Two Creeks Capital Management, LP 13F Portfolio & Position Changes

CIK: 0001606430

Momentum followerQuality / disciplined sizingHigh-turnover trader

Total reported value

$973.8M

Reporting period: 2026-03-31 · Number of holdings: 22

Two Creeks Capital Management, LP disclosed 22 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $973.8M and a quarterly turnover rate of 59.1%.

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Personality snowflake

Concentration: 21.17
Portfolio Stability: 59.06
Momentum/Contrarian: 100
Sector conviction: 61.56
Diversification: 44
Sizing Uniformity: 95.85

Two Creeks Capital Management, LP's disclosed holdings carry a Herfindahl concentration index of 0.053 — mathematically equivalent to about 19 equally-sized positions, close to its 22 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 0.42), 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.

Recent moves

Add TSM
+91.3%　$32.6M
Add TLN
+69.1%　$21.9M
Add UBER
+32.0%　$9.9M
Add MSFT
+52.5%　$8.4M
Add DHR
+33.0%　$6.2M
Trim MIR
-16.2%　-$22.9M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	TLN	Talen Energy CORP	Stock-Utilities	7.37%	+3.28%	+69.06%
2	UBER	Uber Technologies INC	Stock-Industrials	7.30%	+2.28%	+32.01%
3	DHR	Danaher CORP	Stock-Healthcare	6.92%	+1.90%	+32.99%
4	V	Visa Inc-class A Shares	Stock-Financials	6.85%	+0.55%	+0.72%
5	TSM	Taiwan Semiconductor-sp Adr	Stock-Tech	6.31%	+3.94%	+91.29%
6	FND	Floor & Decor Holdings Inc-a	Stock-Consumer Disc	6.05%	-0.81%	-15.52%
7	MSFT	Microsoft CORP	Stock-Tech	6.03%	+1.91%	+52.53%
8	ESE	Esco Technologies INC	Stock-Tech	5.23%	+5.23%	NEW
9	MIR	Mirion Technologies INC	Stock-Industrials	4.68%	-0.93%	-16.24%
10	MA	Mastercard INC - A	Stock-Financials	4.65%	+0.44%	+0.72%
11	ABNB	Airbnb Inc-class A	Stock-Consumer Disc	4.62%	+0.69%	+0.78%
12	PLNT	Planet Fitness INC - Cl A	Stock-Consumer Disc	4.61%	+0.51%	+30.95%
13	CMG	Chipotle Mexican Grill INC	Stock-Consumer Disc	4.56%	-0.79%	-21.35%
14	U	Unity Software INC	Stock-Tech	4.47%	+0.62%	+86.48%
15	ASML	ASML Holding N.V.	Stock-Tech	4.46%	-0.16%	-37.47%
16	GRAB	Grab Holdings Limited	Stock-Tech	3.36%	-0.27%	+0.78%
17	AAP	Advance Auto Parts INC	Stock-Consumer Disc	2.75%	+2.75%	NEW
18	WING	Wingstop INC	Stock-Consumer Disc	2.75%	-0.60%	+0.79%
19	FCX	Freeport-mcmoran INC	Stock-Materials	2.41%	+2.41%	NEW
20	CNM	Core & Main Inc-class A	Stock-Industrials	2.06%	+2.06%	NEW
21	HDB	Hdfc Bank Ltd-adr	Stock-Financials	1.46%	-0.77%	-23.16%
22	RTO	Rentokil Initial Plc-sp Adr	Stock-Other	1.08%	+0.27%	—

Portfolio Performance

Performance for Q3 2026

+4.3%

Performance Last 4 Quarters

+1.4%

Based on 65% of reported portfolio value with available pricing

Stdev: +15%
Beta: +0.9
Alpha: -10.8%
Max Drawdown: -11.7%
Annualized Perf: +4.9%
Batting Avg vs S&P: +33.3%
Sortino: +0.62
Stutzer: +0.11
Treynor: +0.07
Sterling: +0.24
Calmar: +0.41
Information Ratio: -1.35
Tracking Error: +9.3%
Stdev Down: +9.4%
Winning Months %: +52.8%
Losing Months %: +47.2%
Best 12 Months: +28.8%
Worst 12 Months: -4%
Efficiency Ratio: +0.12
Sharpe: +0.39
Stdev Sectors: +9.4%
Skewness: +0.02
Kurtosis: -0.59
Upside Potential: +2.51

