SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Saraza Management, LP

CIK 0001894188 · 125 EAST 56TH STREET, 28TH FLOOR, NEW YORK, NY, 10022 · 646-860-0181

Reported Value
$281M
Q3 2025
Positions
14
Filings on Record
18
2019–present window
Filed
Nov 14, 2025
original filing

Summary

Saraza Management, LP reported $281M in U.S.-listed holdings across 14 positions for Q3 2025.

Its largest position, TSM, represents 9.0% of the portfolio.

Compared with Q2 2025, the fund opened 2 new positions and exited 6.

Portfolio Metrics

Turnover
+11.0%
vs prior filed quarter
Top-10 Concentration
+77.8%
share of reported value
Largest Position
+9.0%
Taiwan Semiconductor Mfg
New / Exited
2 / 6
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 ’21: $1.1BQ4 ’21Q1 ’22: $891MQ2 ’22: $788MQ2 ’22Q3 ’22: $662MQ4 ’22: $756MQ4 ’22Q1 ’23: $604MQ1 ’24: $435MQ1 ’24Q4 ’24: $359MQ1 ’25: $335MQ1 ’25Q2 ’25: $414MQ3 ’25: $281MQ3 ’25Q4 ’25: $259MQ1 ’26: $239MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 77.4%Other: 13.6%ADR: 9.0%
  • Common Stock · 77.4% · $217M
  • Other · 13.6% · $38M
  • ADR · 9.0% · $25M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
LPLALPL FINL HLDGS INCNEW+50.0K50.0K+$17M$17M
UNPUNION PAC CORPNEW+64.0K64.0K+$15M$15M
GEHCGE HEALTHCARE TECHNOLOGIES ISOLD OUT−340.0K0−$25M$0
CSXCSX CORPSOLD OUT−650.0K0−$21M$0
TRUTRANSUNIONSOLD OUT−205.0K0−$18M$0
CPNGCOUPANG INCSOLD OUT−575.0K0−$17M$0
WDAYWORKDAY INCSOLD OUT−71.5K0−$17M$0
EXPEEXPEDIA GROUP INCSOLD OUT−101.0K0−$17M$0

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

Holdings — Q3 2025

14 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TSMTAIWAN SEMICONDUCTOR MFG LTDhistory →SPONSORED ADS8.95%$25M90.0K
2MSFTMICROSOFT CORPhistory →COM8.76%$25M47.5K
3AMZNAMAZON COM INChistory →COM8.21%$23M105.0K
4COFCAPITAL ONE FINL CORPhistory →COM7.95%$22M105.0K
5BNBROOKFIELD CORPhistory →CL A LTD VT SH7.94%$22M325.0K
6AON PLCSHS CL A7.94%$22M62.5K
7DHRDANAHER CORPORATIONhistory →COM7.77%$22M110.0K
8VVISA INChistory →COM CL A7.30%$20M60.0K
9APHAMPHENOL CORP NEWhistory →CL A6.83%$19M155.0K
10ATDATI INChistory →COM6.09%$17M210.0K
11LPLALPL FINL HLDGS INChistory →COM5.93%$17M50.0K
12NU HLDGS LTDORD SHS CL A5.70%$16M1.00M
13UNPUNION PAC CORPhistory →COM5.39%$15M64.0K
14INTUINTUIThistory →COM5.23%$15M21.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$239M20May 14, 202613F-HRchanges · EDGAR ↗
Q4 2025$259M15Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$281M14Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$414M18Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$335M22May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$359M17Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024Under review17Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024Under review13Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$435M17May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023Under review15Feb 14, 202413F-HRchanges · EDGAR ↗
Q2 2023Under review11Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$604M9May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$756M8Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$662M5Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$788M3Jul 25, 202213F-HRchanges · EDGAR ↗
Q1 2022$891M4May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.1B5Feb 14, 202213F-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 ↗.