David Rubenstein — Carlyle Group Inc. SEC 13F Filing (Q2 2026) — Holdings & Portfolio
Carlyle Group Inc.CIK: 0001527166
Concentrated strategySector-focusedLong-term holder
Total reported value
$10.0B
Reporting period: 2026-06-30 · Number of holdings: 19
Carlyle Group Inc. disclosed 19 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $10.0B and a quarterly turnover rate of 12.8%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 12.83
- Momentum
- 49.27
- Sector conviction
- 100
- Diversification
- 38
- Sizing Uniformity
- 66.62
Carlyle Group Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.608 — mathematically equivalent to about 2 equally-sized positions, well below its 19 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.34), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 0% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd SARO
0.0% $345.1M
Trim MDLN
0.0% -$946.6M
Sold out CUBE
Trim QTTB
-94.5% -$6.3M
Trim PONY
0.0% -$5.9M
Add INVH
-0.2% $3.5M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
The data shows a book that barely moved: with turnover of just 12.8%, Carlyle's reported equity activity this quarter amounted to housekeeping at the margins — full exits from three de-minimis positions (CUBE at 0.08%, plus HTFL and SYRE near zero), a cut of QTTB from 0.07% to 0.01%, and a trim of INVH shares whose weight nonetheless rose from 0.16% to 0.20% as price appreciation outran the selling. Offsetting moves were a small add to SPWR (0.01%→0.02%) and two new starter positions in REPX and NBIS at roughly 0.01% each. Nothing here resembles a directional rotation; the concentrated core was left untouched, consistent with the fund's momentum tilt that is statistically indistinguishable from zero.
Macro & Fundamentals
To the extent these flows rhyme with any observable trend, it is within the real-assets complex: the book sits ~97.7% in real estate, and the quarter's exit from self-storage and trim of residential rental sit alongside new entries in digital-infrastructure (NBIS) and solar-linked (SPWR) names — a pattern loosely consistent with capital rotating toward power- and data-center-linked infrastructure inside real assets. That said, this is an inference drawn from weight changes measured in basis points, and the mapped equity sleeve represents only ~0.2% of the institution's reported value, so it may say little about the firm's broader allocation stance.
Blind Spots / Risks
The INVH line item warrants scrutiny: shares were actively trimmed, yet the position's weight rose four basis points on price alone — evidence that passive drift, not deliberate sizing, is quietly re-deepening exposure to rate-sensitive single-family rental. Layer on the 45-day 13F disclosure lag, and true current exposure may already exceed what is reported, leaving anyone reading this filing a step behind the actual positioning risk.
The summary above is AI-generated directly from this institution's Form 13F filings on the SEC's EDGAR system and reflects historical holdings only. It is not investment advice — verify the details against the original filing linked below. View the original 2026-06-30 Form 13F filing on SEC.gov
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MDLN | Medline Inc-cl A | Stock-Other | 73.78% | -4.62% | — | |
| 2 | SARO | Standardaero Inc | Stock-Other | 25.30% | +4.72% | — | |
| 3 | PHAT | Phathom Pharmaceuticals Inc | Stock-Other | 0.38% | +0.01% | — | |
| 4 | INVH | Invitation Homes Inc | Stock-Real Estate | 0.20% | +0.04% | -0.18% | |
