Cliff Sosin's Trades and Holdings in Q1 2026

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

Current Investment Strategy

Cliff Sosin's CAS Investment Partners runs one of the most concentrated portfolios on Wall Street, deploying its roughly $1.7 billion in assets across just five positions as of Q1 2026 — with Carvana commanding more than 80% of the fund, followed by smaller stakes in Hilton Grand Vacations, Capital One Financial, Cardlytics, and newly initiated Latham Group — a structure rooted in Sosin's core conviction that a handful of deeply understood, undervalued businesses is sufficient to generate outsized long-term returns. The New York-based manager, who launched the fund in 2012 from a $5 million base, favors turnaround and consumer-linked businesses with durable fundamentals, employing a patient, low-turnover approach that prioritizes asymmetric upside over diversification.

New Investments

Hilton Grand Vacations HGV

Cliff Sosin bought $204.98B of Hilton Grand Vacations in Q1 2026. Hilton Grand Vacations, a leading timeshare and vacation ownership operator, has delivered a roughly 14% share-price gain over the last 12 months while maintaining moderate profitability (normalized ROE of about 10.06% and ROIC of roughly 4.66%) and a solid liquidity profile (quick ratio 2.18, current ratio 3.82). Over the last two reported quarters, revenue has held around the mid-$1.3 B level (most recently $1.27 B, modestly below the $1.38 B consensus), but earnings have inflected positively with net income swinging from a loss of roughly $17 M to a profit of about $25 M—a reported sequential change of approximately 247%—indicating improving margins and better cost control. Into the current quarter, the company is expected to grow revenue toward roughly $1.37 B, and with management and external analysts highlighting the benefits of scale, product diversity, and potential EBITDA acceleration, we see the trajectory as improving rather than deteriorating, with upside risk if travel demand remains resilient and execution on growth initiatives continues.

• Last reported quarter revenue was $1.27 B versus a consensus estimate of $1.38 B, while net income improved to about $25 M from a loss of roughly $17 M in the prior quarter, a sequential swing of approximately 247% in earnings.
• Balance sheet metrics remain solid with a quick ratio of 2.18, a current ratio of 3.82, and interest coverage of roughly 1.42x.
• Over the past 12 months, the stock is up roughly 14%, trading in the $45–$49 area versus a $30.59–$52.08 52-week range.

Cardlytics CDLX

Cliff Sosin bought $5.46B of Cardlytics in Q1 2026. Cardlytics remains a sub-scale, loss-making ad-tech platform, with trailing-12-month EPS of -1.77 and the stock trading roughly 20% below its $3.27 52-week high and lagging stronger digital advertising and fintech peers over the last year. In Q4 2025 the company delivered revenue of $56.1M (above the $54.46M consensus) but missed on profitability with EPS of -0.15 versus expectations of -0.07, while Q1 2026 results were characterized as strong with revenue of $34.3M from continuing operations plus $4.2M from Bridg discontinued operations. For the current Q2 2026 quarter, management has guided revenue to $35–40M (midpoint roughly in line with the $38.7M Street forecast) and consensus expects EPS to improve from about -0.11 to +0.02 next year, so evidence of continued revenue stabilization and a credible path toward breakeven profitability would be the main drivers of any sustained re-rating in value.

• Q4 2025 revenue of $56.1M beat consensus of $54.46M, while EPS of -0.15 missed the -0.07 estimate.
• Q1 2026 revenue from continuing operations was $34.3M with an additional $4.2M from Bridg discontinued operations, versus Q2 2026 revenue guidance of $35–40M (consensus $38.7M).
• Trailing-12-month EPS is -1.77, and consensus expects EPS to improve from about -0.11 to +0.02 next year, while the stock trades roughly 20% below its $3.27 52-week high within a $0.57–$3.27 1-year range.

Added, Trimmed, and Exited

Added

CAS Investment Partners made no additions to existing positions in Q1 2026.

Trimmed

Cliff Sosin trimmed all three of his carry-over positions: Carvana (CVNA) was reduced by 68,909 shares (roughly 1.5%), Latham Group (SWIM) was cut by 13,852 shares (roughly 1.5%), and Capital One (COF) was reduced by 8,577 shares (also roughly 1.5%).
What it means: The reductions are strikingly uniform in percentage terms—each position was trimmed by approximately 1–1.5%—which suggests this is more likely routine portfolio housekeeping or redemption-driven rebalancing than a meaningful shift in conviction. Notably, all three stocks suffered sharp drawdowns over the quarter (Carvana (CVNA) -26.6%, Capital One (COF) -25.8%, Latham Group (SWIM) -16.7%), yet Cliff Sosin barely touched the position sizes. That steadiness in the face of significant paper losses is consistent with CAS Investment Partners' known style of extreme concentration and high tolerance for short-term volatility—trimming just enough to manage cash flow while keeping core theses largely intact.

Exited

The Q4 2025 filings show Hilton Grand Vacations (HGV) and Cardlytics (CDLX) as liquidated positions, though both securities re-appear as new Q1 2026 positions (covered separately in the new positions section of this report).
What it means: This is almost certainly a data-matching artifact stemming from CUSIP case inconsistencies between filings rather than a genuine exit-and-re-entry. In practice, the Hilton Grand Vacations (HGV) position was modestly reduced (from ~5.32M to ~5.24M shares) and the Cardlytics (CDLX) position was held flat at ~5.20M shares quarter-over-quarter. There were no true full liquidations in Q1 2026, reinforcing the picture of a manager who remained firmly committed to his existing book despite broad market pressure.

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.