In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Saraza Management, LP reported 21 stock positions worth $328.3 million . Its top holding was Brookfield (BN) at 7.8% of the portfolio, followed by West Pharmaceutical Services (WST, 7.5% ) and Danaher (DHR, 7.2% ). Compared with Q4 2024, it opened 11 new positions, sold out of 7, added to 4 and reduced 6. The biggest buy was a new position in Brookfield (BN) and the biggest sale an exit from Intl Flavors & Fragrances (IFF).
Location NEW YORK, NY
CIK 0001894188
Portfolio Value $328.3M (Q1 2025) Holdings 21 stocks · $328.3M 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 Q4 2024 BN Brookfield Corp. 490,000 $25.7M New WST West Pharmaceutical Services 110,000 $24.6M New DHR Danaher Corp. 115,000 $23.6M New COF Capital One Financial Corp. 131,000 $23.5M Reduce -15.5% MSFT Microsoft Corp. 60,000 $22.5M Add +1.7% AMAZON COM INC 115,000 $21.9M New TSM Taiwan Semiconductor-SP ADR 129,000 $21.4M Add +9.8% AON Aon PLC Class A 51,500 $20.6M Reduce -31.3% CPNG Coupang Inc. 910,000 $20.0M Add +4.6% INTU Intuit Inc. 30,000 $18.4M Reduce -4.8% PRMB Primo Brands Corp. 460,000 $16.3M New WDAY Workday Inc. Class A 60,000 $14.0M Add +6.4% TRU Transunion 157,500 $13.1M Reduce -21.3% APH Amphenol Corp. Class A 197,500 $13.0M Reduce -3.7% BKNG Booking Holdings Inc. 2,600 $12.0M New SHW The Sherwin-Williams Co. 31,000 $10.8M New EXPE Expedia Group Inc. 63,000 $10.6M Reduce -42.7% PCOR Procore Technologies Inc. 135,000 $8.9M New NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 675,000 $6.9M New DAL Delta Air Lines Inc. 9,000 $392K New LPLA LPL Financial Holdings Inc. 500 $164K New
Options reported separately and not counted above: DANAHER CORP DEL calls ($6.6M).
Portfolio Sells Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ IFF Intl Flavors & Fragrances Sold out 0.00% −12.14 GE General Electric Sold out 0.00% −7.21 AMZN Amazon.com Inc. Sold out 0.00% −6.36 ICE Intercontinental Exchange Inc. Sold out 0.00% −6.23 V Visa Inc. Class A Sold out 0.00% −6.17 EXPE Expedia Group Inc. Reduce -42.7% 3.23% −2.49 GWRE Guidewire Software Inc. Sold out 0.00% −1.88 UAL United Airlines Holdings Inc. Sold out 0.00% −1.62 AON Aon PLC Class A Reduce -31.3% 6.26% −1.25 TRU Transunion Reduce -21.3% 3.98% −1.19 COF Capital One Financial Corp. Reduce -15.5% 7.16% −0.55 APH Amphenol Corp. Class A Reduce -3.7% 3.95% −0.02 INTU Intuit Inc. Reduce -4.8% 5.61% +0.09
Portfolio Buys Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ BN Brookfield Corp. New 7.82% +7.82 WST West Pharmaceutical Services New 7.50% +7.50 DHR Danaher Corp. New 7.18% +7.18 AMAZON COM INC New 6.67% +6.67 PRMB Primo Brands Corp. New 4.97% +4.97 BKNG Booking Holdings Inc. New 3.65% +3.65 SHW The Sherwin-Williams Co. New 3.30% +3.30 PCOR Procore Technologies Inc. New 2.72% +2.72 NU Nu Holdings Ltd./Cayman Isl-A New 2.11% +2.11 CPNG Coupang Inc. Add +4.6% 6.08% +0.75 WDAY Workday Inc. Class A Add +6.4% 4.27% +0.21 DAL Delta Air Lines Inc. New 0.12% +0.12 TSM Taiwan Semiconductor-SP ADR Add +9.8% 6.52% +0.05 LPLA LPL Financial Holdings Inc. New 0.05% +0.05 MSFT Microsoft Corp. Add +1.7% 6.86% −0.07
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ DANAHER CORP DEL call New 30,000 $6.6M
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 18 $238.9M V, TSM, COF, AON, BN Q1 2026 20 $238.6M V, AON, BN, WCN, COF Q4 2025 15 $259.0M V, AON, MSFT, BN, AMZN Q3 2025 14 $280.7M TSM, MSFT, AMZN, COF, BN Q2 2025 18 $414.0M INTU, BN, AON, COF, ATI Q1 2025 21 $328.3M BN, WST, DHR, COF, MSFT Q4 2024 17 $358.6M IFF, COF, AON, GE, MSFT Q3 2024 17 $345.4M IFF, AMZN, V, ICE, BKNG Q2 2024 12 $300.4M IFF, FMX, AMZN, ICE, V Q1 2024 14 $385.4M IFF, FMX, AMZN, ICE, CSX