Worldly Partners' Trades and Holdings in Q2 2026

Breaking down the stocks Worldly Partners bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Worldly Partners' 13F filed on August 07, 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
Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

Arvind Navaratnam's Worldly Partners continued to run one of Wall Street's most concentrated books in the second quarter of 2026, anchoring its endowment- and family-office capital in a handful of "forever" holdings—chiefly Floor & Decor Holdings and Costco Wholesale—that reflect the firm's multi-decade, first-principles research process rather than short-term trading signals. The quarter's only notable activity came in Cardlytics, where the fund both established and unwound a position, a rare bout of turnover for a manager whose philosophy otherwise prizes patient, low-turnover ownership of businesses it believes possess durable, compounding competitive advantages.

New Investments

Cardlytics Inc

Worldly Partners bought $519.93K of Cardlytics Inc in Q2 2026. In the current quarter, the company reported revenue of $36.9 million and billings of $65.5 million, down 36% and 34% year over year due largely to prior bank partner changes, but delivered positive Adjusted EBITDA of $1.7 million as contribution margins expanded and adjusted operating expenses fell 31%. Sequentially versus Q1 2026, earnings performance is improving—EPS, though still negative, came in well ahead of consensus for both quarters and has now beaten expectations in 4 straight quarters—while advertiser growth accelerated, with new logo volume up 59% quarter over quarter and churn materially better, suggesting the business is stabilizing despite lower user volumes. Against a share price around $1.19 and a Morningstar fair value estimate of $8.52 with a 'Very High' uncertainty rating, the stock screens as deeply discounted relative to intrinsic value and ad-tech peers, so if management’s Q3 billings guidance of $61–67 million and the emerging 'results phase' of its turnaround are executed successfully, there is meaningful upside potential but with elevated risk.

• Q2 2026 revenue $36.9 million (down 36% year over year) and billings $65.5 million (down 34% year over year)..
• Q2 Adjusted EBITDA $1.7 million versus $3.0 million in Q2 2025, with adjusted operating expenses reduced 31% year over year to $19.6 million..
• EPS surprises have been positive in each of the last 4 quarters, including Q2 2026 where EPS was materially better than estimates (reported between about -$0.81 and -$1.50 versus forecasts of -$1.35 to -$2.30), even as monthly qualified users declined 17% year over year to 185.4 million..

Added, Trimmed, and Exited

Added

Worldly Partners increased its stake in Floor & Decor, adding 42,000 shares to bring the position to 1,371,180 shares, with the position's value rising from $67.5M to $81.4M—a strong 20.5% return on the position.
What it means: The addition to Floor & Decor during a period of price appreciation suggests conviction in the thesis rather than profit-taking, indicating the firm sees continued upside in the specialty home retailer despite the stock already having performed well. This move aligns with Worldly Partners' stated multi-decade, first-principles approach—doubling down on a name they likely view as a long-term compounder rather than trimming into strength.

Trimmed

Worldly Partners reduced its position in Costco by 6,606 shares (from 49,874 to 43,268 shares), with the position's value falling from $49.7M to $40.5M, reflecting a -18.6% return.
What it means: The trim in Costco coincides with share price weakness, and the reduction in share count compounds the decline in position value—suggesting the firm may be reallocating capital toward higher-conviction ideas like Floor & Decor or managing valuation risk after a period of strong performance in the retailer's stock. Given Worldly Partners' concentrated, long-horizon style, this partial reduction (rather than a full exit) implies the thesis remains intact but sizing has been recalibrated.

Exited

Worldly Partners "liquidated" its stake in Cardlytics Inc (COM, 1,157,989 shares, $1.2M), but this coincides with a new position in Cardlytics Inc under a different share class (COM NEW, 115,798 shares, $519.9K)—a roughly 10-to-1 ratio consistent with a reverse stock split rather than a true divestment.
What it means: This isn't a genuine exit but a technical reclassification following a corporate action (likely a reverse split), meaning Worldly Partners has maintained its economic exposure to Cardlytics Inc throughout the quarter. The firm's continued ownership—despite the position's small size relative to the portfolio—suggests patience with the ad-tech turnaround story, which the new-position commentary frames as showing early signs of stabilization (positive Adjusted EBITDA, improving EPS surprises, and accelerating advertiser growth) even as revenue continues to decline.

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.