TOMS Capital Investment Management LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), TOMS Capital Investment Management LP reported 11 stock positions worth $1.1 billion . Its top holding was Kenvue (KVUE) at 25.1% of the portfolio, followed by Union Pacific (UNP, 19.0% ) and Carpenter Technology (CRS, 10.1% ). Compared with Q2 2025, it opened 8 new positions, sold out of 9, added to 2 and reduced 1. The biggest buy was a new position in Union Pacific (UNP) and the biggest sale an exit from CSX (CSX).
Location NEW YORK, NY
CIK 0001743937
Portfolio Value $1.1B (Q3 2025) Holdings 11 stocks · $1.1B 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 Q2 2025 KVUE Kenvue Inc. 17,400,000 $282.4M Add +7.7% UNP Union Pacific Corp. 906,682 $214.3M New CRS Carpenter Technology 462,000 $113.4M Add +19.7% CORZ Core Scientific Inc. 5,663,000 $101.6M New GOOG Alphabet Inc. Class C 366,000 $89.0M New UAL United Airlines Holdings Inc. 760,000 $73.3M New BILL Bill Holdings Inc. 1,354,248 $71.7M New FICO Fair Isaac Corp. 47,500 $71.1M New TSM Taiwan Semiconductor-SP ADR 190,000 $53.1M Reduce -28.3% MSGS Madison Square Garden Sports 180,500 $41.0M New TONX Ton Strategy Co. 2,318,522 $16.3M New
Options reported separately and not counted above: SPY puts ($1.7B), KVUE calls ($403.4M), RSP calls ($379.4M), UNP calls ($239.6M), FCX calls ($156.9M), TSM puts ($127.1M), BILL calls ($53.0M), JBS calls ($46.9M), HI calls ($27.0M), QQQ puts ($14.6M), QQQ calls ($4.6M).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ CSX CSX Corp. Sold out 0.00% −13.57 NSC Norfolk Southern Corp. Sold out 0.00% −13.49 COF Capital One Financial Corp. Sold out 0.00% −9.70 SNPS Synopsys Inc. Sold out 0.00% −8.21 BDX Becton Dickinson and Co. Sold out 0.00% −5.18 PENN Penn Entertainment Inc. Sold out 0.00% −4.99 AMZN Amazon.com Inc. Sold out 0.00% −3.59 RIOT Riot Platforms Inc. Sold out 0.00% −3.15 TIC Tic Solutions Inc. Sold out 0.00% −0.70 TSM Taiwan Semiconductor-SP ADR Reduce -28.3% 4.71% +0.26
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ UNP Union Pacific Corp. New 19.01% +19.01 CORZ Core Scientific Inc. New 9.01% +9.01 GOOG Alphabet Inc. Class C New 7.89% +7.89 UAL United Airlines Holdings Inc. New 6.51% +6.51 BILL Bill Holdings Inc. New 6.36% +6.36 FICO Fair Isaac Corp. New 6.31% +6.31 MSGS Madison Square Garden Sports New 3.63% +3.63 CRS Carpenter Technology Add +19.7% 10.06% +2.16 TONX Ton Strategy Co. New 1.45% +1.45 KVUE Kenvue Inc. Add +7.7% 25.05% −0.02
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +73.3% 2,600,000 $1.7B KVUE Kenvue Inc. call Add +12.1% 24,853,300 $403.4M RSP Invesco S&P 500 Equal Weight call New 2,000,000 $379.4M UNP Union Pacific Corp. call New 1,013,600 $239.6M CSX CSX Corp. call Sold out 6,066,100 $197.9Mbefore exit FCX Freeport-McMoran Inc. call New 4,000,000 $156.9M TSM Taiwan Semiconductor-SP ADR put Add +127.5% 455,000 $127.1M BILL Bill Holdings Inc. call New 1,000,000 $53.0M JBS JBS NV-A call Add +4.6% 3,139,300 $46.9M ROIV Roivant Sciences Ltd. call Sold out 3,340,000 $37.6Mbefore exit HI Hillenbrand Inc. call New 1,000,000 $27.0M CORZ Core Scientific Inc. call Sold out 1,000,000 $17.1Mbefore exit QQQ Invesco QQQ Trust Series 1 put New 24,300 $14.6M QQQ Invesco QQQ Trust Series 1 call New 7,700 $4.6M
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 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