Route One Investment Company, L.P.
Long book
$2.28B
Q1 2026
Positions
18
Top-10 weight
81%
concentration
Last quarter
+6.8%
SPY +14.8%
Turnover
17%
of book per quarter
Strategy in plain words
auto-generated from filingsRoute One Investment Company, L.P. is a concentrated fundamental stock-picker, running a $2.28B US long book across 18 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: POST HOLDINGS INC, GUIDEWIRE SOFTWARE INC, AMAZON.COM INC, NEW YORK TIMES CO-A, ALPHABET INC-CL C.
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
+4.5%
Q2 2024
+7.2%
Q3 2024
+1.1%
Q4 2024
-1.6%
Q1 2025
+3.2%
Q2 2025
+4.6%
Q3 2025
+2.5%
Q4 2025
-6.6%
Q1 2026
+6.8%
Sector allocation
Technology 29%
Consumer discretionary 20%
Other 17%
Financials 15%
Consumer staples 15%
Services media 4%
Long book by quarter
What does Route One own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| POST POST HOLDINGS INC | Consumer staples | 3.0M | $291.7M | 12.8% | -5.9% |
| GWRE GUIDEWIRE SOFTWARE INC | Technology | 1.8M | $276.6M | 12.1% | +10.7% |
| AMZN AMAZON.COM INC | Consumer discretionary | 1.0M | $215.0M | 9.4% | -9.3% |
| NYT NEW YORK TIMES CO-A | Other | 2.5M | $205.9M | 9.0% | -20.8% |
| GOOG ALPHABET INC-CL C | Technology | 689.1K | $197.7M | 8.7% | Held |
| SCHW SCHWAB (CHARLES) CORP | Financials | 1.7M | $158.1M | 6.9% | -8.5% |
| UNH UNITEDHEALTH GROUP INC | Financials | 532.9K | $144.2M | 6.3% | +5.0% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 258.7K | $127.2M | 5.6% | -1.9% |
| HLF HERBALIFE LTD | Consumer discretionary | 8.2M | $121.1M | 5.3% | +0.8% |
| MELI MERCADOLIBRE INC | Services media | 44.8K | $77.4M | 3.4% | New |
| TBBB BBB FOODS INC-CLASS A | Consumer discretionary | 1.5M | $54.1M | 2.4% | +10.4% |
| PCOR PROCORE TECHNOLOGIES INC | Technology | 918.2K | $52.3M | 2.3% | Held |
| VEEV VEEVA SYSTEMS INC-CLASS A | Technology | 182.2K | $32.0M | 1.4% | +17.5% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 19 | $2.35B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 16 | $2.69B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 18 | $2.70B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 15 | $2.29B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 14 | $2.40B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 14 | $2.56B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 16 | $2.85B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 17 | $2.89B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 18 | $2.74B | canonical | SEC ↗ |
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