Breaking down the stocks Orlando Bravo (Thoma Bravo) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Thoma Bravo's 13F filed on April 22, 2025.
Who are Orlando Bravo and Thoma Bravo?
Orlando Bravo is the founder and managing partner of Thoma Bravo (commonly referred to as Thoma Bravo). The firm is known for its highly concentrated public equity portfolio, typically consisting of 3-5 stocks, with the top holding comprising over 90% of assets, and minimal cash holdings as it deploys capital into strategic software investments. His investment strategy is a growth-oriented private equity buyout approach specialized in software and technology, emphasizing value creation through operational improvements, strategic partnerships, and targeted acquisitions to transform companies into industry leaders. Bravo focuses on innovative companies in sectors like enterprise software, cybersecurity, and tech-enabled services that can achieve massive scale and long-term compounding, with strong qualitative factors like recurring revenue streams, high margins, defensible moats, market-leading positions, resilient business models, and alignment with secular trends such as digital transformation and AI adoption.
Thomabravo.com
Thoma Bravo on X
Orlando Bravo on X
Q1 '25 13F filed with SEC
Holdings in Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SAIL | SailPoint | 61.8% | NEW | $9B |
| NDAQ | Nasdaq | 22.3% | $3.25B | |
| SWI | SolarWinds | 6.4% | $926.68M | |
| MLNK | MeridianLink | 3.7% | $536.12M | |
| CYBR | CyberArk Software | 2.7% | $386.18M | |
| NABL | N-able | 2.4% | $355.14M | |
| TTAN | ServiceTitan | 0.7% | $106.89M |
Current Investment Strategy
Orlando Bravo's Thoma Bravo maintained its characteristic ultra-concentrated public equity approach in Q1 2025, with Nasdaq dominating the portfolio at over 90% of assets alongside strategic software positions in SolarWinds, MeridianLink, CyberArk Software, N-able, and ServiceTitan, while adding identity security specialist SailPoint as a new position following the firm's take-private transaction completed in 2022. The portfolio reflects Thoma Bravo's continued emphasis on enterprise software infrastructure, cybersecurity, and vertical SaaS companies with recurring revenue models, aligning with the firm's buy-and-build private equity strategy and conviction in secular trends like digital transformation and AI-driven automation.
New Investments
SailPoint SAIL
Orlando Bravo bought $9B of SailPoint in Q1 2025. SailPoint has demonstrated exceptional earnings momentum in its most recent quarter, with Q2 2026 EPS of $0.07 significantly exceeding analyst estimates of $0.04 by 75%. This strong performance builds on Q1 2026's positive beat, where the company reported $0.01 EPS against expectations of -$0.01, indicating sustained operational improvement.
- Q2 2026 EPS of $0.07 beat estimates by 75%, representing a significant earnings beat.
- Sequential EPS improvement of 600% from Q1 2026's $0.01 to Q2 2026's $0.07.
- Q2 2026 delivered a $0.06 sequential increase in EPS versus Q1 2026.
Added, Trimmed, and Exited
Added
Thoma Bravo did not add to any existing positions during Q1 2025, maintaining identical share counts across all holdings including Nasdaq (NDAQ), SolarWinds (SWI), MeridianLink (MLNK), CyberArk Software (CYBR), N-able (NABL), and ServiceTitan (TTAN).
What it means: This disciplined approach reflects Thoma Bravo's capital allocation priorities, with the firm choosing to deploy significant capital into the new SailPoint (SAIL) position rather than averaging up into existing holdings. The decision to maintain static positions suggests conviction in the existing portfolio weights while preserving capital for the transformative $9B SailPoint investment, which now dominates the portfolio composition.
Trimmed
Thoma Bravo did not reduce any existing positions during Q1 2025, with all six common holdings maintaining unchanged share counts despite mixed performance results.
What it means: The firm's unwillingness to trim positions—even underperformers like N-able (NABL) (down 24%) and MeridianLink (MLNK) (down 10%)—demonstrates Orlando Bravo's long-term conviction in his software portfolio companies and his operational improvement thesis. This patience aligns with Thoma Bravo's private equity-style holding approach, where short-term volatility is viewed as noise rather than signal, and positions are sized for multi-year transformation rather than tactical trading.
Exited
Thoma Bravo did not fully liquidate any positions during Q1 2025.
What it means: The absence of exits reinforces the firm's characteristically low-turnover, high-conviction investment philosophy focused on long-term value creation through operational improvements rather than portfolio rotation strategies.
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.
