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LOCUST WOOD CAPITAL ADVISERS, LLC

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13F filer, CIK 1349434, NEW YORK, NY

LOCUST WOOD CAPITAL ADVISERS, LLC reported $4,138,680,147 across 38 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-11. Its ten largest share positions make up 51.44% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001349434-26-000001

Period
2025-12-31
Reported value
$4.14B
Holdings
38
Top 10 weight
51.44%
New
3
Sold out
19

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MSFTadded+152,012$73.5M
METAnew+97,395$64.3M
LINadded+145,658$62.1M
CSXadded+1,645,069$59.6M
NOWadded+359,725$55.1M

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
GOOGLreduced-166,776-$52.2M
AXTAreduced-1,489,016-$48.1M
VRTreduced-274,222-$44.4M
AMRZexited-761,948-$37M
NKEreduced-578,396-$36.8M

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, Q4 2025

Share positions as resolved from 13F-HR 0001349434-26-000001, largest first. % of portfolio is the value over $3,994,283,726, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
LINLINDE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 441,586 shares; 2024Q4: 440,315 shares; 2025Q1: 476,435 shares; 2025Q2: 476,240 shares; 2025Q3: 513,916 shares; 2025Q4: 659,574 shares 659,574$281M7.04%+145,658Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 264,224 shares; 2024Q4: 268,905 shares; 2025Q1: 496,195 shares; 2025Q2: 441,957 shares; 2025Q3: 408,678 shares; 2025Q4: 560,690 shares 560,690$271M6.79%+152,012Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 620,364 shares; 2024Q4: 619,342 shares; 2025Q1: 834,878 shares; 2025Q2: 1,007,456 shares; 2025Q3: 1,057,181 shares; 2025Q4: 1,161,686 shares 1,161,686$268M6.71%+104,505Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,128,121 shares; 2024Q4: 979,365 shares; 2025Q1: 1,033,967 shares; 2025Q2: 1,102,061 shares; 2025Q3: 834,466 shares; 2025Q4: 741,845 shares 741,845$225M5.64%-92,621Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 652,185 shares; 2024Q4: 688,622 shares; 2025Q1: 664,902 shares; 2025Q2: 765,649 shares; 2025Q3: 747,791 shares; 2025Q4: 581,015 shares 581,015$182M4.55%-166,776Timeline
GEHCGE HEALTHCARE TECHNOLOGIES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,177,955 shares; 2024Q4: 1,410,676 shares; 2025Q1: 1,744,318 shares; 2025Q2: 1,946,345 shares; 2025Q3: 2,084,337 shares; 2025Q4: 2,127,495 shares 2,127,495$174M4.37%+43,158Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 738,933 shares; 2025Q3: 717,665 shares; 2025Q4: 920,707 shares 920,707$172M4.3%+203,042Timeline
GPGIGPGI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,844,941 shares; 2024Q4: 4,579,143 shares; 2025Q1: 7,339,015 shares; 2025Q2: 8,158,327 shares; 2025Q3: 9,341,954 shares; 2025Q4: 8,864,129 shares 8,864,129$171M4.28%-477,825Timeline
SPGIS&P GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 176,104 shares; 2024Q4: 170,027 shares; 2025Q1: 191,409 shares; 2025Q2: 222,548 shares; 2025Q3: 286,233 shares; 2025Q4: 311,932 shares 311,932$163M4.08%+25,699Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 393,229 shares; 2024Q4: 378,290 shares; 2025Q1: 466,107 shares; 2025Q2: 483,674 shares; 2025Q3: 564,545 shares; 2025Q4: 538,995 shares 538,995$147M3.67%-25,550Timeline
VRTVERTIV HOLDINGS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,790,995 shares; 2024Q4: 1,067,653 shares; 2025Q1: 1,207,062 shares; 2025Q2: 1,324,618 shares; 2025Q3: 1,120,137 shares; 2025Q4: 845,915 shares 845,915$137M3.43%-274,222Timeline
PCGPG&E CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,487,636 shares; 2024Q4: 7,598,535 shares; 2025Q1: 6,584,587 shares; 2025Q2: 7,779,643 shares; 2025Q3: 9,057,078 shares; 2025Q4: 8,507,612 shares 8,507,612$137M3.42%-549,466Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 259,905 shares; 2024Q4: 256,099 shares; 2025Q1: 232,345 shares; 2025Q2: 239,748 shares; 2025Q3: 246,557 shares; 2025Q4: 367,413 shares 367,413$129M3.23%+120,856Timeline
CSXCSX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,885,361 shares; 2025Q4: 3,530,430 shares 3,530,430$128M3.2%+1,645,069Timeline
ESIELEMENT SOLUTIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,849,169 shares; 2024Q4: 3,174,466 shares; 2025Q1: 3,680,449 shares; 2025Q2: 4,308,630 shares; 2025Q3: 4,722,464 shares; 2025Q4: 4,837,611 shares 4,837,611$121M3.03%+115,147Timeline
ABTABBOTT LABORATORIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 804,480 shares; 2024Q4: 913,824 shares; 2025Q1: 926,517 shares; 2025Q2: 1,037,735 shares; 2025Q3: 942,270 shares; 2025Q4: 956,764 shares 956,764$120M3%+14,494Timeline
STESTERIS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 259,511 shares; 2024Q4: 255,691 shares; 2025Q1: 370,784 shares; 2025Q2: 416,588 shares; 2025Q3: 439,731 shares; 2025Q4: 446,401 shares 446,401$113M2.83%+6,670Timeline
RHLDRESOLUTE HLDGS MGMT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 540,002 shares; 2025Q2: 581,884 shares; 2025Q3: 582,152 shares; 2025Q4: 543,969 shares 543,969$112M2.81%-38,183Timeline
WMWASTE MGMT INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 408,479 shares; 2024Q4: 540,004 shares; 2025Q1: 738,423 shares; 2025Q2: 475,677 shares; 2025Q3: 470,881 shares; 2025Q4: 448,341 shares 448,341$98.5M2.47%-22,540Timeline
REZIRESIDEO TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,179,614 shares; 2025Q4: 2,649,691 shares 2,649,691$93.1M2.33%+1,470,077Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 303,526 shares; 2024Q4: 300,248 shares; 2025Q1: 385,452 shares; 2025Q2: 425,920 shares; 2025Q3: 243,441 shares; 2025Q4: 338,038 shares 338,038$89.5M2.24%+94,597Timeline
SHWSHERWIN WILLIAMS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 137,601 shares; 2025Q4: 269,595 shares 269,595$87.4M2.19%+131,994Timeline
NKENIKE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 547,481 shares; 2024Q4: 1,159,902 shares; 2025Q1: 1,418,917 shares; 2025Q2: 1,926,739 shares; 2025Q3: 1,861,101 shares; 2025Q4: 1,282,705 shares 1,282,705$81.7M2.05%-578,396Timeline
SUSUNCOR ENERGY INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,763,193 shares; 2024Q4: 2,740,637 shares; 2025Q1: 2,441,657 shares; 2025Q2: 2,301,686 shares; 2025Q3: 2,250,426 shares; 2025Q4: 1,784,089 shares 1,784,089$79.1M1.98%-466,337Timeline
NOWSERVICENOW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 44,184 shares; 2025Q3: 88,585 shares; 2025Q4: 448,310 shares 448,310$68.7M1.72%+359,725Timeline
CPCANADIAN PACIFIC KANSAS CITYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,221,713 shares; 2024Q4: 1,206,354 shares; 2025Q1: 1,340,162 shares; 2025Q2: 1,568,150 shares; 2025Q3: 883,111 shares; 2025Q4: 888,326 shares 888,326$65.4M1.64%+5,215Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 97,395 shares 97,395$64.3M1.61%newTimeline
AXTAAXALTA COATING SYS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,041,779 shares; 2024Q4: 3,392,644 shares; 2025Q1: 3,913,488 shares; 2025Q2: 3,240,856 shares; 2025Q3: 3,472,354 shares; 2025Q4: 1,983,338 shares 1,983,338$64.1M1.6%-1,489,016Timeline
ELVELEVANCE HEALTH INC FORMERLYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 238,445 shares; 2024Q4: 257,043 shares; 2025Q1: 325,171 shares; 2025Q2: 325,825 shares; 2025Q3: 143,171 shares; 2025Q4: 142,053 shares 142,053$49.8M1.25%-1,118Timeline
APOAPOLLO GLOBAL MGMT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 783,012 shares; 2024Q4: 492,749 shares; 2025Q1: 431,320 shares; 2025Q2: 447,236 shares; 2025Q3: 400,974 shares; 2025Q4: 336,837 shares 336,837$48.8M1.22%-64,137Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 92,099 shares; 2024Q4: 74,484 shares; 2025Q1: 95,798 shares; 2025Q2: 66,737 shares; 2025Q3: 80,660 shares; 2025Q4: 68,660 shares 68,660$34.5M0.86%-12,000Timeline
BRK-ABERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 31 shares; 2024Q4: 26 shares; 2025Q1: 24 shares; 2025Q2: 24 shares; 2025Q3: 24 shares; 2025Q4: 24 shares 24$18.1M0.45%0Timeline