| 5 | PONY | Pony Ai Inc | Stock-Other | 0.16% | -0.05% | — | |
| 6 | GETY | Getty Images Holdings Inc | Stock-Other | 0.05% | — | — | |
| 7 | SPRB | Spruce Biosciences Inc | Stock-Other | 0.02% | — | — | |
| 8 | SPWR | Sunpower Inc | Stock-Other | 0.02% | +0.01% | +441.08% | |
| 9 | ACET | Adicet Bio Inc | Stock-Other | 0.02% | +0.01% | — | |
| 10 | FWRD | Forward Air CORP | Stock-Other | 0.01% | -0.01% | — | |
| 11 | OKUR | Onkure Therapeutics Inc-a | Stock-Other | 0.01% | — | — | |
| 12 | DNUT | Krispy Kreme Inc | Stock-Other | 0.01% | — | — | |
| 13 | QTTB | Q32 Bio Inc | Stock-Other | 0.01% | -0.06% | -94.53% | |
| 14 | REPX | Riley Exploration Permian In | Stock-Other | 0.01% | +0.01% | NEW | |
| 15 | NBIS | Nebius Group N.V. | Stock-Other | 0.01% | +0.01% | NEW | |
| 16 | HOOD | Robinhood Markets Inc - A | Stock-Financials | — | — | +40.20% | |
| 17 | JSPR | Jasper Therapeutics Inc | Stock-Other | — | -0.01% | — | |
| 18 | NABL | N-able Inc | Stock-Other | — | — | — | |
| 19 | METC | Ramaco Resources Inc-a | Stock-Other | — | — | NEW |
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Portfolio Performance
Performance for Q3 2026
-5.9%
Performance Last 4 Quarters
-13.8%
- Stdev
- +30%
- Beta
- +1.01
- Alpha
- -44.2%
- Max Drawdown
- -55.7%
- Annualized Perf
- -25%
- Batting Avg vs S&P
- +30.6%
- Sortino
- -1.01
- Stutzer
- -0.23
- Treynor
- -0.24
- Sterling
- -0.59
- Calmar
- -0.45
- Information Ratio
- -1.63
- Tracking Error
- +27%
- Stdev Down
- +23.9%
- Winning Months %
- +33.3%
- Losing Months %
- +66.7%
- Best 12 Months
- +5.3%
- Worst 12 Months
- -37.8%
- Efficiency Ratio
- +0.21
- Sharpe
- -0.8
- Stdev Sectors
- +47.7%
- Skewness
- +0.4
- Kurtosis
- -0.64
- Upside Potential
- +1.42
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 19 | $10.0B | 13 | ||
| 2026 Q1 | 20 | $10.6B | 24 | ||
| 2025 Q4 | 20 | $13.6B | 100 | ||
| 2025 Q3 | 17 | $4.3B | 17 | ||
| 2025 Q2 | 20 | $5.0B | 0 | ||
| 2025 Q1 | 23 | $3.8B | 100 | ||
| 2024 Q4 | 27 | $4.1B | 0 | ||
| 2024 Q3 | 26 | $954.2M | 0 | ||
| 2024 Q2 | 31 | $1.1B | 0 | ||
| 2024 Q1 | 32 | $1.6B | 0 | ||
| 2023 Q4 | 25 | $2.1B | 0 | ||
| 2023 Q3 | 26 | $2.3B | 0 | ||
| 2023 Q2 | 27 | $2.8B | 0 | ||
| 2023 Q1 | 31 | $3.4B | 0 | ||
| 2022 Q4 | 14 | $3.4B | 0 | ||
| 2022 Q3 | 12 | $3.1B | 0 | ||
| 2022 Q2 | 10 | $5.8B | 0 | ||
| 2022 Q1 | 8 | $8.4B | 0 | ||
| 2021 Q4 | 9 | $9.6B | 0 | ||
| 2021 Q3 | 11 | $12.6B | 0 | ||
| 2021 Q2 | 11 | $14.8B | 94 | ||
| 2021 Q1 | 13 | $13.2B | 62 | ||
| 2020 Q4 | 10 | $7.5B | 6 | ||
| 2020 Q3 | 11 | $7.3B | 29 | ||
| 2020 Q2 | 14 | $8.8B | 100 | ||
| 2020 Q1 | 14 | $2.4B | 100 | ||
| 2019 Q4 | 12 | $1.5B | 20 | ||
| 2019 Q3 | 12 | $1.6B | 27 | ||
| 2019 Q2 | 11 | $2.0B | 20 | ||
| 2019 Q1 | 11 | $2.1B | 44 | ||
| 2018 Q4 | 10 | $1.4B | 38 | ||
| 2018 Q3 | 10 | $2.0B | 20 | ||
| 2018 Q2 | 11 | $2.2B | 24 | ||
| 2018 Q1 | 12 | $2.4B | 72 | ||
| 2017 Q4 | 11 | $1.5B | 12 | ||
| 2017 Q3 | 14 | $1.6B | 15 | ||
| 2017 Q2 | 15 | $1.5B | 37 | ||
| 2017 Q1 | 15 | $2.1B | 22 | ||
| 2016 Q4 | 16 | $2.4B | 64 | ||
| 2016 Q3 | 19 | $3.8B | 66 | ||
| 2016 Q2 | 28 | $5.7B | 41 | ||
| 2016 Q1 | 31 | $8.0B | 100 | ||
| 2015 Q4 | 30 | $7.6B | 0 | ||
| 2015 Q3 | 28 | $13.8B | 22 | ||
| 2015 Q2 | 28 | $16.9B | 19 | ||
| 2015 Q1 | 48 | $18.9B | 100 | ||
| 2014 Q4 | 49 | $16.3B | 0 | ||
| 2014 Q3 | 27 | $11.7B | 21 | ||
| 2014 Q2 | 26 | $12.8B | 93 | ||
| 2014 Q1 | 25 | $15.5B | 0 | ||
| 2013 Q4 | 28 | $14.1B | 0 | ||
