Breaking down the stocks Orlando Bravo (Thoma Bravo) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Thoma Bravo's 13F filed on April 29, 2026.
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.
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Thoma Bravo on X
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Q1 '26 13F filed with SEC
Holdings in Q1 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| Sailpoint Inc | 95.5% | $6.35B | ||
| N-able | 3.5% | $233.92M | ||
| ServiceTitan | 1.0% | $65.94M |
Current Investment Strategy
Orlando Bravo's Thoma Bravo entered the second quarter of 2026 having kept its public equity book unchanged for the period, a hallmark of the buyout shop's practice of running an ultra-concentrated, low-turnover portfolio built from the residual public stakes of its take-private software deals. The firm's Q1 2026 13F showed no new buys, sells, or trims, with capital still parked almost entirely in SailPoint, alongside smaller stakes in N-able and ServiceTitan, underscoring Bravo's continued conviction in mission-critical, recurring-revenue cybersecurity and enterprise software franchises over broader public-market diversification.
New Investments
Thoma Bravo did not open any new positions during Q1 2026.
Added, Trimmed, and Exited
Added
Thoma Bravo made no additions to its existing holdings this quarter. Share counts in Sailpoint Inc, N-able, and ServiceTitan were left unchanged from Q4 2025.
What it means: With no capital deployed to increase existing stakes, Thoma Bravo appears to be holding steady through the downturn rather than averaging down, consistent with its highly concentrated, buy-and-hold private equity style where conviction in take-private theses often outweighs short-term price action.
Trimmed
There were no reductions in share counts across Sailpoint Inc, N-able, or ServiceTitan; the entire ~35% drop in portfolio value (from $10.18B to $6.65B) was driven by price depreciation, not selling.
What it means: The steep declines—Sailpoint Inc down 34.6%, N-able down 37.6%, and ServiceTitan down 29.4%—suggest a broad software/tech-enabled services selloff impacting all three names similarly. Thoma Bravo's decision to hold rather than trim signals confidence that these are mark-to-market fluctuations rather than deteriorating fundamentals in its core operational buyout targets.
Exited
Thoma Bravo did not fully exit any positions this quarter, maintaining its three-stock concentrated portfolio.
What it means: The absence of exits, despite a sharp portfolio-wide value decline, reinforces the firm's characteristic long-horizon, low-turnover approach—these are strategic, often majority-owned software holdings tied to operational transformation plans rather than liquid trading positions subject to quick divestment.
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.
