Sessa Capital IM, L.P.
Long book
$5.26B
Q1 2026
Positions
31
Top-10 weight
82%
concentration
Last quarter
+27.8%
SPY +14.8%
Turnover
24%
of book per quarter
Strategy in plain words
auto-generated from filingsSessa Capital IM, L.P. is a concentrated fundamental stock-picker, running a $5.26B US long book across 31 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: WARNER BROS DISCOVERY INC, HUMANA INC, P G & E CORP, KIMBERLY-CLARK CORP, ILLUMINA INC.
Over the last 9 quarters its long book ran on average 3.9pp 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
-8.8%
Q2 2024
+8.3%
Q3 2024
+2.6%
Q4 2024
+4.0%
Q1 2025
+6.6%
Q2 2025
+16.8%
Q3 2025
+22.3%
Q4 2025
-4.1%
Q1 2026
+27.8%
Sector allocation
Financials 24%
Healthcare 23%
Communications 18%
Materials 11%
Other 9%
Utilities 8%
Consumer discretionary 3%
Services media 2%
Long book by quarter
What does Sessa Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| WBD WARNER BROS DISCOVERY INC | Communications | 32.0M | $877.8M | 16.7% | -29.8% |
| HUM HUMANA INC | Financials | 3.7M | $646.4M | 12.3% | +60.8% |
| PCG P G & E CORP | Utilities | 24.6M | $431.8M | 8.2% | Held |
| KMB KIMBERLY-CLARK CORP | Other | 4.4M | $427.5M | 8.1% | New |
| ILMN ILLUMINA INC | Healthcare | 3.3M | $403.8M | 7.7% | -3.8% |
| APD AIR PRODUCTS & CHEMICALS INC | Materials | 1.2M | $344.4M | 6.6% | Held |
| ALLY ALLY FINANCIAL INC | Financials | 8.5M | $333.0M | 6.3% | +81.3% |
| SHC SOTERA HEALTH CO | Healthcare | 23.1M | $330.5M | 6.3% | +12.2% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 1.6M | $284.3M | 5.4% | Held |
| SOLS SOLSTICE ADV MATERIALS INC | Materials | 2.8M | $214.0M | 4.1% | -62.4% |
| TFX TELEFLEX INC | Healthcare | 1.5M | $182.6M | 3.5% | New |
| FTAI FTAI AVIATION LTD | Services media | 400.0K | $98.0M | 1.9% | Held |
| CPNG COUPANG INC | Consumer discretionary | 5.2M | $98.0M | 1.9% | New |
| TNDM TANDEM DIABETES CARE INC | Healthcare | 4.7M | $90.7M | 1.7% | -5.4% |
| GRAL GRAIL INC | Healthcare | 1.7M | $88.9M | 1.7% | +371.4% |
| MICC MAGNUM ICE CREAM CO NV/THE | Consumer staples | 4.8M | $71.4M | 1.4% | Held |
| AXTA AXALTA COATING SYSTEMS LTD | Other | 2.2M | $61.6M | 1.2% | +11.5% |
| FTRE FORTREA HOLDINGS INC | Healthcare | 4.6M | $43.3M | 0.8% | +15.0% |
| ROKU ROKU INC | Communications | 350.0K | $33.1M | 0.6% | Held |
| MMED MINIMED GROUP INC | Healthcare | 2.0M | $29.8M | 0.6% | New |
| LXRX LEXICON PHARMACEUTICALS INC | Healthcare | 17.9M | $27.9M | 0.5% | +497.1% |
| PFGC PERFORMANCE FOOD GROUP CO | Consumer discretionary | 281.5K | $24.1M | 0.5% | -52.0% |
| SENS SENSEONICS HOLDINGS INC | Technology | 1.8M | $11.8M | 0.2% | New |
| USFD US FOODS HOLDING CORP | Consumer discretionary | 110.7K | $10.2M | 0.2% | -75.2% |
| SABS SAB BIOTHERAPEUTICS INC | Healthcare | 2.2M | $8.4M | 0.2% | Held |
| RNA ATRIUM THERAPEUTICS INC | Healthcare | 551.4K | $7.4M | 0.1% | New |
| OSCR OSCAR HEALTH INC - CLASS A | Financials | 500.0K | $5.7M | 0.1% | Held |
| BALY BALLY'S CORP | Services media | 447.8K | $4.3M | 0.1% | Held |
| FLG FLAGSTAR BANK NA | Financials | 32.1K | $423K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 36 | $5.51B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 31 | $5.35B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 30 | $4.23B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 29 | $3.41B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 31 | $2.56B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 28 | $2.79B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 31 | $2.71B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 30 | $3.30B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 30 | $4.24B | canonical | SEC ↗ |
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