Perbak Capital Partners LLP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Perbak Capital Partners LLP reported 194 stock positions worth $134.9 million. Its top holding was SS Industrial Select Sector (XLI) at 22.0% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 6.3%) and iShares Global Clean Energy (ICLN, 3.0%). Compared with Q4 2024, it opened 162 new positions, sold out of 33, added to 5 and reduced 27. The biggest buy was SS Industrial Select Sector (XLI, shares +143%) and the biggest sale iShares Russell 2000 ETF (IWM, shares −94%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001968437
- Portfolio Value
- $134.9M (Q1 2025)
- SEC Filing
- 0000902664-25-002434 ↗ filed May 15, 2025
Holdings Value
Holdings 194 stocks · $134.9M
| XLI SS Industrial Select Sector | 22.00% | 226,453 | $29.7M | Add +142.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 6.33% | 15,263 | $8.5M | Reduce -64.0% |
| ICLN iShares Global Clean Energy | 3.02% | 357,142 | $4.1M | Reduce -67.6% |
| XLF SS Financial Select Sector | 2.92% | 79,157 | $3.9M | New |
| XLV SS Health Care Select Sector | 2.86% | 26,450 | $3.9M | Add +4.0% |
| KRE SS SPDR S&P Regional Bank | 2.41% | 57,244 | $3.3M | Reduce -65.3% |
| MMM 3M Co. | 2.35% | 21,566 | $3.2M | Add +122.8% |
| IP International Paper Co. | 2.14% | 54,004 | $2.9M | New |
| XLP SS Consumer Staples Sel Sect | 1.92% | 31,730 | $2.6M | Reduce -65.5% |
| ITA iShares U.S. Aerospace & Def | 1.77% | 15,630 | $2.4M | New |
| VNQ Vanguard Real Estate ETF | 1.67% | 24,897 | $2.3M | Reduce -29.7% |
| IYH iShares U.S. Healthcare ETF | 1.23% | 27,347 | $1.7M | Reduce -52.7% |
| AMCR Amcor PLC | 0.92% | 128,612 | $1.2M | New |
| T AT&T Inc. | 0.88% | 41,900 | $1.2M | Reduce -67.7% |
| VZ Verizon Communications Inc. | 0.87% | 25,888 | $1.2M | Reduce -55.8% |
| GM General Motors Co. | 0.86% | 24,651 | $1.2M | New |
| BAX Baxter International Inc. | 0.66% | 25,879 | $886K | New |
| MAA Mid-America Apartment Comm | 0.63% | 5,103 | $855K | New |
| ELS Equity Lifestyle Properties | 0.62% | 12,457 | $831K | New |
| TMUS T-Mobile US Inc. | 0.62% | 3,115 | $831K | Reduce -68.4% |
| WTS Watts Water Technologies-A | 0.58% | 3,839 | $783K | New |
| MWA Mueller Water Products Inc. Class A | 0.58% | 30,716 | $781K | New |
| IWM iShares Russell 2000 ETF | 0.57% | 3,881 | $774K | Reduce -94.3% |
| PNR Pentair PLC | 0.54% | 8,389 | $734K | New |
| GPK Graphic Packaging Holding Co. | 0.53% | 27,577 | $716K | New |
| BMI Badger Meter Inc. | 0.51% | 3,640 | $693K | New |
| CPT Camden Property Trust | 0.51% | 5,578 | $682K | New |
| ATR Aptargroup Inc. | 0.48% | 4,380 | $650K | New |
| ITRI Itron Inc. | 0.47% | 6,088 | $638K | New |
| SLGN Silgan Holdings Inc. | 0.47% | 12,379 | $633K | New |
| VRT Vertiv Holdings Co. Class A | 0.45% | 8,460 | $611K | New |
| INVH Invitation Homes Inc. | 0.45% | 17,373 | $605K | New |
| QGEN Qiagen N.V. | 0.44% | 14,857 | $597K | Reduce -55.1% |
| TDG Transdigm Group Inc. | 0.44% | 431 | $596K | New |
| EXPD Expeditors Intl Wash Inc. | 0.42% | 4,704 | $566K | New |
| ROK Rockwell Automation Inc. | 0.41% | 2,136 | $552K | New |
| MSCI MSCI Inc. | 0.37% | 887 | $502K | New |
| UPS United Parcel Service Class B | 0.36% | 4,450 | $489K | New |
| SMR Nuscale Power Corp. | 0.35% | 33,396 | $473K | New |
