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LAKEWOOD CAPITAL MANAGEMENT, LP

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13F filer, CIK 1424381, New York, NY

LAKEWOOD CAPITAL MANAGEMENT, LP reported $1,325,244,837 across 56 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 47.94% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-004842

Period
2025-09-30
Reported value
$1.33B
Holdings
56
Top 10 weight
47.94%
New
11
Sold out
4

Part of the filer group LAKEWOOD CAPITAL MANAGEMENT, LP

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ELVadded+99,500$32.2M
AMRZnew+615,000$29.8M
AEOnew+645,900$11.1M
KOFnew+131,800$11M
AXTAadded+302,751$8.66M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
Creduced-584,000-$59.3M
GOOGLreduced-143,900-$35M
SIGreduced-157,700-$15.1M
UNHexited-48,000-$15M
GILreduced-224,000-$12.9M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001172661-25-004842, largest first. % of portfolio is the value over $1,320,990,524, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ELVELEVANCE HEALTH INC FORMERLYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 99,500 shares; 2024Q4: 178,650 shares; 2025Q1: 190,150 shares; 2025Q2: 202,150 shares; 2025Q3: 301,650 shares 301,650$97.5M7.38%+99,500Timeline
CITHE CIGNA GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 302,357 shares; 2024Q4: 355,107 shares; 2025Q1: 393,607 shares; 2025Q2: 367,107 shares; 2025Q3: 337,307 shares 337,307$97.2M7.36%-29,800Timeline
ARWARROW ELECTRS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 199,360 shares; 2025Q1: 547,360 shares; 2025Q2: 624,360 shares; 2025Q3: 577,360 shares 577,360$69.9M5.29%-47,000Timeline
SSNCSS&C TECH HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 520,954 shares; 2024Q4: 647,954 shares; 2025Q1: 647,954 shares; 2025Q2: 769,954 shares; 2025Q3: 769,954 shares 769,954$68.3M5.17%0Timeline
KMPRKEMPER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,026,998 shares; 2024Q4: 938,090 shares; 2025Q1: 938,090 shares; 2025Q2: 1,039,090 shares; 2025Q3: 1,181,090 shares 1,181,090$60.9M4.61%+142,000Timeline
SWSMURFIT WESTROCK PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,095,797 shares; 2024Q4: 1,160,297 shares; 2025Q1: 1,160,297 shares; 2025Q2: 1,160,297 shares; 2025Q3: 1,160,297 shares 1,160,297$49.4M3.74%0Timeline
FAFFIRST AMERN FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 697,604 shares; 2024Q4: 697,604 shares; 2025Q1: 739,604 shares; 2025Q2: 739,604 shares; 2025Q3: 760,604 shares 760,604$48.9M3.7%+21,000Timeline
SHCSOTERA HEALTH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,257,739 shares; 2024Q4: 2,647,739 shares; 2025Q1: 2,817,739 shares; 2025Q2: 3,062,739 shares; 2025Q3: 3,062,739 shares 3,062,739$48.2M3.65%0Timeline
SIGSIGNET JEWELERS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 532,000 shares; 2024Q4: 596,000 shares; 2025Q1: 795,000 shares; 2025Q2: 644,000 shares; 2025Q3: 486,300 shares 486,300$46.6M3.53%-157,700Timeline
BCBRUNSWICK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 736,467 shares; 2024Q4: 680,467 shares; 2025Q1: 733,467 shares; 2025Q2: 733,467 shares; 2025Q3: 733,467 shares 733,467$46.4M3.51%0Timeline
GPIGROUP 1 AUTOMOTIVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 253,726 shares; 2024Q4: 142,226 shares; 2025Q1: 114,476 shares; 2025Q2: 98,476 shares; 2025Q3: 103,276 shares 103,276$45.2M3.42%+4,800Timeline
IQVIQVIA HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 224,200 shares; 2025Q3: 227,200 shares 227,200$43.2M3.27%+3,000Timeline
CCITIGROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,266,800 shares; 2024Q4: 846,500 shares; 2025Q1: 887,839 shares; 2025Q2: 997,839 shares; 2025Q3: 413,839 shares 413,839$42M3.18%-584,000Timeline
