In its second-quarter 13F filing, Clifford Sosin's CAS Investment Partners revealed a significant increase in its portfolio concentration, with total assets rising to $1.88 billion. The filing, which reflects holdings as of June 30, 2026, shows the fund's top five positions now account for nearly all of its reported value, underscoring a highly concentrated investment strategy.
The most dramatic change was a massive increase in the fund's top holding, Carvana (CVNA). CAS nearly quintupled its share count from 4.54 million to 22.56 million, making the online auto retailer a $1.48 billion position that now constitutes 78.85% of the entire portfolio. This high-conviction addition was paired with a complete exit from its $575.55K stake in financial services company Capital One (COF), which previously represented over 6% of the fund's assets.
CAS also initiated two new medium-sized positions during the quarter. The fund newly acquired 136.25K shares of Meta Platforms (META) for $76.75 million, establishing a 4.08% portfolio weight. It also opened a new stake in Marriott Vacations (VAC) worth $40.75 million, giving it a 2.16% weight. These new additions, combined with the major shift in its Carvana holding, signal a significant strategic realignment for the value-focused investment manager.