Lionstone Capital Management LLC — 13F Filings Deep Dive

Lionstone Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.145 — mathematically equivalent to about 7 equally-sized positions, well below its 12 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.90), 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 8.8 percentage-point tilt) — a pattern consistent with a momentum-following approach.