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	22	$973.8M	59	1TLN 2UBER 3DHR Top holdings2026-03-31 1.TLN 2.UBER 3.DHR 4.V 5.TSM 6.FND 7.MSFT 8.ESE 9.MIR 10.MA
2025-12-31	26	$1.2B	48	1FND 2V 3MIR Top holdings2025-12-31 1.FND 2.V 3.MIR 4.CMG 5.DHR 6.UBER 7.LOW 8.ASML 9.CPNG 10.MA
2025-09-30	25	$1.4B	67	1FND 2CMG 3ASML Top holdings2025-09-30 1.FND 2.CMG 3.ASML 4.MIR 5.UBER 6.V 7.LOW 8.TLN 9.ABNB 10.FLUT
2025-06-30	27	$1.5B	0	1FND 2TLN 3UBER Top holdings2025-06-30 1.FND 2.TLN 3.UBER 4.FLUT 5.V 6.CRH 7.LOW 8.CMG 9.ASML 10.EQT
2025-03-31	23	$1.6B	100	1FND 2V 3LOW Top holdings2025-03-31 1.FND 2.V 3.LOW 4.CMG 5.EQT 6.CRH 7.ADBE 8.UBER 9.PLNT 10.IDXX
2024-12-31	22	$1.6B	0	1V 2FND 3LOW Top holdings2024-12-31 1.V 2.FND 3.LOW 4.CRH 5.PLNT 6.CMG 7.ADBE 8.ABNB 9.UBER 10.MA
2024-09-30	18	$1.5B	0	1FND 2LOW 3V Top holdings2024-09-30 1.FND 2.LOW 3.V 4.PLNT 5.ABNB 6.MA 7.CMG 8.HDB 9.ADBE 10.CRH
2024-06-30	18	$1.6B	0	1V 2FND 3LOW Top holdings2024-06-30 1.V 2.FND 3.LOW 4.CRH 5.ABNB 6.PLNT 7.ADBE 8.TYL 9.HDB 10.AZPN1USD
2024-03-31	17	$1.7B	0	1V 2FND 3HDB Top holdings2024-03-31 1.V 2.FND 3.HDB 4.LOW 5.AZPN1USD 6.ADBE 7.ABNB 8.ASML 9.MA 10.CRH
2023-12-31	16	$1.6B	0	1HDB 2V 3FND Top holdings2023-12-31 1.HDB 2.V 3.FND 4.LOW 5.ABNB 6.ASML 7.MA 8.CMG 9.GOOG 10.ICLR
2023-09-30	16	$1.6B	0	1FND 2HDB 3V Top holdings2023-09-30 1.FND 2.HDB 3.V 4.LOW 5.ABNB 6.MA 7.CMG 8.ASML 9.GOOG 10.VRSN
2023-06-30	16	$1.7B	0	1HDB 2FND 3LOW Top holdings2023-06-30 1.HDB 2.FND 3.LOW 4.V 5.ADBE 6.ABNB 7.VRSN 8.AZPN1USD 9.MA 10.ASML
2023-03-31	15	$1.5B	0	1HDB 2LOW 3FND Top holdings2023-03-31 1.HDB 2.LOW 3.FND 4.V 5.ADBE 6.ASML 7.VRSN 8.GOOG 9.ABNB 10.BABA
2022-12-31	14	$1.4B	0	1V 2HDB 3LOW Top holdings2022-12-31 1.V 2.HDB 3.LOW 4.FND 5.VRSN 6.ADBE 7.GOOG 8.DPZ 9.ASML 10.CLVT
2022-09-30	13	$1.4B	0	1V 2FND 3LOW Top holdings2022-09-30 1.V 2.FND 3.LOW 4.ADBE 5.HDB 6.VRSN 7.GOOG 8.CLVT 9.BERYEUR 10.AZPN1USD
2022-06-30	16	$1.5B	0	1V 2ADBE 3FND Top holdings2022-06-30 1.V 2.ADBE 3.FND 4.LOW 5.HDB 6.GOOG 7.AZPN1USD 8.VRSN 9.CLVT 10.BERYEUR
2022-03-31	15	$1.8B	0	1AZPNUSD 2V 3FND Top holdings2022-03-31 1.AZPNUSD 2.V 3.FND 4.ADBE 5.LOW 6.HDB 7.CLVT 8.GOOG 9.PTC 10.AMZN
2021-12-31	17	$2.0B	0	1V 2FND 3HDB Top holdings2021-12-31 1.V 2.FND 3.HDB 4.LOW 5.PTC 6.AZPNUSD 7.BERYEUR 8.STZ 9.GOOG 10.CLVT
2021-09-30	18	$1.9B	0	1FND 2HDB 3V Top holdings2021-09-30 1.FND 2.HDB 3.V 4.LOW 5.AZPNUSD 6.PTC 7.ADBE 8.BERYEUR 9.STZ 10.LILA
2021-06-30	16	$1.8B	97	1V 2FND 3HDB Top holdings2021-06-30 1.V 2.FND 3.HDB 4.LOW 5.ADBE 6.BERYEUR 7.STZ 8.LILA 9.VRSN 10.AZPNUSD
2021-03-31	16	$1.6B	31	1HDB 2V 3LOW Top holdings2021-03-31 1.HDB 2.V 3.LOW 4.FND 5.ADBE 6.VRSN 7.STZ 8.BERYEUR 9.LILA 10.AZPNUSD
2020-12-31	16	$1.8B	31	1HDB 2V 3FND Top holdings2020-12-31 1.HDB 2.V 3.FND 4.LOW 5.BPOP 6.AZPNUSD 7.BERYEUR 8.STZ 9.PTC 10.ADBE
2020-09-30	17	$1.5B	12	1HDB 2AZPNUSD 3V Top holdings2020-09-30 1.HDB 2.AZPNUSD 3.V 4.FND 5.LOW 6.PTC 7.STZ 8.BERYEUR 9.ADBE 10.ULTA
