Linonia Partnership LP
Long book
$5.38B
Q1 2026
Positions
14
Top-10 weight
96%
concentration
Last quarter
+1.4%
SPY +14.8%
Turnover
27%
of book per quarter
Strategy in plain words
auto-generated from filingsLinonia Partnership LP is a concentrated fundamental stock-picker, running a $5.38B US long book across 14 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: GUIDEWIRE SOFTWARE INC, VEEVA SYSTEMS INC-CLASS A, NEW YORK TIMES CO-A, SOMNIGROUP INTERNATIONAL INC, LIBERTY LIVE HOLDINGS-C.
Over the last 9 quarters its long book ran on average 1pp per quarter behind the S&P 500, beating the index in 4 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
-1.9%
Q2 2024
+19.4%
Q3 2024
+2.7%
Q4 2024
+5.6%
Q1 2025
+20.6%
Q2 2025
+6.2%
Q3 2025
-11.0%
Q4 2025
-11.5%
Q1 2026
+1.4%
Sector allocation
Technology 37%
Other 26%
Services media 21%
Communications 9%
Financials 6%
Industrials 0%
Consumer discretionary 0%
Long book by quarter
What does Linonia Partnership own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GWRE GUIDEWIRE SOFTWARE INC | Technology | 7.7M | $1.14B | 21.3% | +42.7% |
| VEEV VEEVA SYSTEMS INC-CLASS A | Technology | 4.9M | $865.1M | 16.1% | +75.9% |
| NYT NEW YORK TIMES CO-A | Other | 9.0M | $756.4M | 14.1% | New |
| SGI SOMNIGROUP INTERNATIONAL INC | Other | 8.8M | $649.2M | 12.1% | 0.0% |
| LLYVK LIBERTY LIVE HOLDINGS-C | Services media | 6.2M | $582.8M | 10.8% | +7.8% |
| TW TRADEWEB MARKETS INC-CLASS A | Financials | 2.8M | $328.4M | 6.1% | New |
| FWONK LIBERTY MEDIA CORP-FORMULA-C | Communications | 2.7M | $232.6M | 4.3% | +282.0% |
| LLYVA LIBERTY LIVE HOLDINGS-A | Services media | 2.5M | $229.0M | 4.3% | Held |
| MELI MERCADOLIBRE INC | Services media | 130.3K | $225.2M | 4.2% | New |
| FWONA LIBERTY MEDIA CORP-FORMULA-A | Communications | 2.1M | $165.4M | 3.1% | Held |
| LYV LIVE NATION ENTERTAINMENT IN | Services media | 673.1K | $102.7M | 1.9% | Held |
| ECHO ECHOSTAR CORP-A | Communications | 695.8K | $81.5M | 1.5% | -88.6% |
| TDG TRANSDIGM GROUP INC | Industrials | 11.0K | $12.8M | 0.2% | Held |
| SHAK SHAKE SHACK INC - CLASS A | Consumer discretionary | 95.5K | $8.4M | 0.2% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 14 | $5.38B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 12 | $4.42B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 10 | $3.82B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 10 | $3.06B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 10 | $2.54B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 9 | $1.90B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 9 | $1.65B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 11 | $1.26B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 11 | $1.10B | canonical | SEC ↗ |
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