| ZWS Zurn Elkay Water Solutions C | 0.34% | 13,967 | $461K | New |
| GEV GE Vernova Inc. | 0.32% | 1,392 | $425K | Add +55.9% |
| PWR Quanta Services Inc. | 0.30% | 1,592 | $405K | Reduce -68.8% |
| MTD Mettler-Toledo International | 0.30% | 340 | $402K | Reduce -61.9% |
| FDS Factset Research Systems Inc. | 0.28% | 828 | $376K | New |
| UDR Udr Inc. | 0.28% | 8,231 | $372K | New |
| LSTR Landstar System Inc. | 0.27% | 2,469 | $371K | New |
| COP Conocophillips | 0.27% | 3,531 | $371K | New |
| RIVN Rivian Automotive Inc. Class A | 0.27% | 29,684 | $370K | New |
| FTI Technipfmc PLC | 0.27% | 11,594 | $367K | New |
| DOW Dow Inc. | 0.27% | 10,521 | $367K | New |
| NOV Nov Inc. | 0.27% | 24,118 | $367K | New |
| STZ Constellation Brands Inc. Class A | 0.27% | 1,999 | $367K | New |
| ETN Eaton Corp. PLC | 0.27% | 1,347 | $366K | Reduce -37.0% |
| HAL Halliburton Co. | 0.27% | 14,420 | $366K | New |
| EEFT Euronet Worldwide Inc. | 0.27% | 3,423 | $366K | New |
| BILL Bill Holdings Inc. | 0.27% | 7,950 | $365K | New |
| AEO American Eagle Outfitters | 0.27% | 31,267 | $363K | New |
| AM Antero Midstream Corp. | 0.27% | 20,152 | $363K | New |
| TPH Tri Pointe Homes Inc. | 0.27% | 11,351 | $362K | New |
| VLO Valero Energy Corp. | 0.27% | 2,741 | $362K | New |
| ABR Arbor Realty Trust Inc. | 0.27% | 30,742 | $361K | New |
| MBC Masterbrand Inc. | 0.27% | 27,598 | $360K | New |
| CNX CNX Resources Corp. | 0.27% | 11,430 | $360K | New |
| TAP Molson Coors Beverage Co. Class B | 0.26% | 5,858 | $357K | New |
| AZEK The Azek Co. Inc. | 0.26% | 7,282 | $356K | New |
| SCCO Southern Copper Corp. | 0.26% | 3,795 | $355K | New |
| RHI Robert Half Inc. | 0.26% | 6,499 | $355K | New |
| MTG Mgic Investment Corp. | 0.26% | 14,304 | $354K | New |
| DHT DHT Holdings Inc. | 0.26% | 33,756 | $354K | New |
| QS Quantumscape Corp. | 0.26% | 84,908 | $353K | New |
| MHK Mohawk Industries Inc. | 0.26% | 3,090 | $353K | New |
| QRVO Qorvo Inc. | 0.26% | 4,869 | $353K | New |
| KEX Kirby Corp. | 0.26% | 3,488 | $352K | New |
| OMC Omnicom Group | 0.26% | 4,228 | $351K | New |
| NSP Insperity Inc. | 0.26% | 3,907 | $349K | New |
| W Wayfair Inc. Class A | 0.26% | 10,864 | $348K | New |
| WU Western Union Co. | 0.26% | 32,876 | $348K | New |
| OMCL Omnicell Inc. | 0.26% | 9,922 | $347K | New |
| HBAN Huntington Bancshares Inc. | 0.26% | 23,107 | $347K | New |
| JOBY Joby Aviation Inc. | 0.26% | 57,500 | $346K | New |
| UAA Under Armour Inc. Class A | 0.26% | 55,118 | $344K | Add +223.1% |
| MBLY Mobileye Global Inc. Class A | 0.26% | 23,927 | $344K | New |
| KHC The Kraft Heinz Co. | 0.25% | 11,278 | $343K | New |
| ADC Agree Realty Corp. | 0.25% | 4,435 | $342K | New |
| AI C3.AI Inc. Class A | 0.25% | 16,210 | $341K | New |
| TMHC Taylor Morrison Home Corp. | 0.25% | 5,679 | $341K | New |
| BKR Baker Hughes Co. | 0.25% | 7,731 | $340K | New |
| SNAP Snap Inc. Class A | 0.25% | 38,984 | $340K | New |
| ESAB Esab Corp. | 0.25% | 2,905 | $338K | New |
| CSL Carlisle Cos Inc. | 0.25% | 991 | $337K | New |
| EMN Eastman Chemical Co. | 0.25% | 3,825 | $337K | New |
| ALRM Alarm.com Holdings Inc. | 0.25% | 6,041 | $336K | New |
| DCI Donaldson Co. Inc. | 0.25% | 4,992 | $335K | New |
| FSS Federal Signal Corp. | 0.25% | 4,529 | $333K | New |