2020-06-30	17	$1.4B	25	1HDB 2AZPNUSD 3FND Top holdings2020-06-30 1.HDB 2.AZPNUSD 3.FND 4.V 5.ADBE 6.PTC 7.STZ 8.LOW 9.BERYEUR 10.GOOG
2020-03-31	17	$1.2B	40	1HDB 2AZPNUSD 3ADBE Top holdings2020-03-31 1.HDB 2.AZPNUSD 3.ADBE 4.V 5.FND 6.STZ 7.BERYEUR 8.PTC 9.GOOG 10.ULTA
2019-12-31	20	$1.5B	20	1HDB 2FND 3ADBE Top holdings2019-12-31 1.HDB 2.FND 3.ADBE 4.V 5.LOW 6.AZPNUSD 7.QSR 8.ULTA 9.IBN 10.BERYEUR
2019-09-30	20	$1.5B	27	1V 2HDB 3ADBE Top holdings2019-09-30 1.V 2.HDB 3.ADBE 4.FND 5.LOW 6.QSR 7.AZPNUSD 8.ULTA 9.IBN 10.STZ
2019-06-30	20	$1.6B	24	1V 2ADBE 3LOW Top holdings2019-06-30 1.V 2.ADBE 3.LOW 4.HDB 5.AZPNUSD 6.TYL 7.QSR 8.FND 9.GOOG 10.IBN
2019-03-31	21	$1.5B	33	1V 2LOW 3ADBE Top holdings2019-03-31 1.V 2.LOW 3.ADBE 4.QSR 5.HDB 6.TYL 7.LW 8.AZPNUSD 9.GOOG 10.ULTA
2018-12-31	22	$1.5B	37	1V 2LOW 3ADBE Top holdings2018-12-31 1.V 2.LOW 3.ADBE 4.STZ 5.HDB 6.QSR 7.ULTA 8.AZPNUSD 9.GOOG 10.PXDEUR
2018-09-30	24	$1.8B	20	1V 2LOW 3STZ Top holdings2018-09-30 1.V 2.LOW 3.STZ 4.ECL 5.QSR 6.ADBE 7.FANG 8.ULTA 9.HDB 10.PXDEUR
2018-06-30	27	$1.9B	25	1V 2LOW 3STZ Top holdings2018-06-30 1.V 2.LOW 3.STZ 4.QSR 5.FANG 6.HDB 7.ECL 8.PXDEUR 9.VRSK 10.UNP
2018-03-31	26	$1.8B	32	1V 2STZ 3QSR Top holdings2018-03-31 1.V 2.STZ 3.QSR 4.TYL 5.SBUX 6.VRSK 7.FANG 8.HDB 9.PXDEUR 10.LOW
2017-12-31	26	$1.9B	30	1V 2SBUX 3STZ Top holdings2017-12-31 1.V 2.SBUX 3.STZ 4.QSR 5.PXDEUR 6.TYL 7.UNP 8.HDB 9.74978Q 10.AZPNUSD
2017-09-30	23	$1.8B	36	1V 2SBUX 3PXDEUR Top holdings2017-09-30 1.V 2.SBUX 3.PXDEUR 4.STZ 5.HD 6.QSR 7.AZPNUSD 8.TYL 9.HDB 10.74978Q
2017-06-30	17	$1.6B	48	1V 2HD 3SBUX Top holdings2017-06-30 1.V 2.HD 3.SBUX 4.PXDEUR 5.STZ 6.HDB 7.QSR 8.AZPNUSD 9.UNP 10.74978Q
2017-03-31	16	$1.7B	47	1V 2SBUX 3PXDEUR Top holdings2017-03-31 1.V 2.SBUX 3.PXDEUR 4.HD 5.HDB 6.ZTS 7.SYF 8.AZPNUSD 9.ORLY 10.74978Q
2016-12-31	14	$1.6B	36	1PXDEUR 2HD 3V Top holdings2016-12-31 1.PXDEUR 2.HD 3.V 4.ZTS 5.SBUX 6.HDB 7.ORLY 8.SGI 9.LOW 10.AZPNUSD
2016-09-30	11	$1.6B	38	1HD 2PXDEUR 3V Top holdings2016-09-30 1.HD 2.PXDEUR 3.V 4.HDB 5.LOW 6.ZTS 7.ORLY 8.AZPNUSD 9.WMB 10.SGI
2016-06-30	11	$1.5B	43	1HD 2V 3ORLY Top holdings2016-06-30 1.HD 2.V 3.ORLY 4.PXDEUR 5.ZTS 6.LOW 7.HDB 8.AZPNUSD 9.EQT 10.RICEEUR
2016-03-31	11	$1.2B	34	1HD 2V 3LOW Top holdings2016-03-31 1.HD 2.V 3.LOW 4.HDB 5.ZTS 6.AZPNUSD 7.44970B 8.PXDEUR 9.SHW 10.SGI
2015-12-31	10	$1.2B	54	1V 2HD 3LOW Top holdings2015-12-31 1.V 2.HD 3.LOW 4.SHW 5.ZTS 6.HDB 7.44970B 8.AZPNUSD 9.AIG 10.PPC
2015-09-30	10	$988.0M	57	1HD 2V 3HDB Top holdings2015-09-30 1.HD 2.V 3.HDB 4.44970B 5.LOW 6.AIG 7.UNP 8.WMB 9.AZPNUSD 10.URI
2015-06-30	15	$1.0B	31	1HD 2V 3HDB Top holdings2015-06-30 1.HD 2.V 3.HDB 4.LOW 5.38259P 6.AIG 7.MA 8.UNP 9.URI 10.PAA
2015-03-31	13	$916.6M	20	1HD 2V 3HDB Top holdings2015-03-31 1.HD 2.V 3.HDB 4.38259P 5.LOW 6.MA 7.AZO 8.BABA 9.984332 10.AIG
2014-12-31	12	$838.2M	0	1HD238259P3V Top holdings2014-12-31 1.HD 2.38259P 3.V 4.LOW 5.HDB 6.MA 7.BABA 8.AIG 9.AZO 10.PAA

