LAKEWOOD CAPITAL MANAGEMENT, LP
Long book
$1.56B
Q1 2026
Positions
62
Top-10 weight
43%
concentration
Last quarter
+15.7%
SPY +14.8%
Turnover
36%
of book per quarter
Strategy in plain words
auto-generated from filingsLAKEWOOD CAPITAL MANAGEMENT, LP is a concentrated fundamental stock-picker, running a $1.56B US long book across 62 positions.
The portfolio is moderately concentrated (top 10 ≈ 43% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: THE CIGNA GROUP, ICON PLC, AXALTA COATING SYSTEMS LTD, GROUP 1 AUTOMOTIVE INC, ALLY FINANCIAL INC.
Over the last 9 quarters its long book ran on average 2.3pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-3.8%
Q2 2024
+8.5%
Q3 2024
-0.9%
Q4 2024
-4.2%
Q1 2025
+6.4%
Q2 2025
+3.8%
Q3 2025
+0.6%
Q4 2025
-7.0%
Q1 2026
+15.7%
Sector allocation
Financials 24%
Healthcare 17%
Consumer discretionary 16%
Technology 12%
Industrials 11%
Other 10%
Services media 10%
Communications 1%
Long book by quarter
What does LAKEWOOD CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CI THE CIGNA GROUP | Financials | 426.3K | $113.7M | 7.3% | +5.2% |
| ICLR ICON PLC | Healthcare | 747.7K | $82.7M | 5.3% | +124.9% |
| AXTA AXALTA COATING SYSTEMS LTD | Other | 2.9M | $80.2M | 5.2% | +50.1% |
| GPI GROUP 1 AUTOMOTIVE INC | Consumer discretionary | 213.1K | $70.4M | 4.5% | +91.5% |
| ALLY ALLY FINANCIAL INC | Financials | 1.7M | $64.8M | 4.2% | +59.4% |
| SSNC SS&C TECHNOLOGIES HOLDINGS | Technology | 947.0K | $64.0M | 4.1% | +15.6% |
| SHC SOTERA HEALTH CO | Healthcare | 4.1M | $58.9M | 3.8% | +20.7% |
| VTRS VIATRIS INC | Healthcare | 3.7M | $49.6M | 3.2% | +118.3% |
| AMRZ AMRIZE LTD | Industrials | 814.2K | $45.6M | 2.9% | +16.4% |
| BC BRUNSWICK CORP | Industrials | 587.5K | $42.7M | 2.7% | -24.5% |
| META META PLATFORMS INC-CLASS A | Technology | 70.9K | $40.5M | 2.6% | +27.5% |
| TFSL TFS FINANCIAL CORP | Financials | 2.8M | $39.8M | 2.6% | +3.1% |
| IQV IQVIA HOLDINGS INC | Healthcare | 232.4K | $39.6M | 2.5% | +48.0% |
| FAF FIRST AMERICAN FINANCIAL | Financials | 643.9K | $38.8M | 2.5% | -24.6% |
| ARW ARROW ELECTRONICS INC | Consumer discretionary | 255.4K | $36.6M | 2.4% | -51.2% |
| MSFT MICROSOFT CORP | Technology | 96.5K | $35.7M | 2.3% | New |
| UNP UNION PACIFIC CORP | Industrials | 136.7K | $33.2M | 2.1% | -13.2% |
| ELV ELEVANCE HEALTH INC | Financials | 112.3K | $32.9M | 2.1% | -7.8% |
| AL AIR LEASE CORP | — | 485.9K | $31.6M | 2.0% | Held |
| WEX WEX INC | Services media | 201.0K | $30.8M | 2.0% | -11.8% |
| CDW CDW CORP/DE | Consumer discretionary | 251.0K | $30.4M | 2.0% | New |
| UNFI UNITED NATURAL FOODS INC | Consumer discretionary | 655.0K | $29.5M | 1.9% | +19.1% |
| SW SMURFIT WESTROCK PLC | Other | 675.9K | $26.9M | 1.7% | -43.0% |
| ABG ASBURY AUTOMOTIVE GROUP | Consumer discretionary | 135.6K | $26.5M | 1.7% | +26.6% |
| APO APOLLO GLOBAL MANAGEMENT INC | Financials | 224.2K | $25.0M | 1.6% | +48.3% |
| BKNG BOOKING HOLDINGS INC | Industrials | 5.6K | $23.6M | 1.5% | New |
| MA MASTERCARD INC - A | Services media | 43.7K | $21.8M | 1.4% | New |
| V VISA INC-CLASS A SHARES | Services media | 71.6K | $21.6M | 1.4% | New |
| CPNG COUPANG INC | Consumer discretionary | 1.0M | $19.6M | 1.3% | New |
| HSIC HENRY SCHEIN INC | Consumer discretionary | 262.0K | $19.3M | 1.2% | -14.1% |
| RELY REMITLY GLOBAL INC | Services media | 1.2M | $18.8M | 1.2% | +7.1% |
| SPGI S&P GLOBAL INC | Services media | 43.8K | $18.6M | 1.2% | New |
| GOOGL ALPHABET INC-CL A | Technology | 57.6K | $16.6M | 1.1% | +15.7% |
| GPN GLOBAL PAYMENTS INC | Services media | 244.3K | $16.4M | 1.1% | Held |
| KMPR KEMPER CORP | Financials | 501.1K | $15.3M | 1.0% | -27.5% |
| BZH BEAZER HOMES USA INC | Industrials | 777.5K | $15.0M | 1.0% | +10.9% |
| CMCSA COMCAST CORP-CLASS A | Communications | 500.7K | $14.4M | 0.9% | -16.6% |
| CRL CHARLES RIVER LABORATORIES | Healthcare | 69.0K | $11.9M | 0.8% | -50.8% |
| LRN STRIDE INC | Services media | 90.0K | $7.9M | 0.5% | New |
| DKNG DRAFTKINGS INC-CL A | Services media | 364.5K | $7.9M | 0.5% | +120.9% |
| LEG LEGGETT & PLATT INC | Other | 780.0K | $7.7M | 0.5% | New |
| TFX TELEFLEX INC | Healthcare | 64.0K | $7.7M | 0.5% | New |
| C CITIGROUP INC | Financials | 64.3K | $7.3M | 0.5% | -84.5% |
| DELL DELL TECHNOLOGIES -C | Technology | 35.8K | $5.9M | 0.4% | New |
| TBLA TABOOLA.COM LTD | Technology | 1.9M | $5.9M | 0.4% | Held |
| EME EMCOR GROUP INC | Industrials | 7.0K | $5.2M | 0.3% | Held |
| AVT AVNET INC | Consumer discretionary | 83.0K | $5.1M | 0.3% | New |
| HIPO HIPPO HOLDINGS INC | Financials | 190.0K | $5.0M | 0.3% | Held |
| LAW CS DISCO INC | Technology | 1.1M | $4.2M | 0.3% | +2.3% |
| VSNT VERSANT MEDIA GROUP INC | Communications | 104.0K | $3.9M | 0.2% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 69 | $1.58B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 63 | $1.51B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 56 | $1.33B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 49 | $1.34B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 47 | $1.15B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 45 | $1.11B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 47 | $1.27B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 44 | $1.22B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 43 | $1.23B | canonical | SEC ↗ |
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