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Route One Investment Company, L.P.

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13F filer, CIK 1512171, San Francisco, CA

Route One Investment Company, L.P. reported $2,692,059,269 across 16 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 87.37% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000935836-26-000110

Period
2025-12-31
Reported value
$2.69B
Holdings
16
Top 10 weight
87.37%
New
3
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ESSnew+532,977$139M
VISTnew+1,024,200$49.8M
TBBBadded+1,307,079$43.6M
KRCadded+315,761$11.8M
HLFadded+633,185$8.16M

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
BRBRexited-2,302,856-$83.7M
CRMexited-338,650-$80.3M
NYTreduced-593,950-$41.2M
SCHWreduced-405,850-$40.5M
AMZNreduced-138,550-$32M

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 0000935836-26-000110, largest first. % of portfolio is the value over $2,396,667,269, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GWREGUIDEWIRE SOFTWARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,865,580 shares; 2024Q4: 2,251,430 shares; 2025Q1: 2,051,430 shares; 2025Q2: 1,818,009 shares; 2025Q3: 1,818,009 shares; 2025Q4: 1,670,414 shares 1,670,414$336M14.01%-147,595Timeline
POSTPOST HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,372,639 shares; 2024Q4: 4,174,539 shares; 2025Q1: 4,048,439 shares; 2025Q2: 3,413,918 shares; 2025Q3: 3,432,918 shares; 2025Q4: 3,136,468 shares 3,136,468$311M12.96%-296,450Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,540,400 shares; 2024Q4: 1,434,800 shares; 2025Q1: 1,276,550 shares; 2025Q2: 1,276,550 shares; 2025Q3: 1,276,550 shares; 2025Q4: 1,138,000 shares 1,138,000$263M10.96%-138,550Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,025,380 shares; 2024Q4: 850,380 shares; 2025Q1: 745,380 shares; 2025Q2: 745,380 shares; 2025Q3: 745,380 shares; 2025Q4: 689,080 shares 689,080$216M9.02%-56,300Timeline
NYTNEW YORK TIMES CO MTN BEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,794,259 shares; 2024Q4: 3,794,259 shares; 2025Q1: 3,699,259 shares; 2025Q2: 3,699,259 shares; 2025Q3: 3,699,259 shares; 2025Q4: 3,105,309 shares 3,105,309$216M8.99%-593,950Timeline
SCHWCHARLES SCHWAB CORP (THE)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,712,843 shares; 2024Q4: 3,273,943 shares; 2025Q1: 3,373,943 shares; 2025Q2: 2,515,343 shares; 2025Q3: 2,244,193 shares; 2025Q4: 1,838,343 shares 1,838,343$184M7.66%-405,850Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 435,600 shares; 2024Q4: 435,600 shares; 2025Q1: 435,600 shares; 2025Q2: 470,300 shares; 2025Q3: 507,300 shares; 2025Q4: 507,300 shares 507,300$167M6.99%0Timeline
TMOTHERMO FISHER SCIENTIFIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 210,880 shares; 2024Q4: 232,430 shares; 2025Q1: 232,430 shares; 2025Q2: 293,380 shares; 2025Q3: 293,380 shares; 2025Q4: 263,600 shares 263,600$153M6.37%-29,780Timeline
ESSESSEX PPTY TR 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: 532,977 shares 532,977$139M5.82%newTimeline
KRCKILROY REALTY 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: 1,000,900 shares; 2025Q3: 2,619,611 shares; 2025Q4: 2,935,372 shares 2,935,372$110M4.58%+315,761Timeline
HLFHERBALIFE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,631,411 shares; 2024Q4: 4,120,884 shares; 2025Q1: 4,735,388 shares; 2025Q2: 6,159,138 shares; 2025Q3: 7,528,938 shares; 2025Q4: 8,162,123 shares 8,162,123$105M4.39%+633,185Timeline
PCORPROCORE TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 557,050 shares; 2024Q4: 557,050 shares; 2025Q1: 918,205 shares; 2025Q2: 918,205 shares; 2025Q3: 918,205 shares; 2025Q4: 918,205 shares 918,205$66.8M2.79%0Timeline
VISTVISTA ENERGY S.A.B. DE C.V.Quarterly 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: 1,024,200 shares 1,024,200$49.8M2.08%newTimeline
TBBBBBB FOODS 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: 78,117 shares; 2025Q4: 1,385,196 shares 1,385,196$46.3M1.93%+1,307,079Timeline
VEEVVEEVA SYS 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: 155,100 shares; 2025Q3: 155,100 shares; 2025Q4: 155,100 shares 155,100$34.6M1.44%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
IWMISHARES TR SHSput1,200,000$295Mnew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
GOOGLALPHABET INC800,000$194Mput
BRBRBELLRING BRANDS INC2,302,856$83.7Mshares
CRMSALESFORCE INC338,650$80.3Mshares
HERBALIFE LTDHERBALIFE LTD59,525,000$56.2Mprincipal
GOOGLALPHABET INC19,960$4.85Mshares

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 0000935836-26-000110 base2026-02-17acceptance time not in the bulk data set