Breaking down the stocks Orlando Bravo (Thoma Bravo) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Thoma Bravo's 13F filed on October 16, 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
Q3 '25 13F filed with SEC
Holdings in Q3 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SAIL | SailPoint | 90.8% | $10.59B | |
| MLNK | MeridianLink | 4.9% | $576.62M | |
| NABL | N-able | 3.3% | $390.71M | |
| TTAN | ServiceTitan | 0.9% | $104.77M |
Current Investment Strategy
Orlando Bravo's Thoma Bravo maintained its characteristically concentrated public equity portfolio in Q3 2025, holding just four software companies—SailPoint, MeridianLink, N-able, and ServiceTitan—with no new positions or exits during the quarter. The portfolio reflects the firm's signature focus on high-margin, recurring-revenue enterprise software businesses spanning identity security, financial services technology, managed service provider solutions, and field service management platforms, aligning with secular trends in cybersecurity, digital transformation, and cloud-based infrastructure.
New Investments
Thoma Bravo did not open any new positions during Q3 2025.
Added, Trimmed, and Exited
Added
Thoma Bravo did not add to any existing positions during Q3 2025, maintaining the same share counts across all four holdings.
What it means: With no capital deployment into existing positions, the firm appears to be maintaining its highly concentrated stance. The portfolio composition remains unchanged, suggesting Bravo is comfortable with the current allocation despite SailPoint (SAIL)'s -3.4% price decline, which still represents 89% of the portfolio value. This disciplined approach indicates confidence in the existing positions' long-term trajectories without the need for tactical adjustments.
Trimmed
Thoma Bravo did not trim any positions during Q3 2025, holding steady across all investments.
What it means: The lack of any selling activity, even as three of four positions (SailPoint, N-able (NABL), and ServiceTitan (TTAN)) experienced negative returns ranging from -3.4% to -5.9%, demonstrates Bravo's conviction in the firm's software-focused thesis. The only bright spot was MeridianLink (MLNK), which gained 22.8%, yet the firm didn't take profits. This buy-and-hold approach aligns with their private equity DNA, treating public holdings as long-term operational turnaround plays rather than trading vehicles, despite short-term volatility.
Exited
Thoma Bravo did not fully exit any positions during Q3 2025.
What it means: The zero-exit policy reinforces Bravo's strategic patience and suggests the firm views current valuations as compelling entry points rather than exit opportunities. Despite the quarter's mixed performance, the portfolio grew 2.5% to nearly $12 billion, indicating the firm remains committed to its concentrated software portfolio strategy without rotating into new opportunities or taking chips off the table.
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.
