Venator Management LLC

Fundamental concentrated ★Highest signal CIK 1838211
League rank
#598
in Fundamental concentrated · #3286 overall
Long book
$415.9M
Q1 2026
Positions
28
Top-10 weight
79%
concentration
Last quarter
+12.1%
SPY +14.8%
Turnover
23%
of book per quarter

Strategy in plain words

auto-generated from filings

Venator Management LLC is a concentrated fundamental stock-picker, running a $415.9M US long book across 28 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: ALPHABET INC-CL C, AMAZON.COM INC, VISA INC-CLASS A SHARES, ALPHABET INC-CL A, NETFLIX INC.

Over the last 9 quarters its long book ran on average 0.5pp per quarter behind the S&P 500, beating the index in 5 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
+4.8%
Q2 2024
+7.3%
Q3 2024
+2.4%
Q4 2024
-1.9%
Q1 2025
+13.7%
Q2 2025
+3.5%
Q3 2025
+2.9%
Q4 2025
-9.3%
Q1 2026
+12.1%

Sector allocation

Technology
33%
Services media
29%
Financials
17%
Consumer discretionary
13%
Industrials
5%
Materials
2%
Other
1%
Communications
0%

Long book by quarter

$337.9M
Q1 2024
$330.7M
Q2 2024
$345.4M
Q3 2024
$347.2M
Q4 2024
$335.2M
Q1 2025
$386.7M
Q2 2025
$419.6M
Q3 2025
$443.6M
Q4 2025
$415.9M
Q1 2026

What does Venator Management own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
GOOG ALPHABET INC-CL CTechnology224.6K$64.4M15.5%-0.4%
AMZN AMAZON.COM INCConsumer discretionary233.2K$48.6M11.7%+0.4%
V VISA INC-CLASS A SHARESServices media149.1K$45.1M10.8%+20.2%
GOOGL ALPHABET INC-CL ATechnology140.8K$40.5M9.7%-2.8%
NFLX NETFLIX INCServices media386.5K$37.2M8.9%+42.8%
UBER UBER TECHNOLOGIES INCServices media338.2K$24.3M5.8%-4.2%
NVR NVR INCIndustrials2.9K$19.1M4.6%-1.1%
BWIN BALDWIN INSURANCE GROUP INC/Financials773.3K$17.0M4.1%0.0%
META META PLATFORMS INC-CLASS ATechnology29.4K$16.8M4.1%-41.5%
INTU INTUIT INCTechnology38.9K$16.8M4.0%New
JPM JPMORGAN CHASE & COFinancials50.2K$14.8M3.6%-9.5%
COF CAPITAL ONE FINANCIAL CORPFinancials76.0K$13.9M3.3%+14.5%
FISV FISERV INCServices media163.0K$9.1M2.2%+116.2%
BRK/B BERKSHIRE HATHAWAY INC-CL BFinancials18.1K$8.7M2.1%-0.8%
TTAM TITAN AMERICA SAMaterials535.5K$8.0M1.9%+2.5%
SBUX STARBUCKS CORPConsumer discretionary83.7K$7.5M1.8%-21.4%
UNH UNITEDHEALTH GROUP INCFinancials22.9K$6.2M1.5%-6.8%
ELV ELEVANCE HEALTH INCFinancials20.6K$6.0M1.4%-25.5%
CZR CAESARS ENTERTAINMENT INCServices media88.7K$2.3M0.6%-62.1%
DECK DECKERS OUTDOOR CORPOther22.5K$2.3M0.5%+12.5%
BRK/A BERKSHIRE HATHAWAY INC-CL AFinancials2$1.4M0.3%Held
FCNCA FIRST CITIZENS BCSHS -CL AFinancials686$1.3M0.3%-64.3%
ABNB AIRBNB INC-CLASS AServices media10.0K$1.3M0.3%New
SPGI S&P GLOBAL INCServices media2.5K$1.1M0.3%New
TMUS T-MOBILE US INCCommunications4.6K$966K0.2%-11.5%
WFC 7.5 PERP L WELLS FARGO & COMPANY—550$635K0.2%+22.2%
MRSH MARSH & MCLENNAN COSFinancials3.0K$520K0.1%+11.1%
BRO BROWN & BROWN INCFinancials3.2K$209K0.1%New

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 14, 202628$415.9M canonicalSEC ↗
Q4 202513F-HRFeb 12, 202627$443.6M canonicalSEC ↗
Q3 202513F-HRNov 14, 202525$419.6M canonicalSEC ↗
Q2 202513F-HRAug 12, 202523$386.7M canonicalSEC ↗
Q1 202513F-HRMay 14, 202522$335.2M canonicalSEC ↗
Q4 202413F-HRFeb 12, 202524$347.2M canonicalSEC ↗
Q3 202413F-HRNov 13, 202423$345.4M canonicalSEC ↗
Q2 202413F-HRAug 12, 202425$330.7M canonicalSEC ↗
Q1 202413F-HRMay 13, 202428$337.9M canonicalSEC ↗

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