LAKEWOOD CAPITAL MANAGEMENT, LP

New York, NY · CIK 1424381 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2012 · limited partnership

Assets managed$3.4bn
Staff13 · 7 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $3.4bn gross assets
Websitelakewoodlp.com
Form ADV · 2026-03-10SEC adviser record

Legal entityLAKEWOOD CAPITAL MANAGEMENT, LP (US)

Kindhedge funds
Others nearbyNew York, NY, Greenwich, CT

As an employer

Offices in1 country
Private fundshedge 1

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
New York, NY (main office)United States	United States	about 4
Greenwich, CTUnited States	United States	3

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$1.9bn reported value +23.8% vs Q1 2026

62positions

43.2%in top 10

10 new 24 added 15 reduced 10 sold out vs Q1 2026

Options: 3 call positions ($12.8m notional), 0 put positions (— notional) – listed below, not included above.

This report includes the holdings of 2 other managers that share the investment decisions:

Lakewood Capital Advisors, LLC – reports through this filing
Lakewood Capital Partners, LP – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	THE CIGNA GROUP COM CI	CI	427,807	$117.9m6.12%	6.12%	Added +1.5k	+1,500 0.3%
2	AXALTA COATING SYS LTD COM AXTA	AXTA	3,423,648	$117.2m6.08%	6.08%	Added +528.0k	+528,000 18.2%
3	ICON PLC SHS ICLR	ICLR	585,200	$101.7m5.27%	5.27%	Reduced -162.5k	-162,500 -21.7%
4	ALLY FINL INC COM ALLY	ALLY	1,758,809	$80.8m4.19%	4.19%	Added +106.0k	+106,000 6.4%
5	COPA HOLDINGS SA CL A CPA	CPA	494,900	$77.0m3.99%	3.99%	New
6	GROUP 1 AUTOMOTIVE INC COM GPI	GPI	247,614	$72.1m3.74%	3.74%	Added +34.5k	+34,538 16.2%
7	SOTERA HEALTH CO COM SHC	SHC	3,979,581	$70.6m3.66%	3.66%	Reduced -125.0k	-125,000 -3.0%
8	CDW CORP COM CDW	CDW	483,500	$68.0m3.53%	3.53%	Added +232.5k	+232,500 92.6%
9	META PLATFORMS INC CL A META	META	115,985	$65.3m3.39%	3.39%	Added +45.1k	+45,130 63.7%
10	SS&C TECHNOLOGIES HLDGS INC COM SSNC	SSNC	1,016,954	$63.1m3.27%	3.27%	Added +70.0k	+70,000 7.4%
11	IQVIA HLDGS INC COM IQV	IQV	317,900	$61.4m3.19%	3.19%	Added +85.5k	+85,500 36.8%
12	VIATRIS INC COM VTRS	VTRS	3,735,900	$59.3m3.08%	3.08%	Added +65.0k	+65,000 1.8%
13	MASTERCARD INCORPORATED CL A MA	MA	109,454	$56.2m2.92%	2.92%	Added +65.8k	+65,791 150.7%
14	FIRST AMERN FINL CORP COM FAF	FAF	735,904	$50.5m2.62%	2.62%	Added +92.0k	+92,000 14.3%
15	AMRIZE LTD SHS AMRZ	AMRZ	888,200	$47.3m2.45%	2.45%	Added +74.0k	+74,000 9.1%
16	SPOTIFY TECHNOLOGY S A SHS SPOT	SPOT	93,500	$42.9m2.23%	2.23%	New
17	VISA INC COM CL A V	V	120,578	$41.4m2.15%	2.15%	Added +49.0k	+49,002 68.5%
18	BRUNSWICK CORP COM BC	BC	460,467	$38.8m2.01%	2.01%	Reduced -127.0k	-127,000 -21.6%
19	MICROSOFT CORP COM MSFT	MSFT	101,534	$37.9m1.96%	1.96%	Added +5.0k	+5,000 5.2%
20	ARROW ELECTRS INC COM ARW	ARW	176,360	$37.6m1.95%	1.95%	Reduced -79.0k	-79,000 -30.9%
21	TFS FINL CORP COM TFSL	TFSL	2,070,382	$36.7m1.90%	1.90%	Reduced -765.0k	-765,000 -27.0%
22	ASBURY AUTOMOTIVE GROUP INC COM ABG	ABG	178,629	$35.9m1.86%	1.86%	Added +43.0k	+43,000 31.7%
23	CENTURY CMNTYS INC COM CCS	CCS	487,000	$34.9m1.81%	1.81%	New
24	SMURFIT WESTROCK PLC SHS SW	SW	727,897	$33.7m1.75%	1.75%	Added +52.0k	+52,000 7.7%
25	CHARLES RIV LABS INTL INC COM CRL	CRL	134,000	$30.4m1.58%	1.58%	Added +65.0k	+65,000 94.2%
26	BOOKING HOLDINGS INC COM BKNG	BKNG	165,200	$29.4m1.53%	1.53%	Added +25.3k	+25,325 18.1%
27	WEX INC COM WEX	WEX	200,968	$28.4m1.47%	1.47%	Unchanged
28	UNION PAC CORP COM UNP	UNP	101,700	$27.7m1.43%	1.43%	Reduced -35.0k	-35,000 -25.6%
