Greg Alexander - Conifer Management Portfolio Q3'2025: Top Holdings & Recent Changes
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Greg Alexander - Conifer Management continues to run one of the most concentrated value portfolios in the 13F universe. His Q3’2025 portfolio shows $631.1M spread across just five positions, dominated by auto dealers and a major life insurer, with selective moves in homebuilding and a full exit from a smaller holding.
Portfolio Overview: Concentrated Value in Cyclical Leaders
Portfolio Highlights (Q3’2025): - Market Value: $631.1M
- Top 10 Holdings: 100.0%
- Portfolio Size: 5 -1
- Average Holding Period: 15 quarters
- Turnover: 20.0%
Conifer’s Q3’2025 portfolio is an extreme example of concentration: all capital is in just five equities, with the top three positions alone representing over 90% of reported assets. This structure makes every stock a high-conviction bet and amplifies both upside and downside, a style suited to investors with deep company-specific knowledge and patience.
The strategy remains rooted in long holding periods—an average of 15 quarters—showing that Greg Alexander is willing to ride through industry cycles rather than trade around short-term volatility in names like auto dealers and financials. At the same time, 20.0% turnover and a portfolio size of “5 -1” indicate targeted adjustments this quarter, including one clear exit, while maintaining the overall concentrated, value-driven approach in the current Conifer portfolio.
Top Positions: Autos, Insurance & Select Niche Plays
The Q3’2025 Conifer portfolio is built around a tight cluster of core positions with a few smaller but active trades.
The single largest holding is Group 1 Automotive, Inc. (GPI), a leading auto dealership operator, at 39.4% of the portfolio $248.7M. This position saw No change, underscoring strong conviction in the auto retail theme and Group 1’s cash generation and consolidation potential within the dealership space.
Close behind is Equitable Holdings, Inc. (EQH), representing 33.8% of the portfolio $213.3M. Conifer Reduce 16.00% in EQH this quarter, trimming risk in a core life insurance and asset management name while still keeping it as a central pillar of the strategy. The reduction suggests profit-taking or risk-balancing rather than a loss of faith, given its still-massive weight.
The third anchor is Lithia Motors, Inc. (LAD) at 20.0% $126.4M. Similar to Equitable, Conifer executed a Reduce 20.00% in this auto dealer, locking in gains or moderating exposure to the cycle while maintaining a large stake. With both GPI and LAD in the top three, auto retail remains a defining theme.
In the smaller but still meaningful positions, Rimini Street, Inc. (RMNI) sits at 4.4% $27.7M with No change. This enterprise software support provider offers a very different risk/return profile from the autos and insurer core, bringing a niche tech and recurring-revenue element to the portfolio while remaining modest in size.
The most notable build this quarter is SMITH DOUGLAS HOMES CORP at 2.4% $15.0M, where Conifer executed an Add 70.31%. The ticker is reported as “_” in the 13F data, but the position-level change is clear: Greg Alexander is leaning further into housing exposure, likely seeing attractive risk/reward in a smaller homebuilder amid a complex macro environment for rates and housing supply.
Finally, NEBIUS GROUP N.V. has been fully exited with a Sell 100%, leaving shares at 0 and portfolio weight at 0.0%. Again, the ticker is reported as “_”, but the action is explicit: this name no longer appears in the effective economic exposure of the portfolio, freeing capital to support the remaining five holdings and the significant add in Smith Douglas Homes.
Even with only five active positions and two non-standard tickers, the Q3’2025 snapshot shows decisive tilts: trimming large winners in autos and financials, adding aggressively to housing, and eliminating a peripheral name to keep the Conifer portfolio sharply focused.
What the Portfolio Reveals About Current Strategy
Several strategic themes stand out from Greg Alexander’s Q3’2025 positioning:
- High-conviction concentration
With 100.0% of assets in just five names and nearly 93% in three core holdings, Conifer is doubling down on businesses management understands deeply rather than diversifying broadly. This is classic superinvestor behavior: concentration when conviction is high. - Cyclical value with structural tailwinds
Auto dealers like GPI and LAD, and financial services via EQH, are inherently cyclical, but they also benefit from consolidation, operating leverage, and capital return over time. The mix suggests a willingness to embrace volatility where valuation and cash flows are compelling. - Selective diversification outside the core
The smaller allocations to RMNI and SMITH DOUGLAS HOMES CORP provide exposure to tech-enabled services and residential construction. These are sized much smaller, indicating experimentation or optionality plays around the central thesis rather than equal-weight conviction bets. - Active risk management via trims and exits
Reductions in EQH and LAD, combined with the full sale of NEBIUS GROUP N.V., show that Conifer is not dogmatic about buy-and-hold. The 20.0% turnover figure aligns with a strategy that occasionally rebalances around valuations and risk while still holding names for many quarters.
