Partners Group Holding AG
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 6, 2026), Partners Group Holding AG reported 49 stock positions worth $1.5 billion. Its top holding was Kindercare Learning Cos (KLC) at 23.8% of the portfolio, followed by Clarivate (5.8%) and Apollo Global Management (APO, 5.6%). Compared with Q3 2025, it opened 17 new positions, sold out of 6, added to 11 and reduced 15. The biggest buy was Ares Management Class A (ARES, shares +21%) and the biggest sale Nu Holdings Ltd./Cayman Isl-A (NU, shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- BAAR-ZUG, V8
- CIK
- 0001534259
- Portfolio Value
- $1.5B (Q4 2025)
- SEC Filing
- 0001213900-26-013077 ↗ filed Feb 6, 2026
Holdings Value
Holdings 49 stocks · $1.5B
| KLC Kindercare Learning Cos Inc. | 23.75% | 81,418,736 | $351.7M | No change |
| CLARIVATE PLC | 5.77% | 25,583,059 | $85.4M | No change |
| APO Apollo Global Management Inc. | 5.60% | 572,540 | $82.9M | Reduce -13.2% |
| ARES Ares Management Corp. Class A | 4.77% | 436,910 | $70.6M | Add +20.8% |
| BN Brookfield Corp. | 4.09% | 1,320,346 | $60.6M | Reduce -9.1% |
| AMT American Tower Corp. | 3.71% | 313,125 | $55.0M | Reduce -0.0% |
| KKR KKR & Co. Inc. | 3.51% | 408,003 | $52.0M | Reduce -5.1% |
| BX Blackstone Inc. | 3.48% | 334,073 | $51.5M | Add +6.2% |
| RSG Republic Services Inc. | 3.02% | 210,806 | $44.7M | Add +8.3% |
| OWL Blue Owl Capital Inc. | 2.77% | 2,745,267 | $41.0M | Add +41.5% |
| WMB Williams Cos Inc. | 2.76% | 680,676 | $40.9M | Add +4.0% |
| ATO Atmos Energy Corp. | 2.74% | 241,751 | $40.5M | Reduce -11.0% |
| AWK American Water Works Co. Inc. | 2.71% | 307,389 | $40.1M | Reduce -14.8% |
| UNP Union Pacific Corp. | 2.62% | 167,786 | $38.8M | Reduce -10.1% |
| WM Waste Management Inc. | 2.60% | 175,468 | $38.6M | Add +16.5% |
| SRE Sempra | 2.45% | 411,055 | $36.3M | Add +9.3% |
| CMS CMS Energy Corp. | 2.35% | 498,234 | $34.8M | Reduce -6.8% |
| FER Ferrovial NV | 2.33% | 531,719 | $34.4M | Add +6.7% |
| EQIX Equinix Inc. | 2.28% | 44,127 | $33.8M | Reduce -2.1% |
| CSX CSX Corp. | 2.20% | 899,172 | $32.6M | Reduce -5.9% |
| ODFL Old Dominion Freight Line | 2.06% | 194,631 | $30.5M | Add +37.0% |
| TPG TPG Inc. | 1.82% | 423,161 | $27.0M | Reduce -12.0% |
| SBAC SBA Communications Corp. | 1.62% | 123,947 | $24.0M | Reduce -0.7% |
| TRP TC Energy Corp. | 1.60% | 431,583 | $23.7M | Add +1.9% |
| CP Canadian Pacific Kansas City | 1.31% | 263,598 | $19.4M | New |
| ENB Enbridge Inc. | 0.83% | 256,874 | $12.3M | Reduce -10.7% |
| BAM Brookfield Asset Mgmt-A | 0.82% | 231,951 | $12.2M | New |
| ARCB Arcbest Corp. | 0.74% | 147,476 | $10.9M | No change |
| ADT Adt Inc. | 0.61% | 1,114,353 | $9.0M | No change |
| KMI Kinder Morgan Inc. | 0.54% | 291,741 | $8.0M | Add +45.0% |
| LTH Life Time Group Holdings Inc. | 0.50% | 277,777 | $7.4M | No change |
| TOST Toast Inc. Class A | 0.44% | 185,085 | $6.6M | New |
| XPO Xpo Inc. | 0.38% | 41,877 | $5.7M | Reduce -10.0% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.16% | 145,202 | $2.4M | Reduce -97.0% |
| RPRX Royalty Pharma PLC Class A | 0.13% | 49,855 | $1.9M | New |
| QSR Restaurant Brands Intern | 0.11% | 24,645 | $1.7M | New |
| MAR Marriott International Class A | 0.11% | 5,399 | $1.7M | New |
| OMAB Grupo Aeroportuario Cen-ADR | 0.11% | 14,380 | $1.6M | New |
| WMG Warner Music Group Corp. Class A | 0.10% | 45,986 | $1.4M | New |
| MCD McDonald's Corp. | 0.07% | 3,477 | $1.1M | New |
| RGLD Royal Gold Inc. | 0.06% | 4,204 | $935K | New |
| WPM Wheaton Precious Metals Corp. | 0.06% | 7,926 | $931K | New |
| SONY Sony Group Corp. - SP ADR | 0.06% | 36,000 | $922K | New |
| HLT Hilton Worldwide Holdings Inc. | 0.05% | 2,796 | $803K | New |
