Untitled Investments LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Untitled Investments LP reported 15 stock positions worth $353.2 million. Its top holding was Transunion (TRU) at 17.0% of the portfolio, followed by JSC Kaspi.kz ADR (KSPI, 11.2%) and Microsoft (MSFT, 10.5%). Compared with Q4 2024, it opened 3 new positions, sold out of 5, added to 6 and reduced 5. The biggest buy was CBRE Class A (CBRE, shares +131%) and the biggest sale an exit from Mastercard Class A (MA).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001808696
- Portfolio Value
- $353.2M (Q1 2025)
- SEC Filing
- 0000902664-25-002419 ↗ filed May 15, 2025
Holdings Value
Holdings 15 stocks · $353.2M
| TRU Transunion | 17.02% | 724,390 | $60.1M | Add +0.8% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 11.21% | 426,400 | $39.6M | Reduce -2.4% |
| MSFT Microsoft Corp. | 10.50% | 98,811 | $37.1M | Add +29.6% |
| MELI MercadoLibre Inc. | 9.66% | 17,481 | $34.1M | No change |
| CPNG Coupang Inc. | 9.00% | 1,448,682 | $31.8M | Reduce -16.8% |
| CBRE CBRE Group Inc. Class A | 8.75% | 236,230 | $30.9M | Add +130.9% |
| WDAY Workday Inc. Class A | 7.52% | 113,763 | $26.6M | Add +7.3% |
| FND Floor & Decor Holdings Inc. Class A | 5.67% | 248,755 | $20.0M | Add +2.5% |
| GOOGL Alphabet Inc. Class A | 5.57% | 127,128 | $19.7M | Reduce -12.3% |
| TSM Taiwan Semiconductor-SP ADR | 4.15% | 88,190 | $14.6M | New |
| NCNO Ncino Inc. | 2.77% | 356,127 | $9.8M | Add +29.1% |
| PTC PTC Inc. | 2.73% | 62,265 | $9.6M | New |
| META Meta Platforms Inc. Class A | 2.63% | 16,114 | $9.3M | Reduce -54.2% |
| FERG Ferguson Enterprises Inc. | 1.69% | 37,155 | $6.0M | New |
| GE General Electric filed as GE AEROSPACE | 1.14% | 20,125 | $4.0M | Reduce -85.0% |
Portfolio Sells Q4 2024 → Q1 2025
| MA Mastercard Inc. Class A | Sold out | 0.00% | −5.40 |
| GE General Electric | Reduce -85.0% | 1.14% | −4.33 |
| V Visa Inc. Class A | Sold out | 0.00% | −4.04 |
| META Meta Platforms Inc. Class A | Reduce -54.2% | 2.63% | −2.39 |
| WK Workiva Inc. | Sold out | 0.00% | −1.86 |
| APO Apollo Global Management Inc. | Sold out | 0.00% | −1.62 |
| GOOGL Alphabet Inc. Class A | Reduce -12.3% | 5.57% | −1.13 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −1.06 |
| CPNG Coupang Inc. | Reduce -16.8% | 9.00% | −0.33 |
| KSPI JSC Kaspi.kz ADR | Reduce -2.4% | 11.21% | +1.12 |
Portfolio Buys Q4 2024 → Q1 2025
| CBRE CBRE Group Inc. Class A | Add +130.9% | 8.75% | +5.47 |
| TSM Taiwan Semiconductor-SP ADR | New | 4.15% | +4.15 |
| PTC PTC Inc. | New | 2.73% | +2.73 |
| MSFT Microsoft Corp. | Add +29.6% | 10.50% | +2.67 |
| FERG Ferguson Enterprises Inc. | New | 1.69% | +1.69 |
| WDAY Workday Inc. Class A | Add +7.3% | 7.52% | +0.85 |
| TRU Transunion | Add +0.8% | 17.02% | +0.78 |
| NCNO Ncino Inc. | Add +29.1% | 2.77% | +0.51 |
| FND Floor & Decor Holdings Inc. Class A | Add +2.5% | 5.67% | −0.23 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 18 | $257.0M | TSM, NU, JCI, CPNG, KSPI |
| Q1 2026 | 16 | $268.6M | TSM, KSPI, NU, MSFT, CPNG |
| Q4 2025 | 17 | $332.9M | TRU, MELI, KSPI, MSFT, NU |
| Q3 2025 | 18 | $370.5M | TRU, MSFT, MELI, KSPI, NU |
| Q2 2025 | 14 | $365.9M | TRU, MSFT, CBRE, MELI, CPNG |
| Q1 2025 | 15 | $353.2M | TRU, KSPI, MSFT, MELI, CPNG |
| Q4 2024 | 17 | $410.2M | TRU, KSPI, CPNG, MSFT, MELI |
| Q3 2024 | 17 | $451.4M | KSPI, TRU, CPNG, MSFT, NCNO |
| Q2 2024 | 18 | $447.9M | KSPI, TRU, MSFT, CPNG, IT |
| Q1 2024Amended | 18 | $437.8M | KSPI, MSFT, IT, TRU, NCNO |