Saraza Management, LP

Q3 2025 13F-HR Holdings

Location
New York, NY
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
14
Total value ($000)
$280,698
Net value change ($000)
-133,300 (-32.2%)
New positions
2
Sold out positions
6
Turnover %
52.6%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/13/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
LPLA 16,635 NEW
UNP 15,128 NEW
V 6,281 44.2%
MSFT 230 0.9%
Top Reduces (Value $000, Stocks/ETFs)
GEHC -25,184 -100.0%
CSX -21,210 -100.0%
TRU -18,040 -100.0%
CPNG -17,227 -100.0%
WDAY -17,160 -100.0%
EXPE -17,037 -100.0%
INTU -16,822 -53.4%
ATI -9,253 -35.1%
BN -7,090 -24.1%
AON -6,879 -23.6%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type