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

0$200.0M$400.0M$600.0M Q1 2024: $79.6M Q1 2024 Q2 2024: $338.2M Q2 2024 Q3 2024: $142.5M Q3 2024 Q4 2024: $187.2M Q4 2024 Q1 2025: $134.9M $134.9M Q1 2025 Q2 2025: $442.3M Q2 2025 Q3 2025: $568.0M Q3 2025 Q4 2025: $327.7M Q4 2025 Q1 2026: $406.4M Q1 2026 Q2 2026: $0 Q2 2026

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
HRL Hormel Foods Corp. 0.24% 10,654 $330K New
TGT Target Corp. 0.24% 3,156 $329K New
SCI Service Corp. International 0.24% 4,093 $328K New
EOG EOG Resources Inc. 0.24% 2,547 $327K New
AMD Advanced Micro Devices 0.24% 3,165 $325K New
DPZ Domino's Pizza Inc. 0.24% 707 $325K Reduce -80.2%
ESS Essex Property Trust Inc. 0.24% 1,047 $321K New
FN Fabrinet 0.24% 1,625 $321K New
JHG Janus Henderson Group PLC 0.24% 8,871 $321K New
RAMP Liveramp Holdings Inc. 0.24% 12,245 $320K New
CNC Centene Corp. 0.24% 5,272 $320K New
CCK Crown Holdings Inc. 0.24% 3,572 $319K New
WSO Watsco Inc. 0.24% 626 $318K New
DHR Danaher Corp. 0.24% 1,552 $318K Reduce -68.4%
AYI Acuity Inc. 0.24% 1,207 $318K New
MATX Matson Inc. 0.23% 2,468 $316K New
BBY Best Buy Co. Inc. 0.23% 4,295 $316K New
GE General Electric filed as GE AEROSPACE 0.23% 1,576 $315K New
CARR Carrier Global Corp. 0.23% 4,964 $315K New
RPM RPM International Inc. 0.23% 2,698 $312K New
ITT Itt Inc. 0.23% 2,403 $310K New
TMO Thermo Fisher Scientific Inc. 0.23% 623 $310K Reduce -77.7%
SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD 0.23% 11,602 $309K New
DDS Dillards Inc. Class A 0.23% 863 $309K New
TXT Textron Inc. 0.23% 4,269 $308K New
MCD McDonald's Corp. 0.23% 982 $307K Reduce -87.0%
TXG 10X Genomics Inc. Class A 0.23% 35,044 $306K New
GNRC Generac Holdings Inc. 0.23% 2,401 $304K New
VRNT Verint Systems Inc. 0.22% 16,982 $303K New
DKS Dick's Sporting Goods Inc. 0.22% 1,496 $302K New
ACHR Archer Aviation Inc. Class A 0.22% 42,336 $301K New
ACM Aecom 0.22% 3,236 $300K Reduce -82.3%
CHRW C.H. Robinson Worldwide Inc. 0.22% 2,917 $299K New
PNC PNC Financial Services Group 0.22% 1,685 $296K New
YUM Yum! Brands Inc. 0.22% 1,876 $295K Reduce -88.3%
EXP Eagle Materials Inc. 0.21% 1,297 $288K New
HII Huntington Ingalls Industrie 0.21% 1,408 $287K New
MGY Magnolia Oil & Gas Corp. Class A 0.21% 11,185 $283K New
CMCSA Comcast Corp. Class A 0.21% 7,591 $280K New
FERG Ferguson Enterprises Inc. 0.21% 1,739 $279K New
APH Amphenol Corp. Class A 0.21% 4,237 $278K New
WH Wyndham Hotels & Resorts Inc. 0.20% 3,030 $274K New
IQV Iqvia Holdings Inc. 0.20% 1,545 $272K New
PGNY Progyny Inc. 0.20% 12,173 $272K New
MCO Moody's Corp. 0.20% 583 $271K New
JCI Johnson Controls Internation 0.20% 3,379 $271K Reduce -70.3%