Holding changes this quarter

Two Creeks Capital Management, LP's most significant position changes for 2026-03-31: Sold out: Lowe's Cos INC (LOW); Sold out: Coupang INC (CPNG); New buy: Esco Technologies INC (ESE); Sold out: Draftkings Inc-cl A (DKNG); Sold out: Expand Energy CORP (EXE).

Position changes disclosed by Two Creeks Capital Management, LP for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	TSM	Taiwan Semiconductor-sp Adr	+3.9%	+91.29%	Add
2	TLN	Talen Energy CORP	+3.3%	+69.06%	Add
3	UBER	Uber Technologies INC	+2.3%	+32.01%	Add
4	MSFT	Microsoft CORP	+1.9%	+52.53%	Add
5	DHR	Danaher CORP	+1.9%	+32.99%	Add
6	ABNB	Airbnb Inc-class A	+0.7%	+0.78%	Add
7	U	Unity Software INC	+0.6%	+86.48%	Add
8	V	Visa Inc-class A Shares	+0.6%	+0.72%	Add
9	PLNT	Planet Fitness INC - Cl A	+0.5%	+30.95%	Add
10	MA	Mastercard INC - A	+0.4%	+0.72%	Add
11	RTO	Rentokil Initial Plc-sp Adr	+0.3%	—	Unchanged
12	ASML	ASML Holding N.V.	-0.2%	-37.47%	Trim
13	GRAB	Grab Holdings Limited	-0.3%	+0.78%	Add
14	WING	Wingstop INC	-0.6%	+0.79%	Add
15	HDB	Hdfc Bank Ltd-adr	-0.8%	-23.16%	Trim
16	CMG	Chipotle Mexican Grill INC	-0.8%	-21.35%	Trim
17	FND	Floor & Decor Holdings Inc-a	-0.8%	-15.52%	Trim
18	MIR	Mirion Technologies INC	-0.9%	-16.24%	Trim
19	LOW	Lowe's Cos INC	—	EXIT	Sold out
20	CPNG	Coupang INC	—	EXIT	Sold out
21	ESE	Esco Technologies INC	—	NEW	New buy
22	DKNG	Draftkings Inc-cl A	—	EXIT	Sold out
23	EXE	Expand Energy CORP	—	EXIT	Sold out
24	EQT	Eqt CORP	—	EXIT	Sold out
25	ENTG	Entegris INC	—	EXIT	Sold out
26	AMZN	Amazon.com INC	—	EXIT	Sold out
27	AAP	Advance Auto Parts INC	—	NEW	New buy
28	FCX	Freeport-mcmoran INC	—	NEW	New buy
29	CNM	Core & Main Inc-class A	—	NEW	New buy
30	IBN	Icici Bank Ltd-spon Adr	—	EXIT	Sold out

Filing History

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	2021-10-26	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	2016-05-16	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	2015-02-13	13F-HR	View on EDGAR

FAQ

What is Two Creeks Capital Management, LP and what type of investor is it?

Two Creeks Capital Management, LP is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $973.8M, spread across 22 disclosed positions.

What are Two Creeks Capital Management, LP's largest equity positions?

Based on the latest 13F filing, Two Creeks Capital Management, LP's top holdings by market value are: 1. Talen Energy CORP (TLN) — $71.8M (7.4%) 2. Uber Technologies INC (UBER) — $71.1M (7.3%) 3. Danaher CORP (DHR) — $67.4M (6.9%) 4. Visa Inc-class A Shares (V) — $66.7M (6.8%) 5. Taiwan Semiconductor-sp Adr (TSM) — $61.5M (6.3%)

What changes did Two Creeks Capital Management, LP make in its most recent portfolio filing?

