CAS Investment Partners

Q2 2026 13F · by Clifford Sosin, founder

Picture100.0% US stock

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

+6.2 pp in · −6.3 pp out

Very concentrated · behaves like 2 equal-sized positions

Low turnover · 25% a year, about 4.0 years per position


CVNACarvana Co.	78.85%	22,559,570	$1.5B	trimmed−1%	−2.82 pp	34 q
HGVHilton Grand Vacations Inc.	14.48%	5,206,856	$273M	trimmed−1%	+2.75 pp	20 q
METAMeta Platforms, Inc. Class A	4.08%	136,246	$77M	new	+4.08 pp	new
VACMarriott Vacations Worldwide Corporation	2.16%	400,000	$41M	new	+2.16 pp	new
SWIMLatham Group, Inc.	0.32%	922,639	$6M	trimmed−1%	+0.03 pp	4 q
CDLXCardlytics, Inc.	0.11%	470,986	$2M	trimmed−9%	−0.20 pp	29 q
COFCapital One Financial	—	−575,548	—	exited	−6.01 pp	—