Black Creek Investment Management's Q1 2026 13F is a $1.86B, 25-position globally diversified portfolio undergoing its most active quarter in recent history: AUM fell from $2.02B in Q4 2025 to $1.86B in Q1 2026 (-$152M, -7.5%), primarily from mark-to-market declines across holdings rather than from net-selling. The quarter's 29 total changes (2 new, 4 sold, 8 increased, 14 decreased, 1 unchanged) is the portfolio's highest quarterly turnover rate, reflecting a thematic rebalancing away from secular-growth technology (PayPal, Baidu, Gartner, Uber, Lam) and healthcare (Elanco, Nutrien, Nice, Grifols, Cencora) names that declined in value and toward the portfolio's traditional consumer-and-materials-and-professional-services core. The headline reductions are Nutrien (-66.0% shares, -$92.5M, from 2.55M to 867K shares -- the most dramatic position cut in the filing), PayPal (-1.2% shares but -$44.0M in value, -23.6% overall account value from $187.6M to $143.5M), PriceSmart (-28.9% shares, -$25.7M from $201.0M to $175.3M, a significant trim from what was Q4's fifth-largest position), Grifols (-9.4% shares, -$19.3M), and Baidu (+4.4% shares but -$12.8M in value, combined with other decreases totaling 14 reduced positions). The largest increases are Gartner (+6,329% shares from 9,904 to 636,762 -- effectively a NEW position built in a single quarter despite the CUSIP carrying over from a prior de minimis holding, costing roughly $98.3M at Q1 prices versus just $2.5M in Q4), Eagle Materials (+54.9% shares, +$43.5M from $103.8M to $147.3M -- a new-conviction construction-materials opening or massive scale-up), Brown-Forman (+3.3% shares), Cemex (+13.8% shares), Aramark (-17.5% shares, the portfolio's only notable consumer-decrease in the top tier), Alphabet (-15.0%, a minor reduction from 70,595 to 59,994 shares in a $17.3M holding), Uber (-22.2%), Lam Research (-40.1%), and Booz Allen (+6.1%). Two new opens: Cencora ($15.8M, 50,421 shares, a pharmacy-benefits-and-distribution name) and Sunbelt Rentals ($14.6M, 223,792 shares, an equipment-rental name). Four sold positions: CDW ($91.3M business-technology, sold completely), Cencora ($15.8M, also sold -- but the API shows a $15.8M NEW opening simultaneously, suggesting a prior CUSIP-crossing corporate action or CUSIP-level split that the system treats as simultaneous new-and-sold), Fiserv ($9.4M, fintech), and Thermo Fisher ($348K, life-sciences). The single unchanged position is FTI Consulting ($194.3M, 1.10M shares). A 77.25 whaleScore on $1.86B reflects moderate AUM and a 25-position structure with no extreme single-name concentration (the largest position is Elanco at 13.5%). The portfolio's identity is best read as a global-diversification, consumer-and-healthcare-and-materials fund that completed a significant Q1 rotation: reducing secular-growth and commodity positions that had been built up in prior cycles (Nutrien, PayPal, PriceSmart, Baidu, Gartner-as-tail, Grifols, Nice) and rebuilding exposure in the name-brand consumer-and-construction-and-professional-services names (Eagle Materials, Brown-Forman, Cemex, Booz Allen, FTI, PriceSmart partially rebuilt) that define the firm's traditional philosophy.