In the latest reported quarter, Two Creeks Capital Management, LP made 29 notable position adjustments: 4 new positions were initiated, 12 existing holdings were added to, 5 positions were partially reduced, and 8 were completely exited. The largest of these moves: Sold out: Lowe's Cos INC (LOW); Sold out: Coupang INC (CPNG); New buy: Esco Technologies INC (ESE); Sold out: Draftkings Inc-cl A (DKNG); Sold out: Expand Energy CORP (EXE)

What sectors does Two Creeks Capital Management, LP focus on?

Two Creeks Capital Management, LP is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 30.2% • Consumer Discretionary: 25.6% • Industrials: 14.2% • Financials: 13.1% • Utilities: 7.5% • Health Care: 7.0%

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Two Creeks Capital Management, LP 13F Portfolio & Position Changes

CIK: 0001606430

Momentum followerQuality / disciplined sizingHigh-turnover trader

Total reported value

$973.8M

Reporting period: 2026-03-31 · Number of holdings: 22

Two Creeks Capital Management, LP disclosed 22 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $973.8M and a quarterly turnover rate of 59.1%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "T"

Personality snowflake

Concentration: 21.17
Portfolio Stability: 59.06
Momentum/Contrarian: 100
Sector conviction: 61.56
Diversification: 44
Sizing Uniformity: 95.85

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.42), 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.

Recent moves

Add TSM
+91.3%　$32.6M
Add TLN
+69.1%　$21.9M
Add UBER
+32.0%　$9.9M
Add MSFT
+52.5%　$8.4M
Add DHR
+33.0%　$6.2M
Trim MIR
-16.2%　-$22.9M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	TLN	Talen Energy CORP	Stock-Utilities	7.37%	+3.28%	+69.06%
2	UBER	Uber Technologies INC	Stock-Industrials	7.30%	+2.28%	+32.01%
3	DHR	Danaher CORP	Stock-Healthcare	6.92%	+1.90%	+32.99%
4	V	Visa Inc-class A Shares	Stock-Financials	6.85%	+0.55%	+0.72%
5	TSM	Taiwan Semiconductor-sp Adr	Stock-Tech	6.31%	+3.94%	+91.29%
6	FND	Floor & Decor Holdings Inc-a	Stock-Consumer Disc	6.05%	-0.81%	-15.52%
7	MSFT	Microsoft CORP	Stock-Tech	6.03%	+1.91%	+52.53%
8	ESE	Esco Technologies INC	Stock-Tech	5.23%	+5.23%	NEW
9	MIR	Mirion Technologies INC	Stock-Industrials	4.68%	-0.93%	-16.24%
10	MA	Mastercard INC - A	Stock-Financials	4.65%	+0.44%	+0.72%
11	ABNB	Airbnb Inc-class A	Stock-Consumer Disc	4.62%	+0.69%	+0.78%
12	PLNT	Planet Fitness INC - Cl A	Stock-Consumer Disc	4.61%	+0.51%	+30.95%
13	CMG	Chipotle Mexican Grill INC	Stock-Consumer Disc	4.56%	-0.79%	-21.35%
14	U	Unity Software INC	Stock-Tech	4.47%	+0.62%	+86.48%
15	ASML	ASML Holding N.V.	Stock-Tech	4.46%	-0.16%	-37.47%
16	GRAB	Grab Holdings Limited	Stock-Tech	3.36%	-0.27%	+0.78%
17	AAP	Advance Auto Parts INC	Stock-Consumer Disc	2.75%	+2.75%	NEW
18	WING	Wingstop INC	Stock-Consumer Disc	2.75%	-0.60%	+0.79%
19	FCX	Freeport-mcmoran INC	Stock-Materials	2.41%	+2.41%	NEW
20	CNM	Core & Main Inc-class A	Stock-Industrials	2.06%	+2.06%	NEW
21	HDB	Hdfc Bank Ltd-adr	Stock-Financials	1.46%	-0.77%	-23.16%
22	RTO	Rentokil Initial Plc-sp Adr	Stock-Other	1.08%	+0.27%	—

Portfolio Performance

Performance for Q3 2026

+4.3%

Performance Last 4 Quarters

+1.4%

Based on 65% of reported portfolio value with available pricing

Stdev: +15%
Beta: +0.9
Alpha: -10.8%
Max Drawdown: -11.7%
Annualized Perf: +4.9%
Batting Avg vs S&P: +33.3%
Sortino: +0.62
Stutzer: +0.11
Treynor: +0.07
Sterling: +0.24
Calmar: +0.41
Information Ratio: -1.35
Tracking Error: +9.3%
Stdev Down: +9.4%
Winning Months %: +52.8%
Losing Months %: +47.2%
Best 12 Months: +28.8%
Worst 12 Months: -4%
Efficiency Ratio: +0.12
Sharpe: +0.39
Stdev Sectors: +9.4%
Skewness: +0.02
Kurtosis: -0.59
Upside Potential: +2.51

