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Conifer Management

Q4 2025 13F · by Greg Alexander, portfolio manager

As of
Dec 31, 2025
Filed
Feb 12, 2026
US stock
$604M · prev $631M
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%

Moves1 since the prior filing

The book

Very concentrated · behaves like 3 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 0.0% a year

  1. Low
  2. Moderate
  3. High

Top 5 positions100% of US stock

  1. GPI Group 1 Automotive, Inc. held held37.0%
  2. EQH Equitable Holdings, Inc. held held33.2%
  3. LAD Lithia Motors, Inc. held held22.0%
  4. SDHC Smith Douglas Homes Corp. added+1.60 pp added+1.604.0%
  5. RMNI Rimini Street, Inc. (DE) held held3.8%

Positions5 in this filing · 0 exited

GPIGroup 1 Automotive, Inc.37.04%568,424$224Mheld—13 q
EQHEquitable Holdings, Inc.33.16%4,200,000$200Mheld—24 q
LADLithia Motors, Inc.22.02%400,000$133Mheld—13 q
SDHCSmith Douglas Homes Corp.3.98%1,433,350$24Madded+68%+1.60 pp3 q
RMNIRimini Street, Inc. (DE)3.80%5,913,199$23Mheld—18 q

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0000919574-26-000772
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet