CAS Investment Partners, LLC
Long book
$1.75B
Q1 2026
Positions
5
Top-10 weight
100%
concentration
Last quarter
+12.2%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsCAS Investment Partners, LLC is a diversified fundamental manager, specialised in consumer_discretionary (82% of the long book), running a $1.75B US long book across 5 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: CARVANA CO, HILTON GRAND VACATIONS INC, CAPITAL ONE FINANCIAL CORP, CARDLYTICS INC, LATHAM GROUP INC.
Over the last 9 quarters its long book ran on average 7.7pp per quarter ahead of the S&P 500, beating the index in 7 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+15.2%
Q2 2024
+19.1%
Q3 2024
+15.4%
Q4 2024
+0.9%
Q1 2025
+50.2%
Q2 2025
+10.0%
Q3 2025
+11.1%
Q4 2025
-24.1%
Q1 2026
+12.2%
Sector allocation
Consumer discretionary 82%
Services media 12%
Financials 6%
Technology 0%
Other 0%
Long book by quarter
What does CAS Investment own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CVNA CARVANA CO | Consumer discretionary | 4.5M | $1.43B | 81.7% | -1.5% |
| HGV HILTON GRAND VACATIONS INC | Services media | 5.2M | $205.0M | 11.7% | -1.5% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 575.5K | $105.0M | 6.0% | -1.5% |
| CDLX CARDLYTICS INC | Technology | 5.2M | $5.5M | 0.3% | Held |
| SWIM LATHAM GROUP INC | Other | 928.5K | $5.0M | 0.3% | -1.5% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 5 | $1.75B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 5 | $2.34B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 5 | $2.24B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 4 | $2.05B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 4 | $1.54B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 4 | $1.72B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 5 | $1.51B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 5 | $1.28B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 5 | $1.12B | canonical | SEC ↗ |