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	22	$973.8M	59	1TLN 2UBER 3DHR Top holdings2026-03-31 1.TLN 2.UBER 3.DHR 4.V 5.TSM 6.FND 7.MSFT 8.ESE 9.MIR 10.MA
2025-12-31	26	$1.2B	48	1FND 2V 3MIR Top holdings2025-12-31 1.FND 2.V 3.MIR 4.CMG 5.DHR 6.UBER 7.LOW 8.ASML 9.CPNG 10.MA
2025-09-30	25	$1.4B	67	1FND 2CMG 3ASML Top holdings2025-09-30 1.FND 2.CMG 3.ASML 4.MIR 5.UBER 6.V 7.LOW 8.TLN 9.ABNB 10.FLUT
2025-06-30	27	$1.5B	0	1FND 2TLN 3UBER Top holdings2025-06-30 1.FND 2.TLN 3.UBER 4.FLUT 5.V 6.CRH 7.LOW 8.CMG 9.ASML 10.EQT
2025-03-31	23	$1.6B	100	1FND 2V 3LOW Top holdings2025-03-31 1.FND 2.V 3.LOW 4.CMG 5.EQT 6.CRH 7.ADBE 8.UBER 9.PLNT 10.IDXX
2024-12-31	22	$1.6B	0	1V 2FND 3LOW Top holdings2024-12-31 1.V 2.FND 3.LOW 4.CRH 5.PLNT 6.CMG 7.ADBE 8.ABNB 9.UBER 10.MA
2024-09-30	18	$1.5B	0	1FND 2LOW 3V Top holdings2024-09-30 1.FND 2.LOW 3.V 4.PLNT 5.ABNB 6.MA 7.CMG 8.HDB 9.ADBE 10.CRH
2024-06-30	18	$1.6B	0	1V 2FND 3LOW Top holdings2024-06-30 1.V 2.FND 3.LOW 4.CRH 5.ABNB 6.PLNT 7.ADBE 8.TYL 9.HDB 10.AZPN1USD
2024-03-31	17	$1.7B	0	1V 2FND 3HDB Top holdings2024-03-31 1.V 2.FND 3.HDB 4.LOW 5.AZPN1USD 6.ADBE 7.ABNB 8.ASML 9.MA 10.CRH
2023-12-31	16	$1.6B	0	1HDB 2V 3FND Top holdings2023-12-31 1.HDB 2.V 3.FND 4.LOW 5.ABNB 6.ASML 7.MA 8.CMG 9.GOOG 10.ICLR
2023-09-30	16	$1.6B	0	1FND 2HDB 3V Top holdings2023-09-30 1.FND 2.HDB 3.V 4.LOW 5.ABNB 6.MA 7.CMG 8.ASML 9.GOOG 10.VRSN
2023-06-30	16	$1.7B	0	1HDB 2FND 3LOW Top holdings2023-06-30 1.HDB 2.FND 3.LOW 4.V 5.ADBE 6.ABNB 7.VRSN 8.AZPN1USD 9.MA 10.ASML
2023-03-31	15	$1.5B	0	1HDB 2LOW 3FND Top holdings2023-03-31 1.HDB 2.LOW 3.FND 4.V 5.ADBE 6.ASML 7.VRSN 8.GOOG 9.ABNB 10.BABA
2022-12-31	14	$1.4B	0	1V 2HDB 3LOW Top holdings2022-12-31 1.V 2.HDB 3.LOW 4.FND 5.VRSN 6.ADBE 7.GOOG 8.DPZ 9.ASML 10.CLVT
2022-09-30	13	$1.4B	0	1V 2FND 3LOW Top holdings2022-09-30 1.V 2.FND 3.LOW 4.ADBE 5.HDB 6.VRSN 7.GOOG 8.CLVT 9.BERYEUR 10.AZPN1USD
2022-06-30	16	$1.5B	0	1V 2ADBE 3FND Top holdings2022-06-30 1.V 2.ADBE 3.FND 4.LOW 5.HDB 6.GOOG 7.AZPN1USD 8.VRSN 9.CLVT 10.BERYEUR
2022-03-31	15	$1.8B	0	1AZPNUSD 2V 3FND Top holdings2022-03-31 1.AZPNUSD 2.V 3.FND 4.ADBE 5.LOW 6.HDB 7.CLVT 8.GOOG 9.PTC 10.AMZN
2021-12-31	17	$2.0B	0	1V 2FND 3HDB Top holdings2021-12-31 1.V 2.FND 3.HDB 4.LOW 5.PTC 6.AZPNUSD 7.BERYEUR 8.STZ 9.GOOG 10.CLVT
2021-09-30	18	$1.9B	0	1FND 2HDB 3V Top holdings2021-09-30 1.FND 2.HDB 3.V 4.LOW 5.AZPNUSD 6.PTC 7.ADBE 8.BERYEUR 9.STZ 10.LILA
2021-06-30	16	$1.8B	97	1V 2FND 3HDB Top holdings2021-06-30 1.V 2.FND 3.HDB 4.LOW 5.ADBE 6.BERYEUR 7.STZ 8.LILA 9.VRSN 10.AZPNUSD
2021-03-31	16	$1.6B	31	1HDB 2V 3LOW Top holdings2021-03-31 1.HDB 2.V 3.LOW 4.FND 5.ADBE 6.VRSN 7.STZ 8.BERYEUR 9.LILA 10.AZPNUSD
2020-12-31	16	$1.8B	31	1HDB 2V 3FND Top holdings2020-12-31 1.HDB 2.V 3.FND 4.LOW 5.BPOP 6.AZPNUSD 7.BERYEUR 8.STZ 9.PTC 10.ADBE
2020-09-30	17	$1.5B	12	1HDB 2AZPNUSD 3V Top holdings2020-09-30 1.HDB 2.AZPNUSD 3.V 4.FND 5.LOW 6.PTC 7.STZ 8.BERYEUR 9.ADBE 10.ULTA
