Deep value

Clifford Sosin

Q2 2026 13F: 6 holdings worth about $1.9B; that quarter 2 new, 0 added, 3 trimmed, 1 sold out.

Firm: Cas Investment Partners, LLC
Filer: CAS Investment Partners, LLC CIK 1697591
Last filed: Aug 14, 2026 | Deep value | Counted in this quarter’s totals

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

Rule numbers (Q2 2026): 6 holdings, top 10 = 100%, stocks $1.9B, options 0%; all four rules met
Source for the value approach: Form ADV Part 2A Brochure (CAS Investment Partners, LLC (filed with the SEC), 2026-03-31, p. 8): “Buying assets for substantially less than they are worth” (checked 2026-10-11)

Full selection rules →

13F value

$1.9B

previous $1.7B (+7.7%)

Holdings

2 new / 1 sold out

Net deploymentest.

−0.2%

est. net buying ÷ last quarter’s portfolio

Top-10 concentration

100%

overlap with the composite 4%

Turnoverest.

6.5%

held 15 quarters on average

Trades in Q2 2026

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

Move	Company	Change in shares	Change %	Position shift (pts)	Start → end price	Est. trade price
Sold out	COFCapital One Financial Corp	−575.5K	—	−6.13	$182.43 → $200.62	$191.53
New	METAMeta Platforms, Inc	+136.2K	—	+4.08	$572.13 → $563.29	$567.71
New	VACMarriott Vacations World	+400.0K	—	+2.16	— → $101.88	—
Trimmed	CVNACarvana Co	−146.9K	−1%	−0.51	$314.65 → $65.82	$190.23
Trimmed	HGVHilton Grand Vacations Inc	−33.0K	−1%	−0.09	$39.12 → $52.37	$45.75
Trimmed	SWIMLatham Group, Inc	−5.9K	−1%	−0.00	$5.37 → $6.47	$5.92

All Holdings (6 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

Company	Sector	Weight (prev.)	Shares	Value	This quarter	First bought	Quarters held	Est. avg cost	Quarter-end price	vs cost	History
CVNACarvana Co	Consumer discretionary	78.9%81.7%	22.56M	$1.5B	Trimmed −1%	Q1 2018	34	$8.64est.	$65.82	+662%	History
HGVHilton Grand Vacations Inc	Consumer discretionary	14.5%11.7%	5.21M	$272.7M	Trimmed −1%	Q3 2021	20	$45.51est.	$52.37	+15%	History
METAMeta Platforms, Inc	Information technology	4.1%—	136.2K	$76.7M	New	Q2 2026	1	$567.71est.	$563.29	−1%	History
VACMarriott Vacations World	Real estate	2.2%—	400.0K	$40.8M	New	Q2 2026	1	$101.88est.	$101.88	0%	History
SWIMLatham Group, Inc	Materials	0.3%0.3%	922.6K	$6.0M	Trimmed −1%	Q3 2025	4	$7.61est.	$6.47	−15%	History
—Cardlytics Inc	Unclassified	0.1%0.3%	471.0K	$2.1M	Unclear	Q2 2019	29	$41.62est.	$4.49	−89%

III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%

Over Time

From Q4 2017, 35 quarters (this giant’s electronic 13F filings).

13F Value

Holdings

Top-10 Concentration

Turnover (Est.)

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 35 Quarters

Quarter	Holdings	New	Sold out	13F value	Turnover	Net deployment	SEC
Q2 2026	6	2	1	$1.9B	6.5%	−0.2%	13F-HR
Q1 2026	5	0	0	$1.7B	0.0%	−1.3%	13F-HR
Q4 2025	5	0	0	$2.3B	0.0%	−6.5%	13F-HR
Q3 2025	5	1	0	$2.2B	0.4%	−0.6%	13F-HR
Q2 2025	4	0	0	$2.1B	0.0%	−13.8%	13F-HR
Q1 2025	4	0	0	$1.5B	0.0%	−11.2%	13F-HR
Q4 2024	4	0	1	$1.7B	0.3%	−1.4%	13F-HR
Q3 2024	5	0	0	$1.5B	1.3%	−1.3%	13F-HR
Q2 2024	5	0	0	$1.3B	0.6%	−0.4%	13F-HR
Q1 2024	5	0	0	$1.1B	2.8%	−4.7%	13F-HR
Q4 2023	5	0	0	$826.7M	2.6%	−0.3%	13F-HR
Q3 2023	5	0	0	$780.0M	0.0%	0.0%	13F-HR
Q2 2023	5	0	0	$656.8M	0.0%	−1.3%	13F-HR
Q1 2023	5	0	1	$487.5M	4.2%	−2.0%	13F-HR
Q4 2022	6	1	0	$418.7M	2.7%	+0.2%	13F-HR
Q3 2022	5	0	0	$547.7M	0.0%	+0.3%	13F-HR
Q2 2022	5	0	1	$659.5M	5.7%	−0.8%	13F-HR
Q1 2022	6	0	0	$1.5B	0.3%	+0.8%	13F-HR
Q4 2021	6	0	0	$1.9B	0.0%	+4.5%	13F-HR
Q3 2021	6	1	1	$2.1B	17.3%	−1.0%	13F-HR
Q2 2021	6	0	0	$2.4B	0.0%	0.0%	13F-HR
Q1 2021	6	0	0	$2.0B	0.0%	+4.2%	13F-HR
Q4 2020	6	0	0	$1.8B	1.4%	−4.8%	13F-HR
Q3 2020	6	0	0	$1.4B	0.0%	+7.5%	13F-HR
Q2 2020	6	0	0	$928.7M	0.5%	−7.9%	13F-HR
Q1 2020	6	0	0	$454.8M	0.0%	+25.7%	13F-HR
Q4 2019	6	0	0	$608.0M	0.0%	+16.5%	13F-HR
Q3 2019	6	2	1	$452.8M	11.0%	+16.7%	13F-HR
Q2 2019 *	5	1	0	$390.3M	9.2%	+3.8%	13F-HR
Q1 2019 *	4	0	1	$334.7M	5.6%	+1.2%	13F-HR
Q4 2018 *	5	0	0	$263.6M	0.0%	+1.6%	13F-HR
Q3 2018 *	5	0	0	$329.0M	0.0%	+1.6%	13F-HR
Q2 2018 *	5	0	0	$287.7M	0.4%	+19.2%	13F-HR
Q1 2018 *	5	1	3	$229.1M	24.3%	+1.0%	13F-HR
Q4 2017 *	7	0	0	$181.7M	—	—	13F-HR

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

Company	Held	Peak weight	Company since
COFCapital One Financial Corp	Q4 2022 – Q2 2026	9%	—
WRLDWorld Acceptance Corp	Q4 2017 – Q4 2024	28%	Still filing with the SEC
PRTYQParty City Holdco Inc	Q3 2019 – Q1 2023	6%	Bankruptcy filing while held or within 2 years of the sale Jan 18, 2023
HLFHerbalife Ltd	Q4 2017 – Q2 2022	25%	—
HOMEAt Home Group Inc	Q3 2019 – Q3 2021	18%	Acquired or delisted Jul 28, 2021
CACCCredit Acceptance Corp	Q4 2017 – Q3 2019	16%	—