Breaking down the stocks Cliff Sosin (CAS Investment Partners) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from CAS Investment Partners' 13F filed on May 15, 2026.
Who are Cliff Sosin and CAS Investment Partners?
Cliff Sosin is the founder of CAS Investment Partners, a fund he started with $5 million in 2012 and has grown to $1.7 billion. CAS runs an extremely concentrated portfolio that consists of just a few companies at any one time.
CASinvestmentpartners.com
Interview with Cliff Sosin on Carvana investment
Q1 '26 13F filed with SEC
Holdings in Q1 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| Carvana | 81.7% | Trimmed (-1%) | $1.43B | |
| Hilton Grand Vacations | 11.7% | Trimmed (-1%) | $204.98M | |
| Capital One | 6.0% | Trimmed (-1%) | $105M | |
| Cardlytics Inc | 0.3% | $5.46M | ||
| Latham Group | 0.3% | Trimmed (-1%) | $4.99M |
Current Investment Strategy
As of the end of the first quarter of 2026, Cliff Sosin's CAS Investment Partners remained one of Wall Street's most concentrated value shops, with roughly 82% of its $1.7 billion book riding on a single, deeply researched bet on used-car retailer Carvana, backed by smaller stakes in Hilton Grand Vacations, Capital One Financial, Cardlytics and Latham Group. Sosin made no new purchases or full exits during the quarter, instead trimming his four holdings only modestly even as Carvana, Capital One and Latham suffered double-digit drawdowns—a display of conviction-driven patience that has defined the fund's high-risk, long-horizon approach to consumer and financial-services businesses since its 2012 founding.
New Investments
CAS Investment Partners did not open any new positions during Q1 2026.
Added, Trimmed, and Exited
Added
CAS Investment Partners made no additions to any existing positions this quarter.
What it means: The absence of any share increases fits the fund's well-known style under Cliff Sosin — an ultra-concentrated, patient portfolio of just a handful of names. Rather than averaging down into weakness, the firm appears to be holding its convictions steady while letting price action play out.
Trimmed
All four existing holdings were trimmed by a nearly identical ~1.5% on a share-count basis: Hilton Grand Vacations (5,317,380 → 5,239,891 shares), Carvana (4,610,200 → 4,541,291 shares), Latham Group (942,397 → 928,545 shares), and Capital One (584,125 → 575,548 shares). Dollar values, however, fell far more sharply — Carvana -26.6%, Capital One -25.8%, Latham Group -16.7%, and Hilton Grand Vacations -13.9% — reflecting steep price declines rather than heavy selling.
What it means: The uniform ~1.5% reduction across every position points to a mechanical, portfolio-wide trim (likely to manage redemptions or overall risk exposure) rather than a shift in conviction toward any single name. Total portfolio value dropped from $2.34B to $1.75B (-25%), with the decline overwhelmingly driven by mark-to-market losses in Carvana and Capital One. This suggests Cliff Sosin is maintaining his high-conviction thesis on these names even through a rough quarter for their share prices.
Exited
There were no full liquidations from the portfolio this quarter.
What it means: With zero exits and only marginal trims, CAS Investment Partners continues to run one of the most concentrated books in the 13F universe, underscoring sustained conviction in its four core positions despite significant price pressure across the portfolio.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
