Park West Asset Management LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Park West Asset Management LLC reported 41 stock positions worth $1.3 billion . Its top holding was Kirby (KEX) at 6.5% of the portfolio, followed by Zillow Class C (Z, 4.3% ) and Fiserv (FISV, 4.2% ). Compared with Q1 2025, it opened 8 new positions, sold out of 12, added to 9 and reduced 23. The biggest buy was a new position in Fiserv (FISV) and the biggest sale JSC Kaspi.kz ADR (KSPI, shares −44% ).
Location SAN FRANCISCO, CA
CIK 0001386928
Portfolio Value $1.3B (Q2 2025) Holdings 41 stocks · $1.3B 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 Q1 2025 KEX Kirby Corp. 750,000 $85.1M Reduce -3.4% Z Zillow Group Inc. Class C 800,000 $56.0M Reduce -15.6% FISV Fiserv Inc. 320,000 $55.2M New AMZN Amazon.com Inc. 250,970 $55.1M Add +5.6% TIGO Millicom Intl Cellular S.A. 1,377,477 $51.6M Reduce -8.8% OPCH Option Care Health Inc. 1,492,304 $48.5M Add +41.2% CRH CRH PLC 514,654 $47.2M Add +8.0% ALV Autoliv Inc. 411,000 $46.0M Reduce -24.1% MLNK Meridianlink Inc. 2,763,858 $44.9M Add +6.3% WDC Western Digital Corp. 700,000 $44.8M Reduce -17.6% FLUT Flutter Entertainment PLC-Di 150,000 $42.9M New LAD Lithia Motors Inc. 126,158 $42.6M Reduce -37.0% RMBS Rambus Inc. 660,000 $42.3M Add +12.0% META Meta Platforms Inc. Class A 50,000 $36.9M Reduce -41.9% CPNG Coupang Inc. 1,216,000 $36.4M New CPAY Corpay Inc. 106,430 $35.3M Reduce -6.0% MATX Matson Inc. 300,000 $33.4M Add +233.3% PHR Phreesia Inc. 1,121,497 $31.9M Add +25.4% OMF Onemain Holdings Inc. 555,009 $31.6M Reduce -24.8% CNK Cinemark Holdings Inc. 1,043,590 $31.5M Reduce -5.5% GOOGL Alphabet Inc. Class A 170,000 $30.0M New SFD Smithfield Foods Inc. 1,229,400 $28.9M Reduce -29.6% FIS Fidelity National Info Serv 340,530 $27.7M Reduce -2.4% GTM Zoominfo Technologies Inc. 2,559,900 $25.9M Reduce -3.8% FLEX Flex Ltd. 500,000 $25.0M Add +14.3% TOST Toast Inc. Class A 562,075 $24.9M Reduce -14.4% KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 290,028 $24.6M Reduce -44.3% AZTA Azenta Inc. 783,743 $24.1M Add +136.3% PRCH Porch Group Inc. 1,928,061 $22.7M New LAUR Laureate Education Inc. 902,427 $21.1M Reduce -24.1% TBPH Theravance Biopharma Inc. 1,799,081 $19.8M Reduce -0.3% BTSG Brightspring Health Services 838,056 $19.8M New UNH Unitedhealth Group Inc. 59,915 $18.7M Reduce -14.9% GPI Group 1 Automotive Inc. 40,000 $17.5M Reduce -60.2% ENVA Enova International Inc. 149,811 $16.7M Reduce -1.1% BV Brightview Holdings Inc. 1,000,000 $16.6M New UTI Universal Technical Institut 472,915 $16.0M Reduce -38.0% DHC Diversified Healthcare Trust 3,576,386 $12.8M No change CCOI Cogent Communications Holdin 221,300 $10.7M New LNWO Light & Wonder Inc. 80,000 $7.7M Reduce -27.9% LAZYDAYS HLDGS INC 3,185,729 $776K Reduce -59.4%
Options reported separately and not counted above: CNK calls ($9.1M), PRCH calls ($1.8M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $195K (not counted above) Security Class Shares / Principal Value Change SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 600,105 $195K No change
