Permian Investment Partners, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Permian Investment Partners, LP reported 8 stock positions worth $703.2 million. Its top holding was Grifols SA-ADR (GRFS) at 23.9% of the portfolio, followed by Tic Solutions (TIC, 15.2%) and NRG Energy (NRG, 14.0%). Compared with Q1 2025, it added to 4 and reduced 4. The biggest buy was Millrose Properties (MRP, shares +98%) and the biggest sale Api (APG, shares −60%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001472850
- Portfolio Value
- $703.2M (Q2 2025)
- SEC Filing
- 0001472850-25-000007 ↗ filed Aug 14, 2025
Holdings Value
Holdings 8 stocks · $703.2M
| GRFS Grifols SA-ADR | 23.95% | 18,627,321 | $168.4M | Add +3.0% |
| TIC Tic Solutions Inc. filed as ACUREN CORP | 15.21% | 9,689,832 | $107.0M | Add +13.6% |
| NRG NRG Energy Inc. | 14.00% | 613,082 | $98.4M | Reduce -40.0% |
| ARMK Aramark | 13.27% | 2,228,657 | $93.3M | Add +6.1% |
| KBR KBR Inc. | 13.04% | 1,912,791 | $91.7M | Reduce -20.4% |
| MRP Millrose Properties | 11.21% | 2,764,983 | $78.8M | Add +97.9% |
| APG Api Group Corp. | 8.22% | 1,132,693 | $57.8M | Reduce -60.4% |
| VGK Vanguard Ftse Europe ETF | 1.10% | 100,000 | $7.8M | Reduce -54.5% |
Options reported separately and not counted above: ISHARES TR calls ($121.0M), ISHARES TR puts ($80.7M), KBR INC calls ($6.2M), ONEWATER MARINE INC puts ($1.9M).
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
Options Activity Q1 2025 → Q2 2025
| ISHARES TR | call | New | 1,500,000 | $121.0M |
| ISHARES TR | put | New | 1,000,000 | $80.7M |
| KBR INC | call | Reduce -78.9% | 130,000 | $6.2M |
| ONEWATER MARINE INC | put | Reduce -41.5% | 141,200 | $1.9M |
| GRIFOLS S A | call | Sold out | 60,000 | $427Kbefore 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 | 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 |