In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Saraza Management, LP reported 18 stock positions worth $414.0 million . Its top holding was Intuit (INTU) at 7.6% of the portfolio, followed by Brookfield (BN, 7.1% ) and Aon Class A (AON, 7.0% ). Compared with Q1 2025, it opened 5 new positions, sold out of 8, added to 8 and reduced 5. The biggest buy was a new position in Ati (ATI) and the biggest sale an exit from West Pharmaceutical Services (WST).
Location NEW YORK, NY
CIK 0001894188
Portfolio Value $414.0M (Q2 2025) Holdings 18 stocks · $414.0M 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 Q1 2025 INTU Intuit Inc. 40,000 $31.5M Add +33.3% BN Brookfield Corp. 475,000 $29.4M Reduce -3.1% AON Aon PLC Class A 81,750 $29.2M Add +58.7% COF Capital One Financial Corp. 125,000 $26.6M Reduce -4.6% ATI Ati Inc. 305,000 $26.3M New TSM Taiwan Semiconductor-SP ADR 115,000 $26.0M Reduce -10.8% DHR Danaher Corp. 130,000 $25.7M Add +13.0% GEHC GE Healthcare Technology 340,000 $25.2M New MSFT Microsoft Corp. 49,000 $24.4M Reduce -18.3% AMZN Amazon.com Inc. 106,500 $23.4M New NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1,585,000 $21.7M Add +134.8% CSX CSX Corp. 650,000 $21.2M New APH Amphenol Corp. Class A 200,000 $19.8M Add +1.3% TRU Transunion 205,000 $18.0M Add +30.2% CPNG Coupang Inc. 575,000 $17.2M Reduce -36.8% WDAY Workday Inc. Class A 71,500 $17.2M Add +19.2% EXPE Expedia Group Inc. 101,000 $17.0M Add +60.3% V Visa Inc. Class A 40,000 $14.2M New
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ WST West Pharmaceutical Services Sold out 0.00% −7.50 AMAZON COM INC Sold out 0.00% −6.67 PRMB Primo Brands Corp. Sold out 0.00% −4.97 BKNG Booking Holdings Inc. Sold out 0.00% −3.65 SHW The Sherwin-Williams Co. Sold out 0.00% −3.30 PCOR Procore Technologies Inc. Sold out 0.00% −2.72 CPNG Coupang Inc. Reduce -36.8% 4.16% −1.92 MSFT Microsoft Corp. Reduce -18.3% 5.89% −0.97 COF Capital One Financial Corp. Reduce -4.6% 6.42% −0.73 BN Brookfield Corp. Reduce -3.1% 7.10% −0.73 TSM Taiwan Semiconductor-SP ADR Reduce -10.8% 6.29% −0.23 DAL Delta Air Lines Inc. Sold out 0.00% −0.12 LPLA LPL Financial Holdings Inc. Sold out 0.00% −0.05
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ ATI Ati Inc. New 6.36% +6.36 GEHC GE Healthcare Technology New 6.08% +6.08 AMZN Amazon.com Inc. New 5.64% +5.64 CSX CSX Corp. New 5.12% +5.12 V Visa Inc. Class A New 3.43% +3.43 NU Nu Holdings Ltd./Cayman Isl-A Add +134.8% 5.25% +3.15 INTU Intuit Inc. Add +33.3% 7.61% +2.00 EXPE Expedia Group Inc. Add +60.3% 4.12% +0.89 APH Amphenol Corp. Class A Add +1.3% 4.77% +0.82 AON Aon PLC Class A Add +58.7% 7.04% +0.78 TRU Transunion Add +30.2% 4.36% +0.38 WDAY Workday Inc. Class A Add +19.2% 4.14% −0.12 DHR Danaher Corp. Add +13.0% 6.20% −0.98
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ DANAHER CORP DEL call Sold out 30,000 $6.6Mbefore 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 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