2020-06-30	17	$1.4B	25	1HDB 2AZPNUSD 3FND Top holdings2020-06-30 1.HDB 2.AZPNUSD 3.FND 4.V 5.ADBE 6.PTC 7.STZ 8.LOW 9.BERYEUR 10.GOOG
2020-03-31	17	$1.2B	40	1HDB 2AZPNUSD 3ADBE Top holdings2020-03-31 1.HDB 2.AZPNUSD 3.ADBE 4.V 5.FND 6.STZ 7.BERYEUR 8.PTC 9.GOOG 10.ULTA
2019-12-31	20	$1.5B	20	1HDB 2FND 3ADBE Top holdings2019-12-31 1.HDB 2.FND 3.ADBE 4.V 5.LOW 6.AZPNUSD 7.QSR 8.ULTA 9.IBN 10.BERYEUR
2019-09-30	20	$1.5B	27	1V 2HDB 3ADBE Top holdings2019-09-30 1.V 2.HDB 3.ADBE 4.FND 5.LOW 6.QSR 7.AZPNUSD 8.ULTA 9.IBN 10.STZ
2019-06-30	20	$1.6B	24	1V 2ADBE 3LOW Top holdings2019-06-30 1.V 2.ADBE 3.LOW 4.HDB 5.AZPNUSD 6.TYL 7.QSR 8.FND 9.GOOG 10.IBN
2019-03-31	21	$1.5B	33	1V 2LOW 3ADBE Top holdings2019-03-31 1.V 2.LOW 3.ADBE 4.QSR 5.HDB 6.TYL 7.LW 8.AZPNUSD 9.GOOG 10.ULTA
2018-12-31	22	$1.5B	37	1V 2LOW 3ADBE Top holdings2018-12-31 1.V 2.LOW 3.ADBE 4.STZ 5.HDB 6.QSR 7.ULTA 8.AZPNUSD 9.GOOG 10.PXDEUR
2018-09-30	24	$1.8B	20	1V 2LOW 3STZ Top holdings2018-09-30 1.V 2.LOW 3.STZ 4.ECL 5.QSR 6.ADBE 7.FANG 8.ULTA 9.HDB 10.PXDEUR
2018-06-30	27	$1.9B	25	1V 2LOW 3STZ Top holdings2018-06-30 1.V 2.LOW 3.STZ 4.QSR 5.FANG 6.HDB 7.ECL 8.PXDEUR 9.VRSK 10.UNP
2018-03-31	26	$1.8B	32	1V 2STZ 3QSR Top holdings2018-03-31 1.V 2.STZ 3.QSR 4.TYL 5.SBUX 6.VRSK 7.FANG 8.HDB 9.PXDEUR 10.LOW
2017-12-31	26	$1.9B	30	1V 2SBUX 3STZ Top holdings2017-12-31 1.V 2.SBUX 3.STZ 4.QSR 5.PXDEUR 6.TYL 7.UNP 8.HDB 9.74978Q 10.AZPNUSD
2017-09-30	23	$1.8B	36	1V 2SBUX 3PXDEUR Top holdings2017-09-30 1.V 2.SBUX 3.PXDEUR 4.STZ 5.HD 6.QSR 7.AZPNUSD 8.TYL 9.HDB 10.74978Q
2017-06-30	17	$1.6B	48	1V 2HD 3SBUX Top holdings2017-06-30 1.V 2.HD 3.SBUX 4.PXDEUR 5.STZ 6.HDB 7.QSR 8.AZPNUSD 9.UNP 10.74978Q
2017-03-31	16	$1.7B	47	1V 2SBUX 3PXDEUR Top holdings2017-03-31 1.V 2.SBUX 3.PXDEUR 4.HD 5.HDB 6.ZTS 7.SYF 8.AZPNUSD 9.ORLY 10.74978Q
2016-12-31	14	$1.6B	36	1PXDEUR 2HD 3V Top holdings2016-12-31 1.PXDEUR 2.HD 3.V 4.ZTS 5.SBUX 6.HDB 7.ORLY 8.SGI 9.LOW 10.AZPNUSD
2016-09-30	11	$1.6B	38	1HD 2PXDEUR 3V Top holdings2016-09-30 1.HD 2.PXDEUR 3.V 4.HDB 5.LOW 6.ZTS 7.ORLY 8.AZPNUSD 9.WMB 10.SGI
2016-06-30	11	$1.5B	43	1HD 2V 3ORLY Top holdings2016-06-30 1.HD 2.V 3.ORLY 4.PXDEUR 5.ZTS 6.LOW 7.HDB 8.AZPNUSD 9.EQT 10.RICEEUR
2016-03-31	11	$1.2B	34	1HD 2V 3LOW Top holdings2016-03-31 1.HD 2.V 3.LOW 4.HDB 5.ZTS 6.AZPNUSD 7.44970B 8.PXDEUR 9.SHW 10.SGI
2015-12-31	10	$1.2B	54	1V 2HD 3LOW Top holdings2015-12-31 1.V 2.HD 3.LOW 4.SHW 5.ZTS 6.HDB 7.44970B 8.AZPNUSD 9.AIG 10.PPC
2015-09-30	10	$988.0M	57	1HD 2V 3HDB Top holdings2015-09-30 1.HD 2.V 3.HDB 4.44970B 5.LOW 6.AIG 7.UNP 8.WMB 9.AZPNUSD 10.URI
2015-06-30	15	$1.0B	31	1HD 2V 3HDB Top holdings2015-06-30 1.HD 2.V 3.HDB 4.LOW 5.38259P 6.AIG 7.MA 8.UNP 9.URI 10.PAA
2015-03-31	13	$916.6M	20	1HD 2V 3HDB Top holdings2015-03-31 1.HD 2.V 3.HDB 4.38259P 5.LOW 6.MA 7.AZO 8.BABA 9.984332 10.AIG
2014-12-31	12	$838.2M	0	1HD238259P3V Top holdings2014-12-31 1.HD 2.38259P 3.V 4.LOW 5.HDB 6.MA 7.BABA 8.AIG 9.AZO 10.PAA