29	APOLLO GLOBAL MGMT INC COM APO	APO	227,197	$26.9m1.39%	1.39%	Added +3.0k	+3,000 1.3%
30	JD.COM INC SPON ADS CL A JD	JD	1,009,050	$25.7m1.33%	1.33%	Added +105.0k	+105,000 11.6%
31	ELEVANCE HEALTH INC COM ELV	ELV	59,350	$23.0m1.19%	1.19%	Reduced -53.0k	-53,000 -47.2%
32	COUPANG INC CL A CPNG	CPNG	1,305,000	$22.7m1.18%	1.18%	Added +265.0k	+265,000 25.5%
33	ALPHABET INC CAP STK CL A GOOGL	GOOGL	60,580	$21.6m1.12%	1.12%	Added +3.0k	+3,000 5.2%
34	S&P GLOBAL INC COM SPGI	SPGI	51,750	$21.1m1.09%	1.09%	Added +8.0k	+8,000 18.3%
35	GLOBAL PMTS INC COM GPN	GPN	244,300	$17.7m0.92%	0.92%	Unchanged
36	REMITLY GLOBAL INC COM RELY	RELY	751,200	$16.8m0.87%	0.87%	Reduced -450.0k	-450,000 -37.5%
37	UNITED NAT FOODS INC COM UNFI	UNFI	350,000	$16.0m0.83%	0.83%	Reduced -305.0k	-305,000 -46.6%
38	HCA HEALTHCARE INC COM HCA	HCA	38,500	$15.0m0.78%	0.78%	New
39	INGRAM MICRO HLDG CORP COM INGM	INGM	395,000	$10.8m0.56%	0.56%	New
40	NICE LTD SPONSORED ADR NICE	NICE	116,800	$10.6m0.55%	0.55%	Unchanged
41	COMCAST CORP NEW CL A CMCSA	CMCSA	420,748	$10.3m0.54%	0.54%	Reduced -80.0k	-80,000 -16.0%
42	LEGGETT & PLATT INC COM LEG	LEG	830,000	$9.7m0.50%	0.50%	Added +50.0k	+50,000 6.4%
43	TABOOLA.COM LTD ORD SHS TBLA	TBLA	1,893,541	$9.5m0.49%	0.49%	Unchanged
44	KEMPER CORP COM KMPR	KMPR	343,090	$9.2m0.48%	0.48%	Reduced -158.0k	-158,000 -31.5%
45	HENRY SCHEIN INC COM HSIC	HSIC	97,000	$8.1m0.42%	0.42%	Reduced -165.0k	-165,000 -63.0%
46	STRIDE INC COM LRN	LRN	90,000	$7.8m0.40%	0.40%	Unchanged
47	DRAFTKINGS INC NEW COM CL A DKNG	DKNG	304,500	$7.7m0.40%	0.40%	Reduced -60.0k	-60,000 -16.5%
48	LKQ CORP COM LKQ	LKQ	265,000	$7.0m0.36%	0.36%	New
49	INSPERITY INC COM NSP	NSP	165,000	$6.8m0.35%	0.35%	New
50	AVNET INC COM AVT	AVT	72,000	$6.4m0.33%	0.33%	Reduced -11.0k	-11,000 -13.2%
51	EMCOR GROUP INC COM EME	EME	7,000	$5.8m0.30%	0.30%	Unchanged
52	SAMSARA INC COM CL A IOT	IOT	175,000	$5.7m0.29%	0.29%	New
53	GRAYSCALE BITCOIN TRUST ETF SHS REP COM UT GBTC	GBTC	123,500	$5.6m0.29%	0.29%	Unchanged
54	FERMI INC COM FRMI	FRMI	600,000	$5.5m0.28%	0.28%	New
55	KLARNA GROUP PLC SHS KLAR	KLAR	270,000	$5.5m0.28%	0.28%	Unchanged
56	GDS HLDGS LTD SPONSORED ADS GDS	GDS	179,000	$5.4m0.28%	0.28%	New
57	HIPPO HLDGS INC COM NEW HIPO	HIPO	190,000	$5.4m0.28%	0.28%	Unchanged
58	CS DISCO INC COM LAW	LAW	1,106,531	$4.2m0.22%	0.22%	Unchanged
59	ISHARES BITCOIN TRUST ETF SHS BEN INT IBIT	IBIT	113,510	$3.8m0.20%	0.20%	Reduced -183.0k	-183,000 -61.7%
60	VERSANT MEDIA GROUP INC COM CL A VSNT	VSNT	104,029	$3.7m0.19%	0.19%	Unchanged
61	SHARPLINK INC COM NEW SBET	SBET	559,000	$2.7m0.14%	0.14%	Unchanged
62	GRAYSCALE BITCOIN MINI TR ET SHS NEW BTC	BTC	24,700	$641.0k0.03%	0.03%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
AIR LEASE CORP AL	AL	485,878	$31.6m485.9k shares
BEAZER HOMES USA INC BZH	BZH	777,506	$15.0m777.5k shares
TELEFLEX INCORPORATED TFX	TFX	64,000	$7.7m64.0k shares
CITIGROUP INC C	C	64,339	$7.3m64.3k shares
DELL TECHNOLOGIES INC DELL	DELL	35,800	$5.9m35.8k shares
INVESCO QQQ TR QQQ	QQQ	8,500	$4.9m8.5k shares
STRIVE INC ASST	ASST	328,570	$3.3m328.6k shares
CAPITAL ONE FINL CORP COF	COF	18,000	$3.3m18.0k shares
WAYSTAR HLDG CORP WAY	WAY	96,700	$2.3m96.7k shares
BANDWIDTH INC BAND	BAND	65,721	$1.2m65.7k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
NICE LTD NICE · Call	NICE	Call	64,200	$5.8m64.2k shares	Added
SNAP INC SNAP · Call	SNAP	Call	1,250,000	$5.5m1.2m shares	Unchanged
FERMI INC FRMI · Call	FRMI	Call	150,000	$1.4m150.0k shares	New