Lingotto Investment Management LLP
Long book
$5.04B
Q1 2026
Positions
34
Top-10 weight
82%
concentration
Last quarter
+0.6%
SPY +14.8%
Turnover
24%
of book per quarter
Strategy in plain words
auto-generated from filingsLingotto Investment Management LLP is a concentrated fundamental stock-picker, running a $5.04B US long book across 34 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: TEVA PHARMACEUTICAL-SP ADR, CARVANA CO, PARAMOUNT SKYDANCE CL B, VALARIS LTD, NOVAGOLD RESOURCES INC.
Over the last 9 quarters its long book ran on average 3.5pp per quarter ahead of the S&P 500, beating the index in 7 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
+10.7%
Q2 2024
+8.5%
Q3 2024
+6.0%
Q4 2024
+0.8%
Q1 2025
+24.2%
Q2 2025
+21.1%
Q3 2025
+6.5%
Q4 2025
-6.7%
Q1 2026
+0.6%
Sector allocation
Energy 29%
Consumer discretionary 24%
Materials 16%
Communications 13%
Technology 10%
Healthcare 4%
Industrials 2%
Services media 2%
Long book by quarter
What does Lingotto Investment own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CVNA CARVANA CO | Consumer discretionary | 2.5M | $801.1M | 15.9% | -10.8% |
| PSKY PARAMOUNT SKYDANCE CL B | Communications | 46.1M | $417.1M | 8.3% | -2.4% |
| VAL VALARIS LTD | Energy | 3.7M | $363.4M | 7.2% | -0.3% |
| NG NOVAGOLD RESOURCES INC | Materials | 36.8M | $330.8M | 6.6% | +4.7% |
| RRC RANGE RESOURCES CORP | Energy | 7.2M | $325.0M | 6.4% | -0.3% |
| SLB SLB LTD | Energy | 5.4M | $279.1M | 5.5% | +30.0% |
| AG FIRST MAJESTIC SILVER CORP | Materials | 10.0M | $215.1M | 4.3% | -0.3% |
| NVDA NVIDIA CORP | Technology | 614.4K | $107.1M | 2.1% | +19.3% |
| TEM TEMPUS AI INC-CL A | Technology | 1.4M | $64.0M | 1.3% | +23.8% |
| NET CLOUDFLARE INC - CLASS A | Technology | 300.0K | $61.9M | 1.2% | +70.8% |
| ISRG INTUITIVE SURGICAL INC | Healthcare | 131.5K | $60.6M | 1.2% | +22.1% |
| MELI MERCADOLIBRE INC | Services media | 24.0K | $41.6M | 0.8% | +19.3% |
| NOW SERVICENOW INC | Technology | 389.9K | $40.8M | 0.8% | +36.6% |
| AUR AURORA INNOVATION INC | Technology | 9.7M | $40.1M | 0.8% | +19.2% |
| MRNA MODERNA INC | Healthcare | 763.9K | $38.8M | 0.8% | +53.2% |
| JOBY JOBY AVIATION INC | Industrials | 3.7M | $30.9M | 0.6% | +19.3% |
| TSLA TESLA INC | Industrials | 70.0K | $26.0M | 0.5% | +19.1% |
| RXRX RECURSION PHARMACEUTICALS-A | Healthcare | 5.9M | $18.1M | 0.4% | +19.3% |
| NBIS NEBIUS GROUP NV | Technology | 128.9K | $13.4M | 0.3% | New |
| APG API GROUP CORP | Services media | 307.2K | $12.4M | 0.2% | Held |
| AMZN AMAZON.COM INC | Consumer discretionary | 42.4K | $8.8M | 0.2% | Held |
| MSFT MICROSOFT CORP | Technology | 12.5K | $4.6M | 0.1% | -85.9% |
| DUOL DUOLINGO | Technology | 40.0K | $3.9M | 0.1% | +19.3% |
| RKT ROCKET COS INC-CLASS A | Financials | 178.2K | $2.5M | 0.1% | -40.6% |
| KKR KKR & CO INC | Financials | 26.6K | $2.5M | 0.0% | New |
| OWL BLUE OWL CAPITAL INC | Financials | 239.2K | $2.2M | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 35 | $5.06B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 39 | $5.74B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR/ANEW HOLDINGS | Nov 13, 2025 | 36 | $5.41B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 35 | $5.41B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 45 | $4.70B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 45 | $3.83B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 4, 2025 | 53 | $3.73B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 46 | $3.47B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 50 | $2.98B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 47 | $2.39B | canonical | SEC ↗ |
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