Breaking down the stocks Cliff Sosin (CAS Investment Partners) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from CAS Investment Partners' 13F filed on November 14, 2025.
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
Q3 '25 13F filed with SEC
Holdings in Q3 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| CVNA | Carvana | 82.3% | Trimmed (-1%) | $1.84B |
| HGV | Hilton Grand Vacations | 10.5% | Trimmed (-0%) | $235.97M |
| COF | Capital One | 6.3% | Trimmed (-5%) | $141.47M |
| CDLX | Cardlytics | 0.6% | Trimmed (-7%) | $12.63M |
| SWIM | Latham Group | 0.3% | NEW | $7.61M |
Current Investment Strategy
Cliff Sosin's CAS Investment Partners maintained its ultra-concentrated value investing approach in Q3 2025, running a $1.7 billion portfolio across just five positions while adding residential swimming pool manufacturer Latham Group as a new holding to join existing consumer-focused bets including Carvana, Hilton Grand Vacations, Capital One Financial, and Cardlytics. The firm's strategy centers on deep fundamental analysis of predictable consumer businesses with "loyalty effect economics," avoiding technology and biotech sectors in favor of long-term, high-conviction positions held for 5-10 years where Sosin believes he can develop differentiated insights into competitive dynamics.
New Investments
Latham Group SWIM
Cliff Sosin bought $7.61M of Latham Group in Q3 2025. Latham Group delivered Q3 2025 revenue of $161.9 million, representing 7.6% YoY growth, but missed EPS consensus by 20% with $0.08 reported versus $0.10 expected, signaling valuation concerns despite strong operational metrics. Adjusted EBITDA increased 28.5% with 390 basis points of margin expansion, and net income surged 37.7%, reflecting impressive operational leverage across all product lines. The stock has underperformed the S&P 500 substantially, gaining only 4.5% YTD versus 16.5%, held back by broader industry weakness and the company's Hold rating from Zacks.
- Adjusted EBITDA grew 28.5% YoY to $38.3 million with EBITDA margins expanding 390 basis points to 23.7%.
- Net income surged 37.7% to $8.1 million; however, EPS of $0.08 missed consensus estimate of $0.10 by 20%.
- Stock has gained only 4.5% YTD versus S&P 500's 16.5% gain, trailing market by 1200 basis points.
Added, Trimmed, and Exited
Added
CAS Investment Partners did not add to any existing positions during Q3 2025.
Trimmed
Cliff Sosin trimmed all four existing holdings in the quarter: Cardlytics (CDLX) by 415,855 shares, Capital One (COF) by 36,711 shares, Carvana (CVNA) by 32,594 shares, and Hilton Grand Vacations (HGV) by 16,027 shares, despite three of these positions posting positive returns during the period.
What it means: The across-the-board trimming is particularly noteworthy given CAS Investment Partners' reputation for running an extremely concentrated portfolio. While the reductions were relatively modest in percentage terms—especially for flagship position Carvana (less than 1% of shares sold)—the fact that Sosin reduced every single holding suggests either portfolio rebalancing to fund the new Latham Group position or a tactical de-risking move. The trim of Capital One, which declined 5.3% and represents the second-largest position at $141.5M, may indicate concern about the bank's near-term prospects, while the minimal trim to Carvana (which now represents a commanding 78% of the portfolio at $1.84B) reinforces Sosin's continued conviction in his highest-conviction idea despite taking some chips off the table after an 11.2% gain.
Exited
CAS Investment Partners did not fully exit any positions during Q3 2025.
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.