SPGI S&P Global Inc. 0.20% 526 $267K New
ALSN Allison Transmission Holding 0.19% 2,730 $261K New
ROKU Roku Inc. 0.19% 3,681 $259K New
MRVL Marvell Technology Inc. 0.19% 4,187 $258K New
BBWI Bath & Body Works Inc. 0.19% 8,435 $256K New
HUN Huntsman Corp. 0.19% 16,068 $254K New
WAT Waters Corp. 0.19% 683 $252K Reduce -81.3%
YOU Clear Secure Inc. Class A 0.18% 9,497 $246K New
QSR Restaurant Brands Intern 0.18% 3,687 $246K Reduce -85.7%
TEL Te Connectivity PLC 0.18% 1,701 $240K New
A Agilent Technologies Inc. 0.18% 2,054 $240K Reduce -76.5%
FDX FedEx Corp. 0.18% 979 $239K New
FIX Comfort Systems USA Inc. 0.18% 739 $238K New
GILD Gilead Sciences Inc. 0.18% 2,125 $238K New
AMBA Ambarella Inc. 0.18% 4,721 $238K New
WMB Williams Cos Inc. 0.17% 3,942 $236K New
QLYS Qualys Inc. 0.17% 1,868 $235K New
SNA Snap-on Inc. 0.17% 696 $235K New
BAH Booz Allen Hamilton Holdings 0.17% 2,215 $232K New
AMAT Applied Materials Inc. 0.17% 1,595 $231K New
MAN Manpowergroup Inc. 0.17% 3,957 $229K New
CSX CSX Corp. 0.17% 7,745 $228K New
CMG Chipotle Mexican Grill Inc. 0.17% 4,491 $225K Reduce -79.3%
BIO Bio-Rad Laboratories-A 0.17% 925 $225K Reduce -78.0%
BX Blackstone Inc. 0.17% 1,611 $225K New
OTIS Otis Worldwide Corp. 0.17% 2,177 $225K New
TER Teradyne Inc. 0.17% 2,719 $225K New
VMI Valmont Industries 0.16% 775 $221K New
RVLV Revolve Group Inc. Class A 0.16% 10,262 $221K New
AUR Aurora Innovation Inc. 0.16% 32,629 $220K New
AIT Applied Industrial Tech Inc. 0.16% 951 $214K New
LRCX Lam Research Corp. 0.16% 2,943 $214K New
APTV Aptiv PLC 0.16% 3,582 $213K New
DRI Darden Restaurants Inc. 0.16% 1,014 $211K New
NTAP Netapp Inc. 0.16% 2,385 $209K New
ITW Illinois Tool Works 0.15% 842 $209K Reduce -86.5%
VAC Marriott Vacations World 0.15% 3,234 $208K New
TGTX TG Therapeutics Inc. 0.15% 5,258 $207K New
TOL Toll Brothers Inc. 0.15% 1,958 $207K New
NXST Nexstar Media Group Inc. 0.15% 1,141 $204K New
CVNA Carvana Co. 0.15% 975 $204K New
BLKB Blackbaud Inc. 0.15% 3,266 $203K New
OKTA Okta Inc. 0.15% 1,925 $203K New
INCY Incyte Corp. 0.15% 3,339 $202K New
PATH Uipath Inc. Class A 0.14% 17,729 $183K New
FRSH Freshworks Inc. Class A 0.11% 10,430 $147K New
PL Planet Labs PBC 0.08% 32,377 $109K New
GNW Genworth Financial Inc. 0.07% 13,342 $95K 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 0$0
Q1 2026 294$406.4MXLI, XLY, XLP, OIH, KIE
Q4 2025 219$327.7MRSP, SPY, XLI, OIH, KIE
Q3 2025 288$568.0MXLI, RSP, XLP, SPY, XLV
Q2 2025 275$442.3MRSP, XLI, SPY, XLP, XLF
Q1 2025 194$134.9MXLI, SPY, ICLN, XLF, XLV
Q4 2024 65$187.2MSPY, IWM, ICLN, XLI, IGV
Q3 2024 31$142.5MXLI, SPY, ICLN, IYH, XLY
Q2 2024 55$338.2MSPY, XLI, XLY, IYH, XLP
Q1 2024 11$79.6MICLN, CVNA, SLGN, GPK, AMCR