Total filed on the 13F, all lines: $1.3B.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ KSPI JSC Kaspi.kz ADR Reduce -44.3% 1.88% −2.07 GPI Group 1 Automotive Inc. Reduce -60.2% 1.33% −1.80 TNDM Tandem Diabetes Care Inc. Sold out 0.00% −1.76 UNH Unitedhealth Group Inc. Reduce -14.9% 1.43% −1.59 ACVA Acv Auctions Inc. Class A Sold out 0.00% −1.57 LAD Lithia Motors Inc. Reduce -37.0% 3.25% −1.55 DAL Delta Air Lines Inc. Sold out 0.00% −1.54 OSCR Oscar Health Inc. Class A Sold out 0.00% −1.35 NVAX Novavax Inc. Sold out 0.00% −1.32 META Meta Platforms Inc. Class A Reduce -41.9% 2.81% −1.23 Z Zillow Group Inc. Class C Reduce -15.6% 4.27% −1.03 SLM SLM Corp. Sold out 0.00% −0.93 CSTL Castle Biosciences Inc. Sold out 0.00% −0.91 RUN Sunrun Inc. Sold out 0.00% −0.84 VEEV Veeva Systems Inc. Class A Sold out 0.00% −0.79 SFD Smithfield Foods Inc. Reduce -29.6% 2.21% −0.70 FLGT Fulgent Genetics Inc. Sold out 0.00% −0.62 OMF Onemain Holdings Inc. Reduce -24.8% 2.41% −0.53 CPAY Corpay Inc. Reduce -6.0% 2.69% −0.53 CENX Century Aluminum Company Sold out 0.00% −0.47 ALV Autoliv Inc. Reduce -24.1% 3.51% −0.40 UTI Universal Technical Institut Reduce -38.0% 1.22% −0.38 LAUR Laureate Education Inc. Reduce -24.1% 1.61% −0.38 LNWO Light & Wonder Inc. Reduce -27.9% 0.59% −0.20 GTM Zoominfo Technologies Inc. Reduce -3.8% 1.98% −0.20 LAZYDAYS HLDGS INC Reduce -59.4% 0.06% −0.15 LNSR Lensar Inc. Sold out 0.00% −0.10 FIS Fidelity National Info Serv Reduce -2.4% 2.11% −0.01 ENVA Enova International Inc. Reduce -1.1% 1.27% +0.08 KEX Kirby Corp. Reduce -3.4% 6.49% +0.08 TOST Toast Inc. Class A Reduce -14.4% 1.90% +0.12 CNK Cinemark Holdings Inc. Reduce -5.5% 2.40% +0.16 TBPH Theravance Biopharma Inc. Reduce -0.3% 1.51% +0.20 TIGO Millicom Intl Cellular S.A. Reduce -8.8% 3.94% +0.20 WDC Western Digital Corp. Reduce -17.6% 3.42% +0.61
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ FISV Fiserv Inc. New 4.21% +4.21 FLUT Flutter Entertainment PLC-Di New 3.27% +3.27 CPNG Coupang Inc. New 2.78% +2.78 GOOGL Alphabet Inc. Class A New 2.28% +2.28 PRCH Porch Group Inc. New 1.73% +1.73 MATX Matson Inc. Add +233.3% 2.55% +1.61 BTSG Brightspring Health Services New 1.51% +1.51 BV Brightview Holdings Inc. New 1.27% +1.27 AZTA Azenta Inc. Add +136.3% 1.84% +0.90 CCOI Cogent Communications Holdin New 0.81% +0.81 RMBS Rambus Inc. Add +12.0% 3.22% +0.73 FLEX Flex Ltd. Add +14.3% 1.90% +0.72 OPCH Option Care Health Inc. Add +41.2% 3.70% +0.68 PHR Phreesia Inc. Add +25.4% 2.43% +0.57 AMZN Amazon.com Inc. Add +5.6% 4.20% +0.51 CRH CRH PLC Add +8.0% 3.60% +0.18 MLNK Meridianlink Inc. Add +6.3% 3.42% −0.51
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ CNK Cinemark Holdings Inc. call New 300,000 $9.1M CZR Caesars Entertainment Inc. call Sold out 300,000 $7.5Mbefore exit SLM SLM Corp. call Sold out 200,000 $5.9Mbefore exit PRCH Porch Group Inc. call New 150,000 $1.8M
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 44 $1.5B FLEX, AMZN, HQY, GOOGL, GLAS Q1 2026 46 $1.1B GOOGL, AMZN, FLEX, MKSI, HQY Q4 2025 46 $1.2B GOOGL, Z, AMZN, FLEX, PRCH Q3 2025 42 $1.1B GOOGL, FLUT, AMZN, FLEX, Z Q2 2025 41 $1.3B KEX, Z, FISV, AMZN, TIGO Q1 2025 45 $1.2B KEX, Z, LAD, META, KSPI Q4 2024 41 $1.2B META, Z, ALV, TNDM, WDC Q3 2024 40 $1.4B GEN, GPI, OPCH, Z, FIS Q2 2024 37 $1.3B FSLR, OPCH, GEN, FIS, KEX Q1 2024 39 $1.3B GEN, FSLR, OPCH, META, GPI