Two Creeks Capital Management, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Two Creeks Capital Management, LP reported 23 stock positions worth $1.6 billion. Its top holding was Floor & Decor Class A (FND) at 9.1% of the portfolio, followed by Visa Class A (V, 7.0%) and Lowe's Cos (LOW, 6.2%). Compared with Q4 2024, it opened 4 new positions, sold out of 3, added to 11 and reduced 8. The biggest buy was a new position in Wingstop (WING) and the biggest sale an exit from Alphabet Class C (GOOG).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001606430
- Portfolio Value
- $1.6B (Q1 2025)
- SEC Filing
- 0001172661-25-002070 ↗ filed May 15, 2025
Holdings Value
Holdings 23 stocks · $1.6B
| FND Floor & Decor Holdings Inc. Class A | 9.10% | 1,768,859 | $142.3M | Add +11.4% |
| V Visa Inc. Class A | 6.96% | 310,673 | $108.9M | Reduce -40.4% |
| LOW Lowe's Cos Inc. | 6.25% | 419,163 | $97.8M | Reduce -16.6% |
| CMG Chipotle Mexican Grill Inc. | 6.08% | 1,894,950 | $95.1M | Add +10.8% |
| EQT Eqt Corp. | 5.97% | 1,747,087 | $93.3M | Add +59.0% |
| CRH CRH PLC | 5.36% | 954,082 | $83.9M | Reduce -18.2% |
| ADBE Adobe Inc. | 5.15% | 210,203 | $80.6M | Add +1.6% |
| UBER Uber Technologies Inc. | 4.99% | 1,070,853 | $78.0M | Reduce -5.7% |
| PLNT Planet Fitness Inc. Class A | 4.70% | 761,455 | $73.6M | Reduce -28.8% |
| IDXX Idexx Laboratories Inc. | 4.30% | 160,254 | $67.3M | Add +131.9% |
| ABNB Airbnb Inc. Class A | 4.29% | 562,525 | $67.2M | Add +1.6% |
| CPNG Coupang Inc. | 4.27% | 3,049,882 | $66.9M | Add +10.2% |
| KLAC KLA Corp. | 4.18% | 96,130 | $65.3M | Add +2.1% |
| HDB HDFC Bank Ltd.-ADR | 4.05% | 954,614 | $63.4M | Add +0.2% |
| WING Wingstop Inc. | 3.92% | 271,927 | $61.3M | New |
| MA Mastercard Inc. Class A | 3.86% | 110,188 | $60.4M | Reduce -13.9% |
| FLUT Flutter Entertainment PLC-Di | 3.27% | 231,120 | $51.2M | Add +117.6% |
| ICLR Icon PLC | 3.09% | 276,531 | $48.4M | Reduce -7.1% |
| EXE Expand Energy Corp. | 2.87% | 403,995 | $45.0M | Add +16.4% |
| TLN Talen Energy Corp. | 2.48% | 194,233 | $38.8M | New |
| MLM Martin Marietta Materials | 2.40% | 78,493 | $37.5M | New |
| ASML ASML Holding NV-NY Reg SHS | 2.21% | 52,187 | $34.6M | Reduce -35.9% |
| IBN Icici Bank Ltd.-Spon ADR | 0.23% | 115,114 | $3.6M | New |
Portfolio Sells Q4 2024 → Q1 2025
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −3.96 |
| V Visa Inc. Class A | Reduce -40.4% | 6.96% | −3.08 |
| AZPN Aspen Technology Inc. | Sold out | 0.00% | −2.77 |
| PLNT Planet Fitness Inc. Class A | Reduce -28.8% | 4.70% | −1.74 |
| CDW CDW Corp. | Sold out | 0.00% | −1.48 |
| LOW Lowe's Cos Inc. | Reduce -16.6% | 6.25% | −1.31 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -35.9% | 2.21% | −1.23 |
| CRH CRH PLC | Reduce -18.2% | 5.36% | −1.22 |
| ICLR Icon PLC | Reduce -7.1% | 3.09% | −0.71 |
| MA Mastercard Inc. Class A | Reduce -13.9% | 3.86% | −0.25 |
| UBER Uber Technologies Inc. | Reduce -5.7% | 4.99% | +0.81 |
Portfolio Buys Q4 2024 → Q1 2025
| WING Wingstop Inc. | New | 3.92% | +3.92 |
| EQT Eqt Corp. | Add +59.0% | 5.97% | +2.88 |
| IDXX Idexx Laboratories Inc. | Add +131.9% | 4.30% | +2.56 |
| TLN Talen Energy Corp. | New | 2.48% | +2.48 |
| MLM Martin Marietta Materials | New | 2.40% | +2.40 |
| FLUT Flutter Entertainment PLC-Di | Add +117.6% | 3.27% | +1.60 |
| EXE Expand Energy Corp. | Add +16.4% | 2.87% | +0.77 |
| CPNG Coupang Inc. | Add +10.2% | 4.27% | +0.56 |
| KLAC KLA Corp. | Add +2.1% | 4.18% | +0.56 |
| HDB HDFC Bank Ltd.-ADR | Add +0.2% | 4.05% | +0.34 |
| IBN Icici Bank Ltd.-Spon ADR | New | 0.23% | +0.23 |
| ABNB Airbnb Inc. Class A | Add +1.6% | 4.29% | −0.14 |
| CMG Chipotle Mexican Grill Inc. | Add +10.8% | 6.08% | −0.21 |
| ADBE Adobe Inc. | Add +1.6% | 5.15% | −0.46 |
| FND Floor & Decor Holdings Inc. Class A | Add +11.4% | 9.10% | −0.55 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 13 | $139.5M | ACWI, FND, V, TSM, ASML |
| Q1 2026 | 21 | $947.0M | TLN, UBER, DHR, V, TSM |
| Q4 2025 | 26 | $1.2B | FND, V, MIR, CMG, DHR |
| Q3 2025 | 25 | $1.4B | FND, CMG, ASML, MIR, UBER |
| Q2 2025 | 25 | $1.5B | FND, TLN, UBER, FLUT, V |
| Q1 2025 | 23 | $1.6B | FND, V, LOW, CMG, EQT |
| Q4 2024 | 22 | $1.6B | V, FND, LOW, CRH, PLNT |
| Q3 2024 | 18 | $1.5B | FND, LOW, V, PLNT, ABNB |
| Q2 2024 | 18 | $1.6B | V, FND, LOW, CRH, ABNB |
| Q1 2024 | 17 | $1.7B | V, FND, HDB, LOW, AZPN |