XN LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), XN LP reported 26 stock positions worth $3.6 billion. Its top holding was Tko (TKO) at 16.8% of the portfolio, followed by Toast Class A (TOST, 8.9%) and Taiwan Semiconductor-SP ADR (TSM, 6.9%). Compared with Q3 2025, it opened 5 new positions, sold out of 1, added to 9 and reduced 8. The biggest buy was a new position in CBRE Class A (CBRE) and the biggest sale Figma Class A (FIG, shares −80%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001756558
- Portfolio Value
- $3.6B (Q4 2025)
- SEC Filing
- 0001172661-26-001037 ↗ filed Feb 17, 2026
Holdings Value
Holdings 26 stocks · $3.6B
| TKO Tko Group Holdings Inc. | 16.79% | 2,866,943 | $599.2M | Add +6.3% |
| TOST Toast Inc. Class A | 8.94% | 8,988,386 | $319.2M | Add +50.9% |
| TSM Taiwan Semiconductor-SP ADR | 6.93% | 813,866 | $247.3M | Reduce -7.8% |
| SHW The Sherwin-Williams Co. | 5.99% | 659,729 | $213.8M | Add +4.7% |
| SPOT Spotify Technology SA | 4.96% | 304,602 | $176.9M | Add +37.8% |
| GE General Electric filed as GE AEROSPACE | 4.91% | 569,227 | $175.3M | No change |
| PCOR Procore Technologies Inc. | 4.74% | 2,323,031 | $169.0M | Add +0.5% |
| UNP Union Pacific Corp. | 4.48% | 691,658 | $160.0M | Reduce -15.0% |
| RDDT Reddit Inc. Class A | 4.42% | 686,301 | $157.8M | Add +0.6% |
| TRU Transunion | 4.20% | 1,748,965 | $150.0M | Reduce -28.5% |
| CBRE CBRE Group Inc. Class A | 4.12% | 915,067 | $147.1M | New |
| AMZN Amazon.com Inc. | 3.76% | 580,754 | $134.0M | Reduce -17.4% |
| NVDA Nvidia Corp. | 3.11% | 595,149 | $111.0M | Add +6.2% |
| CRH CRH PLC | 3.08% | 879,676 | $109.8M | No change |
| CRM Salesforce Inc. | 2.99% | 403,232 | $106.8M | Add +2.5% |
| GOOG Alphabet Inc. Class C | 2.78% | 316,285 | $99.3M | No change |
| WBD Warner Bros Discovery Inc. | 2.49% | 3,084,372 | $88.9M | Reduce -45.1% |
| AMAT Applied Materials Inc. | 2.43% | 336,900 | $86.6M | No change |
| MDLN Medline Inc. Class A | 1.77% | 1,502,000 | $63.1M | New |
| JCI Johnson Controls Internation | 1.50% | 446,441 | $53.5M | Add +55.6% |
| FERG Ferguson Enterprises Inc. | 1.33% | 212,510 | $47.3M | Reduce -57.8% |
| CNM Core & Main Inc. Class A | 1.02% | 698,200 | $36.3M | New |
| SOLS Solstice Adv Materials Inc. | 0.97% | 711,674 | $34.6M | New |
| META Meta Platforms Inc. Class A | 0.95% | 51,313 | $33.9M | Reduce -57.4% |
| MSFT Microsoft Corp. | 0.77% | 56,689 | $27.4M | New |
| FIG Figma Inc. Class A | 0.57% | 546,308 | $20.4M | Reduce -79.8% |
Portfolio Sells Q3 2025 → Q4 2025
| FIG Figma Inc. Class A | Reduce -79.8% | 0.57% | −3.55 |
| FERG Ferguson Enterprises Inc. | Reduce -57.8% | 1.33% | −2.00 |
| TRU Transunion | Reduce -28.5% | 4.20% | −1.83 |
| META Meta Platforms Inc. Class A | Reduce -57.4% | 0.95% | −1.65 |
| UNP Union Pacific Corp. | Reduce -15.0% | 4.48% | −1.17 |
| MNDY Monday.com Ltd. | Sold out | 0.00% | −1.13 |
| AMZN Amazon.com Inc. | Reduce -17.4% | 3.76% | −0.79 |
| WBD Warner Bros Discovery Inc. | Reduce -45.1% | 2.49% | −0.73 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -7.8% | 6.93% | −0.32 |
Portfolio Buys Q3 2025 → Q4 2025
| CBRE CBRE Group Inc. Class A | New | 4.12% | +4.12 |
| TOST Toast Inc. Class A | Add +50.9% | 8.94% | +2.55 |
| MDLN Medline Inc. Class A | New | 1.77% | +1.77 |
| CNM Core & Main Inc. Class A | New | 1.02% | +1.02 |
| SOLS Solstice Adv Materials Inc. | New | 0.97% | +0.97 |
| TKO Tko Group Holdings Inc. | Add +6.3% | 16.79% | +0.77 |
| MSFT Microsoft Corp. | New | 0.77% | +0.77 |
| JCI Johnson Controls Internation | Add +55.6% | 1.50% | +0.57 |
| SPOT Spotify Technology SA | Add +37.8% | 4.96% | +0.42 |
| CRM Salesforce Inc. | Add +2.5% | 2.99% | +0.25 |
| NVDA Nvidia Corp. | Add +6.2% | 3.11% | +0.04 |
| RDDT Reddit Inc. Class A | Add +0.6% | 4.42% | −0.19 |
| PCOR Procore Technologies Inc. | Add +0.5% | 4.74% | −0.22 |
| SHW The Sherwin-Williams Co. | Add +4.7% | 5.99% | −0.43 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 27 | $3.8B | SPCX, TKO, SHW, TSM, GLW |
| Q1 2026 | 23 | $2.7B | TKO, SOLS, TSM, SHW, TOST |
| Q4 2025 | 26 | $3.6B | TKO, TOST, TSM, SHW, SPOT |
| Q3 2025 | 22 | $3.4B | TKO, TSM, SHW, TOST, TRU |
| Q2 2025 | 20 | $2.9B | TKO, TOST, TRU, SHW, TSM |
| Q1 2025 | 19 | $2.2B | TKO, SHW, TRU, TSM, TOST |
| Q4 2024 | 23 | $2.3B | TKO, PCOR, GE, TRU, TOST |
| Q3 2024 | 21 | $2.3B | TKO, GE, TRU, VMC, AMAT |
| Q2 2024 | 22 | $2.1B | TKO, PCOR, TRU, GE, GOOG |
| Q1 2024 | 20 | $2.0B | GOOG, TKO, GE, WAB, ADBE |