ICLRICON PUB LTD COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 195,200 shares; 2025Q3: 239,200 shares 239,200$41.9M3.17%+44,000Timeline
CMCSACOMCAST CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,288,748 shares; 2024Q4: 1,110,748 shares; 2025Q1: 1,110,748 shares; 2025Q2: 1,110,748 shares; 2025Q3: 1,110,748 shares 1,110,748$34.9M2.64%0Timeline
AXTAAXALTA COATING SYS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 897,897 shares; 2024Q4: 827,897 shares; 2025Q1: 884,897 shares; 2025Q2: 884,897 shares; 2025Q3: 1,187,648 shares 1,187,648$34M2.57%+302,751Timeline
TFSLTFS FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 453,043 shares; 2025Q2: 2,113,382 shares; 2025Q3: 2,533,382 shares 2,533,382$33.4M2.53%+420,000Timeline
WEXWEX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 177,968 shares; 2025Q3: 205,468 shares 205,468$32.4M2.45%+27,500Timeline
ALAIR LEASE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 448,878 shares; 2025Q2: 485,878 shares; 2025Q3: 485,878 shares 485,878$30.9M2.34%0Timeline
AMRZAMRIZE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 615,000 shares 615,000$29.8M2.26%newTimeline
ABGASBURY AUTOMOTIVE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 138,929 shares; 2024Q4: 128,629 shares; 2025Q1: 128,629 shares; 2025Q2: 113,629 shares; 2025Q3: 107,129 shares 107,129$26.2M1.98%-6,500Timeline
IBITISHARES BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 315,310 shares; 2024Q4: 512,760 shares; 2025Q1: 398,510 shares; 2025Q2: 398,510 shares; 2025Q3: 398,510 shares 398,510$25.9M1.96%0Timeline
CRLCHARLES RIV LABS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 111,740 shares; 2024Q4: 111,740 shares; 2025Q1: 140,240 shares; 2025Q2: 140,240 shares; 2025Q3: 140,240 shares 140,240$21.9M1.66%0Timeline
GPNGLOBAL PMTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 231,300 shares; 2024Q4: 244,300 shares; 2025Q1: 244,300 shares; 2025Q2: 244,300 shares; 2025Q3: 244,300 shares 244,300$20.3M1.54%0Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 246,680 shares; 2024Q4: 216,680 shares; 2025Q1: 216,680 shares; 2025Q2: 223,180 shares; 2025Q3: 79,280 shares 79,280$19.3M1.46%-143,900Timeline
BZHBEAZER HOMES USA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 701,006 shares; 2025Q3: 701,006 shares 701,006$17.2M1.3%0Timeline
JDJD.COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 68,350 shares; 2024Q4: 188,850 shares; 2025Q1: 333,850 shares; 2025Q2: 343,850 shares; 2025Q3: 443,850 shares 443,850$15.5M1.18%+100,000Timeline
SDRLSEADRILL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 419,000 shares; 2024Q4: 503,000 shares; 2025Q1: 646,100 shares; 2025Q2: 525,100 shares; 2025Q3: 500,100 shares 500,100$15.1M1.14%-25,000Timeline
NICENICE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,000 shares; 2024Q4: 70,000 shares; 2025Q1: 80,000 shares; 2025Q2: 80,000 shares; 2025Q3: 95,600 shares 95,600$13.8M1.05%+15,600Timeline
MCYMERCURY GENL CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 176,700 shares; 2024Q4: 176,700 shares; 2025Q1: 98,218 shares; 2025Q2: 158,218 shares; 2025Q3: 158,218 shares 158,218$13.4M1.02%0Timeline
ALLYALLY FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 316,809 shares; 2024Q4: 316,809 shares; 2025Q1: 316,809 shares; 2025Q2: 316,809 shares; 2025Q3: 316,809 shares 316,809$12.4M0.94%0Timeline
GLNGGOLAR LNG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 290,000 shares; 2025Q3: 300,000 shares 300,000$12.1M0.92%+10,000Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,470 shares; 2024Q4: 11,470 shares; 2025Q1: 16,470 shares; 2025Q2: 16,470 shares; 2025Q3: 16,470 shares 16,470$12.1M0.92%0Timeline
