Nitorum Capital, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Nitorum Capital, L.P. reported 25 stock positions worth $452.4 million. Its top holding was Churchill Downs (CHDN) at 10.4% of the portfolio, followed by Martin Marietta Materials (MLM, 10.1%) and Mannkind (MNKD, 6.7%). Compared with Q3 2025, it opened 1 new position, sold out of 3, added to 2 and reduced 22. The biggest buy was a new position in Azz (AZZ) and the biggest sale an exit from Fiserv (FISV).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001630243
- Portfolio Value
- $452.4M (Q4 2025)
- SEC Filing
- 0001630243-26-000004 ↗ filed Feb 17, 2026
Holdings Value
Holdings 25 stocks · $452.4M
| CHDN Churchill Downs Inc. | 10.41% | 414,062 | $47.1M | Reduce -11.5% |
| MLM Martin Marietta Materials | 10.07% | 73,185 | $45.6M | Reduce -8.0% |
| MNKD Mannkind Corp. | 6.68% | 5,325,823 | $30.2M | Reduce -18.8% |
| RBA RB Global Inc. | 6.28% | 276,120 | $28.4M | Reduce -5.7% |
| DELL Dell Technologies -C | 6.04% | 217,003 | $27.3M | Reduce -7.8% |
| BYD Boyd Gaming Corp. | 4.92% | 261,270 | $22.3M | Reduce -5.7% |
| ICUI Icu Medical Inc. | 4.85% | 153,657 | $21.9M | Reduce -16.1% |
| VMI Valmont Industries | 4.80% | 53,937 | $21.7M | Add +9.0% |
| LAUR Laureate Education Inc. | 4.77% | 640,918 | $21.6M | Reduce -8.0% |
| PSMT Pricesmart Inc. | 4.37% | 160,976 | $19.7M | Reduce -8.0% |
| UTHR United Therapeutics Corp. | 3.99% | 37,022 | $18.0M | Reduce -14.8% |
| OSW Onespaworld Holdings Ltd. | 3.67% | 801,393 | $16.6M | Reduce -5.7% |
| GNRC Generac Holdings Inc. | 3.53% | 117,201 | $16.0M | Add +0.6% |
| FCN Fti Consulting Inc. | 3.09% | 81,860 | $14.0M | Reduce -13.0% |
| QGEN Qiagen N.V. | 2.43% | 244,824 | $11.0M | Reduce -5.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.38% | 21,423 | $10.8M | Reduce -5.7% |
| AZZ Azz Inc. | 2.10% | 88,586 | $9.5M | New |
| MA Mastercard Inc. Class A | 2.08% | 16,465 | $9.4M | Reduce -5.7% |
| WBS Webster Financial Corp. | 2.05% | 147,156 | $9.3M | Reduce -38.8% |
| GNTX Gentex Corp. | 2.03% | 394,887 | $9.2M | Reduce -15.0% |
| EVR Evercore Inc. Class A | 2.00% | 26,602 | $9.1M | Reduce -5.6% |
| CNNE Cannae Holdings Inc. | 1.98% | 568,685 | $8.9M | Reduce -57.9% |
| FIS Fidelity National Info Serv | 1.90% | 129,450 | $8.6M | Reduce -52.9% |
| EBAY eBay Inc. | 1.80% | 93,681 | $8.2M | Reduce -5.5% |
| CPRT Copart Inc. | 1.78% | 205,125 | $8.0M | Reduce -13.6% |
Portfolio Sells Q3 2025 → Q4 2025
| FISV Fiserv Inc. | Sold out | 0.00% | −4.44 |
| FUN Six Flags Entertainment Corp. | Sold out | 0.00% | −3.28 |
| PRMB Primo Brands Corp. | Sold out | 0.00% | −3.13 |
| CNNE Cannae Holdings Inc. | Reduce -57.9% | 1.98% | −2.37 |
| FIS Fidelity National Info Serv | Reduce -52.9% | 1.90% | −1.28 |
| WBS Webster Financial Corp. | Reduce -38.8% | 2.05% | −0.46 |
| GNTX Gentex Corp. | Reduce -15.0% | 2.03% | −0.28 |
| CPRT Copart Inc. | Reduce -13.6% | 1.78% | −0.10 |
| DELL Dell Technologies -C | Reduce -7.8% | 6.04% | +0.17 |
| EBAY eBay Inc. | Reduce -5.5% | 1.80% | +0.22 |
| EVR Evercore Inc. Class A | Reduce -5.6% | 2.00% | +0.33 |
| MA Mastercard Inc. Class A | Reduce -5.7% | 2.08% | +0.33 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.7% | 2.38% | +0.37 |
| QGEN Qiagen N.V. | Reduce -5.7% | 2.43% | +0.40 |
| FCN Fti Consulting Inc. | Reduce -13.0% | 3.09% | +0.42 |
| MNKD Mannkind Corp. | Reduce -18.8% | 6.68% | +0.49 |
| OSW Onespaworld Holdings Ltd. | Reduce -5.7% | 3.67% | +0.52 |
| PSMT Pricesmart Inc. | Reduce -8.0% | 4.37% | +0.64 |
| RBA RB Global Inc. | Reduce -5.7% | 6.28% | +0.70 |
| BYD Boyd Gaming Corp. | Reduce -5.7% | 4.92% | +0.72 |
| UTHR United Therapeutics Corp. | Reduce -14.8% | 3.99% | +0.79 |
| LAUR Laureate Education Inc. | Reduce -8.0% | 4.77% | +0.91 |
| ICUI Icu Medical Inc. | Reduce -16.1% | 4.85% | +0.99 |
| MLM Martin Marietta Materials | Reduce -8.0% | 10.07% | +1.27 |
| CHDN Churchill Downs Inc. | Reduce -11.5% | 10.41% | +2.44 |
Portfolio Buys Q3 2025 → Q4 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 23 | $146.8M | MDY, DELL, MLM, RBA, RSP |
| Q1 2026 | 20 | $113.9M | MDY, MLM, DELL, RBA, CHDN |
| Q4 2025 | 25 | $452.4M | CHDN, MLM, MNKD, RBA, DELL |
| Q3 2025 | 27 | $569.3M | MLM, CHDN, MNKD, DELL, RBA |
| Q2 2025 | 28 | $674.3M | MLM, CHDN, CNNE, PRMB, FISV |
| Q1 2025 | 28 | $711.7M | PRMB, CHDN, MLM, MNKD, FISV |
| Q4 2024 | 26 | $869.6M | PRMB, CHDN, MLM, MNKD, FUN |
| Q3 2024 | 28 | $993.5M | CHDN, PRMW, MLM, MNKD, FISV |
| Q2 2024 | 27 | $917.3M | CHDN, MLM, PRMW, MNKD, FISV |
| Q1 2024 | 28 | $982.2M | CHDN, MLM, FIS, CNNE, PRMW |