For investors studying the Greg Alexander – Conifer Management portfolio, these patterns highlight a disciplined value approach with a willingness to be both concentrated and opportunistic.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Group 1 Automotive, Inc. | $248.7M | 39.4% | No change |
| Equitable Holdings, Inc. | $213.3M | 33.8% | Reduce 16.00% |
| Lithia Motors, Inc. | $126.4M | 20.0% | Reduce 20.00% |
| Rimini Street, Inc. | $27.7M | 4.4% | No change |
| SMITH DOUGLAS HOMES CORP | $15.0M | 2.4% | Add 70.31% |
| NEBIUS GROUP N.V. | $0.0 | 0.0% | Sell 100% |
The table underscores just how top-heavy the Q3’2025 Conifer book is: the top two positions alone control over 73% of assets, and the third brings the combined weight to 93.2%. The remaining two active holdings are meaningful but clearly secondary, functioning more as satellite bets around the core thesis in autos and financials.
The pattern of No change in GPI, trims in EQH and LAD, and a 70.31% increase in SMITH DOUGLAS HOMES CORP, combined with the Sell 100% in NEBIUS GROUP N.V., suggests a deliberate reshaping rather than wholesale turnover. Capital is being pulled from very large winners and a non-core name, then recycled into a growing housing bet, while still preserving the defining core of the Conifer portfolio.
Investment Lessons from Greg Alexander’s Conifer Strategy
Retail investors can draw several practical principles from how Greg Alexander manages the Conifer Management portfolio:
- Concentrate when you truly understand the business
Running 5 positions with 100% of capital requires deep fundamental knowledge and conviction. This approach is only appropriate when you are willing to do the work to understand the economics, cycles, and management teams of each business. - Use long holding periods as an edge
An average holding period of 15 quarters shows a willingness to let compounding play out. Rather than reacting to every macro or headline shock, Conifer allows underlying earnings and capital allocation to drive value. - Trim, don’t always exit, when valuations or risk shift
The “Reduce 16.00%” in EQH and “Reduce 20.00%” in LAD demonstrate nuanced risk management—taking some chips off the table without abandoning a core thesis. - Size smaller, higher-uncertainty ideas modestly
Names like RMNI and SMITH DOUGLAS HOMES CORP sit in the low-single-digit percentage range, allowing exposure to potentially higher-volatility themes without jeopardizing the entire portfolio. - Be willing to fully exit when the thesis breaks or becomes inferior
The complete sale of NEBIUS GROUP N.V. shows a willingness to admit when capital can be better allocated elsewhere, even within a very small number of positions.
Looking Ahead: What Comes Next?
Based on the current Q3’2025 positioning, several forward-looking implications emerge for the Greg Alexander – Conifer Management approach:
- Autos remain the defining bet
With nearly 60% of the portfolio in GPI and LAD, Conifer is still heavily exposed to auto demand, dealer margins, and industry consolidation. Future 13F filings will reveal whether trims continue or if weakness is used to re-accumulate. - Insurance and asset management as a cash-flow compounder
EQH remains a massive position despite the reduction. If valuations compress in financials, Conifer could either rebuild the stake or continue to harvest gains depending on risk/reward. - Housing as a growing theme
The Add 70.31% to SMITH DOUGLAS HOMES CORP indicates rising conviction in residential construction or entry-level housing. If fundamentals in housing remain favorable, future quarters may show this position growing further in the Conifer portfolio. - Dry powder via previous trims and exit
By trimming large winners and exiting NEBIUS GROUP N.V., Conifer has effectively created internal “dry powder” without raising explicit cash in the 13F snapshot. That capital has already partly been redeployed to housing, but future filings may reveal additional new names or further size-ups of existing positions.
For investors following Greg Alexander, the main takeaway is clear: watch autos, financials, and now housing closely in upcoming quarters, and use platforms like ValueSense to contextualize each incremental move.
FAQ about Greg Alexander – Conifer Management Portfolio
Q: What were the most significant changes in Greg Alexander – Conifer Management’s Q3’2025 portfolio?
The biggest moves were Reduce 16.00% in Equitable Holdings, Inc. (EQH), Reduce 20.00% in Lithia Motors, Inc. (LAD), an Add 70.31% to SMITH DOUGLAS HOMES CORP, and a Sell 100% of NEBIUS GROUP N.V., which removed that name from the active portfolio.
Q: How concentrated is the Greg Alexander – Conifer portfolio, and what does that imply?
The Q3’2025 13F shows 100.0% of capital in just 5 positions, with the top three holdings—Group 1 Automotive, Inc. (GPI), EQH, and LAD—controlling over 90% of assets. This implies a high-conviction, high-volatility strategy focused on a small set of deeply researched businesses.
Q: Does Greg Alexander’s strategy rely on very short-term trading or longer holding periods?
Conifer’s average holding period of 15 quarters suggests a long-term, fundamental approach rather than short-term trading. Although turnover is 20.0%, the changes are typically trims, adds, and occasional exits around a stable core of names.
Q: Which sectors or themes are most important in the current Conifer portfolio?
The dominant themes are auto dealerships (GPI, LAD), financials via EQH, and smaller allocations to tech-enabled services (RMNI) and housing (SMITH DOUGLAS HOMES CORP). This creates a cyclical but potentially cash-rich portfolio tilted toward value opportunities.
Q: How can I track Greg Alexander – Conifer Management’s holdings and future portfolio changes?
You can monitor Conifer’s positions through quarterly 13F filings and through ValueSense’s superinvestor tracker at Conifer’s portfolio, which provides updated holdings, historical changes, and visualizations. Remember that 13F data is reported with a 45-day lag after quarter-end, so positions may have changed since the filing.
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