Permian Investment Partners, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Permian Investment Partners, LP reported 8 stock positions worth $667.9 million. Its top holding was Grifols SA-ADR (GRFS) at 19.2% of the portfolio, followed by KBR (KBR, 17.9%) and Api (APG, 15.3%). Compared with Q4 2024, it opened 3 new positions, added to 2 and reduced 3. The biggest buy was a new position in Tic Solutions (TIC) and the biggest sale NRG Energy (NRG, shares −27%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001472850
- Portfolio Value
- $667.9M (Q1 2025)
- SEC Filing
- 0001913545-25-000005 ↗ filed May 15, 2025
Holdings Value
Holdings 8 stocks · $667.9M
| GRFS Grifols SA-ADR | 19.25% | 18,081,321 | $128.6M | Add +11.7% |
| KBR KBR Inc. | 17.92% | 2,402,284 | $119.7M | Add +32.8% |
| APG Api Group Corp. | 15.33% | 2,862,622 | $102.4M | Reduce -6.2% |
| NRG NRG Energy Inc. | 14.59% | 1,021,082 | $97.5M | Reduce -27.4% |
| TIC Tic Solutions Inc. filed as ACUREN CORP | 14.20% | 8,530,580 | $94.9M | New |
| ARMK Aramark | 10.85% | 2,100,131 | $72.5M | Reduce -16.0% |
| MRP Millrose Properties | 5.55% | 1,397,251 | $37.0M | New |
| VGK Vanguard Ftse Europe ETF | 2.31% | 220,000 | $15.4M | New |
Options reported separately and not counted above: KBR INC calls ($30.6M), ONEWATER MARINE INC puts ($3.9M), GRIFOLS S A calls ($427K).
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
Options Activity Q4 2024 → Q1 2025
| KBR INC | call | New | 615,000 | $30.6M |
| ISHARES TR | put | Sold out | 320,000 | $27.9Mbefore exit |
| SPDR SERIES TRUST | put | Sold out | 240,000 | $25.1Mbefore exit |
| ETF SER SOLUTIONS | call | Sold out | 800,000 | $20.3Mbefore exit |
| ONEWATER MARINE INC | put | Reduce -46.3% | 241,200 | $3.9M |
| MARINEMAX INC | put | Sold out | 105,500 | $3.1Mbefore exit |
| MASTERCRAFT BOAT HLDGS INC | put | Sold out | 100,000 | $1.9Mbefore exit |
| GRIFOLS S A | call | Reduce -69.4% | 60,000 | $427K |
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 | 11 | $881.4M | TIC, GRFS, MRP, CNH, ARMK |
| Q1 2026 | 13 | $904.9M | GRFS, TIC, NRG, MRP, ARMK |
| Q4 2025 | 11 | $882.7M | TIC, GRFS, MRP, NRG, REZI |
| Q3 2025 | 9 | $885.7M | TIC, GRFS, KBR, NRG, ARMK |
| Q2 2025 | 8 | $703.2M | GRFS, TIC, NRG, ARMK, KBR |
| Q1 2025 | 8 | $667.9M | GRFS, KBR, APG, NRG, TIC |
| Q4 2024 | 5 | $555.2M | NRG, GRFS, APG, KBR, ARMK |
| Q3 2024 | 6 | $682.0M | NRG, ARMK, KBR, GRFS, APG |
| Q2 2024 | 7 | $701.3M | ARMK, KBR, NRG, GRFS, GE |
| Q1 2024 | 8 | $774.9M | ARMK, KBR, NRG, GRFS, GE |