Breaking down the stocks Orlando Bravo (Thoma Bravo) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Thoma Bravo's 13F filed on August 04, 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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Q2 '26 13F filed with SEC
Holdings in Q2 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| Sailpoint Inc | 96.5% | $7.02B | ||
| N-able | 2.5% | $183.83M | ||
| ServiceTitan | 1.0% | $73.47M |
Current Investment Strategy
Thoma Bravo, led by Orlando Bravo, held its ultra-concentrated public equity portfolio steady through the second quarter of 2026, with no new positions opened or existing stakes exited, underscoring the firm's high-conviction approach to a small basket of mission-critical software holdings. The portfolio remained anchored in three enterprise technology names—identity security specialist SailPoint, IT managed-services platform N-able, and field-service management software provider ServiceTitan—reflecting Bravo's continued bet on recurring-revenue, high-margin businesses tied to secular trends in cybersecurity and digital transformation.
New Investments
Thoma Bravo did not open any new positions during Q2 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 remained unchanged from Q1 2026.
What it means: The firm's decision to hold steady rather than add capital suggests conviction in current position sizing is already appropriate, with any value changes purely reflecting market price movement rather than a deliberate reallocation of capital. This is consistent with Thoma Bravo's highly concentrated, low-turnover public equity approach, which typically avoids frequent trading around core holdings.
Trimmed
No positions were trimmed during the quarter; all reported value declines, such as the drop in N-able's position value from $233.9M to $183.8M, stem entirely from a roughly 21.4% share price decline rather than any sale of shares.
What it means: The lack of trimming despite N-able's weak performance indicates the firm is maintaining its stake through short-term price volatility, likely reflecting confidence in the underlying business or a long-term holding strategy typical of Thoma Bravo's software-focused thesis rather than a reaction to near-term market pricing.
Exited
There were no full liquidations this quarter — Thoma Bravo continues to hold all three positions from the prior period: Sailpoint Inc, N-able, and ServiceTitan.
What it means: The absence of exits reinforces the highly concentrated, buy-and-hold nature of this portfolio, where the firm's few core positions (with Sailpoint Inc alone representing over 96% of portfolio value) remain intact, and overall portfolio growth from $6.65B to $7.28B was driven almost entirely by price appreciation in Sailpoint Inc and ServiceTitan, offsetting the decline in N-able.
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.