| AVB Avalonbay Communities Inc. | 0.25% | 1,547 | $332K | New |
| ALGN Align Technology Inc. | 0.25% | 2,089 | $332K | New |
| LEA Lear Corp. | 0.25% | 3,759 | $332K | New |
| STLD Steel Dynamics Inc. | 0.25% | 2,646 | $331K | New |
| BCPC Balchem Corp. | 0.24% | 1,989 | $330K | New |
| MPWR Monolithic Power Systems Inc. | 0.24% | 569 | $330K | New |
Portfolio Sells Q4 2024 → Q1 2025
| IWM iShares Russell 2000 ETF | Reduce -94.3% | 0.57% | −7.52 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -64.0% | 6.33% | −6.95 |
| IGV iShares Expanded Tech-Softwa | Sold out | 0.00% | −6.03 |
| IYK iShares US Consumer Staples | Sold out | 0.00% | −4.85 |
| ICLN iShares Global Clean Energy | Reduce -67.6% | 3.02% | −3.68 |
| EMR Emerson Electric Co. | Sold out | 0.00% | −3.27 |
| KRE SS SPDR S&P Regional Bank | Reduce -65.3% | 2.41% | −2.91 |
| XLP SS Consumer Staples Sel Sect | Reduce -65.5% | 1.92% | −1.94 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −1.86 |
| IDXX Idexx Laboratories Inc. | Sold out | 0.00% | −1.55 |
| ELAN Elanco Animal Health Inc. | Sold out | 0.00% | −1.44 |
| UHS Universal Health Services-B | Sold out | 0.00% | −1.17 |
| HRI Herc Holdings Inc. | Sold out | 0.00% | −0.99 |
| MCD McDonald's Corp. | Reduce -87.0% | 0.23% | −0.94 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.93 |
| YUM Yum! Brands Inc. | Reduce -88.3% | 0.22% | −0.93 |
| URI United Rentals Inc. | Sold out | 0.00% | −0.87 |
| MTZ Mastec Inc. | Sold out | 0.00% | −0.87 |
| JNJ Johnson & Johnson | Sold out | 0.00% | −0.83 |
| ACM Aecom | Reduce -82.3% | 0.22% | −0.82 |
| STN Stantec Inc. | Sold out | 0.00% | −0.79 |
| HEES H&E Equipment Services Inc. | Sold out | 0.00% | −0.72 |
| QSR Restaurant Brands Intern | Reduce -85.7% | 0.18% | −0.71 |
| T AT&T Inc. | Reduce -67.7% | 0.88% | −0.70 |
| ITW Illinois Tool Works | Reduce -86.5% | 0.15% | −0.69 |
| EHC Encompass Health Corp. | Sold out | 0.00% | −0.65 |
| ILMN Illumina Inc. | Sold out | 0.00% | −0.64 |
| FLR Fluor Corp. | Sold out | 0.00% | −0.59 |
| ENSG The Ensign Group Inc. | Sold out | 0.00% | −0.58 |
| HCA HCA Healthcare Inc. | Sold out | 0.00% | −0.57 |
| BIO Bio-Rad Laboratories-A | Reduce -78.0% | 0.17% | −0.57 |
| IYH iShares U.S. Healthcare ETF | Reduce -52.7% | 1.23% | −0.56 |
| PWR Quanta Services Inc. | Reduce -68.8% | 0.30% | −0.56 |
| DPZ Domino's Pizza Inc. | Reduce -80.2% | 0.24% | −0.56 |
| TMO Thermo Fisher Scientific Inc. | Reduce -77.7% | 0.23% | −0.55 |
| TMUS T-Mobile US Inc. | Reduce -68.4% | 0.62% | −0.55 |
| WAT Waters Corp. | Reduce -81.3% | 0.19% | −0.54 |
| CMG Chipotle Mexican Grill Inc. | Reduce -79.3% | 0.17% | −0.53 |
| XLY SS Consumer Disc Select Sect | Sold out | 0.00% | −0.51 |
| THC Tenet Healthcare Corp. | Sold out | 0.00% | −0.47 |
| A Agilent Technologies Inc. | Reduce -76.5% | 0.18% | −0.45 |
| J Jacobs Solutions Inc. | Sold out | 0.00% | −0.43 |
| VZ Verizon Communications Inc. | Reduce -55.8% | 0.87% | −0.38 |
| QGEN Qiagen N.V. | Reduce -55.1% | 0.44% | −0.37 |
| DHR Danaher Corp. | Reduce -68.4% | 0.24% | −0.37 |
| CI The Cigna Group | Sold out | 0.00% | −0.30 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.30 |
| ZBH Zimmer Biomet Holdings Inc. | Sold out | 0.00% | −0.30 |
| SYK Stryker Corp. | Sold out | 0.00% | −0.29 |
