Theleme Partners LLP
Long book
$1.50B
Q1 2026
Positions
9
Top-10 weight
100%
concentration
Last quarter
+24.4%
SPY +14.8%
Turnover
20%
of book per quarter
Strategy in plain words
auto-generated from filingsTheleme Partners LLP is a concentrated fundamental stock-picker, running a $1.50B US long book across 9 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: MODERNA INC, META PLATFORMS INC-CLASS A, UBER TECHNOLOGIES INC, TRANSUNION, AMAZON.COM INC.
Over the last 9 quarters its long book ran on average 3.8pp per quarter behind the S&P 500, beating the index in 2 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
+4.2%
Q2 2024
-16.1%
Q3 2024
-9.1%
Q4 2024
-9.3%
Q1 2025
+10.2%
Q2 2025
+0.6%
Q3 2025
+0.2%
Q4 2025
+1.4%
Q1 2026
+24.4%
Sector allocation
Services media 33%
Healthcare 28%
Technology 17%
Consumer discretionary 10%
Other 7%
Financials 5%
Long book by quarter
What does Theleme Partners own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MRNA MODERNA INC | Healthcare | 8.0M | $408.9M | 27.2% | -0.4% |
| META META PLATFORMS INC-CLASS A | Technology | 451.1K | $258.1M | 17.2% | +4.6% |
| UBER UBER TECHNOLOGIES INC | Services media | 3.2M | $229.0M | 15.3% | +61.0% |
| TRU TRANSUNION | Services media | 2.3M | $160.3M | 10.7% | +3.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 736.0K | $153.3M | 10.2% | +7.6% |
| PPB FLUTTER ENTERTAINMENT PLC-DI | — | 966.0K | $98.5M | 6.6% | +7.8% |
| EFX EQUIFAX INC | Services media | 541.1K | $97.4M | 6.5% | +6.9% |
| HOOD ROBINHOOD MARKETS INC - A | Financials | 1.1M | $79.3M | 5.3% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 10 | $1.50B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 10 | $1.54B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 11 | $1.56B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 11 | $1.65B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 13 | $1.27B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 12 | $1.49B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 12 | $1.75B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 10 | $2.08B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 10 | $1.97B | canonical | SEC ↗ |
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