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Abrams Bison

Q3 2025 13F · by Gavin Abrams, portfolio manager

As of
Sep 30, 2025
Filed
Nov 14, 2025
US stock
$1.3B · prev $1.1B
Positions
9 · prev 8
Options notional
$0
Documents
1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

  • US stock listed on a US exchange 100.0%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves6 since the prior filing

The book

Very concentrated · behaves like 6 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Moderate turnover · 27% a year, about 3.7 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions78% of US stock

  1. SNX TD SYNNEX Corporation held held33.4%
  2. AMAT Applied Materials Inc added+2.27 pp added+2.2717.2%
  3. SN SharkNinja, Inc. trimmed−5.92 pp trimmed−5.9210.5%
  4. TFX Teleflex Incorporated new+8.80 pp new+8.808.8%
  5. ACHC Acadia Healthcare Company, Inc. added+0.92 pp added+0.928.5%

Positions9 in this filing · 0 exited

SNXTD SYNNEX Corporation33.42%2,603,254$426Mheld—22 q
AMATApplied Materials Inc17.21%1,072,000$219Madded+23%+2.27 pp21 q
SNSharkNinja, Inc.10.47%1,295,000$134Mtrimmed−27%−5.92 pp7 q
TFXTeleflex Incorporated8.80%917,925$112Mnew+8.80 ppnew
ACHCAcadia Healthcare Company, Inc.8.50%4,380,000$108Madded+22%+0.92 pp3 q
COFCapital One Financial8.33%500,000$106Mheld—11 q
NYTNew York Times Co.6.37%1,416,086$81Madded0%−0.99 pp2 q
HCAHCA Healthcare, Inc.5.68%170,000$72Mtrimmed−33%−3.43 pp23 q
SLQTSelectQuote, Inc.1.22%7,910,794$16Mheld—17 q

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0000919574-25-007023
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet