Two Creeks Capital Management, LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Two Creeks Capital Management, LP reported 25 stock positions worth $1.4 billion . Its top holding was Floor & Decor Class A (FND) at 8.0% of the portfolio, followed by Chipotle Mexican Grill (CMG, 6.8% ) and ASML Holding NV-NY Reg SHS (ASML, 6.4% ). Compared with Q2 2025, it opened 3 new positions, sold out of 3, added to 8 and reduced 13. The biggest buy was a new position in Mirion Technologies (MIR) and the biggest sale an exit from Idexx Laboratories (IDXX).
Location New York, NY
CIK 0001606430
Portfolio Value $1.4B (Q3 2025) Holdings 25 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 Q2 2025 FND Floor & Decor Holdings Inc. Class A 1,500,378 $110.6M Reduce -7.3% CMG Chipotle Mexican Grill Inc. 2,428,983 $95.2M Add +73.5% ASML ASML Holding NV-NY Reg SHS 92,352 $89.4M Add +1.8% MIR Mirion Technologies Inc. 3,598,763 $83.7M New UBER Uber Technologies Inc. 841,939 $82.5M Reduce -13.1% V Visa Inc. Class A 213,975 $73.0M Reduce -7.3% LOW Lowe's Cos Inc. 270,149 $67.9M Reduce -24.1% TLN Talen Energy Corp. 144,813 $61.6M Reduce -57.0% ABNB Airbnb Inc. Class A 493,451 $59.9M Add +1.8% FLUT Flutter Entertainment PLC-Di 235,362 $59.8M Reduce -18.7% GRAB Grab Holdings Ltd. Class A 9,662,752 $58.2M New MA Mastercard Inc. Class A 101,184 $57.6M Reduce -7.3% PLNT Planet Fitness Inc. Class A 548,040 $56.9M Add +1.3% EQT Eqt Corp. 1,033,275 $56.2M Reduce -16.1% CPNG Coupang Inc. 1,656,867 $53.4M Reduce -24.9% TEAM Atlassian Corp. Class A 305,032 $48.7M Add +25.2% CRH CRH PLC 394,350 $47.3M Reduce -55.1% ENTG Entegris Inc. 506,222 $46.8M New MSFT Microsoft Corp. 77,514 $40.1M Reduce -13.4% WING Wingstop Inc. 158,465 $39.9M Reduce -15.2% EXE Expand Energy Corp. 374,239 $39.8M Add +0.5% HDB HDFC Bank Ltd.-ADR 736,895 $25.2M Reduce -44.7% TYL Tyler Technologies Inc. 47,983 $25.1M Add +1.0% RTO Rentokil Initial PLC-SP ADR 338,678 $8.6M Add +325.5% IBN Icici Bank Ltd.-Spon ADR 115,114 $3.5M No change
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 ▲ IDXX Idexx Laboratories Inc. Sold out 0.00% −4.08 TLN Talen Energy Corp. Reduce -57.0% 4.43% −2.08 CRH CRH PLC Reduce -55.1% 3.40% −1.97 KLAC KLA Corp. Sold out 0.00% −1.73 HDB HDFC Bank Ltd.-ADR Reduce -44.7% 1.81% −1.58 MLM Martin Marietta Materials Sold out 0.00% −1.46 WING Wingstop Inc. Reduce -15.2% 2.87% −1.31 FLUT Flutter Entertainment PLC-Di Reduce -18.7% 4.30% −1.20 EQT Eqt Corp. Reduce -16.1% 4.04% −0.73 CPNG Coupang Inc. Reduce -24.9% 3.84% −0.56 LOW Lowe's Cos Inc. Reduce -24.1% 4.88% −0.37 FND Floor & Decor Holdings Inc. Class A Reduce -7.3% 7.95% −0.23 V Visa Inc. Class A Reduce -7.3% 5.25% −0.20 UBER Uber Technologies Inc. Reduce -13.1% 5.93% −0.08 MSFT Microsoft Corp. Reduce -13.4% 2.89% −0.07 MA Mastercard Inc. Class A Reduce -7.3% 4.14% +0.06
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 ▼ MIR Mirion Technologies Inc. New 6.02% +6.02 GRAB Grab Holdings Ltd. Class A New 4.18% +4.18 ENTG Entegris Inc. New 3.37% +3.37 CMG Chipotle Mexican Grill Inc. Add +73.5% 6.84% +1.62 ASML ASML Holding NV-NY Reg SHS Add +1.8% 6.43% +1.60 RTO Rentokil Initial PLC-SP ADR Add +325.5% 0.61% +0.49 TEAM Atlassian Corp. Class A Add +25.2% 3.50% +0.21 PLNT Planet Fitness Inc. Class A Add +1.3% 4.09% +0.17 ABNB Airbnb Inc. Class A Add +1.8% 4.31% +0.04 EXE Expand Energy Corp. Add +0.5% 2.86% −0.03 TYL Tyler Technologies Inc. Add +1.0% 1.80% −0.07
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ IRDM Iridium Communications Inc. put Sold out 525,700 $15.9Mbefore exit SAM Boston Beer Company Inc. Class A put Sold out 30,000 $5.7Mbefore 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 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