Conifer Management

Q2 2025 13F · by Greg Alexander, portfolio manager

As of: Jun 30, 2025
Filed: Aug 13, 2025
US stock: $768M · prev $660M
Positions: 6 · 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%

Moves1 since the prior filing

+1.3 pp in · 0.0 pp out

New 1 +1.26 pp
Added 0 0.00 pp
Trimmed 0 0.00 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions99% of US stock

EQH Equitable Holdings, Inc. held held36.5%
GPI Group 1 Automotive, Inc. held held32.3%
LAD Lithia Motors, Inc. held held22.0%
NBIS Nebius Group N.V. Class A held held5.0%
RMNI Rimini Street, Inc. (DE) held held2.9%

Positions6 in this filing · 0 exited


EQHEquitable Holdings, Inc.	36.51%	5,000,000	$281M	held	—	22 q
GPIGroup 1 Automotive, Inc.	32.31%	568,424	$248M	held	—	11 q
LADLithia Motors, Inc.	21.98%	500,000	$169M	held	—	11 q
NBISNebius Group N.V. Class A	5.04%	700,000	$39M	held	—	23 q
RMNIRimini Street, Inc. (DE)	2.90%	5,913,199	$22M	held	—	16 q
SDHCSmith Douglas Homes Corp.	1.26%	500,000	$10M	new	+1.26 pp	new

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000919574-25-004637
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet