Linonia Partnership LP

Linonia Partnership's $5.38 billion 13F for March 2026 tells the story of a manager who radically reconfigured a software-and-media portfolio while adding $1.3 billion in net new capital. The headline trade is the near-total liquidation of the portfolio's former anchor: EchoStar Communications was reduced from 6.1 million shares to 695,000, an 88.6% cut that removed $584 million in value from a position that had represented 15.1% of the book one quarter prior. The timing — a quarter when satellite-communications valuations broadly faced headwinds from interest-rate sensitivity and capex concerns — suggests the manager took a significant loss while redeploying into names it considered more attractively valued. The capital freed by the EchoStar exit, combined with organic portfolio growth, funded a substantial reallocation toward the two positions that now anchor the book: Guidewire Software was increased by 42.7% to $1.14 billion and Veeva Systems was increased by 75.9% to $866 million, making both positions larger than anything EchoStar had ever been. Those two increases alone represent $306 million of new capital deployed into enterprise software names whose theses — insurance-industry digitization for Guidewire and cloud-based life-sciences infrastructure for Veeva — are structurally different from satellite broadband. The portfolio also added three entirely new positions that widen the thematic scope: the New York Times at $756 million makes the portfolio's largest new entry a media-and-subscription business, Tradeweb Markets at $328 million adds a fixed-income trading infrastructure name, and MercadoLibre at $225 million introduces a Latin American e-commerce and fintech platform. Liberty Media (FWONK) was increased by 282%, becoming a $233 million position and signaling continuing conviction in the streaming-and-formula-one assets that Liberty owns. The overall picture is a software-and-media vehicle that has left satellite communications behind in favor of a tighter, more enterprise-software-and-content-heavy mandate, deployed at a time when those sectors appeared undervalued relative to the portfolio's own prior purchasing prices.