CIK: 0001592643
Total reported value
$19.5B
Reporting period: 2026-03-31 · Number of holdings: 179
Select Equity Group, L.P. disclosed 179 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $19.5B and a quarterly turnover rate of 44.7%.
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Select Equity Group, L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.021 — mathematically equivalent to about 48 equally-sized positions, well below its 179 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 1.57), 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.
Add NET
+791.4% $214.8M
Add ITT
+8.0% $116.6M
Trim CRH
-28.3% -$335.5M
Trim PAYX
-35.8% -$303.2M
Trim MIDD
-53.1% -$276.8M
Add ROL
+218.9% $164.9M
Select Equity is aggressively jettisoning passive beta and consensus winners—dumping QQQ, trimming CRH, JLL, BJ, and cutting PAYX, MIDD, SGI, BRO—while revealing no new buys among the top changes. This is a deliberate capital rotation away from the market's comfort zone into undisclosed contrarian bets, hunting Alpha in a regime they believe is about to fracture.
The fund is betting on a regime shift toward value and quality after a prolonged growth/tech run—selling QQQ signals they see multiple compression ahead for the winners of the last cycle, while cutting construction (CRH), real estate (JLL), and payroll (PAYX) suggests they are positioning for a slowdown in economic activity. The opposing thesis is that the expansion still has legs and they are exiting names that could benefit from continued reflation and AI capital spending.
Select Equity's extreme contrarian score (100) clashes with a portfolio that still carries a positive momentum tilt (0.23), creating a structural factor dissonance. This tension means the fund could be selling winners too early while holding laggards that haven't yet earned a contrarian bid, leaving it vulnerable to momentum dislocations and a starved performance spread if the market refuses to rotate their way.
Sourced and summarized by AI from public SEC filings, limited to historical activity. Not investment guidance.
Showing top 167 holdings (of 179 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | LYV | Live Nation Entertainment In | Stock-Comm Services | 4.17% | — | -4.33% | |
| 2 | VIK | Viking Holdings Ltd | Stock-Consumer Disc | 4.06% | -0.22% | -22.32% | |
| 3 | ITT | Itt INC | Stock-Industrials | 3.82% | +1.11% | +7.95% | |
| 4 | WAB | Wabtec CORP | Stock-Industrials | 3.74% | — | -17.86% | |
| 5 | MKL | Markel Group INC | Stock-Financials | 3.70% | -0.26% | -11.74% | |
| 6 | SGI | Somnigroup International INC | Stock-Consumer Disc | 3.51% | -0.50% | -11.08% | |
| 7 | MLM | Martin Marietta Materials | Stock-Materials | 3.11% | +0.24% | -3.20% | |
| 8 | TSCO | Tractor Supply Company | Stock-Consumer Disc | 3.08% | — | +5.99% | |
| 9 | LH | Labcorp Holdings INC | Stock-Healthcare | 2.97% | +0.69% | +3.03% | |
| 10 | BRO | Brown & Brown INC | Stock-Financials | 2.68% | -0.56% | -14.97% | |
| 11 | CRH | CRH plc | Stock-Materials | 2.61% | -1.04% | -28.35% | |
| 12 | SCI | Service CORP International | Stock-Consumer Disc | 2.58% | — | -4.87% | |
| 13 | STE | STERIS plc | Stock-Healthcare | 2.43% | — | +11.17% | |
| 14 | NDAQ | Nasdaq INC | Stock-Financials | 2.42% | +0.85% | +48.24% | |
| 15 | ALC | Alcon Inc. | Stock-Healthcare | 2.14% | — | -8.72% | |
| 16 | EME | Emcor Group INC | Stock-Industrials | 2.10% | +0.88% | +20.18% | |
| 17 | CP | Canadian Pacific Kansas City | Stock-Industrials | 1.99% | +0.58% | +11.52% | |
| 18 | TRMB | Trimble INC | Stock-Tech | 1.87% | -0.59% | -23.19% | |
| 19 | CNM | Core & Main Inc-class A | Stock-Industrials | 1.83% | — | -6.74% | |
| 20 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.78% | — | +1.40% | |
| 21 | PAYX | Paychex INC | Stock-Tech | 1.73% | -1.03% | -35.80% | |
| 22 | CHRW | C.h. Robinson Worldwide INC | Stock-Industrials | 1.67% | +0.89% | +74.01% | |
| 23 | CLH | Clean Harbors INC | Stock-Industrials | 1.66% | +0.80% | +33.21% | |
| 24 | CPAY | Corpay INC | Stock-Tech | 1.58% | — | -5.17% | |
| 25 | SIG | Signet Jewelers Limited | Stock-Consumer Disc | 1.42% | — | -7.92% | |
| 26 | ROL | Rollins INC | Stock-Consumer Disc | 1.30% | +0.91% | +218.94% | |
| 27 | NET | Cloudflare INC - Class A | Stock-Tech | 1.23% | +1.12% | +791.41% | |
| 28 | V | Visa Inc-class A Shares | Stock-Financials | 1.18% | — | +2.44% | |
| 29 | PKG | Packaging CORP Of America | Stock-Consumer Disc | 1.11% | +0.68% | +110.03% | |
| 30 | CAE | Cae INC | Stock-Other | 1.10% | — | +8.77% | |
| 31 | MIDD | Middleby CORP | Stock-Industrials | 1.02% | -1.03% | -53.11% | |
| 32 | HUBB | Hubbell INC | Stock-Industrials | 0.94% | +0.94% | NEW | |
| 33 | IRM | Iron Mountain INC | Stock-Real Estate | 0.93% | +0.93% | NEW | |
| 34 | SPOT | Spotify Technology S.A. | Stock-Comm Services | 0.91% | +0.49% | +118.61% | |
| 35 | NVDA | Nvidia CORP | Stock-Tech | 0.81% | — | +28.91% | |
| 36 | APH | Amphenol Corp-cl A | Stock-Tech | 0.78% | +0.39% | +80.37% | |
| 37 | BWXT | Bwx Technologies INC | Stock-Industrials | 0.76% | +0.44% | +68.89% | |
| 38 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.75% | — | -4.93% | |
| 39 | PWR | Quanta Services INC | Stock-Industrials | 0.74% | — | -13.32% | |
| 40 | CDW | Cdw Corp/de | Stock-Tech | 0.74% | -0.60% | -47.50% | |
| 41 | ENTG | Entegris INC | Stock-Tech | 0.65% | — | -20.14% | |
| 42 | CRM | Salesforce INC | Stock-Tech | 0.62% | — | +22.79% | |
| 43 | TDY | Teledyne Technologies INC | Stock-Tech | 0.62% | — | +0.39% | |
| 44 | DKS | Dick's Sporting Goods INC | Stock-Consumer Disc | 0.57% | — | +5.13% | |
| 45 | MORN | Morningstar INC | Stock-Financials | 0.55% | -0.88% | -58.11% | |
