TOMS Capital Investment Management LP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), TOMS Capital Investment Management LP reported 13 stock positions worth $1.4 billion . Its top holding was Kenvue (KVUE) at 25.6% of the portfolio, followed by Costar (CSGP, 20.6% ) and United States Steel (X, 15.3% ). Compared with Q4 2024, it opened 9 new positions, sold out of 6, added to 2 and reduced 2. The biggest buy was a new position in Kenvue (KVUE) and the biggest sale an exit from Philip Morris International (PM).
Location NEW YORK, NY
CIK 0001743937
Portfolio Value $1.4B (Q1 2025) Holdings 13 stocks · $1.4B 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 KVUE Kenvue Inc. 14,415,000 $345.7M New CSGP Costar Group Inc. 3,508,000 $277.9M New X United States Steel Corp. 4,894,541 $206.8M New TSM Taiwan Semiconductor-SP ADR 643,000 $106.7M Add +47.8% AMZN Amazon.com Inc. 501,000 $95.3M Add +34.0% TLN Talen Energy Corp. 327,000 $65.3M New PENN Penn Entertainment Inc. 3,819,000 $62.3M New NVDA Nvidia Corp. 403,600 $43.7M New FLUT Flutter Entertainment PLC-Di 192,000 $42.5M Reduce -49.2% ROIV Roivant Sciences Ltd. 4,095,000 $41.3M Reduce -30.4% APP AppLovin Corp. Class A 113,000 $29.9M New RIOT Riot Platforms Inc. 3,087,200 $22.0M New TIC Tic Solutions Inc. filed as ACUREN CORP 1,000,000 $11.1M New
Options reported separately and not counted above: SPY puts ($1.3B), X calls ($262.0M), TSM puts ($123.2M), PENN calls ($122.3M), KVUE calls ($72.6M), ROIV calls ($33.2M), ALK calls ($24.9M), RIOT calls ($14.4M).
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 ▲ PM Philip Morris International Sold out 0.00% −15.81 AER Aercap Holdings NV Sold out 0.00% −15.60 APH Amphenol Corp. Class A Sold out 0.00% −12.08 FLUT Flutter Entertainment PLC-Di Reduce -49.2% 3.15% −8.25 CSL Carlisle Cos Inc. Sold out 0.00% −6.32 WSC Willscot Holdings Corp. Sold out 0.00% −5.65 CVX Chevron Corp. Sold out 0.00% −5.44 ROIV Roivant Sciences Ltd. Reduce -30.4% 3.06% −5.06
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 ▼ KVUE Kenvue Inc. New 25.59% +25.59 CSGP Costar Group Inc. New 20.58% +20.58 X United States Steel Corp. New 15.31% +15.31 TLN Talen Energy Corp. New 4.83% +4.83 PENN Penn Entertainment Inc. New 4.61% +4.61 NVDA Nvidia Corp. New 3.24% +3.24 APP AppLovin Corp. Class A New 2.22% +2.22 RIOT Riot Platforms Inc. New 1.63% +1.63 TIC Tic Solutions Inc. New 0.82% +0.82 TSM Taiwan Semiconductor-SP ADR Add +47.8% 7.90% −2.11 AMZN Amazon.com Inc. Add +34.0% 7.06% −2.51
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +64.3% 2,300,000 $1.3B X United States Steel Corp. call Add +1140.0% 6,200,100 $262.0M HSY The Hershey Co. call Sold out 1,000,000 $169.3Mbefore exit HES Hess Corp. call Sold out 1,000,000 $133.0Mbefore exit TSM Taiwan Semiconductor-SP ADR put Reduce -75.4% 742,000 $123.2M PENN Penn Entertainment Inc. call New 7,500,000 $122.3M WSC Willscot Holdings Corp. call Sold out 3,000,000 $100.3Mbefore exit KVUE Kenvue Inc. call New 3,026,400 $72.6M ROIV Roivant Sciences Ltd. call New 3,288,900 $33.2M ALK Alaska Air Group Inc. call New 505,000 $24.9M RIOT Riot Platforms Inc. call Reduce -59.6% 2,018,300 $14.4M
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 16 $1.9B DVN, STX, RIOT, INTC, MKSI Q1 2026 14 $1.5B AER, NVDA, FWONK, STX, FDX Q4 2025 13 $1.4B TGT, UNP, UAL, NVDA, CRS Q3 2025 11 $1.1B KVUE, UNP, CRS, CORZ, GOOG Q2 2025 12 $1.3B KVUE, CSX, NSC, COF, SNPS Q1 2025 13 $1.4B KVUE, CSGP, X, TSM, AMZN Q4 2024 10 $857.7M PM, AER, APH, FLUT, TSM Q3 2024 19 $1.2B PM, APD, CVS, TSM, ADBE Q2 2024 17 $1.3B K, PM, ADBE, HUBS, MSFT Q1 2024 15 $1.5B K, ADBE, PM, AMZN, STLA