Locust Wood Capital Advisers, LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Locust Wood Capital Advisers, LLC reported 32 stock positions worth $4.0 billion . Its top holding was Linde (LIN) at 7.0% of the portfolio, followed by Microsoft (MSFT, 6.8% ) and Amazon.com (AMZN, 6.7% ). Compared with Q3 2025, it opened 1 new position, sold out of 19, added to 16 and reduced 14. The biggest buy was a new position in Meta Platforms Class A (META) and the biggest sale Nike Class B (NKE, shares −31% ).
Location NEW YORK, NY
CIK 0001349434
Portfolio Value $4.0B (Q4 2025) Holdings 32 stocks · $4.0B 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 2025 LIN Linde PLC 659,574 $281.2M Add +28.3% MSFT Microsoft Corp. 560,690 $271.2M Add +37.2% AMZN Amazon.com Inc. 1,161,686 $268.1M Add +9.9% TSM Taiwan Semiconductor-SP ADR 741,845 $225.4M Reduce -11.1% GOOGL Alphabet Inc. Class A 581,015 $181.9M Reduce -22.3% GEHC GE Healthcare Technology 2,127,495 $174.5M Add +2.1% NVDA Nvidia Corp. 920,707 $171.7M Add +28.3% GPGI Gpgi Inc. filed as COMPOSECURE INC 8,864,129 $170.9M Reduce -5.1% SPGI S&P Global Inc. 311,932 $163.0M Add +9.0% AAPL Apple Inc. 538,995 $146.5M Reduce -4.5% VRT Vertiv Holdings Co. Class A 845,915 $137.0M Reduce -24.5% PCG P G & E Corp. 8,507,612 $136.7M Reduce -6.1% V Visa Inc. Class A 367,413 $128.9M Add +49.0% CSX CSX Corp. 3,530,430 $128.0M Add +87.3% ESI Element Solutions Inc. 4,837,611 $120.9M Add +2.4% ABT Abbott Laboratories 956,764 $119.9M Add +1.5% STE Steris PLC 446,401 $113.2M Add +1.5% RHLD Resolute Holdings Manag 543,969 $112.3M Reduce -6.6% WM Waste Management Inc. 448,341 $98.5M Reduce -4.8% REZI Resideo Technologies Inc. 2,649,691 $93.1M Add +124.6% CRM Salesforce Inc. 338,038 $89.5M Add +38.9% SHW The Sherwin-Williams Co. 269,595 $87.4M Add +95.9% NKE Nike Inc. Class B 1,282,705 $81.7M Reduce -31.1% SU Suncor Energy Inc. 1,784,089 $79.1M Reduce -20.7% NOW ServiceNow Inc. 448,310 $68.7M Add +1.2% CP Canadian Pacific Kansas City 888,326 $65.4M Add +0.6% META Meta Platforms Inc. Class A 97,395 $64.3M New AXTA Axalta Coating Systems Ltd. 1,983,338 $64.1M Reduce -42.9% ELV Elevance Health Inc. 142,053 $49.8M Reduce -0.8% APO Apollo Global Management Inc. 336,837 $48.8M Reduce -16.0% BRK.B Berkshire Hathaway Inc. Class B 68,660 $34.5M Reduce -14.9% BRK.A Berkshire Hathaway Inc. Class A 24 $18.1M No change
Options reported separately and not counted above: SPY puts ($70.6M), LIN calls ($29.4M), MSFT calls ($15.5M), PCG calls ($14.3M), ABT calls ($14.2M), CZR calls ($430K).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ NKE Nike Inc. Class B Reduce -31.1% 2.05% −1.50 VRT Vertiv Holdings Co. Class A Reduce -24.5% 3.43% −1.18 AXTA Axalta Coating Systems Ltd. Reduce -42.9% 1.60% −1.11 GPGI Gpgi Inc. Reduce -5.1% 4.28% −1.03 AMRZ Amrize Ltd. Sold out 0.00% −1.01 TSM Taiwan Semiconductor-SP ADR Reduce -11.1% 5.64% −0.72 SU Suncor Energy Inc. Reduce -20.7% 1.98% −0.59 GOOGL Alphabet Inc. Class A Reduce -22.3% 4.55% −0.41 WM Waste Management Inc. Reduce -4.8% 2.47% −0.37 PCG P G & E Corp. Reduce -6.1% 3.42% −0.31 AAPL Apple Inc. Reduce -4.5% 3.67% −0.26 BRK.B Berkshire Hathaway Inc. Class B Reduce -14.9% 0.86% −0.24 APO Apollo Global Management Inc. Reduce -16.0% 1.22% −0.24 SGU Star Group LP Sold out 0.00% −0.04 FIX Comfort Systems USA Inc. Sold out 0.00% −0.02 SEE Sealed Air Corp. Sold out 0.00% −0.02 GE General Electric Sold out 0.00% −0.02 EXPD Expeditors Intl Wash Inc. Sold out 0.00% −0.02 URI United Rentals Inc. Sold out 0.00% −0.02 CMI Cummins Inc. Sold out 0.00% −0.02 CCK Crown Holdings Inc. Sold out 0.00% −0.02 PKG Packaging Corp. of America Sold out 0.00% −0.02 TDY Teledyne Technologies Inc. Sold out 0.00% −0.02 EMN Eastman Chemical Co. Sold out 0.00% −0.02 WTS Watts Water Technologies-A Sold out 0.00% −0.02 PCAR Paccar Inc. Sold out 0.00% −0.02 TT Trane Technologies PLC Sold out 0.00% −0.02 BLD Topbuild Corp. Sold out 0.00% −0.02 BALL Ball Corp. Sold out 0.00% −0.02 IFF Intl Flavors & Fragrances Sold out 0.00% −0.02 ELV Elevance Health Inc. Reduce -0.8% 1.25% −0.02 GPK Graphic Packaging Holding Co. Sold out 0.00% −0.01 RHLD Resolute Holdings Manag Reduce -6.6% 2.81% +1.66
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ META Meta Platforms Inc. Class A New 1.61% +1.61 CSX CSX Corp. Add +87.3% 3.20% +1.38 MSFT Microsoft Corp. Add +37.2% 6.79% +1.01 REZI Resideo Technologies Inc. Add +124.6% 2.33% +0.94 V Visa Inc. Class A Add +49.0% 3.23% +0.93 SHW The Sherwin-Williams Co. Add +95.9% 2.19% +0.89 CRM Salesforce Inc. Add +38.9% 2.24% +0.67 NVDA Nvidia Corp. Add +28.3% 4.30% +0.64 LIN Linde PLC Add +28.3% 7.04% +0.38 AMZN Amazon.com Inc. Add +9.9% 6.71% +0.38 SPGI S&P Global Inc. Add +9.0% 4.08% +0.28 GEHC GE Healthcare Technology Add +2.1% 4.37% +0.09 STE Steris PLC Add +1.5% 2.83% −0.14 CP Canadian Pacific Kansas City Add +0.6% 1.64% −0.16 ESI Element Solutions Inc. Add +2.4% 3.03% −0.22 ABT Abbott Laboratories Add +1.5% 3.00% −0.44 NOW ServiceNow Inc. Add +1.2% 1.72% −0.51
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -78.1% 103,500 $70.6M LIN Linde PLC call New 69,000 $29.4M MSFT Microsoft Corp. call New 32,000 $15.5M
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