Two Creeks Capital Management, LP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Two Creeks Capital Management, LP reported 25 stock positions worth $1.5 billion . Its top holding was Floor & Decor Class A (FND) at 8.2% of the portfolio, followed by Talen Energy (TLN, 6.5% ) and Uber Technologies (UBER, 6.0% ). Compared with Q1 2025, it opened 4 new positions, sold out of 2, added to 3 and reduced 17. The biggest buy was Talen Energy (TLN, shares +73% ) and the biggest sale an exit from Adobe (ADBE).
Location New York, NY
CIK 0001606430
Portfolio Value $1.5B (Q2 2025) Holdings 25 stocks · $1.5B 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 Q1 2025 FND Floor & Decor Holdings Inc. Class A 1,619,457 $123.0M Reduce -8.4% TLN Talen Energy Corp. 336,885 $98.0M Add +73.4% UBER Uber Technologies Inc. 969,003 $90.4M Reduce -9.5% FLUT Flutter Entertainment PLC-Di 289,455 $82.7M Add +25.2% V Visa Inc. Class A 230,958 $82.0M Reduce -25.7% CRH CRH PLC 879,163 $80.7M Reduce -7.8% LOW Lowe's Cos Inc. 356,030 $79.0M Reduce -15.1% CMG Chipotle Mexican Grill Inc. 1,400,372 $78.6M Reduce -26.1% ASML ASML Holding NV-NY Reg SHS 90,730 $72.7M Add +73.9% EQT Eqt Corp. 1,231,711 $71.8M Reduce -29.5% CPNG Coupang Inc. 2,206,297 $66.1M Reduce -27.7% ABNB Airbnb Inc. Class A 484,784 $64.2M Reduce -13.8% WING Wingstop Inc. 186,811 $62.9M Reduce -31.3% IDXX Idexx Laboratories Inc. 114,459 $61.4M Reduce -28.6% MA Mastercard Inc. Class A 109,214 $61.4M Reduce -0.9% PLNT Planet Fitness Inc. Class A 540,979 $59.0M Reduce -28.9% HDB HDFC Bank Ltd.-ADR 665,970 $51.1M Reduce -30.2% TEAM Atlassian Corp. Class A 243,585 $49.5M New MSFT Microsoft Corp. 89,471 $44.5M New EXE Expand Energy Corp. 372,278 $43.5M Reduce -7.8% TYL Tyler Technologies Inc. 47,504 $28.2M New KLAC KLA Corp. 29,089 $26.1M Reduce -69.7% MLM Martin Marietta Materials 39,913 $21.9M Reduce -49.1% IBN Icici Bank Ltd.-Spon ADR 115,114 $3.9M No change RTO Rentokil Initial PLC-SP ADR 79,590 $1.9M New
Options reported separately and not counted above: IRDM puts ($15.9M), SAM puts ($5.7M).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ ADBE Adobe Inc. Sold out 0.00% −5.15 ICLR Icon PLC Sold out 0.00% −3.09 KLAC KLA Corp. Reduce -69.7% 1.73% −2.44 V Visa Inc. Class A Reduce -25.7% 5.45% −1.51 EQT Eqt Corp. Reduce -29.5% 4.78% −1.19 LOW Lowe's Cos Inc. Reduce -15.1% 5.25% −1.00 MLM Martin Marietta Materials Reduce -49.1% 1.46% −0.94 FND Floor & Decor Holdings Inc. Class A Reduce -8.4% 8.18% −0.92 CMG Chipotle Mexican Grill Inc. Reduce -26.1% 5.23% −0.85 PLNT Planet Fitness Inc. Class A Reduce -28.9% 3.92% −0.78 HDB HDFC Bank Ltd.-ADR Reduce -30.2% 3.39% −0.66 IDXX Idexx Laboratories Inc. Reduce -28.6% 4.08% −0.22 ABNB Airbnb Inc. Class A Reduce -13.8% 4.26% −0.03 CRH CRH PLC Reduce -7.8% 5.36% +0.00 EXE Expand Energy Corp. Reduce -7.8% 2.89% +0.02 CPNG Coupang Inc. Reduce -27.7% 4.39% +0.12 MA Mastercard Inc. Class A Reduce -0.9% 4.08% +0.22 WING Wingstop Inc. Reduce -31.3% 4.18% +0.26 UBER Uber Technologies Inc. Reduce -9.5% 6.01% +1.02
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ TLN Talen Energy Corp. Add +73.4% 6.51% +4.03 TEAM Atlassian Corp. Class A New 3.29% +3.29 MSFT Microsoft Corp. New 2.96% +2.96 ASML ASML Holding NV-NY Reg SHS Add +73.9% 4.83% +2.62 FLUT Flutter Entertainment PLC-Di Add +25.2% 5.50% +2.23 TYL Tyler Technologies Inc. New 1.87% +1.87 RTO Rentokil Initial PLC-SP ADR New 0.13% +0.13
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ IRDM Iridium Communications Inc. put New 525,700 $15.9M SAM Boston Beer Company Inc. Class A put New 30,000 $5.7M
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 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