Inc. Add +28.6% 3.80% +0.34 BRK.B Berkshire Hathaway Inc. Class B Add +20.9% 1.11% +0.15 LIN Linde PLC Add +7.9% 6.66% +0.07 SEE Sealed Air Corp. New 0.02% +0.02 GE General Electric New 0.02% +0.02 GEHC GE Healthcare Technology Add +7.1% 4.27% +0.02 CCK Crown Holdings Inc. New 0.02% +0.02 EMN Eastman Chemical Co. New 0.02% +0.02 WTS Watts Water Technologies-A New 0.02% +0.02 STE Steris PLC Add +5.6% 2.97% +0.02 TT Trane Technologies PLC New 0.02% +0.02 BLD Topbuild Corp. New 0.02% +0.02 IFF Intl Flavors & Fragrances New 0.02% +0.02 AXTA Axalta Coating Systems Ltd. Add +7.1% 2.71% −0.13 AMZN Amazon.com Inc. Add +4.9% 6.34% −0.18 V Visa Inc. Class A Add +2.8% 2.30% −0.21
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ ELV Elevance Health Inc. call Sold out 78,300 $30.5Mbefore exit PCG P G & E Corp. call Reduce -46.3% 888,000 $13.4M NKE Nike Inc. Class B put Sold out 52,500 $3.7Mbefore 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