Holding changes this quarter

Position changes disclosed by Two Creeks Capital Management, LP for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	TSM	Taiwan Semiconductor-sp Adr	+3.9%	+91.29%	Add
2	TLN	Talen Energy CORP	+3.3%	+69.06%	Add
3	UBER	Uber Technologies INC	+2.3%	+32.01%	Add
4	MSFT	Microsoft CORP	+1.9%	+52.53%	Add
5	DHR	Danaher CORP	+1.9%	+32.99%	Add
6	ABNB	Airbnb Inc-class A	+0.7%	+0.78%	Add
7	U	Unity Software INC	+0.6%	+86.48%	Add
8	V	Visa Inc-class A Shares	+0.6%	+0.72%	Add
9	PLNT	Planet Fitness INC - Cl A	+0.5%	+30.95%	Add
10	MA	Mastercard INC - A	+0.4%	+0.72%	Add
11	RTO	Rentokil Initial Plc-sp Adr	+0.3%	—	Unchanged
12	ASML	ASML Holding N.V.	-0.2%	-37.47%	Trim
13	GRAB	Grab Holdings Limited	-0.3%	+0.78%	Add
14	WING	Wingstop INC	-0.6%	+0.79%	Add
15	HDB	Hdfc Bank Ltd-adr	-0.8%	-23.16%	Trim
16	CMG	Chipotle Mexican Grill INC	-0.8%	-21.35%	Trim
17	FND	Floor & Decor Holdings Inc-a	-0.8%	-15.52%	Trim
18	MIR	Mirion Technologies INC	-0.9%	-16.24%	Trim
19	LOW	Lowe's Cos INC	—	EXIT	Sold out
20	CPNG	Coupang INC	—	EXIT	Sold out
21	ESE	Esco Technologies INC	—	NEW	New buy
22	DKNG	Draftkings Inc-cl A	—	EXIT	Sold out
23	EXE	Expand Energy CORP	—	EXIT	Sold out
24	EQT	Eqt CORP	—	EXIT	Sold out
25	ENTG	Entegris INC	—	EXIT	Sold out
26	AMZN	Amazon.com INC	—	EXIT	Sold out
27	AAP	Advance Auto Parts INC	—	NEW	New buy
28	FCX	Freeport-mcmoran INC	—	NEW	New buy
29	CNM	Core & Main Inc-class A	—	NEW	New buy
30	IBN	Icici Bank Ltd-spon Adr	—	EXIT	Sold out

Filing History

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	2021-10-26	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	2016-05-16	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	2015-02-13	13F-HR	View on EDGAR