| 46 | FWONK | Liberty Media Corp-formula-c | Stock-Comm Services | 0.55% | +0.55% | NEW | |
| 47 | CR | Crane Co | Stock-Industrials | 0.54% | — | +11.72% | |
| 48 | FNV | Franco-nevada CORP | Stock-Materials | 0.53% | +0.48% | +880.54% | |
| 49 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.52% | — | -25.08% | |
| 50 | APO | Apollo Global Management INC | Stock-Financials | 0.52% | — | +25.62% |
Performance for Q3 2026
+2%
Performance Last 4 Quarters
+6.7%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 179 | $19.5B | 45 | |
| 2025-12-31 | 182 | $23.2B | 36 | |
| 2025-09-30 | 166 | $24.3B | 41 | |
| 2025-06-30 | 152 | $23.9B | 0 | |
| 2025-03-31 | 151 | $23.2B | 100 | |
| 2024-12-31 | 150 | $25.2B | 0 | |
| 2024-09-30 | 149 | $27.8B | 0 | |
| 2024-06-30 | 160 | $25.4B | 0 | |
| 2024-03-31 | 157 | $28.3B | 0 | |
| 2023-12-31 | 160 | $28.1B | 0 | |
| 2023-09-30 | 171 | $24.4B | 0 | |
| 2023-06-30 | 161 | $26.9B | 0 | |
| 2023-03-31 | 162 | $28.1B | 0 | |
| 2022-12-31 | 178 | $26.6B | 0 | |
| 2022-09-30 | 173 | $28.7B | 0 | |
| 2022-06-30 | 156 | $31.2B | 0 | |
| 2022-03-31 | 163 | $30.9B | 0 | |
| 2021-12-31 | 163 | $36.7B | 0 | |
| 2021-09-30 | 150 | $29.8B | 0 | |
| 2021-06-30 | 151 | $29.2B | 33 | |
| 2021-03-31 | 153 | $27.5B | 30 | |
| 2020-12-31 | 137 | $24.4B | 37 | |
| 2020-09-30 | 151 | $20.3B | 34 | |
| 2020-06-30 | 149 | $17.4B | 53 | |
| 2020-03-31 | 114 | $14.5B | 48 | |
| 2019-12-31 | 105 | $15.9B | 37 | |
| 2019-09-30 | 105 | $14.8B | 39 | |
| 2019-06-30 | 104 | $14.7B | 30 | |
| 2019-03-31 | 95 | $14.8B | 28 | |
| 2018-12-31 | 98 | $13.2B | 42 | |
| 2018-09-30 | 95 | $13.5B | 35 | |
| 2018-06-30 | 91 | $12.4B | 24 | |
| 2018-03-31 | 87 | $12.2B | 40 | |
| 2017-12-31 | 92 | $12.6B | 22 | |
| 2017-09-30 | 86 | $13.2B | 41 | |
| 2017-06-30 | 101 | $14.0B | 46 | |
| 2017-03-31 | 91 | $13.4B | 30 | |
| 2016-12-31 | 89 | $12.2B | 29 | |
| 2016-09-30 | 95 | $11.6B | 23 | |
| 2016-06-30 | 91 | $11.4B | 25 | |
| 2016-03-31 | 90 | $11.9B | 50 | |
| 2015-12-31 | 108 | $10.5B | 37 | |
| 2015-09-30 | 109 | $10.5B | 35 | |
| 2015-06-30 | 103 | $11.0B | 24 | |
| 2015-03-31 | 102 | $11.0B | 20 | |
| 2014-12-31 | 104 | $10.7B | 34 | |
| 2014-09-30 | 99 | $9.7B | 28 | |
| 2014-06-30 | 105 | $9.8B | 28 | |
| 2014-03-31 | 106 | $9.2B | 27 | |
| 2013-12-31 | 112 | $9.6B | 0 |
Select Equity Group, L.P.'s most significant position changes for 2026-03-31: Sold out: Invesco Qqq Trust Series 1 (QQQ); Sold out: Jones Lang Lasalle INC (JLL); Sold out: Bj's Wholesale Club Holdings (BJ); New buy: Hubbell INC (HUBB); New buy: Iron Mountain INC (IRM).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NET | Cloudflare INC - Class A | +1.1% | +791.41% | Add |
| 2 | ITT | Itt INC | +1.1% | +7.95% | Add |
| 3 | ROL | Rollins INC | +0.9% | +218.94% | Add |
| 4 | CHRW | C.h. Robinson Worldwide INC | +0.9% | +74.01% | Add |
