Two Creeks Capital Management, LP
Long book
$947.0M
Q1 2026
Positions
21
Top-10 weight
63%
concentration
Last quarter
+11.1%
SPY +14.8%
Turnover
38%
of book per quarter
Strategy in plain words
auto-generated from filingsTwo Creeks Capital Management, LP is a concentrated fundamental stock-picker, running a $947.0M US long book across 21 positions.
The portfolio is concentrated: the top 10 names carry 63% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: TALEN ENERGY CORP, UBER TECHNOLOGIES INC, DANAHER CORP, VISA INC-CLASS A SHARES, TAIWAN SEMICONDUCTOR-SP ADR.
Over the last 9 quarters its long book ran on average 3.4pp 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
-0.5%
Q2 2024
+5.9%
Q3 2024
-2.2%
Q4 2024
-3.3%
Q1 2025
+12.1%
Q2 2025
+3.3%
Q3 2025
-4.1%
Q4 2025
-13.0%
Q1 2026
+11.1%
Sector allocation
Services media 36%
Technology 26%
Consumer discretionary 17%
Utilities 8%
Other 5%
Industrials 5%
Materials 3%
Long book by quarter
What does Two Creeks own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TLN TALEN ENERGY CORP | Utilities | 224.8K | $71.8M | 7.6% | +69.1% |
| UBER UBER TECHNOLOGIES INC | Services media | 988.4K | $71.1M | 7.5% | +32.0% |
| DHR DANAHER CORP | Technology | 355.5K | $67.4M | 7.1% | +33.0% |
| V VISA INC-CLASS A SHARES | Services media | 220.8K | $66.7M | 7.0% | +0.7% |
| FND FLOOR & DECOR HOLDINGS INC-A | Consumer discretionary | 1.2M | $58.9M | 6.2% | -15.5% |
| MSFT MICROSOFT CORP | Technology | 158.6K | $58.7M | 6.2% | +52.5% |
| ESE ESCO TECHNOLOGIES INC | Technology | 180.9K | $50.9M | 5.4% | New |
| MIR MIRION TECHNOLOGIES INC | Other | 2.4M | $45.5M | 4.8% | -16.2% |
| MA MASTERCARD INC - A | Services media | 90.6K | $45.3M | 4.8% | +0.7% |
| ABNB AIRBNB INC-CLASS A | Services media | 356.3K | $45.0M | 4.8% | +0.8% |
| PLNT PLANET FITNESS INC - CL A | Services media | 603.9K | $44.9M | 4.7% | +30.9% |
| CMG CHIPOTLE MEXICAN GRILL INC | Consumer discretionary | 1.4M | $44.4M | 4.7% | -21.4% |
| U UNITY SOFTWARE INC | Technology | 2.0M | $43.5M | 4.6% | +86.5% |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 32.9K | $43.5M | 4.6% | -37.5% |
| GRAB GRAB HOLDINGS LTD - CL A | Services media | 9.0M | $32.8M | 3.5% | +0.8% |
| WING WINGSTOP INC | Consumer discretionary | 172.8K | $26.8M | 2.8% | +0.8% |
| FCX FREEPORT-MCMORAN INC | Materials | 399.8K | $23.5M | 2.5% | New |
| CNM CORE & MAIN INC-CLASS A | Consumer discretionary | 405.6K | $20.0M | 2.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 22 | $973.8M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 26 | $1.22B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 25 | $1.39B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 27 | $1.53B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 23 | $1.56B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 22 | $1.64B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 18 | $1.52B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 18 | $1.61B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 17 | $1.74B | canonical | SEC ↗ |
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