Whitebark Investors LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Whitebark Investors LP reported 9 stock positions worth $166.0 million. Its top holding was Flutter Entertainment PLC-Di (FLUT) at 17.5% of the portfolio, followed by Coupang (CPNG, 14.9%) and Microsoft (MSFT, 14.8%). Compared with Q3 2025, it opened 1 new position, sold out of 2, added to 4 and reduced 4. The biggest buy was Global-E Online (GLBE, shares +32%) and the biggest sale an exit from Telephone and Data Systems (TDS).
- Most Recent 13F
- Q2 2026
- Location
- Incline Village, NV
- CIK
- 0002042091
- Portfolio Value
- $166.0M (Q4 2025)
- SEC Filing
- 0001172661-26-000873 ↗ filed Feb 17, 2026
Holdings Value
Holdings 9 stocks · $166.0M
| FLUT Flutter Entertainment PLC-Di | 17.46% | 134,766 | $29.0M | Reduce -3.6% |
| CPNG Coupang Inc. | 14.94% | 1,050,996 | $24.8M | Add +13.9% |
| MSFT Microsoft Corp. | 14.82% | 50,859 | $24.6M | Reduce -23.1% |
| GLBE Global-E Online Ltd. | 14.10% | 595,432 | $23.4M | Add +32.3% |
| GSHD Goosehead Insurance Inc. Class A | 11.95% | 269,322 | $19.8M | Reduce -20.6% |
| GO Grocery Outlet Holding Corp. | 9.85% | 1,619,274 | $16.4M | Add +149.1% |
| BLND Blend Labs Inc. Class A | 9.28% | 5,069,258 | $15.4M | Reduce -8.9% |
| KLAR Klarna Group PLC | 4.66% | 267,378 | $7.7M | Add +345.6% |
| SHEN Shenandoah Telecommunication | 2.95% | 423,063 | $4.9M | New |
Portfolio Sells Q3 2025 → Q4 2025
| TDS Telephone and Data Systems | Sold out | 0.00% | −13.62 |
| TMO Thermo Fisher Scientific Inc. | Sold out | 0.00% | −3.65 |
| MSFT Microsoft Corp. | Reduce -23.1% | 14.82% | −1.49 |
| BLND Blend Labs Inc. Class A | Reduce -8.9% | 9.28% | −0.39 |
| GSHD Goosehead Insurance Inc. Class A | Reduce -20.6% | 11.95% | −0.06 |
| FLUT Flutter Entertainment PLC-Di | Reduce -3.6% | 17.46% | +0.55 |
Portfolio Buys Q3 2025 → Q4 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 10 | $129.5M | GLBE, CPNG, GO, MSFT, KLAR |
| Q1 2026 | 9 | $125.1M | CPNG, MSFT, GLBE, FLUT, GSHD |
| Q4 2025 | 9 | $166.0M | FLUT, CPNG, MSFT, GLBE, GSHD |
| Q3 2025 | 10 | $210.0M | FLUT, MSFT, CPNG, TDS, GSHD |
| Q2 2025Amended | 9 | $207.1M | FLUT, GSHD, MSFT, CPNG, TDS |
| Q1 2025 | 9 | $190.7M | GSHD, FLUT, MSFT, DASH, TDS |
| Q4 2024 | 9 | $215.8M | GSHD, DASH, FLUT, MSFT, GLBE |