SM
Saraza Management, LP — 13F Filing & Top Stock Positions (Q2 2026)
Saraza Management, LPCIK: 0001894188
Momentum followerSector-focusedQuality / disciplined sizing
Total reported value
$250.9M
Reporting period: 2026-06-30 · Number of holdings: 19
Saraza Management, LP disclosed 19 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $250.9M and a quarterly turnover rate of 37.5%.
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Personality snowflake
- Concentration
- 22.67
- Portfolio Stability
- 37.49
- Momentum
- 100
- Sector conviction
- 99.09
- Diversification
- 38
- Sizing Uniformity
- 97.15
Saraza Management, LP's disclosed holdings carry a Herfindahl concentration index of 0.057 — mathematically equivalent to about 18 equally-sized positions, close to its 19 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 0.28), 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.govSold out WCN
New buy 023135906
New buy STX
New buy UNP
Sold out INTU
Sold out MLM
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 | V | Visa Inc-class A Shares | Stock-Financials | 7.82% | -0.65% | -14.50% | |
| 2 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 7.13% | +0.77% | -16.55% | |
| 3 | COF | Capital One Financial CORP | Stock-Financials | 7.12% | +0.52% | +3.13% | |
| 4 | AON | Aon plc | Stock-Financials | 6.70% | -1.05% | -11.64% | |
| 5 | BN | Brookfield CORP | Stock-Financials | 6.69% | -0.97% | -12.70% | |
| 6 | JNJ | Johnson & Johnson | Stock-Healthcare | 6.39% | +0.93% | +10.41% | |
| 7 | APH | Amphenol Corp-cl A | Stock-Tech | 6.31% | +0.74% | -14.65% | |
| 8 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 5.65% | -0.72% | -18.49% | |
| 9 | NU | Nu Holdings Ltd. | Stock-Financials | 5.42% | -0.24% | +8.19% | |
| 10 | CPNG | Coupang Inc | Stock-Consumer Disc | 4.97% | +0.08% | +16.00% | |
| 11 | ADI | Analog Devices Inc | Stock-Tech | 4.86% | +0.92% | +3.80% | |
| 12 | ✓ | Amazon Com Inc | Stock-Other | 4.75% | +4.75% | NEW | |
| 13 | MSFT | Microsoft CORP | Stock-Tech | 4.57% | -0.71% | -9.70% | |
| 14 | NVDA | Nvidia CORP | Stock-Tech | 4.51% | +1.11% | +21.37% | |
| 15 | ARES | Ares Management CORP - A | Stock-Financials | 4.25% | +1.51% | +59.80% | |
| 16 | STX | Seagate Technology Holdings plc | Stock-Tech | 4.00% | +4.00% | NEW | |
| 17 | UNP | Union Pacific CORP | Stock-Industrials | 3.25% | +3.25% | NEW | |
| 18 | SITM | Sitime CORP | Stock-Tech | 2.87% | +0.08% | -49.87% | |
| 19 | LPLA | Lpl Financial Holdings Inc | Stock-Financials | 2.75% | -1.61% | -29.19% |
Portfolio Performance
Performance for Q3 2026
+6%
Performance Last 4 Quarters
+14.2%
- Stdev
- +14.5%
- Beta
- +0.92
- Alpha
- -1.4%
- Max Drawdown
- -8.1%
- Annualized Perf
- +17.2%
- Batting Avg vs S&P
- +50%
- Sortino
- +2.28
- Stutzer
- +0.35
- Treynor
- +0.18
- Sterling
- +1
- Calmar
- +2.13
- Information Ratio
- -0.36
- Tracking Error
- +8.5%
- Stdev Down
- +7.4%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +34.4%
- Worst 12 Months
- -0.3%
- Efficiency Ratio
- +0.49
- Sharpe
- +1.17
- Stdev Sectors
- +16.1%
- Skewness
- +0.16
- Kurtosis
- -0.21
- Upside Potential
- +3.93
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 19 | $250.9M | 37 | ||
| 2026 Q1 | 20 | $238.6M | 48 | ||
| 2025 Q4 | 15 | $259.0M | 34 | ||
| 2025 Q3 | 14 | $280.7M | 82 | ||
| 2025 Q2 | 18 | $414.0M | 0 | ||
| 2025 Q1 | 22 | $334.9M | 0 | ||
| 2024 Q4 | 17 | $358.6M | 0 | ||
| 2024 Q3 | 17 | $345.4M | 0 | ||
| 2024 Q2 | 13 | $351.0M | 0 | ||
| 2024 Q1 | 17 | $435.4M | 0 | ||
| 2023 Q4 | 15 | $427.9M | 0 | ||
| 2023 Q3 | 14 | $454.9M | 0 | ||
| 2023 Q2 | 11 | $592.3M | 0 | ||
| 2023 Q1 | 9 | $604.3M | 0 | ||
| 2022 Q4 | 8 | $756.3M | 0 | ||
| 2022 Q3 | 5 | $661.8M | 0 | ||
