Cliff Sosin's Trades and Holdings in Q2 2026

Breaking down the stocks Cliff Sosin (CAS Investment Partners) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from CAS Investment Partners' 13F filed on August 14, 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
Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

Cliff Sosin's CAS Investment Partners continued to run one of Wall Street's most concentrated portfolios in the second quarter of 2026, reaffirming its long-held, deep-value approach of betting big on a handful of well-understood businesses rather than spreading capital across the market. The quarter brought unusually active repositioning for a fund known for years-long holding periods: CAS exited its long-standing stake in Capital One and refreshed its core position in Carvana, while initiating new bets on Meta and timeshare operator Marriott Vacations Worldwide, extending Sosin's consumer- and travel-focused, turnaround-oriented thesis into new terrain even as the used-car retailer remained the fund's dominant, highest-conviction holding.

New Investments

Carvana Co Cl A

Cliff Sosin bought $1.48B of Carvana Co Cl A in Q2 2026. Over the last twelve months, the company has solidified its position as a highly profitable, fast-growing online auto retailer, with Q1 and Q2 2026 both delivering record revenue, unit growth, and earnings that keep it ahead of traditional auto retail peers. In the most recent quarter (Q2 2026), revenue increased to $7.376 billion and net income to $513 million, up from $6.432 billion and $405 million in Q1, as retail units sold reached a record 197,325, underscoring accelerating scale and operating leverage. Q2 earnings per share of $0.42 came in at or slightly above consensus and adjusted EBITDA hit a record $769 million, while the successful upsizing and pricing of a new $1.66 billion senior secured term loan facility enhances liquidity and growth capacity, supporting further upside in valuation.

• Q2 2026 revenue up 52% year over year to $7.376 billion, with net income of $513 million and a net income margin of 7.0%.
• Q1 2026 revenue of $6.432 billion grew 52% year over year, generating net income of $405 million and adjusted EBITDA of $672 million at a 10.4% margin.
• Adjusted EBITDA reached a record $769 million in Q2 2026 with a 10.4% margin, while retail units sold grew 38% year over year to 197,325 vehicles.

Meta

Cliff Sosin bought $76.75M of Meta in Q2 2026. In the latest quarter, the company delivered strong top-line momentum with revenue up 28% year over year to about $60.8B, but operating income declined roughly 8% and EPS fell to around $6.18 as expenses surged 55% on legal and severance charges, putting near-term pressure on margins despite record sales. This followed an exceptionally strong prior quarter where revenue grew about 33% year over year to roughly $56.3B, operating income rose around 30% to about $22.9B, and EPS reached approximately $10.44 aided by an estimated $8B tax benefit, indicating that core advertising demand and engagement remain robust even as profitability normalizes. Across the last two quarters, the company appears to be gaining revenue share versus peers through high-teens-to-30% growth in ads and a 73% jump in Family of Apps Other revenue, while recent cost actions and AI-driven product innovation create a path for margins and free cash flow (which dropped over 90% this quarter) to recover, supporting upside in valuation once one-time charges fade.

• Q2 2026 revenue up 28% year over year to about $60.8B with expenses increasing 55%, driving operating income down roughly 8% and compressing operating margin to around 31%..
• Q2 2026 diluted EPS of approximately $6.18, down about 13% year over year and missing consensus estimates by roughly $1 per share..
• Q1 2026 revenue grew around 33% year over year to roughly $56.3B, with operating income up about 30% to near $22.9B and EPS of approximately $10.44 boosted by an estimated $8B tax benefit..

Marriott Vacations Worldwide Corp.

Cliff Sosin bought $40.75M of Marriott Vacations Worldwide Corp. in Q2 2026. The company delivered a much stronger Q2 2026, with revenue up 6% year over year to $1.32B and adjusted EPS rising 18% to $2.31, marking a clear rebound from Q1’s earnings miss and softer contract sales. Contract sales grew 22% year over year to $545M and adjusted EBITDA increased 6% to $215M in the current quarter, driven by improved tour logistics and owner engagement even as EBITDA margin dipped to about 23%. Following the Q2 beat, management raised its 2026 guidance and highlighted first‑half adjusted free cash flow of roughly $201M versus about $22M a year ago, underscoring improving fundamentals over the last 12 months and supporting potential upside in valuation relative to vacation ownership peers.

• Q2 2026 revenue increased 6% year over year to $1.32B, while adjusted diluted EPS rose 18% to $2.31..
• Q2 contract sales climbed 22% year over year to $545M, with adjusted EBITDA up 6% to $215M and margin at 23.4%, down 90 bps..
• Q1 2026 adjusted EPS was $1.24 on revenue of $1.26B, with contract sales down 2% and adjusted EBITDA down 16% to $161M, while first‑half adjusted free cash flow reached roughly $201M vs about $22M a year earlier..

Added, Trimmed, and Exited

Added

CAS Investment Partners made no additions to any existing (previously held) positions this quarter — all three modified holdings (Cardlytics, Inc., Hilton Grand Vacations, and Latham Group) saw share counts decline rather than increase.
What it means: The absence of any share additions to legacy holdings, combined with a large new stake in Carvana Co Cl A (covered separately), suggests Cliff Sosin is concentrating fresh capital into a high-conviction new position rather than doubling down on existing names — consistent with CAS's famously concentrated, opportunistic style.

Trimmed

Cardlytics, Inc. was cut sharply, with shares falling from 5,198,067 to 470,986 (a roughly 91% reduction) and position value dropping from $5.46M to $2.11M, a -61.3% return. Hilton Grand Vacations and Latham Group saw only marginal share reductions (-33,035 and -5,906 shares, respectively), but their position values still rose meaningfully — up 33.0% for Hilton Grand Vacations to $272.7M and up 19.7% for Latham Group to $6.0M — driven by price appreciation rather than buying.
What it means: The steep cut to Cardlytics, Inc. signals a material loss of conviction in that thesis, likely reflecting deteriorating fundamentals or a reassessment of the investment case, while the near-flat share counts in Hilton Grand Vacations and Latham Group paired with strong gains show these are being allowed to run as winners with only light profit-taking rather than active de-risking.

Exited

CAS fully liquidated its stakes in Carvana (the prior CL A holding, 4,541,291 shares worth $1.43B) and Capital One (575,548 shares worth $105.0M).
What it means: The Capital One exit represents a clean removal of a financial-sector holding from an already concentrated book, while the Carvana liquidation is notable mainly because it coincides with the initiation of a new, larger Carvana Co Cl A position in the same quarter — suggesting this isn't a true exit from the Carvana thesis but rather a repositioning or reclassification of the holding as conviction in the stock actually increased.

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.