Breaking down the stocks Worldly Partners bought, sold, and held in Q4 2025, including their holdings at the end of the quarter. All data sourced from Worldly Partners' 13F filed on February 13, 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
Q4 '25 13F filed with SEC
Holdings in Q4 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| FND | Floor & Decor | 53.7% | $72.07M | |
| COST | Costco | 45.3% | Trimmed (-16%) | $60.71M |
| CDLX | Cardlytics | 1.0% | $1.33M |
Current Investment Strategy
Arvind Navaratnam's Worldly Partners, a research-intensive fund managing approximately $278 million for endowments and family offices, ran an ultra-concentrated two-stock portfolio in Q4 2025 consisting entirely of specialty retailer Floor & Decor Holdings and purchase-data advertising platform Cardlytics, reflecting the firm's high-conviction, multi-decade ownership philosophy rooted in deep business-history research. The fund made no new additions or exits during the quarter, underscoring a patient, low-turnover approach that bets heavily on companies Navaratnam believes possess durable competitive advantages in consumer commerce and data-driven marketing.
New Investments
Worldly Partners did not open any new positions during Q4 2025.
Added, Trimmed, and Exited
Added
Worldly Partners did not add to any existing positions or initiate any new investments this quarter.
Trimmed
Worldly Partners trimmed its position in Costco (COST) by approximately 15.8%, reducing holdings from 83,641 to 70,401 shares — a reduction of 13,240 shares. The position's value declined from ~$77.4M to ~$60.7M, reflecting both the trim and a roughly -21.6% return on the holding over the quarter.
What it means: Given that Worldly Partners runs an extremely concentrated portfolio — just three disclosed positions — even a modest trim is noteworthy. Costco had been the fund's largest holding, and this reduction may reflect disciplined profit-taking or portfolio rebalancing after the stock's strong multi-year run. With Arvind Navaratnam's multi-decade, first-principles approach, this is unlikely a loss of conviction in Costco's long-term business quality and more likely a valuation-conscious adjustment, especially as the stock faced headwinds during the quarter.
Exited
Worldly Partners did not fully exit any positions this quarter, maintaining its concentrated three-stock portfolio of Costco (COST), Floor & Decor (FND), and Cardlytics (CDLX).
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.
