Clifford Sosin - CAS Investment Partners Portfolio Q3'2025: Top Holdings & Recent Changes
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Clifford Sosin of CAS Investment Partners exemplifies disciplined, high-conviction investing through a remarkably concentrated approach. His $2.2B portfolio in Q3 2025 maintains extreme focus across just 5 positions, with the mega-holding in Carvana (CVNA) still dominating at over 82% while introducing a new stake in Latham Group (SWIM) amid modest trims elsewhere.
Portfolio Overview: The Power of Radical Concentration
Portfolio Highlights (Q3 2025): - Market Value: $2,242.3M - Top 10 Holdings: 100.0% - Portfolio Size: 5 +1 - Average Holding Period: 17 quarters - Turnover: 20.0%
CAS Investment Partners' Q3 2025 portfolio showcases an ultra-concentrated strategy where every position carries outsized importance, a hallmark of Clifford Sosin's approach to deep research on a handful of high-potential businesses. With the top 10 holdings comprising 100% of the portfolio—effectively all of it—this setup minimizes diversification in favor of maximum conviction, allowing for significant influence on overall returns from just a few key bets. The addition of one new position brings the total to 5, signaling careful expansion without diluting focus.
This structure reflects Sosin's long-term orientation, evidenced by an average holding period of 17 quarters, or over four years, which underscores patience in letting winners compound. Turnover at 20.0% indicates measured activity—enough to refine positions but not so much as to disrupt the core thesis. Tracking the full details on CAS Investment's portfolio page reveals how these metrics align with a strategy prioritizing quality over quantity in an increasingly noisy market.
Top Holdings: Carvana Dominance Amid Calculated Adjustments
The portfolio remains overwhelmingly anchored by Carvana Co. (CVNA) at 82.3%, though Sosin trimmed this position by 0.66%, potentially taking profits after substantial appreciation while maintaining dominant exposure. Hilton Grand Vacations Inc. (HGV) holds steady at 10.5% following a minor 0.28% reduction, preserving a meaningful secondary stake in the vacation ownership space. Capital One Financial Corporation (COF) at 6.3% saw a more notable 5.23% cut, suggesting profit-taking or risk management in financial services amid shifting interest rates.
Further down, Cardlytics, Inc. (CDLX) represents 0.6% after a 7.41% reduction, reflecting ongoing adjustments in this smaller fintech position. The standout move is the new "Buy" in Latham Group, Inc. (SWIM) at 0.3% $7.6M, introducing exposure to pool products manufacturing as the sole addition in a portfolio that grew to 5 holdings. These changes across CVNA, HGV, COF, CDLX, and SWIM highlight Sosin's active oversight, blending trims in core names with opportunistic entry points.
What the Portfolio Reveals
CAS Investment's Q3 moves paint a picture of disciplined risk management within extreme concentration: - Sector tilt toward consumer recovery: Heavy weighting in CVNA and HGV bets on rebounding consumer spending in autos and vacations. - Financial services exposure with caution: COF's trim signals vigilance on credit cycle risks. - Long-term patience over speculation: 17-quarter average hold reflects buy-and-hold conviction. - Diversification via small bets: New SWIM position tests niche industrials without unbalancing the portfolio.
This approach prioritizes businesses with scalable models, trimming winners to fund modest diversification while keeping powder dry for deeper conviction plays.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Carvana Co. | $1,844.6M | 82.3% | Reduce 0.66% |
| Hilton Grand Vacations Inc. | $236.0M | 10.5% | Reduce 0.28% |
| Capital One Financial Corporation | $141.5M | 6.3% | Reduce 5.23% |
| Cardlytics, Inc. | $12.6M | 0.6% | Reduce 7.41% |
| Latham Group, Inc. | $7,610.0K | 0.3% | Buy |
The table underscores CAS Investment's radical concentration, with Carvana alone commanding 82.3%—a level of conviction rare even among superinvestors. Trims across the board (except the new SWIM buy) suggest profit realization after strong performance, particularly in COF and CDLX, while maintaining portfolio coherence. This 100% top-5 allocation amplifies upside from core theses but demands precise business understanding to manage the inherent volatility.
Investment Lessons from Clifford Sosin's CAS Investment Approach
- Embrace extreme concentration when conviction is highest: 82% in one name shows sizing bets by edge, not diversification dogma.
- Trim winners actively: Modest reductions in CVNA and others demonstrate discipline in harvesting gains.
- Long holding periods build real returns: 17 quarters average proves patience outperforms frequent trading.
- New positions start small: SWIM's 0.3% entry allows testing without risking the core portfolio.
- Turnover as a tool, not a habit: 20% rate enables refinement while honoring long-term theses.
Looking Ahead: What Comes Next?
With portfolio size expanding to 5 +1 and turnover at 20%, Sosin appears positioned for selective deployment, potentially scaling SWIM if early results impress or adding to consumer/recovery themes via CVNA peers. Trims have likely generated cash for opportunistic buys amid market rotations, with focus on undervalued cyclicals in autos, leisure, and fintech. Current setup suits a soft-landing economy, where HGV and CVNA could thrive, but vigilance on credit names like COF hints at hedging downturn risks.
FAQ about Clifford Sosin CAS Investment Portfolio
Q: What are the most significant changes in CAS Investment's Q3 2025 13F filing?
A: Key moves include trimming Carvana (CVNA) by 0.66%, Capital One (COF) by 5.23%, and Cardlytics (CDLX) by 7.41%, alongside a new "Buy" in Latham Group (SWIM) at 0.3%.
Q: Why does CAS Investment maintain such extreme portfolio concentration?
A: Clifford Sosin's strategy bets heavily on deeply researched ideas, with 82% in CVNA reflecting maximum conviction; 100% in top 5 holdings prioritizes high-upside outcomes over broad diversification.
Q: What sectors does the CAS Investment portfolio emphasize?
A: Consumer recovery (autos via CVNA, vacations via HGV), financial services (COF), fintech (CDLX), and emerging industrials (SWIM).
Q: How can I track and follow Clifford Sosin's CAS Investment portfolio?
A: Monitor quarterly 13F filings on the SEC site or use ValueSense's superinvestor tracker at https://valuesense.io/superinvestors/cas-investment for real-time analysis, historical changes, and visualizations—note the 45-day reporting lag means positions may evolve post-filing.
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