CAS Investment Partners

Q3 2025 13F · by Clifford Sosin, founder

As of: Sep 30, 2025
Filed: Nov 14, 2025
US stock: $2.2B · prev $2.1B
Positions: 5 · 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%

Moves5 since the prior filing

+0.3 pp in · −0.4 pp out

New 1 +0.34 pp
Added 0 0.00 pp
Trimmed 4 −0.35 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 1 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.4% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions100% of US stock

CVNA Carvana Co. trimmed+1.44 pp trimmed+1.4482.3%
HGV Hilton Grand Vacations Inc. trimmed−0.93 pp trimmed−0.9310.5%
COF Capital One Financial trimmed−0.97 pp trimmed−0.976.3%
CDLX Cardlytics, Inc. trimmed+0.11 pp trimmed+0.110.6%
SWIM Latham Group, Inc. new+0.34 pp new+0.340.3%

Positions5 in this filing · 0 exited


CVNACarvana Co.	82.26%	4,889,674	$1.8B	trimmed−1%	+1.44 pp	31 q
HGVHilton Grand Vacations Inc.	10.52%	5,643,776	$236M	trimmed−0%	−0.93 pp	17 q
COFCapital One Financial	6.31%	665,470	$141M	trimmed−5%	−0.97 pp	12 q
CDLXCardlytics, Inc.	0.56%	5,198,067	$13M	trimmed−7%	+0.11 pp	26 q
SWIMLatham Group, Inc.	0.34%	1,000,000	$8M	new	+0.34 pp	new

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001420506-25-003281
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet