LC
Lionstone Capital Management LLC 13F Holdings (Q2 2026) — Stock Portfolio & Buys
Lionstone Capital Management LLCCIK: 0001575662
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$435.0M
Reporting period: 2026-06-30 · Number of holdings: 11
Lionstone Capital Management LLC disclosed 11 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $435.0M and a quarterly turnover rate of 10.9%.
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Personality snowflake
- Concentration
- 61.36
- Portfolio Stability
- 10.89
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 22
- Sizing Uniformity
- 91.3
Lionstone Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.153 — mathematically equivalent to about 7 equally-sized positions, close to its 11 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 0.87), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 9.9 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd GOOG
0.0% $15.5M
Add AMZN
0.0% $8.4M
Sold out LOW
Trim CPRT
0.0% -$3.9M
Trim QXO
+9.7% -$1.1M
Trim SPGI
0.0% -$1.5M
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 | APG | Api Group CORP | Stock-Industrials | 24.11% | -0.18% | — | |
| 2 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 18.97% | +2.75% | — | |
| 3 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 15.33% | +1.22% | — | |
| 4 | QXO | Qxo Inc | Stock-Industrials | 10.16% | -0.81% | +9.69% | |
| 5 | FSV | Firstservice CORP | Stock-Other | 9.50% | +0.69% | +11.06% | |
| 6 | FERG | Ferguson Enterprises Inc | Stock-Industrials | 8.79% | -0.31% | — | |
| 7 | SPGI | S&p Global Inc | Stock-Financials | 7.86% | -0.79% | — | |
| 8 | CPRT | Copart Inc | Stock-Industrials | 5.03% | -1.21% | — | |
| 9 | LBRDK | Liberty Broadband-c | Stock-Comm Services | 0.19% | -0.11% | — | |
| 10 | GLIBK | Liberty Capital Corp-cl C | Stock-Other | 0.03% | -0.03% | — | |
| 11 | UUUU | Energy Fuels Inc | Stock-Energy | 0.02% | -0.01% | — |
Portfolio Performance
Performance for Q3 2026
-3.3%
Performance Last 4 Quarters
+0.6%
- Stdev
- +18.4%
- Beta
- +1.11
- Alpha
- -8.5%
- Max Drawdown
- -12.3%
- Annualized Perf
- +12.9%
- Batting Avg vs S&P
- +50%
- Sortino
- +1.4
- Stutzer
- +0.22
- Treynor
- +0.12
- Sterling
- +0.67
- Calmar
- +1.05
- Information Ratio
- -0.54
- Tracking Error
- +11.5%
- Stdev Down
- +9.9%
- Winning Months %
- +52.8%
- Losing Months %
- +47.2%
- Best 12 Months
- +31.9%
- Worst 12 Months
- -4.1%
- Efficiency Ratio
- +0.28
- Sharpe
- +0.75
- Stdev Sectors
- +18.1%
- Skewness
- +0.31
- Kurtosis
- -0.24
- Upside Potential
- +3.31
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 11 | $435.0M | 11 | ||
| 2026 Q1 | 12 | $413.0M | 8 | ||
| 2025 Q4 | 12 | $432.6M | 9 | ||
| 2025 Q3 | 12 | $427.9M | 25 | ||
| 2025 Q2 | 11 | $416.4M | 0 | ||
| 2025 Q1 | 11 | $361.6M | 100 | ||
| 2024 Q4 | 11 | $390.7M | 0 | ||
| 2024 Q3 | 11 | $371.2M | 0 | ||
| 2024 Q2 | 12 | $391.6M | 0 | ||
| 2024 Q1 | 12 | $394.6M | 0 | ||
| 2023 Q4 | 12 | $362.8M | 0 | ||
| 2023 Q3 | 12 | $320.6M | 0 | ||
| 2023 Q2 | 12 | $338.3M | 0 | ||
| 2023 Q1 | 11 | $293.6M | 0 | ||
| 2022 Q4 | 12 | $279.8M | 0 | ||
| 2022 Q3 | 16 | $240.1M | 0 | ||
| 2022 Q2 | 16 | $279.9M | 0 | ||
| 2022 Q1 | 17 | $337.0M | 0 | ||
| 2021 Q4 | 17 | $411.2M | 0 | ||
| 2021 Q3 | 19 | $382.2M | 0 | ||
| 2021 Q2 | 20 | $410.5M | 98 | ||
| 2021 Q1 | 21 | $392.0M | 53 | ||
| 2020 Q4 | 24 | $338.2M | 35 | ||
| 2020 Q3 | 23 | $272.8M | 38 | ||
| 2020 Q2 | 19 | $235.8M | 45 | ||
| 2020 Q1 | 16 | $155.2M | 84 | ||
| 2019 Q4 | 15 | $209.5M | 29 | ||
| 2019 Q3 | 18 | $214.5M | 18 | ||
| 2019 Q2 | 19 | $225.1M | 56 | ||
