TOMS Capital Investment Management LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), TOMS Capital Investment Management LP reported 13 stock positions worth $1.4 billion . Its top holding was Target (TGT) at 17.9% of the portfolio, followed by Union Pacific (UNP, 15.3% ) and United Airlines (UAL, 10.1% ). Compared with Q3 2025, it opened 8 new positions, sold out of 6, added to 4 and reduced 1. The biggest buy was a new position in Target (TGT) and the biggest sale an exit from Kenvue (KVUE).
Location NEW YORK, NY
CIK 0001743937
Portfolio Value $1.4B (Q4 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 Q3 2025 TGT Target Corp. 2,635,000 $257.6M New UNP Union Pacific Corp. 951,500 $220.1M Add +4.9% UAL United Airlines Holdings Inc. 1,300,600 $145.4M Add +71.1% NVDA Nvidia Corp. 690,000 $128.7M New CRS Carpenter Technology 387,000 $121.8M Reduce -16.2% FIS Fidelity National Info Serv 1,664,000 $110.6M New KMB Kimberly-Clark Corp. 915,000 $92.3M New TSM Taiwan Semiconductor-SP ADR 287,700 $87.4M Add +51.4% MSGS Madison Square Garden Sports 329,705 $85.3M Add +82.7% FWONK Liberty Media Corp. Class C 765,000 $75.4M New META Meta Platforms Inc. Class A 109,800 $72.5M New FR First Industrial Realty TR 425,000 $24.3M New APG Api Group Corp. 354,000 $13.5M New
Options reported separately and not counted above: SPY puts ($2.0B), TSM puts ($384.3M), UNP calls ($310.0M), WMT puts ($222.8M), AIG calls ($213.9M), FR calls ($57.3M), RIOT calls ($50.8M), CORZ calls ($43.7M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ KVUE Kenvue Inc. Sold out 0.00% −25.05 CORZ Core Scientific Inc. Sold out 0.00% −9.01 GOOG Alphabet Inc. Class C Sold out 0.00% −7.89 BILL Bill Holdings Inc. Sold out 0.00% −6.36 FICO Fair Isaac Corp. Sold out 0.00% −6.31 CRS Carpenter Technology Reduce -16.2% 8.49% −1.57 TONX Ton Strategy Co. Sold out 0.00% −1.45
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ TGT Target Corp. New 17.95% +17.95 NVDA Nvidia Corp. New 8.97% +8.97 FIS Fidelity National Info Serv New 7.71% +7.71 KMB Kimberly-Clark Corp. New 6.43% +6.43 FWONK Liberty Media Corp. Class C New 5.25% +5.25 META Meta Platforms Inc. Class A New 5.05% +5.05 UAL United Airlines Holdings Inc. Add +71.1% 10.13% +3.63 MSGS Madison Square Garden Sports Add +82.7% 5.94% +2.31 FR First Industrial Realty TR New 1.70% +1.70 TSM Taiwan Semiconductor-SP ADR Add +51.4% 6.09% +1.39 APG Api Group Corp. New 0.94% +0.94 UNP Union Pacific Corp. Add +4.9% 15.34% −3.67
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +15.4% 3,000,000 $2.0B KVUE Kenvue Inc. call Sold out 24,853,300 $403.4Mbefore exit TSM Taiwan Semiconductor-SP ADR put Add +177.9% 1,264,600 $384.3M RSP Invesco S&P 500 Equal Weight call Sold out 2,000,000 $379.4Mbefore exit UNP Union Pacific Corp. call Add +32.2% 1,340,300 $310.0M WMT Walmart Inc. put New 2,000,000 $222.8M AIG American International Group call New 2,500,000 $213.9M FCX Freeport-McMoran Inc. call Sold out 4,000,000 $156.9Mbefore exit FR First Industrial Realty TR call New 1,000,000 $57.3M BILL Bill Holdings Inc. call Sold out 1,000,000 $53.0Mbefore exit RIOT Riot Platforms Inc. call New 4,009,400 $50.8M JBS JBS NV-A call Sold out 3,139,300 $46.9Mbefore exit CORZ Core Scientific Inc. call New 3,000,000 $43.7M HI Hillenbrand Inc. call Sold out 1,000,000 $27.0Mbefore exit QQQ Invesco QQQ Trust Series 1 put Sold out 24,300 $14.6Mbefore exit QQQ Invesco QQQ Trust Series 1 call Sold out 7,700 $4.6Mbefore 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 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