| 2022 Q2 | 3 | $788.4M | 0 | ||
| 2022 Q1 | 4 | $891.2M | 0 | ||
| 2021 Q4 | 5 | $1.1B | 0 |
Holding changes this quarter
Saraza Management, LP's most significant position changes for 2026-06-30: Sold out: Waste Connections Inc (WCN); New buy: Amazon Com Inc; New buy: Seagate Technology Holdings plc (STX); New buy: Union Pacific CORP (UNP); Sold out: Intuit Inc (INTU).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ✓ | Amazon Com Inc | +4.8% | NEW | New buy |
| 2 | STX | Seagate Technology Holdings plc | +4% | NEW | New buy |
| 3 | UNP | Union Pacific CORP | +3.3% | NEW | New buy |
| 4 | ARES | Ares Management CORP - A | +1.5% | +59.80% | Add |
| 5 | NVDA | Nvidia CORP | +1.1% | +21.37% | Add |
| 6 | JNJ | Johnson & Johnson | +0.9% | +10.41% | Add |
| 7 | ADI | Analog Devices Inc | +0.9% | +3.80% | Add |
| 8 | TSM | Taiwan Semiconductor-sp Adr | +0.8% | -16.55% | Trim |
| 9 | APH | Amphenol Corp-cl A | +0.7% | -14.65% | Trim |
| 10 | COF | Capital One Financial CORP | +0.5% | +3.13% | Add |
| 11 | CPNG | Coupang Inc | +0.1% | +16.00% | Add |
| 12 | SITM | Sitime CORP | +0.1% | -49.87% | Trim |
| 13 | NU | Nu Holdings Ltd. | -0.2% | +8.19% | Add |
| 14 | NOK | Nokia Corp-spon Adr | -0.4% | EXIT | Sold out |
| 15 | V | Visa Inc-class A Shares | -0.7% | -14.50% | Trim |
| 16 | MSFT | Microsoft CORP | -0.7% | -9.70% | Trim |
| 17 | AMZN | Amazon.com Inc | -0.7% | -18.49% | Trim |
| 18 | BN | Brookfield CORP | -1% | -12.70% | Trim |
| 19 | AON | Aon plc | -1.1% | -11.64% | Trim |
| 20 | LPLA | Lpl Financial Holdings Inc | -1.6% | -29.19% | Trim |
| 21 | MLM | Martin Marietta Materials | -2.7% | EXIT | Sold out |
| 22 | INTU | Intuit Inc | -3% | EXIT | Sold out |
| 23 | WCN | Waste Connections Inc | -6.7% | EXIT | Sold out |
Filing History
FAQ
What is Saraza Management, LP and what type of investor is it?
Saraza Management, LP 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 $250.9M, spread across 19 disclosed positions.
What are Saraza Management, LP's largest equity positions?
Based on the latest 13F filing, Saraza Management, LP's top holdings by market value are:
1. Visa Inc-class A Shares (V) — $19.6M (7.8%)
2. Taiwan Semiconductor-sp Adr (TSM) — $17.9M (7.1%)
3. Capital One Financial CORP (COF) — $17.9M (7.1%)
4. Aon plc (AON) — $16.8M (6.7%)
5. Brookfield CORP (BN) — $16.8M (6.7%)
What changes did Saraza Management, LP make in its most recent portfolio filing?
In the latest reported quarter, Saraza Management, LP made 23 notable position adjustments: 3 new positions were initiated, 7 existing holdings were added to, 9 positions were partially reduced, and 4 were completely exited. The largest of these moves: Sold out: Waste Connections Inc (WCN); New buy: Amazon Com Inc; New buy: Seagate Technology Holdings plc (STX); New buy: Union Pacific CORP (UNP); Sold out: Intuit Inc (INTU)
What sectors does Saraza Management, LP focus on?
Saraza Management, LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 42.8%
• Information Technology: 36.0%
• Consumer Discretionary: 11.2%
• Health Care: 6.7%
• Industrials: 3.4%
Investment Profile
Saraza Management, LP returned an annualized 17.2% over the trailing 36 months — underperforming the S&P 500 by 1.4 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.92 (roughly in line with the market) and a 50% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 42.8% of the portfolio concentrated in Financials.
Its turnover score has risen from 0 to 37 over the past 4 quarters — a shift toward more active trading.
It has trimmed its MSFT position for two straight quarters, cutting it by $10.2M while still holding $11.5M.
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