| MTD Mettler-Toledo International | Reduce -61.9% | 0.30% | −0.29 |
Portfolio Buys Q4 2024 → Q1 2025
| XLI SS Industrial Select Sector | Add +142.6% | 22.00% | +15.43 |
| XLF SS Financial Select Sector | New | 2.92% | +2.92 |
| IP International Paper Co. | New | 2.14% | +2.14 |
| ITA iShares U.S. Aerospace & Def | New | 1.77% | +1.77 |
| MMM 3M Co. | Add +122.8% | 2.35% | +1.68 |
| XLV SS Health Care Select Sector | Add +4.0% | 2.86% | +0.99 |
| AMCR Amcor PLC | New | 0.92% | +0.92 |
| GM General Motors Co. | New | 0.86% | +0.86 |
| BAX Baxter International Inc. | New | 0.66% | +0.66 |
| MAA Mid-America Apartment Comm | New | 0.63% | +0.63 |
| ELS Equity Lifestyle Properties | New | 0.62% | +0.62 |
| WTS Watts Water Technologies-A | New | 0.58% | +0.58 |
| MWA Mueller Water Products Inc. Class A | New | 0.58% | +0.58 |
| PNR Pentair PLC | New | 0.54% | +0.54 |
| GPK Graphic Packaging Holding Co. | New | 0.53% | +0.53 |
| BMI Badger Meter Inc. | New | 0.51% | +0.51 |
| CPT Camden Property Trust | New | 0.51% | +0.51 |
| ATR Aptargroup Inc. | New | 0.48% | +0.48 |
| ITRI Itron Inc. | New | 0.47% | +0.47 |
| SLGN Silgan Holdings Inc. | New | 0.47% | +0.47 |
| VRT Vertiv Holdings Co. Class A | New | 0.45% | +0.45 |
| INVH Invitation Homes Inc. | New | 0.45% | +0.45 |
| TDG Transdigm Group Inc. | New | 0.44% | +0.44 |
| EXPD Expeditors Intl Wash Inc. | New | 0.42% | +0.42 |
| ROK Rockwell Automation Inc. | New | 0.41% | +0.41 |
| MSCI MSCI Inc. | New | 0.37% | +0.37 |
| UPS United Parcel Service Class B | New | 0.36% | +0.36 |
| SMR Nuscale Power Corp. | New | 0.35% | +0.35 |
| ZWS Zurn Elkay Water Solutions C | New | 0.34% | +0.34 |
| FDS Factset Research Systems Inc. | New | 0.28% | +0.28 |
| UDR Udr Inc. | New | 0.28% | +0.28 |
| COP Conocophillips | New | 0.27% | +0.27 |
| LSTR Landstar System Inc. | New | 0.27% | +0.27 |
| RIVN Rivian Automotive Inc. Class A | New | 0.27% | +0.27 |
| DOW Dow Inc. | New | 0.27% | +0.27 |
| FTI Technipfmc PLC | New | 0.27% | +0.27 |
| NOV Nov Inc. | New | 0.27% | +0.27 |
| STZ Constellation Brands Inc. Class A | New | 0.27% | +0.27 |
| HAL Halliburton Co. | New | 0.27% | +0.27 |
| EEFT Euronet Worldwide Inc. | New | 0.27% | +0.27 |
| BILL Bill Holdings Inc. | New | 0.27% | +0.27 |
| AEO American Eagle Outfitters | New | 0.27% | +0.27 |
| AM Antero Midstream Corp. | New | 0.27% | +0.27 |
| TPH Tri Pointe Homes Inc. | New | 0.27% | +0.27 |
| VLO Valero Energy Corp. | New | 0.27% | +0.27 |
| ABR Arbor Realty Trust Inc. | New | 0.27% | +0.27 |
| MBC Masterbrand Inc. | New | 0.27% | +0.27 |
| CNX CNX Resources Corp. | New | 0.27% | +0.27 |
| TAP Molson Coors Beverage Co. Class B | New | 0.26% | +0.26 |
| AZEK The Azek Co. Inc. | New | 0.26% | +0.26 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 0 | $0 | |
| Q1 2026 | 294 | $406.4M | XLI, XLY, XLP, OIH, KIE |
| Q4 2025 | 219 | $327.7M | RSP, SPY, XLI, OIH, KIE |
| Q3 2025 | 288 | $568.0M | XLI, RSP, XLP, SPY, XLV |
| Q2 2025 | 275 | $442.3M | RSP, XLI, SPY, XLP, XLF |
| Q1 2025 | 194 | $134.9M | XLI, SPY, ICLN, XLF, XLV |
| Q4 2024 | 65 | $187.2M | SPY, IWM, ICLN, XLI, IGV |
| Q3 2024 | 31 | $142.5M | XLI, SPY, ICLN, IYH, XLY |
| Q2 2024 | 55 | $338.2M | SPY, XLI, XLY, IYH, XLP |
| Q1 2024 | 11 | $79.6M | ICLN, CVNA, SLGN, GPK, AMCR |