Madison Avenue Partners, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Madison Avenue Partners, LP reported 20 stock positions worth $1.7 billion. Its top holding was Graham Class B (GHC) at 17.3% of the portfolio, followed by Sandisk (SNDK, 13.8%) and Markel (MKL, 9.6%). Compared with Q2 2025, it opened 3 new positions, sold out of 9, added to 5 and reduced 7. The biggest buy was a new position in British American Tob-SP ADR (BTI) and the biggest sale an exit from Sage Therapeutics (SAGE).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001801265
- Portfolio Value
- $1.7B (Q3 2025)
- SEC Filing
- 0001801265-25-000008 ↗ filed Nov 14, 2025
Holdings Value
Holdings 20 stocks · $1.7B
| GHC Graham Holdings Co. Class B | 17.27% | 245,829 | $289.4M | Add +0.2% |
| SNDK Sandisk Corp. | 13.81% | 2,062,521 | $231.4M | Reduce -42.2% |
| MKL Markel Group Inc. | 9.62% | 84,310 | $161.1M | No change |
| INDV Indivior Ltd. | 9.30% | 6,463,585 | $155.8M | Reduce -18.4% |
| GMED Globus Medical Inc. Class A | 8.71% | 2,548,163 | $145.9M | Add +48.8% |
| SOLV Solventum Corp. | 8.66% | 1,988,376 | $145.2M | Reduce -11.4% |
| TBPH Theravance Biopharma Inc. | 8.29% | 9,511,150 | $138.9M | No change |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 4.54% | 2,195,775 | $76.1M | Add +17.0% |
| BTI British American Tob-SP ADR | 3.88% | 1,223,767 | $65.0M | New |
| WLY Wiley (john) & Sons Class A | 2.83% | 1,170,624 | $47.4M | Reduce -43.0% |
| STGW Stagwell Inc. | 2.69% | 8,014,322 | $45.1M | No change |
| NWSA News Corp. Class A | 2.66% | 1,453,322 | $44.6M | New |
| KROS Keros Therapeutics Inc. | 2.56% | 2,708,218 | $42.8M | Add +0.6% |
| MAGN Magnera Corp. | 1.98% | 2,832,281 | $33.2M | Reduce -15.3% |
| AIV Apartment Invt & Mgmt Co. Class A | 1.71% | 3,617,314 | $28.7M | Add +145.4% |
| CTRI Centuri Holdings Inc. | 0.88% | 693,136 | $14.7M | New |
| FSP Franklin Street Properties C | 0.25% | 2,580,357 | $4.1M | No change |
| NNI Nelnet Inc. Class A | 0.24% | 31,535 | $4.0M | Reduce -78.1% |
| ALMS Alumis Inc. | 0.10% | 417,777 | $1.7M | Reduce -77.3% |
| SN Sharkninja Inc. | 0.04% | 6,152 | $635K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| SAGE Sage Therapeutics Inc. | Sold out | 0.00% | −3.70 |
| WLY Wiley (john) & Sons Class A | Reduce -43.0% | 2.83% | −3.29 |
| SOLV Solventum Corp. | Reduce -11.4% | 8.66% | −2.70 |
| INVX Innovex International Inc. | Sold out | 0.00% | −1.84 |
| MRP Millrose Properties | Sold out | 0.00% | −1.57 |
| CRGX Cargo Therapeutics Inc. | Sold out | 0.00% | −1.15 |
| CNNE Cannae Holdings Inc. | Sold out | 0.00% | −0.94 |
| NNI Nelnet Inc. Class A | Reduce -78.1% | 0.24% | −0.93 |
| MAGN Magnera Corp. | Reduce -15.3% | 1.98% | −0.72 |
| ALMS Alumis Inc. | Reduce -77.3% | 0.10% | −0.27 |
| ARVN Arvinas Inc. | Sold out | 0.00% | −0.25 |
| PLRX Pliant Therapeutics Inc. | Sold out | 0.00% | −0.17 |
| CMCO Columbus McKinnon Corp. | Sold out | 0.00% | −0.05 |
| OVID Ovid Therapeutics Inc. | Sold out | 0.00% | −0.03 |
| INDV Indivior Ltd. | Reduce -18.4% | 9.30% | +1.50 |
| SNDK Sandisk Corp. | Reduce -42.2% | 13.81% | +3.00 |
Portfolio Buys Q2 2025 → Q3 2025
| BTI British American Tob-SP ADR | New | 3.88% | +3.88 |
| NWSA News Corp. Class A | New | 2.66% | +2.66 |
| GMED Globus Medical Inc. Class A | Add +48.8% | 8.71% | +1.96 |
| GHC Graham Holdings Co. Class B | Add +0.2% | 17.27% | +1.78 |
| LKFT Lakefront Biotherapeutic-ADR | Add +17.0% | 4.54% | +1.03 |
| CTRI Centuri Holdings Inc. | New | 0.88% | +0.88 |
| AIV Apartment Invt & Mgmt Co. Class A | Add +145.4% | 1.71% | +0.86 |
| KROS Keros Therapeutics Inc. | Add +0.6% | 2.56% | +0.16 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 25 | $2.3B | GHC, INVH, MKL, CPNG, MICC |
| Q1 2026 | 27 | $2.3B | SNDK, GHC, CPNG, MICC, MKL |
| Q4 2025 | 23 | $2.3B | SNDK, GHC, GMED, INDV, MKL |
| Q3 2025 | 20 | $1.7B | GHC, SNDK, MKL, INDV, GMED |
| Q2 2025 | 26 | $1.5B | GHC, SOLV, MKL, SNDK, INDV |
| Q1 2025 | 22 | $1.2B | GHC, SOLV, MKL, WLY, TBPH |
| Q4 2024 | 15 | $944.4M | GHC, SOLV, WLY, TBPH, ACHC |
| Q3 2024 | 25 | $1.1B | SOLV, GHC, LBRDK, WLY, GMED |
| Q2 2024 | 20 | $791.6M | GHC, SOLV, GMED, TBPH, WLY |
| Q1 2024 | 18 | $619.9M | GHC, SN, TBPH, WLY, HES |