LANSDOWNE PARTNERS (UK) LLP

Fundamental concentrated ★Highest signal CIK 1608485
League rank
#141
in Fundamental concentrated · #219 overall
Long book
$1.87B
Q1 2026
Positions
22
Top-10 weight
92%
concentration
Last quarter
+28.8%
SPY +14.8%
Turnover
23%
of book per quarter

Strategy in plain words

auto-generated from filings

LANSDOWNE PARTNERS (UK) LLP is a concentrated fundamental stock-picker, running a $1.87B US long book across 22 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: TAIWAN SEMICONDUCTOR-SP ADR, LINDE PLC, ANALOG DEVICES INC, DELTA AIR LINES INC, SLB LTD.

Over the last 9 quarters its long book ran on average 2.7pp per quarter ahead of the S&P 500, beating the index in 6 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
+0.3%
Q2 2024
+6.6%
Q3 2024
+7.3%
Q4 2024
-12.3%
Q1 2025
+10.3%
Q2 2025
+12.1%
Q3 2025
+5.6%
Q4 2025
+6.2%
Q1 2026
+28.8%

Sector allocation

Industrials
28%
Materials
27%
Technology
20%
Energy
12%
Other
10%
Healthcare
1%
Consumer discretionary
1%
Services media
0%

Long book by quarter

$1.55B
Q1 2024
$1.28B
Q2 2024
$1.28B
Q3 2024
$1.38B
Q4 2024
$706.1M
Q1 2025
$769.9M
Q2 2025
$1.19B
Q3 2025
$1.36B
Q4 2025
$1.87B
Q1 2026

What does LANSDOWNE PARTNERS own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
LIN LINDE PLCMaterials449.2K$222.7M11.9%+97.5%
ADI ANALOG DEVICES INCTechnology664.1K$211.3M11.3%+4.6%
DAL DELTA AIR LINES INCIndustrials2.5M$165.3M8.9%+3.0%
SLB SLB LTDEnergy3.0M$152.0M8.1%New
UAL UNITED AIRLINES HOLDINGS INCIndustrials1.5M$140.9M7.6%+24.5%
TECK TECK RESOURCES LTD-CLS BMaterials2.0M$105.6M5.7%+13.0%
SW SMURFIT WESTROCK PLCOther1.9M$74.5M4.0%+627.1%
GOLF ACUSHNET HOLDINGS CORPOther522.9K$48.9M2.6%-1.3%
ETN EATON CORP PLCIndustrials129.6K$46.4M2.5%+17.9%
IONQ IONQ INCTechnology795.6K$22.9M1.2%+23.8%
TXN TEXAS INSTRUMENTS INCTechnology92.0K$17.9M1.0%+18.0%
AMZN AMAZON.COM INCConsumer discretionary77.9K$16.2M0.9%+64.1%
B BARRICK MINING CORPMaterials343.4K$14.0M0.8%+29.2%
ALC ALCON INCHealthcare136.5K$10.1M0.5%+1.8%
RAL RALLIANT CORPTechnology195.1K$8.1M0.4%+94.9%
MDT MEDTRONIC PLCHealthcare88.8K$7.7M0.4%+182.9%
ROK ROCKWELL AUTOMATION INCOther14.1K$5.0M0.3%-54.8%
BKR BAKER HUGHES COIndustrials40.3K$2.5M0.1%New
AEM AGNICO EAGLE MINES LTDMaterials4.6K$943K0.1%+2.1%
MAR MARRIOTT INTERNATIONAL -CL AServices media1.4K$463K0.0%+9.0%

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 14, 202665$1.87B canonicalSEC ↗
Q4 202513F-HRFeb 13, 202671$1.36B canonicalSEC ↗
Q3 202513F-HR/ARESTATEMENTNov 19, 202554$1.19B canonicalSEC ↗
Q3 202513F-HRNov 14, 202558$1.20B SEC ↗
Q2 202513F-HRAug 14, 202551$769.9M canonicalSEC ↗
Q1 202513F-HRMay 14, 202547$706.1M canonicalSEC ↗
Q4 202413F-HR/ARESTATEMENTMay 15, 202557$1.38B canonicalSEC ↗
Q4 202413F-HRFeb 13, 202558$1.38B SEC ↗
Q3 202413F-HR/ARESTATEMENTMay 15, 202558$1.28B canonicalSEC ↗
Q3 202413F-HRNov 13, 202461$1.28B SEC ↗
Q2 202413F-HR/ARESTATEMENTMay 20, 202562$1.28B canonicalSEC ↗
Q2 202413F-HRAug 14, 202463$1.26B SEC ↗
Q1 202413F-HR/ARESTATEMENTMay 20, 202571$1.55B canonicalSEC ↗
Q1 202413F-HRMay 14, 202473$1.52B SEC ↗

Similar funds

Sanders Capital, LLCGATES FOUNDATION TRUSTEAGLE CAPITAL MANAGEMENT LLCWoodbridge Co LtdAlecta Tjanstepension OmsesidigtMubadala Investment Co PJSCH&H International Investment, LLCNewlands Management Operations LLCINVESTOR ABIndependent Franchise Partners LLPPineStone Asset Management Inc.Pentwater Capital Management LP