LAKEWOOD CAPITAL MANAGEMENT, LP
SEC Form 13F institutional filer · CIK 0001424381
13F-HR · 25 reported holdings · 2026-03-31
Reported long-US-equity value
$0.62B
Top-10 concentration
68.6%
LAKEWOOD CAPITAL MANAGEMENT, LP — $623M AUM allocation strategy
LAKEWOOD CAPITAL MANAGEMENT, LP files SEC Form 13F and reports $623M of long US equity value across 25 reported holdings for 2026-03-31.
Its largest sector bet is Health Care 42.9%, followed by Financials 17.8% and Communication Services 11.4%.
The top 10 holdings account for 69% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
LAKEWOOD CAPITAL MANAGEMENT, LP — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$623M
total across 25 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
69% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$VTRS +1.99M sh · +$28.7M+$IQV +75.4K sh · +$4.24M+$APO +73K sh · +$3.09M
Biggest trims (shares)
−$SW −509K sh · −$18.9M−$C −350K sh · −$41M−$CMCSA −100K sh · −$3.58M
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Health Care Services18.3%—
- Transaction & Payment Processing Services9.6%—
- Interactive Media & Services9.1%—
- Life Sciences Tools & Services8.3%—
- Pharmaceuticals8.0%—
- Systems Software5.8%—
- Rail Transportation5.3%—
- Managed Health Care5.3%—
- Other holdings30.4%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
10 of 10 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $CI | The Cigna Group | 426K | $114M | +21K | 18.2% |
| $VTRS | Viatris Inc | 3.67M | $49.6M | +1.99M | 8.0% |
| $META | Meta Platforms Inc | 70.9K | $40.5M | +15.3K | 6.5% |
| $IQV | IQVIA Holdings Inc | 232K | $39.6M | +75.4K | 6.4% |
| $MSFT | Microsoft Corporation | 96.5K | $35.7M | — | 5.7% |
| $UNP | Union Pacific Corporation | 137K | $33.2M | -20.7K | 5.3% |
| $ELV | Elevance Health Inc | 112K | $32.9M | -9.5K | 5.3% |
| $CDW | CDW Corporation | 251K | $30.4M | — | 4.9% |
| $SW | Smurfit WestRock plc | 676K | $26.9M | -509K | 4.3% |
| $APO | Apollo Global Management Inc | 224K | $25M | +73K | 4.0% |
…and 15 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
← All 13F filers·← QuantOrb.pro
How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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