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CAS Investment Partners

Q2 2025 13F · by Clifford Sosin, founder

As of
Jun 30, 2025
Filed
Aug 14, 2025
US stock
$2.1B · prev $1.5B
Positions
4 · prev 4
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%

Moves3 since the prior filing

The book

Very concentrated · behaves like 1 equal-sized positions

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

Low turnover · 0.0% a year

  1. Low
  2. Moderate
  3. High

Top 5 positions100% of US stock

  1. CVNA Carvana Co. trimmed+3.63 pp trimmed+3.6380.8%
  2. HGV Hilton Grand Vacations Inc. trimmed−2.44 pp trimmed−2.4411.4%
  3. COF Capital One Financial trimmed−0.98 pp trimmed−0.987.3%
  4. CDLX Cardlytics, Inc. held held0.5%

Positions4 in this filing · 0 exited

CVNACarvana Co.80.82%4,922,268$1.7Btrimmed−13%+3.63 pp30 q
HGVHilton Grand Vacations Inc.11.45%5,659,803$235Mtrimmed−1%−2.44 pp16 q
COFCapital One Financial7.28%702,181$149Mtrimmed−1%−0.98 pp11 q
CDLXCardlytics, Inc.0.45%5,613,922$9Mheld—25 q

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001420506-25-002046
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet