Breaking down the stocks Worldly Partners bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Worldly Partners' 13F filed on November 13, 2025.
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
Q3 '25 13F filed with SEC
Holdings in Q3 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| FND | Floor & Decor | 52.1% | $87.23M | |
| COST | Costco | 46.2% | Trimmed (-9%) | $77.42M |
| CDLX | Cardlytics | 1.7% | $2.81M |
Current Investment Strategy
Arvind Navaratnam's Worldly Partners maintained its ultra-concentrated, research-intensive approach in Q3 2025, holding just two positions—Floor & Decor Holdings and Cardlytics—with no additions or exits during the quarter. The firm's multi-decade first principles philosophy, grounded in proprietary business history studies and long-term ownership mindset, focuses on specialty retailers and data-driven commerce platforms that founder Navaratnam, a former Fidelity special situations manager, believes possess enduring competitive advantages.
New Investments
Worldly Partners did not open any new positions during Q3 2025.
Added, Trimmed, and Exited
Added
Worldly Partners did not add to any existing positions during Q3 2025.
Trimmed
Worldly Partners reduced their position in Costco (COST) by 8.6%, selling 7,878 shares to bring their total down to 83,641 shares, valued at $77.4 million.
What it means: The trim came during a difficult quarter for Costco, which declined 14.5% and appears to have underperformed the broader market. Given Worldly Partners' research-intensive, multi-decade approach, this reduction likely reflects either portfolio rebalancing after Costco's valuation stretched in prior periods, or a deliberate move to manage position sizing as the stock declined. The modest 8.6% trim suggests this remains a core holding despite near-term headwinds—consistent with a long-term investor taking advantage of weakness to right-size rather than abandon a thesis entirely.
Exited
Worldly Partners did not fully exit any positions during Q3 2025.
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.
