Breaking down the stocks Worldly Partners bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Worldly Partners' 13F filed on May 12, 2026.
Who are Arvind Navaratnam and Worldly Partners?
Founded by Arvind Navaratnam in 2020, Worldly Partners is a research-intensive, highly concentrated investment partnership for a select group of families, university endowments, and charitable foundations. Worldly Partners takes a multi-decade first principles approach to investing. Our approach is one of rigorous analysis, underpinned by independent and proprietary research contextualized by our deep study of business history. Worldly Partners is famous for their multi-decade studies on companies like IKEA, Epic Systems, Alphabet, and Mars, which have been used as core research for Acquired’s long-form podcast episodes on the companies.
Worldlypartners.com
Q1 '26 13F filed with SEC
Holdings in Q1 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| Floor & Decor | 57.0% | Added (+12%) | $67.52M | |
| Costco | 42.0% | Trimmed (-29%) | $49.7M | |
| Cardlytics Inc | 1.0% | $1.22M |
Current Investment Strategy
Boston-area investment boutique Worldly Partners, founded in 2020 by Arvind Navaratnam, applies a multi-decade, first-principles philosophy—grounded in proprietary research and deep studies of business history in the tradition of Charlie Munger—to an extraordinarily concentrated portfolio that by the end of Q1 2026 consisted entirely of a single holding, purchase-data advertising platform Cardlytics. With no new positions added or existing ones exited during the quarter, Navaratnam's firm reaffirmed its patient, high-conviction bet on Cardlytics' data-driven commerce and marketing model as a durable, multi-decade compounder for its endowment, family and foundation clients.
New Investments
Worldly Partners did not open any new positions during Q1 2026.
Added, Trimmed, and Exited
Added
Worldly Partners increased its stake in Floor & Decor, adding 145,600 shares—a roughly 12.3% increase—bringing the position from 1,183,580 to 1,329,180 shares. Notably, this add came even as the position's value declined from $72.1M to $67.5M, reflecting a -6.3% return over the quarter.
What it means: Buying more shares of Floor & Decor while the stock was down suggests conviction—Worldly Partners appears to be treating the price weakness as an opportunity rather than a warning sign. This is consistent with their stated "multi-decade first principles" investment philosophy, where short-term price declines in businesses they've deeply researched may be viewed as buying opportunities rather than reasons to retreat.
Trimmed
The firm meaningfully reduced its position in Costco, selling 20,527 shares—a 29.2% reduction—cutting the holding from 70,401 to 49,874 shares. The position also saw its value fall from $60.7M to $49.7M, a -18.1% return for the quarter.
What it means: The combination of a large share reduction alongside a steep price decline suggests Worldly Partners was proactively de-risking this position rather than simply riding out volatility. This stands in contrast to their approach with Floor & Decor, where they added despite a decline—implying a differentiated view on the two companies' long-term theses or valuations at current levels.
Exited
There were no fully liquidated positions this quarter; Worldly Partners maintained all prior holdings in some capacity.
What it means: The absence of full exits, combined with active adjustments to existing positions, points to a portfolio in a state of rebalancing rather than wholesale strategy change—consistent with a concentrated, long-term-oriented manager fine-tuning conviction levels across a small number of core holdings rather than rotating into entirely new theses.
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.
