Madison Avenue Partners, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Madison Avenue Partners, LP reported 23 stock positions worth $2.3 billion. Its top holding was Sandisk (SNDK) at 14.6% of the portfolio, followed by Graham Class B (GHC, 11.6%) and Globus Medical Class A (GMED, 9.8%). Compared with Q3 2025, it opened 9 new positions, sold out of 6, added to 3 and reduced 6. The biggest buy was a new position in Indivior Pharmaceuticals (INDV) and the biggest sale an exit from Indivior (INDV).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001801265
- Portfolio Value
- $2.3B (Q4 2025)
- SEC Filing
- 0001801265-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 23 stocks · $2.3B
| SNDK Sandisk Corp. | 14.63% | 1,434,172 | $340.4M | Reduce -30.5% |
| GHC Graham Holdings Co. Class B | 11.60% | 245,829 | $270.1M | No change |
| GMED Globus Medical Inc. Class A | 9.85% | 2,624,751 | $229.2M | Add +3.0% |
| INDV Indivior Pharmaceuticals Inc. | 9.68% | 6,280,502 | $225.3M | New |
| MKL Markel Group Inc. | 8.12% | 87,889 | $188.9M | Add +4.3% |
| TBPH Theravance Biopharma Inc. | 7.65% | 9,511,150 | $178.0M | No change |
| SOLV Solventum Corp. | 6.77% | 1,988,058 | $157.5M | Reduce -0.0% |
| SOLS Solstice Adv Materials Inc. | 5.81% | 2,782,460 | $135.2M | New |
| MOH Molina Healthcare Inc. | 4.73% | 633,877 | $110.0M | New |
| MICC The Magnum Ice Cream Co. NV | 4.38% | 6,429,296 | $101.9M | New |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 3.11% | 2,213,169 | $72.4M | Add +0.8% |
| BTI British American Tob-SP ADR | 2.98% | 1,223,767 | $69.3M | No change |
| UNF Unifirst Corp. | 2.52% | 303,844 | $58.6M | New |
| STGW Stagwell Inc. | 1.68% | 8,014,322 | $39.2M | No change |
| WLY Wiley (john) & Sons Class A | 1.51% | 1,147,258 | $35.1M | Reduce -2.0% |
| MAGN Magnera Corp. | 1.16% | 1,780,649 | $27.0M | Reduce -37.1% |
| TPB Turning Point Brands Inc. | 1.15% | 247,723 | $26.9M | New |
| CBC Central Bancompany | 1.03% | 993,879 | $24.0M | New |
| KROS Keros Therapeutics Inc. | 0.72% | 823,707 | $16.8M | Reduce -69.6% |
| SBGI Sinclair Inc. | 0.60% | 909,653 | $13.9M | New |
| WK Workiva Inc. | 0.22% | 59,946 | $5.2M | New |
| FSP Franklin Street Properties C | 0.09% | 2,253,389 | $2.1M | Reduce -12.7% |
| SN Sharkninja Inc. | 0.03% | 6,152 | $688K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| INDV Indivior Ltd. | Sold out | 0.00% | −9.30 |
| NWSA News Corp. Class A | Sold out | 0.00% | −2.66 |
| SOLV Solventum Corp. | Reduce -0.0% | 6.77% | −1.89 |
| KROS Keros Therapeutics Inc. | Reduce -69.6% | 0.72% | −1.84 |
| AIV Apartment Invt & Mgmt Co. Class A | Sold out | 0.00% | −1.71 |
| WLY Wiley (john) & Sons Class A | Reduce -2.0% | 1.51% | −1.32 |
| CTRI Centuri Holdings Inc. | Sold out | 0.00% | −0.88 |
| MAGN Magnera Corp. | Reduce -37.1% | 1.16% | −0.82 |
| NNI Nelnet Inc. Class A | Sold out | 0.00% | −0.24 |
| FSP Franklin Street Properties C | Reduce -12.7% | 0.09% | −0.15 |
| ALMS Alumis Inc. | Sold out | 0.00% | −0.10 |
| SNDK Sandisk Corp. | Reduce -30.5% | 14.63% | +0.82 |
Portfolio Buys Q3 2025 → Q4 2025
| INDV Indivior Pharmaceuticals Inc. | New | 9.68% | +9.68 |
| SOLS Solstice Adv Materials Inc. | New | 5.81% | +5.81 |
| MOH Molina Healthcare Inc. | New | 4.73% | +4.73 |
| MICC The Magnum Ice Cream Co. NV | New | 4.38% | +4.38 |
| UNF Unifirst Corp. | New | 2.52% | +2.52 |
| TPB Turning Point Brands Inc. | New | 1.15% | +1.15 |
| GMED Globus Medical Inc. Class A | Add +3.0% | 9.85% | +1.14 |
| CBC Central Bancompany | New | 1.03% | +1.03 |
| SBGI Sinclair Inc. | New | 0.60% | +0.60 |
| WK Workiva Inc. | New | 0.22% | +0.22 |
| LKFT Lakefront Biotherapeutic-ADR | Add +0.8% | 3.11% | −1.43 |
| MKL Markel Group Inc. | Add +4.3% | 8.12% | −1.50 |
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 |