| 2013 Q3 | 28 | $12.2B | 0 | ||
| 2013 Q2 | 28 | $11.0B | 0 |
Holding changes this quarter
Carlyle Group Inc.'s most significant position changes for 2026-06-30: Sold out: Cubesmart (CUBE); New buy: Riley Exploration Permian In (REPX); New buy: Nebius Group N.V. (NBIS); Sold out: Heartflow Inc (HTFL); Sold out: Spyre Therapeutics Inc (SYRE).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SARO | Standardaero Inc | +4.7% | — | Unchanged |
| 2 | INVH | Invitation Homes Inc | 0% | -0.18% | Trim |
| 3 | SPWR | Sunpower Inc | 0% | +441.08% | Add |
| 4 | PHAT | Phathom Pharmaceuticals Inc | 0% | — | Unchanged |
| 5 | REPX | Riley Exploration Permian In | 0% | NEW | New buy |
| 6 | NBIS | Nebius Group N.V. | 0% | NEW | New buy |
| 7 | ACET | Adicet Bio Inc | 0% | — | Unchanged |
| 8 | HTFL | Heartflow Inc | — | EXIT | Sold out |
| 9 | SYRE | Spyre Therapeutics Inc | — | EXIT | Sold out |
| 10 | SPRB | Spruce Biosciences Inc | — | — | Unchanged |
| 11 | GETY | Getty Images Holdings Inc | — | — | Unchanged |
| 12 | METC | Ramaco Resources Inc-a | — | NEW | New buy |
| 13 | HOOD | Robinhood Markets Inc - A | — | +40.20% | Add |
| 14 | XCUR | Exicure Inc | — | EXIT | Sold out |
| 15 | OKUR | Onkure Therapeutics Inc-a | — | — | Unchanged |
| 16 | NABL | N-able Inc | — | — | Unchanged |
| 17 | DNUT | Krispy Kreme Inc | — | — | Unchanged |
| 18 | JSPR | Jasper Therapeutics Inc | 0% | — | Unchanged |
| 19 | FWRD | Forward Air CORP | 0% | — | Unchanged |
| 20 | PONY | Pony Ai Inc | -0.1% | — | Unchanged |
| 21 | QTTB | Q32 Bio Inc | -0.1% | -94.53% | Trim |
| 22 | CUBE | Cubesmart | -0.1% | EXIT | Sold out |
| 23 | MDLN | Medline Inc-cl A | -4.6% | — | Unchanged |
Filing History
FAQ
What is Carlyle Group Inc. and what type of investor is it?
Carlyle Group Inc. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $10.0B, spread across 19 disclosed positions.
What are Carlyle Group Inc.'s largest equity positions?
Based on the latest 13F filing, Carlyle Group Inc.'s top holdings by market value are:
1. Medline Inc-cl A (MDLN) — $7.4B (73.8%)
2. Standardaero Inc (SARO) — $2.5B (25.3%)
3. Phathom Pharmaceuticals Inc (PHAT) — $37.9M (0.4%)
4. Invitation Homes Inc (INVH) — $20.0M (0.2%)
5. Pony Ai Inc (PONY) — $16.4M (0.2%)
What changes did Carlyle Group Inc. make in its most recent portfolio filing?
In the latest reported quarter, Carlyle Group Inc. made 11 notable position adjustments: 3 new positions were initiated, 2 existing holdings were added to, 2 positions were partially reduced, and 4 were completely exited. The largest of these moves: Sold out: Cubesmart (CUBE); New buy: Riley Exploration Permian In (REPX); New buy: Nebius Group N.V. (NBIS); Sold out: Heartflow Inc (HTFL); Sold out: Spyre Therapeutics Inc (SYRE)
What sectors does Carlyle Group Inc. focus on?
Carlyle Group Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Real Estate: 97.7%
• Financials: 2.3%
Investment Profile
Carlyle Group Inc. returned an annualized -25.0% over the trailing 36 months — underperforming the S&P 500 by 44.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.01 (roughly in line with the market) and a 31% quarterly batting average against the index.
Its portfolio is concentrated and long-term-holding, with 97.7% of the portfolio concentrated in Real Estate.
It has added to its OKUR position over the past two quarters (+$458.8K, now $1.2M), while trimming MDLN over the same stretch (-$1.7B, still holding $7.4B).
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