CAS Investment Partners

Q4 2025 13F · by Clifford Sosin, founder

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $2.3B · prev $2.2B
Positions: 5 · prev 5
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%

Moves4 since the prior filing

0.0 pp in · +0.3 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 4 +0.32 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 1 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions100% of US stock

CVNA Carvana Co. trimmed+0.99 pp trimmed+0.9983.3%
HGV Hilton Grand Vacations Inc. trimmed−0.34 pp trimmed−0.3410.2%
COF Capital One Financial trimmed−0.25 pp trimmed−0.256.1%
CDLX Cardlytics, Inc. held held0.3%
SWIM Latham Group, Inc. trimmed−0.08 pp trimmed−0.080.3%

Positions5 in this filing · 0 exited


CVNACarvana Co.	83.25%	4,610,200	$1.9B	trimmed−6%	+0.99 pp	32 q
HGVHilton Grand Vacations Inc.	10.18%	5,317,380	$238M	trimmed−6%	−0.34 pp	18 q
COFCapital One Financial	6.06%	584,125	$142M	trimmed−12%	−0.25 pp	13 q
CDLXCardlytics, Inc.	0.26%	5,198,067	$6M	held	—	27 q
SWIMLatham Group, Inc.	0.26%	942,397	$6M	trimmed−6%	−0.08 pp	2 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001697591-26-000002
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet