Saraza Management, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Saraza Management, LP reported 15 stock positions worth $259.0 million. Its top holding was Visa Class A (V) at 9.0% of the portfolio, followed by Aon Class A (AON, 8.8%) and Microsoft (MSFT, 8.4%). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 2 and reduced 11. The biggest buy was a new position in Waste Connections (WCN) and the biggest sale an exit from Union Pacific (UNP).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001894188
- Portfolio Value
- $259.0M (Q4 2025)
- SEC Filing
- 0001894188-26-000002 ↗ filed Feb 13, 2026
Holdings Value
Holdings 15 stocks · $259.0M
| V Visa Inc. Class A | 9.05% | 66,800 | $23.4M | Add +11.3% |
| AON Aon PLC Class A | 8.82% | 64,700 | $22.8M | Add +3.5% |
| MSFT Microsoft Corp. | 8.36% | 44,750 | $21.6M | Reduce -5.8% |
| BN Brookfield Corp. | 8.12% | 458,500 | $21.0M | Reduce -6.0% |
| AMZN Amazon.com Inc. | 7.93% | 89,000 | $20.5M | Reduce -15.2% |
| WCN Waste Connections Inc. | 6.75% | 99,750 | $17.5M | New |
| DHR Danaher Corp. | 6.65% | 75,250 | $17.2M | Reduce -31.6% |
| COF Capital One Financial Corp. | 6.46% | 69,000 | $16.7M | Reduce -34.3% |
| TSM Taiwan Semiconductor-SP ADR | 6.13% | 52,250 | $15.9M | Reduce -41.9% |
| APH Amphenol Corp. Class A | 5.90% | 113,000 | $15.3M | Reduce -27.1% |
| LPLA LPL Financial Holdings Inc. | 5.71% | 41,400 | $14.8M | Reduce -17.2% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 5.60% | 866,500 | $14.5M | Reduce -13.3% |
| JCI Johnson Controls Internation | 5.57% | 120,500 | $14.4M | New |
| ATI Ati Inc. | 4.54% | 102,500 | $11.8M | Reduce -51.2% |
| INTU Intuit Inc. | 4.41% | 17,250 | $11.4M | Reduce -19.8% |
Portfolio Sells Q3 2025 → Q4 2025
| UNP Union Pacific Corp. | Sold out | 0.00% | −5.39 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -41.9% | 6.13% | −2.82 |
| ATI Ati Inc. | Reduce -51.2% | 4.54% | −1.54 |
| COF Capital One Financial Corp. | Reduce -34.3% | 6.46% | −1.49 |
| DHR Danaher Corp. | Reduce -31.6% | 6.65% | −1.12 |
| APH Amphenol Corp. Class A | Reduce -27.1% | 5.90% | −0.94 |
| INTU Intuit Inc. | Reduce -19.8% | 4.41% | −0.82 |
| MSFT Microsoft Corp. | Reduce -5.8% | 8.36% | −0.41 |
| AMZN Amazon.com Inc. | Reduce -15.2% | 7.93% | −0.28 |
| LPLA LPL Financial Holdings Inc. | Reduce -17.2% | 5.71% | −0.22 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -13.3% | 5.60% | −0.10 |
| BN Brookfield Corp. | Reduce -6.0% | 8.12% | +0.18 |
Portfolio Buys Q3 2025 → Q4 2025
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 |