SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Saraza Management, LP

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

Reported Value
$259M
Q4 2025
Positions
15
Filings on Record
18
2019–present window
Filed
Feb 13, 2026
original filing

Summary

Saraza Management, LP reported $259M in U.S.-listed holdings across 15 positions for Q4 2025.

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

Compared with Q3 2025, the fund opened 2 new positions and exited 1.

Portfolio Metrics

Turnover
+13.1%
vs prior filed quarter
Top-10 Concentration
+74.2%
share of reported value
Largest Position
+9.0%
Visa
New / Exited
2 / 1
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: 73.9%Other: 20.0%ADR: 6.1%
  • Common Stock · 73.9% · $191M
  • Other · 20.0% · $52M
  • ADR · 6.1% · $16M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
WCNWASTE CONNECTIONS INCNEW+99.8K99.8K+$17M$17M
JOHNSON CTLS INTL PLCNEW+120.5K120.5K+$14M$14M
UNPUNION PAC CORPSOLD OUT−64.0K0−$15M$0
ATDATI INCTRIMMED−107.5K102.5K−$5M$12M
TSMTAIWAN SEMICONDUCTOR MFG LTDTRIMMED−37.8K52.3K−$9M$16M
BNBROOKFIELD CORPADDED+133.5K458.5K−$1M$21M
COFCAPITAL ONE FINL CORPTRIMMED−36.0K69.0K−$6M$17M
DHRDANAHER CORPORATIONTRIMMED−34.8K75.3K−$5M$17M

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

Holdings — Q4 2025

15 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VVISA INChistory →COM CL A9.05%$23M66.8K
2AON PLCSHS CL A8.82%$23M64.7K
3MSFTMICROSOFT CORPhistory →COM8.36%$22M44.8K
4BNBROOKFIELD CORPhistory →CL A LTD VT SH8.12%$21M458.5K
5AMZNAMAZON COM INChistory →COM7.93%$21M89.0K
6WCNWASTE CONNECTIONS INChistory →COM6.75%$17M99.8K
7DHRDANAHER CORPORATIONhistory →COM6.65%$17M75.3K
8COFCAPITAL ONE FINL CORPhistory →COM6.46%$17M69.0K
9TSMTAIWAN SEMICONDUCTOR MFG LTDhistory →SPONSORED ADS6.13%$16M52.3K
10APHAMPHENOL CORP NEWhistory →CL A5.90%$15M113.0K
11LPLALPL FINL HLDGS INChistory →COM5.71%$15M41.4K
12NU HLDGS LTDORD SHS CL A5.60%$15M866.5K
13JOHNSON CTLS INTL PLCSHS5.57%$14M120.5K
14ATDATI INChistory →COM4.54%$12M102.5K
15INTUINTUIThistory →COM4.41%$11M17.3K

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 ↗.