Carlyle Group Inc.
Total reported value
$10.6B
Reporting period: 2026-03-31 · Number of holdings: 20
Carlyle Group Inc. disclosed 20 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $10.6B and a quarterly turnover rate of 24.5%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 24.45
- Momentum/Contrarian
- 45.3
- Sector conviction
- 100
- Diversification
- 40
- Sizing Uniformity
- 64.25
Recent moves
Add MDLN
-13.1% -$717.5M
Trim SARO
-44.6% -$2.2B
Trim PHAT
0.0% -$19.1M
Trim PONY
0.0% -$12.0M
Add QTTB
0.0% $3.5M
Add INVH
0.0% -$2.0M
Holdings Map
Institutional Game-State Analysis
Carlyle executes a pure concentration play this quarter, actively trimming SARO while MDLN’s share count reduction is overridden by price appreciation, pushing its weight to 78%. The portfolio runs as a single-sector Real Estate engine with near-zero dispersion tolerance outside the top holdings.
The fund is long Real Estate recovery and short interest-rate sensitivity, betting that stabilized rents will decouple from WACC compression dynamics; the opposing thesis argues cap rate expansions are structurally irreversible, turning high-yield RE valuations into liquidity traps. Turnover at 24.5% reflects a classic private equity distribution cycle translating directly into public market positioning.
The strategy suffers from a severe crowding vulnerability within its own book — a single name now commands nearly four-fifths of the AUM, meaning any idiosyncratic earnings miss or financing covenant breach will trigger a direct positioning squeeze across the entire fund.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MDLN | Medline Inc-cl A | Stock-Other | 78.40% | +11.75% | -13.11% | |
| 2 | SARO | Standardaero INC | Stock-Other | 20.58% | -11.69% | -44.60% | |
| 3 | PHAT | Phathom Pharmaceuticals INC | Stock-Other | 0.37% | -0.06% | — | |
| 4 | PONY | Pony Ai INC | Stock-Other | 0.21% | -0.04% | — | |
| 5 | INVH | Invitation Homes INC | Stock-Real Estate | 0.16% | +0.02% | — | |
| 6 | CUBE | Cubesmart | Stock-Real Estate | 0.08% | +0.02% | — | |
| 7 | QTTB | Q32 Bio INC | Stock-Other | 0.07% | +0.04% | — | |
| 8 | GETY | Getty Images Holdings INC | Stock-Other | 0.05% | -0.01% | — | |
| 9 | SPRB | Spruce Biosciences INC | Stock-Other | 0.02% | — | — | |
| 10 | FWRD | Forward Air CORP | Stock-Other | 0.02% | — | — | |
| 11 | ACET | Adicet Bio INC | Stock-Other | 0.01% | — | — | |
| 12 | DNUT | Krispy Kreme INC | Stock-Other | 0.01% | — | — | |
| 13 | OKUR | Onkure Therapeutics Inc-a | Stock-Other | 0.01% | — | — | |
| 14 | JSPR | Jasper Therapeutics INC | Stock-Other | 0.01% | — | — | |
| 15 | SPWR | Sunpower INC | Stock-Other | 0.01% | +0.01% | — | |
| 16 | HTFL | Heartflow INC | Stock-Other | — | — | NEW | |
| 17 | SYRE | Spyre Therapeutics INC | Stock-Other | — | — | — | |
| 18 | NABL | N-able INC | Stock-Other | — | -0.01% | — | |
| 19 | XCUR | Exicure INC | Stock-Other | — | — | — | |
| 20 | HOOD | Robinhood Markets INC - A | Stock-Financials | — | — | — |
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 20 | $10.6B | 24 | |
| 2025-12-31 | 20 | $13.6B | 100 | |
| 2025-09-30 | 17 | $4.3B | 17 | |
| 2025-06-30 | 20 | $5.0B | 0 | |