The six anchor positions frame the rotation's origin-and-destination. Elanco Animal Health ($251.1M, 13.5%, 10.5M shares, essentially flat at +0.1M shares despite a $0.8M value increase) -- animal-health-and-pharmaceuticals (spun out of Eli Lilly) -- was held at the portfolio's largest weight with no change in strategy. Elanco's stability-through-rotation profile makes it the portfolio's steady-state core: it is both a healthcare-and-agribusiness compounder and a relatively defensive holding that does not require active quarterly management. Booz Allen Hamilton ($207.4M, 11.1%, 2.66M shares, +6.1% shares, +$3.9M despite value decline) -- government-and-defense consulting-and-technology -- was increased on a share basis; its value declined because Booz Allen's stock was weak in Q1. Booz Allen is a natural Black Creek fit: government-contract-driven, recession-resilient, with a strong balance sheet and a government-services-and-cybersecurity franchise. FTI Consulting ($194.3M, 10.4%, 1.10M shares, the portfolio's ONLY unchanged position) -- forensic-and-financial-and-strategic consulting -- was held absolutely steady, an extraordinary event in a quarter of 28 other changes. FTI's complete stillness is the only stable reference point in this filing and suggests the manager views FTI as the portfolio's true core: when everything else is being rotated, FTI stays. PriceSmart ($175.3M, 9.4%, 1.16M shares, -28.9% shares, -$25.7M from $201.0M) -- warehouse-club-retail-in-Latin-America -- was significantly trimmed after being one of Q4's largest positions. The trim is the largest single reduction in the consumer portion of the book. Eagle Materials ($147.3M, 7.9%, 777,546 shares, +54.9% shares, +$43.5M from $103.8M) -- construction-and-wallboard-materials -- was the second-largest increase in the filing and is the clearest new-conviction opening: the position went from a mid-tier holding to the portfolio's fifth-largest position in a single quarter. Eagle Materials benefits from US residential-and-commercial construction activity and from infrastructure spending. PayPal ($143.5M, 7.7%, 3.17M shares, -1.2% shares but -$44.0M overall value, -23.6% mark-to-market decline) -- digital-payments -- was reduced in value despite minimal share change; PayPal's Q1 stock-price weakness drove the decline.
The second tier -- Brown-Forman, Baidu, Gartner, Aramark, Alphabet, and Nutrien -- carries the rotation's most dramatic trades. Brown-Forman ($139.0M, 7.5%, 5.26M shares, +3.3% shares, +$6.4M mark-to-market increase) -- spirits-and-alcoholic-beverages -- was slightly increased. Brown-Forman is a classic quality-consumer-and-dividend compounder: Jack Daniel's-and-Finn-the-whiskey franchise with global distribution and a strong balance sheet. Baidu ($103.8M, 5.6%, 931,956 shares, +4.4% shares, -$12.8M value decline) -- Chinese AI-and-search-and-autonomous-driving technology -- was increased on a share basis despite significant mark-to-market weakness. The Baidu add into weakness is a China-tech contrarian bet: the manager is accumulating Chinese AI at what it views as distressed valuations. Gartner ($100.8M, 5.4%, 636,762 shares, +6,329% shares from 9,904 -- a $98.3M NEW position built in one quarter) -- IT-research-and-advisory -- is the filing's most spectacular trade: what Q4's API showed as a de minimis 9,904-share holding in Q4 became a material top-10 position in Q1 at 636,762 shares. This is not a traditional increase -- it is effectively a new opening executed in a single quarter at a cost basis near $98M. Gartner is a premium IT-services-and-research franchise with pricing power and subscription revenue; the manager built this position aggressively. Aramark ($22.0M, 1.2%, -17.5% shares, -$2.2M) -- food-and-facilities-services -- was reduced; the position has been a stable consumer-services holding but the manager trimmed it at the margin to fund other adds. Alphabet ($17.3M, 0.9%, -15.0%, 59,994 shares, -$4.8M) -- communication-services-and-search -- was reduced slightly from an already-de minimis base. Nutrien ($65.3M, 3.5%, 867,438 shares, -66.0% shares, -$92.5M from $157.8M) -- fertilizer-and-agrichemicals -- was the most dramatic position cut in the filing: the manager reduced its share count by 1.69M shares (from 2.55M to 867K), converting what was a top-10 position into a small satellite. Nutrien's reduction reflects the manager's view that the fertilizer-and-agrichemical cycle has served its purpose and that capital is better redeployed.