CI
Courant Investment Management LLC SEC 13F Holdings (Q2 2026) — Top Position: PROGRESSIVE CORP
Courant Investment Management LLCCIK: 0001695426
Sector-focusedQuality / disciplined sizingLong-term holder
Total reported value
$103.0M
Reporting period: 2026-06-30 · Number of holdings: 7
Courant Investment Management LLC disclosed 7 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $103.0M and a quarterly turnover rate of 0.0%.
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Personality snowflake
- Concentration
- 68.8
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 100
- Diversification
- 14
- Sizing Uniformity
- 95.12
Courant Investment Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.172 — mathematically equivalent to about 6 equally-sized positions, close to its 7 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.49), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd JPM
0.0% $2.3M
Add PGR
0.0% $2.3M
Trim ULTA
0.0% -$1.6M
Trim FISV
0.0% -$1.3M
Trim LOW
0.0% -$789.5K
Trim SCHW
0.0% -$313.8K
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | PGR | Progressive CORP | Stock-Financials | 24.63% | +2.14% | — | |
| 2 | JPM | Jpmorgan Chase & Co | Stock-Financials | 22.46% | +2.15% | — | |
| 3 | SCHW | Schwab (charles) CORP | Stock-Financials | 16.43% | -0.41% | — | |
| 4 | LOW | Lowe's Cos Inc | Stock-Consumer Disc | 10.70% | -0.84% | — | |
| 5 | ULTA | Ulta Beauty Inc | Stock-Consumer Disc | 9.49% | -1.57% | — | |
| 6 | FISV | Fiserv Inc | Stock-Other | 9.04% | -1.31% | — | |
| 7 | BRO | Brown & Brown Inc | Stock-Financials | 7.25% | -0.16% | — |
Portfolio Performance
Performance for Q3 2026
+13.3%
Performance Last 4 Quarters
+0.1%
- Stdev
- +16.9%
- Beta
- +0.76
- Alpha
- +1.6%
- Max Drawdown
- -11.7%
- Annualized Perf
- +16.4%
- Batting Avg vs S&P
- +52.8%
- Sortino
- +1.79
- Stutzer
- +0.29
- Treynor
- +0.22
- Sterling
- +0.92
- Calmar
- +1.41
- Information Ratio
- -0.23
- Tracking Error
- +14.2%
- Stdev Down
- +9.3%
- Winning Months %
- +61.1%
- Losing Months %
- +38.9%
- Best 12 Months
- +50.6%
- Worst 12 Months
- -9.9%
- Efficiency Ratio
- +0.39
- Sharpe
- +0.98
- Stdev Sectors
- +27.8%
- Skewness
- -0.03
- Kurtosis
- -0.64
- Upside Potential
- +3.58
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 7 | $103.0M | 0 | ||
| 2026 Q1 | 7 | $102.4M | 22 | ||
| 2025 Q4 | 6 | $110.6M | 16 | ||
| 2025 Q3 | 7 | $126.5M | 37 | ||
| 2025 Q2 | 8 | $123.5M | 0 | ||
| 2025 Q1 | 8 | $119.4M | 100 | ||
| 2024 Q4 | 8 | $118.2M | 0 | ||
| 2024 Q3 | 9 | $119.0M | 0 | ||
| 2024 Q2 | 9 | $106.6M | 0 | ||
| 2024 Q1 | 9 | $120.3M | 0 | ||
| 2023 Q4 | 9 | $102.9M | 0 | ||
| 2023 Q3 | 8 | $90.6M | 0 | ||
| 2023 Q2 | 8 | $92.5M | 0 | ||
| 2023 Q1 | 9 | $90.4M | 0 | ||
| 2022 Q4 | 9 | $102.8M | 0 | ||
| 2022 Q3 | 11 | $92.4M | 0 | ||
| 2022 Q2 | 13 | $104.7M | 0 | ||
| 2022 Q1 | 12 | $112.3M | 0 | ||
| 2021 Q4 | 12 | $123.8M | 0 | ||
| 2021 Q3 | 11 | $118.5M | 0 | ||
| 2021 Q2 | 10 | $119.1M | 100 | ||
| 2021 Q1 | 11 | $120.6M | 19 | ||
| 2020 Q4 | 11 | $106.5M | 44 | ||
| 2020 Q3 | 13 | $122.1M | 12 | ||
| 2020 Q2 | 13 | $115.9M | 34 | ||
| 2020 Q1 | 13 | $108.8M | 45 | ||
| 2019 Q4 | 12 | $160.3M | 9 | ||
| 2019 Q3 | 12 | $151.3M | 24 | ||
| 2019 Q2 | 13 | $163.2M | 12 | ||
| 2019 Q1 | 13 | $156.8M | 21 | ||
| 2018 Q4 | 14 | $137.8M | 41 | ||
| 2018 Q3 | 14 | $167.2M | 12 | ||
| 2018 Q2 | 16 | $168.6M | 55 | ||
| 2018 Q1 | 15 | $159.9M | 100 | ||
| 2017 Q4 | 14 | $143.7M | 0 | ||
| 2017 Q3 | 14 | $127.6M | 0 | ||
| 2017 Q2 | 12 | $118.2M | 0 | ||
| 2017 Q1 | 12 | $113.5M | 8 | ||
| 2016 Q4 | 12 | $105.2M | 0 |
Holding changes this quarter
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | JPM | Jpmorgan Chase & Co | +2.2% | — | Unchanged |
| 2 | PGR | Progressive CORP | +2.1% | — | Unchanged |
| 3 | BRO | Brown & Brown Inc | -0.2% | — | Unchanged |
| 4 | SCHW | Schwab (charles) CORP | -0.4% | — | Unchanged |
| 5 | LOW | Lowe's Cos Inc | -0.8% | — | Unchanged |
| 6 | FISV | Fiserv Inc | -1.3% | — | Unchanged |
| 7 | ULTA | Ulta Beauty Inc | -1.6% | — | Unchanged |
Filing History
FAQ
What is Courant Investment Management LLC and what type of investor is it?
Courant Investment Management LLC 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 $103.0M, spread across 7 disclosed positions.
What are Courant Investment Management LLC's largest equity positions?
Based on the latest 13F filing, Courant Investment Management LLC's top holdings by market value are:
1. Progressive CORP (PGR) — $25.4M (24.6%)
2. Jpmorgan Chase & Co (JPM) — $23.1M (22.5%)
3. Schwab (charles) CORP (SCHW) — $16.9M (16.4%)
4. Lowe's Cos Inc (LOW) — $11.0M (10.7%)
5. Ulta Beauty Inc (ULTA) — $9.8M (9.5%)
What changes did Courant Investment Management LLC make in its most recent portfolio filing?
No notable portfolio changes were recorded for Courant Investment Management LLC in the most recent quarter. Holdings appear to have remained relatively stable.
What sectors does Courant Investment Management LLC focus on?
Courant Investment Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 77.8%
• Consumer Discretionary: 22.2%
Investment Profile
Courant Investment Management LLC returned an annualized 16.4% over the trailing 36 months — outperforming the S&P 500 by 1.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.76 (less volatile than the market) and a 53% quarterly batting average against the index.
Its portfolio is concentrated and long-term-holding, with 77.8% of the portfolio concentrated in Financials.
It has trimmed its ULTA position for two straight quarters, cutting it by $4.2M while still holding $9.8M.
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Developer Access
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