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
SPYSTATE STR SPDR S&P 500 ETF T SHSput103,500$70.6M-369,000
LINLINDE PLC COMcall69,000$29.4Mnew
MSFTMICROSOFT CORP COMcall32,000$15.5Mnew
PCGPG&E CORP Stockcall888,000$14.3M0
ABTABBOTT LABORATORIES COMcall113,500$14.2M0
CZRCAESARS ENTERTAINMENT INC NE COMcall18,400$430K0

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
AMRZAMRIZE LTD761,948$37Mshares
SGUSTAR GROUP LP138,600$1.64Mshares
FIXCOMFORT SYS USA INC990$817Kshares
SEESEALED AIR CORP NEW22,315$789Kshares
GEGE AEROSPACE2,485$748Kshares
URIUNITED RENTALS INC750$716Kshares
EXPDEXPEDITORS INTL WASH INC5,825$714Kshares
CMICUMMINS INC1,645$695Kshares
TDYTELEDYNE TECHNOLOGIES INC1,175$689Kshares
CCKCROWN HLDGS INC7,120$688Kshares
PKGPACKAGING CORP AMER3,155$688Kshares
EMNEASTMAN CHEM CO10,890$687Kshares
WTSWATTS WATER TECHNOLOGIES INC2,430$679Kshares
PCARPACCAR INC6,530$642Kshares
TTTRANE TECHNOLOGIES PLC1,490$629Kshares
BLDTOPBUILD COR1,585$620Kshares
BALLBALL CORP12,180$614Kshares
IFFINTERNATIONAL FLAVORS&FRAGRA9,815$604Kshares
GPKGRAPHIC PACKAGING HLDG CO26,945$527Kshares

How Q4 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 0001349434-26-000001 base2026-02-11acceptance time not in the bulk data set