SRS Investment Management, LLC

SRS Investment Management's Q1 2026 13F is a $9.47B, 29-position portfolio with essentially flat AUM (Q4 2025: $9.50B, Q1 2026: $9.47B, -$24.2M or -0.3%) -- one of the most stable quarters for a large active manager. The portfolio is dominated by consumer-discretionary and communication-services names. The defining trade is Credo Technology Group: +2,144% shares (111K → 2.5M shares, +$219.2M from $16.1M to $235.2M) -- the portfolio's largest absolute increase, a massive conviction add into the optical-and-electrical-connectivity name. Avis Budget Group ($2.54B, 26.9%, flat shares, +$305.6M valued appreciation from $2.24B) -- car-rental-and-used-vehicle-auction -- is the portfolio's anchor and largest position, with flat share count but significant mark-to-market appreciation. Netflix ($1.46B, 15.4%, flat) -- streaming -- held absolutely steady as the second-largest position. Other key anchors: Tapestry ($713M, 7.5%, +0.1% shares), NVIDIA ($436M, 4.6%, -24.2% shares, -$179.5M -- a significant reduction), Meta ($412M, 4.4%, -3.2%), Burlington Stores ($376M, 4.0%, +0.3%), Roblox ($373M, 3.9%, +124.7% shares, +$135.3M), Planet Fitness ($363M, 3.8%, +0.2%), AMD ($293M, 3.1%, -11.8%), Celestica ($286M, 3.0%, -5.1%), United Airlines ($268M, 2.8%, +0.3%), Twilio ($260M, 2.7%, -14.2%), Airbnb ($224M, 2.4%, -29.5%), Taiwan Semi ($172M, 1.8%, +0.3%), Five Below ($165M, 1.7%, NEW), Hut 8 ($145M, 1.5%, +10.0%), MongoDB ($129M, 1.4%, +0.3%), Spotify ($119M, 1.3%, +66.2%). Three new opens (Five Below $165M, SanDisk $22.3M, Coupang $21.1M) and five sold (PDD Holdings $115M, Fabrinet $64.3M, Home Depot $62M, CVS $48.6M, Lowe's $30.5M). The sector breakdown -- Consumer Cyclical $4.42B (46.7%), Technology $2.23B (23.6%), Communication Services $1.90B (20.1%), Unknown $403M (4.3%), Industrials $320M (3.4%), Financial Services $162M (1.7%), Healthcare $30M (0.3%) -- reflects a consumer-and-communications-focused mandate. The 76.00 whaleScore on $9.47B (just below 76.25) reflects AUM with moderate diversification. The Q1 2026 delta is best read as: SRS executed a near-flat-AUM quarter with high-conviction rotations -- dramatically adding Credo Technology (+2,144%, the defining trade), increasing Roblox (+124.7%), Spotify (+66.2%), Five Below (NEW at $165M), and the core consumer names, while reducing NVIDIA (-24.2%), Meta (-3.2%), Airbnb (-29.5%), Twilio (-14.2%), and AMD (-11.8%) -- a rotation WITHIN the consumer-and-communications mandate from legacy tech (AMD, NVIDIA partial) into growth consumer (Roblox, Spotify, Five Below, Planet Fitness) and connectivity infrastructure (Credo).