GREENOAKS CAPITAL PARTNERS LLC

The decrease list (5 positions) is longer than the increase list (2 positions), and the decrease list includes some of the portfolio's largest weightings. That pattern — trimming winners rather than holding through valuation expansion — is the signature of a manager who anchors positions to intrinsic-value estimates rather than momentum. The new position added this quarter is the qualitative offset: a fresh name entering the book at a meaningful size represents genuine research deployment rather than index-driven drift.

GREENOAKS's approach is fundamentally about the gap between price and value. For a reader reviewing this filing, the most productive question is: which names did GREENOAKS hold through Q1 despite valuation pressure, and which did it trim? The answer — read across the decrease list versus the unchanged positions — separates the high-conviction core from the opportunistic sleeve.