Name: Linonia Partnership LP 13F Holdings
Creator: 13F Insight

AI Analysis · Q1 2026

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.

The EchoStar position is the single most dramatic movement in this filing and the one that most clearly structures the others. EchoStar is a satellite-communications company that operates the DISH Network wireless and satellite-TV services and which, through its Hughes Network Systems subsidiary, provides satellite broadband to rural and enterprise customers. The portfolio had built EchoStar from a small position into 6.1 million shares worth $665 million at year-end 2025, representing 15.1% of the book — a large single-name allocation that reflected a thesis on satellite-communications recovery as DISH's spectrum assets appreciated and Hughes broadband demand grew. Q1 2026 was not a kind quarter for that thesis: DISH's subscriber-count declines continued, spectrum monetization remained uncertain, and Hughes faced competitive pressure from SpaceX's Starlink in the rural broadband segment. The $584 million reduction — to just 695,000 shares remaining — is the kind of near-total exit that signals the investment thesis has been abandoned rather than merely paused. The timing, in the middle of a challenging industry backdrop and near a price low, is a further indication that the manager took a realized loss rather than wait for a thesis re-assertion. The EchoStar exit effectively funded a substantial portion of the portfolio's new allocations in Q1.

Guidewire Software at $1.14 billion and up 42.7% in shares, and Veeva Systems at $866 million and up 75.9% in shares, are the two positions that absorbed most of the liberated capital. Guidewire is a California-based provider of cloud-based software for the property-and-casualty insurance industry — policy administration, billing, and claims management systems that have been migrating from on-premise deployments to SaaS over the last decade. The 42.7% increase in share count from 5.36 million to 7.65 million shares represents a decisive addition at a time when insurance-company technology spending has been prioritizing Go-to-market efficiency over legacy-system replacement. The case for Guidewire at this size rests on the same dynamics that drove the original investment: P&C carriers are consolidating systems and moving to cloud-native architectures, and Guidewire's market position in mid-market and commercial lines carriers gives it a long runway of land-and-expand revenue growth.

Quarter at a glance — Q1 2026

Top 10 holdings

Filing history