SEC 13F Intelligence

Notable Investors / Q1 2026

Clifford Sosin’s Portfolio — CAS Investment Partners, LLC

Founder, CAS Investment Partners

CIK 0001697591 · 8 WRIGHT STREET, FLOOR 1, WESTPORT, CT, 06880 · 212-804-7660

About Clifford Sosin

Clifford Sosin runs CAS Investment Partners, known for extreme concentration in a few deeply researched consumer and financial businesses — most famously an enormous, years-long position in Carvana held through its near-death 2022 drawdown and historic recovery.

The CAS 13F rarely exceeds a handful of positions; sizing, not breadth, is the entire strategy.

Portfolio data below is from CAS Investment Partners, LLC’s SEC 13F filings. View the full filer page →

Reported Value
$1.7B
Q1 2026
Positions
5
Filings on Record
30
2019–present window
Filed
May 15, 2026
original filing

Summary

Cas Investment Partners, LLC reported $1.7B in U.S.-listed holdings across 5 positions for Q1 2026.

The portfolio is heavily concentrated: CVNA alone accounts for 81.7% of reported value.

Compared with Q4 2025, the fund opened 2 new positions and exited 2.

Portfolio Metrics

Turnover
+10.3%
vs prior filed quarter
Largest Position
+81.7%
Carvana
New / Exited
2 / 2
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $264MQ4 ’18Q1 ’19: $335MQ2 ’19: $390MQ3 ’19: $453MQ4 ’19: $608MQ4 ’19Q1 ’20: $455MQ2 ’20: $929MQ3 ’20: $1.4BQ4 ’20: $1.8BQ4 ’20Q1 ’21: $2.0BQ2 ’21: $2.4BQ3 ’21: $2.1BQ4 ’21: $1.9BQ4 ’21Q1 ’22: $1.5BQ2 ’22: $659MQ3 ’22: $548MQ4 ’22: $419MQ4 ’22Q1 ’23: $488MQ2 ’23: $657MQ3 ’23: $780MQ4 ’23: $827MQ4 ’23Q1 ’24: $1.1BQ2 ’24: $1.3BQ3 ’24: $1.5BQ4 ’24: $1.7BQ4 ’24Q1 ’25: $1.5BQ2 ’25: $2.1BQ3 ’25: $2.2BQ4 ’25: $2.3BQ4 ’25Q1 ’26: $1.7Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 100.0%
  • Common Stock · 100.0% · $1.7B

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
HGVHILTON GRAND VACATIONS INCNEW+5.24M5.24M+$205M$205M
CDLXEURCARDLYTICS INCNEW+5.20M5.20M+$5M$5M
HILTON GRAND VACATIONSSOLD OUT−5.32M0−$238M$0
CARDLYTICS, INC.SOLD OUT−5.20M0−$6M$0
CVNACARVANA COHELD−68.9K4.54M−$518M$1.4B
COFCAPITAL ONE FINL CORPHELD−8.6K575.5K−$37M$105M
SWIMLATHAM GROUP INCHELD−13.9K928.5K−$997,934$5M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

5 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CVNACARVANA COhistory →CL A81.67%$1.4B4.54M
2HGVHILTON GRAND VACATIONS INChistory →COM11.73%$205M5.24M
3COFCAPITAL ONE FINL CORPhistory →COM6.01%$105M575.5K
4CDLXEURCARDLYTICS INChistory →COM0.31%$5M5.20M
5SWIMLATHAM GROUP INChistory →COM0.29%$5M928.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$1.7B5May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$2.3B5Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$2.2B5Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$2.1B4Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$1.5B4May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.7B4Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$1.5B5Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$1.3B5Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$1.1B5May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$827M5Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$780M5Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$657M5Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$488M5May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$419M6Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$548M5Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$659M5Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.5B6May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.9B6Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$2.1B6Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$2.4B6Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$2.0B6May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.8B6Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.4B6Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$929M6Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$455M6May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$608M6Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$453M6Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$390M5Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$335M4May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$264M5Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.