Conifer Management

Q3 2025 13F · by Greg Alexander, portfolio manager

As of: Sep 30, 2025
Filed: Nov 13, 2025
US stock: $631M · prev $768M
Positions: 5 · prev 6
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

+1.1 pp in · −9.7 pp out

New 0 0.00 pp
Added 1 +1.12 pp
Trimmed 2 −4.66 pp
Exited 1 −5.04 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.9% a year, about 25.4 years per position

Low
Moderate
High

Top 5 positions100% of US stock

GPI Group 1 Automotive, Inc. held held39.4%
EQH Equitable Holdings, Inc. trimmed−2.71 pp trimmed−2.7133.8%
LAD Lithia Motors, Inc. trimmed−1.95 pp trimmed−1.9520.0%
RMNI Rimini Street, Inc. (DE) held held4.4%
SDHC Smith Douglas Homes Corp. added+1.12 pp added+1.122.4%

Positions5 in this filing · 1 exited


GPIGroup 1 Automotive, Inc.	39.41%	568,424	$249M	held	—	12 q
EQHEquitable Holdings, Inc.	33.80%	4,200,000	$213M	trimmed−16%	−2.71 pp	23 q
LADLithia Motors, Inc.	20.03%	400,000	$126M	trimmed−20%	−1.95 pp	12 q
RMNIRimini Street, Inc. (DE)	4.39%	5,913,199	$28M	held	—	17 q
SDHCSmith Douglas Homes Corp.	2.38%	851,556	$15M	added+70%	+1.12 pp	2 q
NBISNebius Group N.V. Class A	—	−700,000	—	exited	−5.04 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000919574-25-006771
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet