In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Pennant Investors, LP reported 15 stock positions worth $334.3 million . Its top holding was Microsoft (MSFT) at 14.1% of the portfolio, followed by Echostar Class A (ECHO, 12.1% ) and Transdigm (TDG, 9.0% ). Compared with Q1 2025, it opened 1 new position, sold out of 1, added to 2 and reduced 12. The biggest buy was Microsoft (MSFT, shares +25% ) and the biggest sale Alphabet Class A (GOOGL, shares −63% ).
Location Summit, NJ
CIK 0001759176
Portfolio Value $334.3M (Q2 2025) Holdings 15 stocks · $334.3M 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 MSFT Microsoft Corp. 94,600 $47.1M Add +24.6% ECHO Echostar Corp. Class A 1,464,000 $40.6M Reduce -28.5% TDG Transdigm Group Inc. 19,871 $30.2M Reduce -25.2% PRM Perimeter Solutions Inc. 2,102,000 $29.3M Reduce -14.9% AR Antero Resources Corp. 709,230 $28.6M Reduce -8.4% AMZN Amazon.com Inc. 130,000 $28.5M Reduce -35.8% CORZ Core Scientific Inc. 1,499,000 $25.6M Add +12.3% VRT Vertiv Holdings Co. Class A 183,000 $23.5M Reduce -2.7% GEV GE Vernova Inc. 34,900 $18.5M Reduce -24.1% EXE Expand Energy Corp. 136,200 $15.9M Reduce -24.3% QXO Qxo Inc. 585,000 $12.6M New VMI Valmont Industries 35,420 $11.6M Reduce -48.7% GOOGL Alphabet Inc. Class A 53,900 $9.5M Reduce -63.3% CCC CCC Intelligent Solutions Ho 881,502 $8.3M Reduce -16.8% ASML ASML Holding NV-NY Reg SHS 5,800 $4.6M Reduce -35.6%
Other holdings (1): bonds, preferreds, convertibles and warrants · $31K (not counted above) Security Class Shares / Principal Value Change GRABW Grab Holdings Ltd.-CW 26 *W EXP 99/99/999 80,000 $31K No change
Total filed on the 13F, all lines: $334.3M.
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 ▲ GOOGL Alphabet Inc. Class A Reduce -63.3% 2.84% −3.98 ECHO Echostar Corp. Class A Reduce -28.5% 12.13% −3.62 AMZN Amazon.com Inc. Reduce -35.8% 8.53% −3.06 VMI Valmont Industries Reduce -48.7% 3.46% −2.46 TDG Transdigm Group Inc. Reduce -25.2% 9.04% −2.02 IREN Iren Ltd. Sold out 0.00% −1.45 EXE Expand Energy Corp. Reduce -24.3% 4.76% −1.26 AR Antero Resources Corp. Reduce -8.4% 8.55% −0.88 ASML ASML Holding NV-NY Reg SHS Reduce -35.6% 1.39% −0.40 CCC CCC Intelligent Solutions Ho Reduce -16.8% 2.48% −0.40 PRM Perimeter Solutions Inc. Reduce -14.9% 8.75% +1.27 GEV GE Vernova Inc. Reduce -24.1% 5.52% +1.30 VRT Vertiv Holdings Co. Class A Reduce -2.7% 7.03% +2.95
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 ▼ MSFT Microsoft Corp. Add +24.6% 14.08% +5.51 CORZ Core Scientific Inc. Add +12.3% 7.66% +4.75 QXO Qxo Inc. New 3.77% +3.77
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ AR Antero Resources Corp. call Sold out 500,000 $20.2Mbefore exit AMZN Amazon.com Inc. call Sold out 100,000 $19.0Mbefore exit VRT Vertiv Holdings Co. Class A call Sold out 160,000 $11.6Mbefore exit
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 15 $334.9M SOLS, AMZN, MSFT, ECHO, PRM Q1 2026 16 $361.0M SOLS, ECHO, MSFT, VRT, AMZN Q4 2025 15 $410.6M ECHO, MSFT, SOLS, PRM, GOOGL Q3 2025 14 $371.7M ECHO, MSFT, CORZ, PRM, AMZN Q2 2025 15 $334.3M MSFT, ECHO, TDG, PRM, AR Q1 2025 15 $332.4M ECHO, AMZN, TDG, AR, MSFT Q4 2024 14 $336.7M ECHO, AMZN, AR, PRM, GOOGL Q3 2024 14 $336.0M ECHO, PRM, MU, AMZN, AR Q2 2024 44 $366.2M MU, AMZN, TDG, ECHO, MSFT Q1 2024 42 $361.7M AMZN, TDG, MSFT, MU, AR