| 2019 Q1 | 16 | $218.7M | 11 | ||
| 2018 Q4 | 16 | $206.2M | 21 | ||
| 2018 Q3 | 16 | $244.1M | 16 | ||
| 2018 Q2 | 16 | $235.1M | 25 | ||
| 2018 Q1 | 15 | $220.7M | 18 | ||
| 2017 Q4 | 14 | $211.9M | 40 | ||
| 2017 Q3 | 13 | $212.3M | 22 | ||
| 2017 Q2 | 13 | $196.5M | 28 | ||
| 2017 Q1 | 12 | $173.8M | 13 | ||
| 2016 Q4 | 13 | $171.5M | 23 | ||
| 2016 Q3 | 13 | $162.9M | 25 | ||
| 2016 Q2 | 13 | $161.8M | 12 | ||
| 2016 Q1 | 12 | $165.6M | 15 | ||
| 2015 Q4 | 14 | $187.3M | 17 | ||
| 2015 Q3 | 16 | $191.0M | 24 | ||
| 2015 Q2 | 15 | $215.5M | 40 | ||
| 2015 Q1 | 14 | $214.1M | 26 | ||
| 2014 Q4 | 14 | $204.4M | 16 | ||
| 2014 Q3 | 14 | $184.9M | 34 | ||
| 2014 Q2 | 14 | $201.1M | 25 | ||
| 2014 Q1 | 16 | $203.8M | 6 | ||
| 2013 Q4 | 16 | $207.0M | 36 | ||
| 2013 Q3 | 17 | $171.8M | 40 | ||
| 2013 Q2 | 15 | $162.2M | 0 |
Holding changes this quarter
Lionstone Capital Management LLC's most significant position changes for 2026-06-30: Sold out: Lowe's Cos Inc (LOW); Add: Qxo Inc (QXO) — shares +9.69%; Add: Firstservice CORP (FSV) — shares +11.06%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | +2.8% | — | Unchanged |
| 2 | AMZN | Amazon.com Inc | +1.2% | — | Unchanged |
| 3 | FSV | Firstservice CORP | +0.7% | +11.06% | Add |
| 4 | UUUU | Energy Fuels Inc | 0% | — | Unchanged |
| 5 | GLIBK | Liberty Capital Corp-cl C | 0% | — | Unchanged |
| 6 | LBRDK | Liberty Broadband-c | -0.1% | — | Unchanged |
| 7 | APG | Api Group CORP | -0.2% | — | Unchanged |
| 8 | FERG | Ferguson Enterprises Inc | -0.3% | — | Unchanged |
| 9 | SPGI | S&p Global Inc | -0.8% | — | Unchanged |
| 10 | QXO | Qxo Inc | -0.8% | +9.69% | Add |
| 11 | CPRT | Copart Inc | -1.2% | — | Unchanged |
| 12 | LOW | Lowe's Cos Inc | -1.2% | EXIT | Sold out |
Filing History
FAQ
What is Lionstone Capital Management LLC and what type of investor is it?
Lionstone Capital 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 $435.0M, spread across 11 disclosed positions.
What are Lionstone Capital Management LLC's largest equity positions?
Based on the latest 13F filing, Lionstone Capital Management LLC's top holdings by market value are:
1. Api Group CORP (APG) — $104.9M (24.1%)
2. Alphabet Inc-cl C (GOOG) — $82.5M (19.0%)
3. Amazon.com Inc (AMZN) — $66.7M (15.3%)
4. Qxo Inc (QXO) — $44.2M (10.2%)
5. Firstservice CORP (FSV) — $41.3M (9.5%)
What changes did Lionstone Capital Management LLC make in its most recent portfolio filing?
In the latest reported quarter, Lionstone Capital Management LLC made 3 notable position adjustments: 0 new positions were initiated, 2 existing holdings were added to, 0 positions were partially reduced, and 1 were completely exited. The largest of these moves: Sold out: Lowe's Cos Inc (LOW); Add: Qxo Inc (QXO) — shares +9.69%; Add: Firstservice CORP (FSV) — shares +11.06%
What sectors does Lionstone Capital Management LLC focus on?
Lionstone Capital Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Industrials: 53.2%
• Communication Services: 21.2%
• Consumer Discretionary: 16.9%
• Financials: 8.7%
• Energy: 0.0%
Investment Profile
Lionstone Capital Management LLC returned an annualized 12.9% over the trailing 36 months — underperforming the S&P 500 by 8.5 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.11 (more volatile than the market) and a 50% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 53.2% of the portfolio concentrated in Industrials.
It has added to its APG position over the past two quarters (+$10.1M, now $104.9M), while trimming SPGI over the same stretch (-$9.7M, still holding $34.2M).
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