GBTCGRAYSCALE BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 123,500 shares; 2024Q4: 123,500 shares; 2025Q1: 123,500 shares; 2025Q2: 123,500 shares; 2025Q3: 123,500 shares 123,500$11.1M0.84%0Timeline
AEOAMERICAN EAGLE OUTFITTERS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 645,900 shares 645,900$11.1M0.84%newTimeline
KOFCOCA-COLA FEMSA SAB DE CVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 131,800 shares 131,800$11M0.83%newTimeline
APOAPOLLO GLOBAL MGMT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 407,197 shares; 2024Q4: 115,197 shares; 2025Q1: 73,197 shares; 2025Q2: 73,197 shares; 2025Q3: 73,197 shares 73,197$9.75M0.74%0Timeline
HIPOHIPPO HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 190,000 shares; 2025Q3: 190,000 shares 190,000$6.87M0.52%0Timeline
LAWCS DISCO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 966,531 shares; 2024Q4: 1,016,531 shares; 2025Q1: 1,016,531 shares; 2025Q2: 1,016,531 shares; 2025Q3: 1,016,531 shares 1,016,531$6.57M0.5%0Timeline
TBLATABOOLA.COM LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,446,541 shares; 2024Q4: 1,446,541 shares; 2025Q1: 1,893,541 shares; 2025Q2: 1,893,541 shares; 2025Q3: 1,893,541 shares 1,893,541$6.46M0.49%0Timeline
GDRXGOODRX HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,720,185 shares; 2024Q4: 4,885,747 shares; 2025Q1: 4,885,747 shares; 2025Q2: 4,157,274 shares; 2025Q3: 1,492,274 shares 1,492,274$6.31M0.48%-2,665,000Timeline
GILGILDAN ACTIVEWEAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 231,041 shares; 2024Q4: 231,041 shares; 2025Q1: 211,041 shares; 2025Q2: 331,041 shares; 2025Q3: 107,041 shares 107,041$6.19M0.47%-224,000Timeline
DKNGDRAFTKINGS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 132,000 shares 132,000$4.94M0.37%newTimeline
COFCAPITAL ONE FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 101,000 shares; 2024Q4: 42,000 shares; 2025Q1: 38,000 shares; 2025Q2: 38,000 shares; 2025Q3: 18,000 shares 18,000$3.83M0.29%-20,000Timeline
STZCONSTELLATION BRANDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 14,000 shares; 2025Q3: 27,500 shares 27,500$3.7M0.28%+13,500Timeline
BANDBANDWIDTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 180,721 shares; 2024Q4: 180,721 shares; 2025Q1: 180,721 shares; 2025Q2: 180,721 shares; 2025Q3: 180,721 shares 180,721$3.01M0.23%0Timeline
NIQNIQ GLOBAL INTELLIGENCE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 113,000 shares 113,000$1.77M0.13%newTimeline
BTCGRAYSCALE BITCOIN MINI TR ETQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 24,700 shares; 2025Q1: 24,700 shares; 2025Q2: 24,700 shares; 2025Q3: 24,700 shares 24,700$1.25M0.09%0Timeline
TSEOQTRINSEO PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 281,279 shares; 2024Q4: 281,279 shares; 2025Q1: 281,279 shares; 2025Q2: 281,279 shares; 2025Q3: 281,279 shares 281,279$661K0.05%0Timeline
SNBRQSLEEP NUMBER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 690,000 shares; 2024Q4: 690,000 shares; 2025Q1: 690,000 shares; 2025Q2: 287,009 shares; 2025Q3: 55,798 shares 55,798$392K0.03%-231,211Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
RGTIRIGETTI COMPUTING INC Stockput39,700$1.18Mnew
OKLOOKLO INC Stockput10,000$1.12Mnew
IRENIREN LIMITED STOKput20,000$939Knew
QBTSD-WAVE QUANTUM INC COMput20,000$494Knew
QUBTQUANTUM COMPUTING INC COMput15,000$276Knew
QSQUANTUMSCAPE CORP Stockput20,000$246Knew

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
CCITIGROUP INC245,000$20.9Mcall
UNHUNITEDHEALTH GROUP INC48,000$15Mshares
RBLXROBLOX CORP50,000$5.26Mput
JBSJBS N.V.190,000$2.78Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-25-004842 base2025-11-14acceptance time not in the bulk data set