Permian Investment Partners, LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Permian Investment Partners, LP reported 9 stock positions worth $885.7 million . Its top holding was Tic Solutions (TIC) at 21.9% of the portfolio, followed by Grifols SA-ADR (GRFS, 19.6% ) and KBR (KBR, 17.0% ). Compared with Q2 2025, it opened 2 new positions, sold out of 1, added to 3 and reduced 4. The biggest buy was Tic Solutions (TIC, shares +50% ) and the biggest sale Millrose Properties (MRP, shares −37% ).
Location DALLAS, TX
CIK 0001472850
Portfolio Value $885.7M (Q3 2025) Holdings 9 stocks · $885.7M 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 Q2 2025 TIC Tic Solutions Inc. filed as ACUREN CORP 14,568,818 $193.9M Add +50.4% GRFS Grifols SA-ADR 17,452,321 $173.8M Reduce -6.3% KBR KBR Inc. 3,182,791 $150.5M Add +66.4% NRG NRG Energy Inc. 771,582 $125.0M Add +25.9% ARMK Aramark 2,128,657 $81.7M Reduce -4.5% MRP Millrose Properties 1,753,412 $58.9M Reduce -36.6% APG Api Group Corp. 1,489,039 $51.2M Reduce -12.4% REZI Resideo Technologies Inc. 965,936 $41.7M New IBIT iShares Bitcoin Trust ETF 137,000 $8.9M New
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ MRP Millrose Properties Reduce -36.6% 6.65% −4.56 GRFS Grifols SA-ADR Reduce -6.3% 19.63% −4.32 ARMK Aramark Reduce -4.5% 9.23% −4.04 APG Api Group Corp. Reduce -12.4% 5.78% −2.44 VGK Vanguard Ftse Europe ETF Sold out 0.00% −1.10
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ TIC Tic Solutions Inc. Add +50.4% 21.89% +6.68 REZI Resideo Technologies Inc. New 4.71% +4.71 KBR KBR Inc. Add +66.4% 16.99% +3.95 IBIT iShares Bitcoin Trust ETF New 1.01% +1.01 NRG NRG Energy Inc. Add +25.9% 14.11% +0.11
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ ISHARES TR call Sold out 1,500,000 $121.0Mbefore exit ISHARES TR put Sold out 1,000,000 $80.7Mbefore exit KBR INC call Sold out 130,000 $6.2Mbefore exit ONEWATER MARINE INC put Sold out 141,200 $1.9Mbefore 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