Two Creeks Capital Management, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Two Creeks Capital Management, LP reported 26 stock positions worth $1.2 billion. Its top holding was Floor & Decor Class A (FND) at 6.9% of the portfolio, followed by Visa Class A (V, 6.3%) and Mirion Technologies (MIR, 5.6%). Compared with Q3 2025, it opened 5 new positions, sold out of 4, added to 5 and reduced 15. The biggest buy was a new position in Danaher (DHR) and the biggest sale an exit from Flutter Entertainment PLC-Di (FLUT).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001606430
- Portfolio Value
- $1.2B (Q4 2025)
- SEC Filing
- 0001172661-26-000833 ↗ filed Feb 17, 2026
Holdings Value
Holdings 26 stocks · $1.2B
| FND Floor & Decor Holdings Inc. Class A | 6.86% | 1,373,531 | $83.6M | Reduce -8.4% |
| V Visa Inc. Class A | 6.30% | 219,206 | $76.9M | Add +2.4% |
| MIR Mirion Technologies Inc. | 5.61% | 2,923,802 | $68.5M | Reduce -18.8% |
| CMG Chipotle Mexican Grill Inc. | 5.35% | 1,765,147 | $65.3M | Reduce -27.3% |
| DHR Danaher Corp. | 5.02% | 267,329 | $61.2M | New |
| UBER Uber Technologies Inc. | 5.02% | 748,748 | $61.2M | Reduce -11.1% |
| LOW Lowe's Cos Inc. | 4.76% | 240,807 | $58.1M | Reduce -10.9% |
| ASML ASML Holding NV-NY Reg SHS | 4.62% | 52,625 | $56.3M | Reduce -43.0% |
| CPNG Coupang Inc. | 4.31% | 2,228,146 | $52.6M | Add +34.5% |
| MA Mastercard Inc. Class A | 4.21% | 89,998 | $51.4M | Reduce -11.1% |
| MSFT Microsoft Corp. | 4.12% | 103,980 | $50.3M | Add +34.1% |
| PLNT Planet Fitness Inc. Class A | 4.10% | 461,206 | $50.0M | Reduce -15.8% |
| TLN Talen Energy Corp. | 4.09% | 132,962 | $49.8M | Reduce -8.2% |
| ABNB Airbnb Inc. Class A | 3.93% | 353,550 | $48.0M | Reduce -28.4% |
| U Unity Software Inc. | 3.85% | 1,063,773 | $47.0M | New |
| GRAB Grab Holdings Ltd. Class A | 3.63% | 8,881,384 | $44.3M | Reduce -8.1% |
| WING Wingstop Inc. | 3.35% | 171,462 | $40.9M | Add +8.2% |
| DKNG Draftkings Inc. Class A | 3.17% | 1,120,460 | $38.6M | New |
| EXE Expand Energy Corp. | 3.12% | 344,837 | $38.1M | Reduce -7.9% |
| EQT Eqt Corp. | 3.11% | 707,665 | $37.9M | Reduce -31.5% |
| ENTG Entegris Inc. | 2.98% | 431,421 | $36.3M | Reduce -14.8% |
| AMZN Amazon.com Inc. | 2.79% | 147,575 | $34.1M | New |
| TSM Taiwan Semiconductor-SP ADR | 2.37% | 95,110 | $28.9M | New |
| HDB HDFC Bank Ltd.-ADR | 2.23% | 743,331 | $27.2M | Add +0.9% |
| RTO Rentokil Initial PLC-SP ADR | 0.81% | 334,758 | $9.9M | Reduce -1.2% |
| IBN Icici Bank Ltd.-Spon ADR | 0.28% | 115,114 | $3.4M | No change |
Portfolio Sells Q3 2025 → Q4 2025
| FLUT Flutter Entertainment PLC-Di | Sold out | 0.00% | −4.30 |
| TEAM Atlassian Corp. Class A | Sold out | 0.00% | −3.50 |
| CRH CRH PLC | Sold out | 0.00% | −3.40 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -43.0% | 4.62% | −1.81 |
| TYL Tyler Technologies Inc. | Sold out | 0.00% | −1.80 |
| CMG Chipotle Mexican Grill Inc. | Reduce -27.3% | 5.35% | −1.49 |
| FND Floor & Decor Holdings Inc. Class A | Reduce -8.4% | 6.86% | −1.09 |
| EQT Eqt Corp. | Reduce -31.5% | 3.11% | −0.93 |
| UBER Uber Technologies Inc. | Reduce -11.1% | 5.02% | −0.92 |
| GRAB Grab Holdings Ltd. Class A | Reduce -8.1% | 3.63% | −0.55 |
| MIR Mirion Technologies Inc. | Reduce -18.8% | 5.61% | −0.40 |
| ENTG Entegris Inc. | Reduce -14.8% | 2.98% | −0.39 |
| ABNB Airbnb Inc. Class A | Reduce -28.4% | 3.93% | −0.37 |
| TLN Talen Energy Corp. | Reduce -8.2% | 4.09% | −0.34 |
| LOW Lowe's Cos Inc. | Reduce -10.9% | 4.76% | −0.12 |
| PLNT Planet Fitness Inc. Class A | Reduce -15.8% | 4.10% | +0.01 |
| MA Mastercard Inc. Class A | Reduce -11.1% | 4.21% | +0.07 |
| RTO Rentokil Initial PLC-SP ADR | Reduce -1.2% | 0.81% | +0.19 |
| EXE Expand Energy Corp. | Reduce -7.9% | 3.12% | +0.26 |
Portfolio Buys Q3 2025 → Q4 2025
| DHR Danaher Corp. | New | 5.02% | +5.02 |
| U Unity Software Inc. | New | 3.85% | +3.85 |
| DKNG Draftkings Inc. Class A | New | 3.17% | +3.17 |
| AMZN Amazon.com Inc. | New | 2.79% | +2.79 |
| TSM Taiwan Semiconductor-SP ADR | New | 2.37% | +2.37 |
| MSFT Microsoft Corp. | Add +34.1% | 4.12% | +1.24 |
| V Visa Inc. Class A | Add +2.4% | 6.30% | +1.05 |
| WING Wingstop Inc. | Add +8.2% | 3.35% | +0.48 |
| CPNG Coupang Inc. | Add +34.5% | 4.31% | +0.47 |
| HDB HDFC Bank Ltd.-ADR | Add +0.9% | 2.23% | +0.42 |
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 |