Lionstone Capital Management LLC
Long book
$413.0M
Q1 2026
Positions
12
Top-10 weight
100%
concentration
Last quarter
+5.7%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsLionstone Capital Management LLC is a concentrated fundamental stock-picker, running a $413.0M US long book across 12 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: API GROUP CORP, ALPHABET INC-CL C, AMAZON.COM INC, QXO INC, FERGUSON ENTERPRISES INC.
Over the last 9 quarters its long book ran on average 2.1pp 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
+0.7%
Q2 2024
-2.5%
Q3 2024
+6.2%
Q4 2024
-7.3%
Q1 2025
+15.5%
Q2 2025
+2.8%
Q3 2025
+5.3%
Q4 2025
-4.9%
Q1 2026
+5.7%
Sector allocation
Consumer discretionary 42%
Services media 33%
Technology 16%
Real estate 9%
Communications 0%
Materials 0%
Long book by quarter
What does Lionstone Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| APG API GROUP CORP | Services media | 2.5M | $100.3M | 24.3% | Held |
| GOOG ALPHABET INC-CL C | Technology | 233.5K | $67.0M | 16.2% | Held |
| AMZN AMAZON.COM INC | Consumer discretionary | 279.7K | $58.3M | 14.1% | Held |
| QXO QXO INC | Consumer discretionary | 2.3M | $45.3M | 11.0% | Held |
| FERG FERGUSON ENTERPRISES INC | Consumer discretionary | 161.0K | $37.6M | 9.1% | Held |
| FSV FIRSTSERVICE CORP | Real estate | 262.0K | $36.4M | 8.8% | +6.6% |
| SPGI S&P GLOBAL INC | Services media | 84.0K | $35.7M | 8.7% | Held |
| CPRT COPART INC | Consumer discretionary | 776.3K | $25.8M | 6.2% | Held |
| LOW LOWE'S COS INC | Consumer discretionary | 21.3K | $5.0M | 1.2% | Held |
| LBRDK LIBERTY BROADBAND-C | Communications | 24.6K | $1.2M | 0.3% | Held |
| GLIBK LIBERTY CAPITAL CORP-CL C | Communications | 6.8K | $253K | 0.1% | Held |
| UUUU ENERGY FUELS INC | Materials | 6.8K | $123K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 12 | $413.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 12 | $432.6M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 12 | $427.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 11 | $416.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 11 | $361.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 11 | $390.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 11 | $371.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 12 | $391.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 12 | $394.6M | canonical | SEC ↗ |
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