| 2025-03-31 | 23 | $3.8B | 100 | |
| 2024-12-31 | 27 | $4.1B | 0 | |
| 2024-09-30 | 26 | $954.2M | 0 | |
| 2024-06-30 | 31 | $1.1B | 0 | |
| 2024-03-31 | 32 | $1.6B | 0 | |
| 2023-12-31 | 25 | $2.1B | 0 | |
| 2023-09-30 | 26 | $2.3B | 0 | |
| 2023-06-30 | 27 | $2.8B | 0 | |
| 2023-03-31 | 31 | $3.4B | 0 | |
| 2022-12-31 | 14 | $3.4B | 0 | |
| 2022-09-30 | 12 | $3.1B | 0 | |
| 2022-06-30 | 10 | $5.8B | 0 | |
| 2022-03-31 | 8 | $8.4B | 0 | |
| 2021-12-31 | 9 | $9.6B | 0 | |
| 2021-09-30 | 11 | $12.6B | 0 | |
| 2021-06-30 | 11 | $14.8B | 94 | |
| 2021-03-31 | 13 | $13.2B | 62 | |
| 2020-12-31 | 10 | $7.5B | 6 | |
| 2020-09-30 | 11 | $7.3B | 29 | |
| 2020-06-30 | 14 | $8.8B | 100 | |
| 2020-03-31 | 14 | $2.4B | 100 | |
| 2019-12-31 | 12 | $1.5B | 20 | |
| 2019-09-30 | 12 | $1.6B | 27 | |
| 2019-06-30 | 11 | $2.0B | 20 | |
| 2019-03-31 | 11 | $2.1B | 44 | |
| 2018-12-31 | 10 | $1.4B | 38 | |
| 2018-09-30 | 10 | $2.0B | 20 | |
| 2018-06-30 | 11 | $2.2B | 24 | |
| 2018-03-31 | 12 | $2.4B | 72 | |
| 2017-12-31 | 11 | $1.5B | 12 | |
| 2017-09-30 | 14 | $1.6B | 15 | |
| 2017-06-30 | 15 | $1.5B | 37 | |
| 2017-03-31 | 15 | $2.1B | 22 | |
| 2016-12-31 | 16 | $2.4B | 64 | |
| 2016-09-30 | 19 | $3.8B | 66 | |
| 2016-06-30 | 28 | $5.7B | 41 | |
| 2016-03-31 | 31 | $8.0B | 100 | |
| 2015-12-31 | 30 | $7.6B | 0 | |
| 2015-09-30 | 28 | $13.8B | 22 | |
| 2015-06-30 | 28 | $16.9B | 19 | |
| 2015-03-31 | 48 | $18.9B | 100 | |
| 2014-12-31 | 49 | $16.3B | 0 | |
| 2014-09-30 | 27 | $11.7B | 21 | |
| 2014-06-30 | 26 | $12.8B | 93 | |
| 2014-03-31 | 25 | $15.5B | 0 | |
| 2013-12-31 | 28 | $14.1B | 0 | |
| 2013-09-30 | 28 | $12.2B | 0 | |
| 2013-06-30 | 28 | $11.0B | 0 |
Holding changes this quarter
Carlyle Group Inc.'s most significant position changes for 2026-03-31: New buy: Heartflow INC (HTFL); Sold out: Nucana Plc-adr (NCNA); Trim: Medline Inc-cl A (MDLN) — shares -13.11%; Trim: Standardaero INC (SARO) — shares -44.60%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MDLN | Medline Inc-cl A | +11.8% | -13.11% | Trim |
| 2 | QTTB | Q32 Bio INC | 0% | — | Unchanged |
| 3 | INVH | Invitation Homes INC | 0% | — | Unchanged |
| 4 | CUBE | Cubesmart | 0% | — | Unchanged |
| 5 | SPWR | Sunpower INC | 0% | — | Unchanged |
| 6 | FWRD | Forward Air CORP | — | — | Unchanged |
| 7 | JSPR | Jasper Therapeutics INC | — | — | Unchanged |
| 8 | SPRB | Spruce Biosciences INC | — | — | Unchanged |
| 9 | OKUR | Onkure Therapeutics Inc-a | — | — | Unchanged |
| 10 | ACET | Adicet Bio INC | — | — | Unchanged |
| 11 | DNUT | Krispy Kreme INC | — | — | Unchanged |
| 12 | SYRE | Spyre Therapeutics INC | — | — | Unchanged |
| 13 | HOOD | Robinhood Markets INC - A | — | — | Unchanged |
| 14 | XCUR | Exicure INC | — | — | Unchanged |
| 15 | GETY | Getty Images Holdings INC | 0% | — | Unchanged |
| 16 | NABL | N-able INC | 0% | — | Unchanged |
| 17 | PONY | Pony Ai INC | 0% | — | Unchanged |
| 18 | PHAT | Phathom Pharmaceuticals INC | -0.1% | — | Unchanged |
| 19 | SARO | Standardaero INC | -11.7% | -44.60% | Trim |
| 20 | HTFL | Heartflow INC | — | NEW | New buy |
| 21 | NCNA | Nucana Plc-adr | — | EXIT | Sold out |
FAQ
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