| 5 | EME | Emcor Group INC | +0.9% | +20.18% | Add |
| 6 | NDAQ | Nasdaq INC | +0.9% | +48.24% | Add |
| 7 | CLH | Clean Harbors INC | +0.8% | +33.21% | Add |
| 8 | LH | Labcorp Holdings INC | +0.7% | +3.03% | Add |
| 9 | PKG | Packaging CORP Of America | +0.7% | +110.03% | Add |
| 10 | CP | Canadian Pacific Kansas City | +0.6% | +11.52% | Add |
| 11 | SPOT | Spotify Technology S.A. | +0.5% | +118.61% | Add |
| 12 | FNV | Franco-nevada CORP | +0.5% | +880.54% | Add |
| 13 | IWM | Ishares Russell 2000 ETF | +0.5% | +28676.98% | Add |
| 14 | BWXT | Bwx Technologies INC | +0.4% | +68.89% | Add |
| 15 | APH | Amphenol Corp-cl A | +0.4% | +80.37% | Add |
| 16 | INTC | Intel CORP | +0.3% | +757.62% | Add |
| 17 | MLM | Martin Marietta Materials | +0.2% | -3.20% | Trim |
| 18 | ALC | Alcon Inc. | — | -8.72% | Trim |
| 19 | AMZN | Amazon.com INC | -0.2% | -42.29% | Trim |
| 20 | VIK | Viking Holdings Ltd | -0.2% | -22.32% | Trim |
| 21 | WDAY | Workday Inc-class A | -0.2% | -10.27% | Trim |
| 22 | NEM | Newmont CORP | -0.2% | -69.02% | Trim |
| 23 | MKL | Markel Group INC | -0.3% | -11.74% | Trim |
| 24 | HOOD | Robinhood Markets INC - A | -0.3% | -37.89% | Trim |
| 25 | SHOP | Shopify INC - Class A | -0.3% | -60.63% | Trim |
| 26 | FBIN | Fortune Brands Innovations I | -0.3% | -44.87% | Trim |
| 27 | IDXX | Idexx Laboratories INC | -0.3% | -86.97% | Trim |
| 28 | NKE | Nike INC -cl B | -0.4% | -75.48% | Trim |
| 29 | INTU | Intuit INC | -0.4% | -43.82% | Trim |
| 30 | FTV | Fortive CORP | -0.4% | -55.65% | Trim |
| 31 | SGI | Somnigroup International INC | -0.5% | -11.08% | Trim |
| 32 | TECH | Bio-techne CORP | -0.5% | -74.98% | Trim |
| 33 | BRO | Brown & Brown INC | -0.6% | -14.97% | Trim |
| 34 | TRMB | Trimble INC | -0.6% | -23.19% | Trim |
| 35 | CDW | Cdw Corp/de | -0.6% | -47.50% | Trim |
| 36 | MORN | Morningstar INC | -0.9% | -58.11% | Trim |
| 37 | PAYX | Paychex INC | -1% | -35.80% | Trim |
| 38 | MIDD | Middleby CORP | -1% | -53.11% | Trim |
| 39 | CRH | CRH plc | -1% | -28.35% | Trim |
| 40 | QQQ | Invesco Qqq Trust Series 1 | — | EXIT | Sold out |
| 41 | JLL | Jones Lang Lasalle INC | — | EXIT | Sold out |
| 42 | BJ | Bj's Wholesale Club Holdings | — | EXIT | Sold out |
| 43 | HUBB | Hubbell INC | — | NEW | New buy |
| 44 | IRM | Iron Mountain INC | — | NEW | New buy |
| 45 | FWONK | Liberty Media Corp-formula-c | — | NEW | New buy |
| 46 | PTC | Ptc INC | — | EXIT | Sold out |
| 47 | ADBE | Adobe INC | — | EXIT | Sold out |
| 48 | AIZ | Assurant INC | — | EXIT | Sold out |
| 49 | VRSK | Verisk Analytics INC | — | NEW | New buy |
| 50 | TDG | Transdigm Group INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-17 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | Amendment | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
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