KR Capital LP

KR Capital LP's first-ever 13F filing reveals a concentrated $499 million, 49-stock book built around a single connecting idea: outsourced services rather than the underlying businesses being served. The top three holdings — Aramark (10.1%), Performance Food Group (8.0%), and Life Time Group Holdings (6.6%) — together make up nearly a quarter of the portfolio and span food-service outsourcing, foodservice distribution, and premium fitness-club operations, three different ways to bet that companies and consumers increasingly pay someone else to run their cafeterias, supply their kitchens, or manage their workout experience. The same logic extends further down the book: Primoris Services and Dycom Industries provide infrastructure construction and telecom-buildout services rather than owning the grid or network themselves, while SLB and Baker Hughes service oil wells rather than producing the oil. A separate cluster of moat-protected, structurally advantaged businesses — Visa, Equinix, S&P Global, Verisign, Intuit — rounds out the top 20. As a first filing, there's no prior quarter to compare against, but the thesis is legible from the holdings alone: a manager paying up for companies that profit from other companies outsourcing operational complexity.