Permian Investment Partners, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Permian Investment Partners, LP reported 11 stock positions worth $882.7 million. Its top holding was Tic Solutions (TIC) at 22.0% of the portfolio, followed by Grifols SA-ADR (GRFS, 19.3%) and Millrose Properties (MRP, 12.8%). Compared with Q3 2025, it opened 3 new positions, sold out of 1, added to 5 and reduced 3. The biggest buy was Millrose Properties (MRP, shares +116%) and the biggest sale an exit from KBR (KBR).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001472850
- Portfolio Value
- $882.7M (Q4 2025)
- SEC Filing
- 0001472850-26-000002 ↗ filed Feb 13, 2026
Holdings Value
Holdings 11 stocks · $882.7M
| TIC Tic Solutions Inc. | 21.95% | 19,168,108 | $193.8M | Add +31.6% |
| GRFS Grifols SA-ADR | 19.27% | 18,190,262 | $170.1M | Add +4.2% |
| MRP Millrose Properties | 12.84% | 3,794,312 | $113.3M | Add +116.4% |
| NRG NRG Energy Inc. | 11.27% | 625,000 | $99.5M | Reduce -19.0% |
| REZI Resideo Technologies Inc. | 9.85% | 2,474,500 | $86.9M | Add +156.2% |
| ARMK Aramark | 8.14% | 1,949,657 | $71.9M | Reduce -8.4% |
| APG Api Group Corp. | 6.50% | 1,500,039 | $57.4M | Add +0.7% |
| AMRZ Amrize Ltd. | 6.02% | 983,175 | $53.2M | New |
| TRS Trimas Corp. | 3.31% | 823,481 | $29.2M | New |
| FBTC Fidelity Wise Origin Bitcoin | 0.52% | 60,000 | $4.6M | New |
| IBIT iShares Bitcoin Trust ETF | 0.33% | 58,407 | $2.9M | Reduce -57.4% |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| MRP Millrose Properties | Add +116.4% | 12.84% | +6.19 |
| AMRZ Amrize Ltd. | New | 6.02% | +6.02 |
| REZI Resideo Technologies Inc. | Add +156.2% | 9.85% | +5.14 |
| TRS Trimas Corp. | New | 3.31% | +3.31 |
| APG Api Group Corp. | Add +0.7% | 6.50% | +0.72 |
| FBTC Fidelity Wise Origin Bitcoin | New | 0.52% | +0.52 |
| TIC Tic Solutions Inc. | Add +31.6% | 21.95% | +0.06 |
| GRFS Grifols SA-ADR | Add +4.2% | 19.27% | −0.36 |
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 |