| ARM Arm Holdings PLC-ADR | 0.05% | 7,300 | $798K | New |
| DPZ Domino's Pizza Inc. | 0.04% | 1,467 | $611K | New |
| DLB Dolby Laboratories Inc. Class A | 0.04% | 9,110 | $585K | New |
| PBA Pembina Pipeline Corp. | 0.02% | 9,270 | $353K | No change |
| IDCC Interdigital Inc. | 0.02% | 945 | $301K | New |
Portfolio Sells Q3 2025 → Q4 2025
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -97.0% | 0.16% | −4.10 |
| ARCC Ares Capital Corp. | Sold out | 0.00% | −2.00 |
| CNI Canadian Natl Railway Co. | Sold out | 0.00% | −1.60 |
| CCI Crown Castle Inc. | Sold out | 0.00% | −1.35 |
| AWK American Water Works Co. Inc. | Reduce -14.8% | 2.71% | −0.08 |
| EPD Enterprise Products Partners | Sold out | 0.00% | −0.03 |
| NEUE Neuehealth Inc. | Sold out | 0.00% | −0.03 |
| ET Energy Transfer LP | Sold out | 0.00% | −0.02 |
| ENB Enbridge Inc. | Reduce -10.7% | 0.83% | +0.02 |
| XPO Xpo Inc. | Reduce -10.0% | 0.38% | +0.05 |
| ATO Atmos Energy Corp. | Reduce -11.0% | 2.74% | +0.16 |
| UNP Union Pacific Corp. | Reduce -10.1% | 2.62% | +0.17 |
| CMS CMS Energy Corp. | Reduce -6.8% | 2.35% | +0.18 |
| SBAC SBA Communications Corp. | Reduce -0.7% | 1.62% | +0.28 |
| TPG TPG Inc. | Reduce -12.0% | 1.82% | +0.29 |
| CSX CSX Corp. | Reduce -5.9% | 2.20% | +0.32 |
| EQIX Equinix Inc. | Reduce -2.1% | 2.28% | +0.32 |
| AMT American Tower Corp. | Reduce -0.0% | 3.71% | +0.37 |
| BN Brookfield Corp. | Reduce -9.1% | 4.09% | +0.40 |
| KKR KKR & Co. Inc. | Reduce -5.1% | 3.51% | +0.41 |
| APO Apollo Global Management Inc. | Reduce -13.2% | 5.60% | +0.72 |
Portfolio Buys Q3 2025 → Q4 2025
| ARES Ares Management Corp. Class A | Add +20.8% | 4.77% | +1.56 |
| CP Canadian Pacific Kansas City | New | 1.31% | +1.31 |
| ODFL Old Dominion Freight Line | Add +37.0% | 2.06% | +0.95 |
| OWL Blue Owl Capital Inc. | Add +41.5% | 2.77% | +0.95 |
| BAM Brookfield Asset Mgmt-A | New | 0.82% | +0.82 |
| WM Waste Management Inc. | Add +16.5% | 2.60% | +0.76 |
| FER Ferrovial NV | Add +6.7% | 2.33% | +0.74 |
| SRE Sempra | Add +9.3% | 2.45% | +0.57 |
| RSG Republic Services Inc. | Add +8.3% | 3.02% | +0.54 |
| BX Blackstone Inc. | Add +6.2% | 3.48% | +0.49 |
| WMB Williams Cos Inc. | Add +4.0% | 2.76% | +0.46 |
| TOST Toast Inc. Class A | New | 0.44% | +0.44 |
| TRP TC Energy Corp. | Add +1.9% | 1.60% | +0.33 |
| KMI Kinder Morgan Inc. | Add +45.0% | 0.54% | +0.23 |
| RPRX Royalty Pharma PLC Class A | New | 0.13% | +0.13 |
| QSR Restaurant Brands Intern | New | 0.11% | +0.11 |
| MAR Marriott International Class A | New | 0.11% | +0.11 |
| OMAB Grupo Aeroportuario Cen-ADR | New | 0.11% | +0.11 |
| WMG Warner Music Group Corp. Class A | New | 0.10% | +0.10 |
| MCD McDonald's Corp. | New | 0.07% | +0.07 |
| RGLD Royal Gold Inc. | New | 0.06% | +0.06 |
| WPM Wheaton Precious Metals Corp. | New | 0.06% | +0.06 |
| SONY Sony Group Corp. - SP ADR | New | 0.06% | +0.06 |
| HLT Hilton Worldwide Holdings Inc. | New | 0.05% | +0.05 |
| ARM Arm Holdings PLC-ADR | New | 0.05% | +0.05 |
| DPZ Domino's Pizza Inc. | New | 0.04% | +0.04 |
| DLB Dolby Laboratories Inc. Class A | New | 0.04% | +0.04 |
| IDCC Interdigital Inc. | New | 0.02% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 52 | $1.5B | KLC, APO, ARES, CLVT, BN |
| Q1 2026 | 50 | $1.4B | KLC, APO, CLVT, ARES, BN |
| Q4 2025 | 49 | $1.5B | KLC, CLARIVATE PLC, APO, ARES, BN |
| Q3 2025 | 38 | $1.8B | KLC, CLARIVATE PLC, APO, NU, BN |
| Q2 2025 | 40 | $2.1B | KLC, CLARIVATE PLC, APO, AMT, ARES |
| Q1 2025 | 43 | $2.4B | KLC, CLARIVATE PLC, APO, AMT, AWK |
| Q4 2024 | 44 | $2.8B | KLC, CLVT, APO, AMT, UNP |
| Q3 2024 | 41 | $1.6B | CLVT, APO, NUVVE HOLDING CORP, AMT, KKR |
| Q2 2024 | 46 | $1.3B | CLVT, AON, NU, APO, AMT |
| Q1 2024 | 47 | $1.1B | CLARIVATE PLC, NU, AMT, KKR, APO |