Stockbridge Partners LLC

Stockbridge Partners' $4.54B Q4 2025 13F is a nine-name quality-concentration portfolio that replaced its entire prior template in a single quarter. The previous iteration — Waste Connections, ServiceNow, Guidewire, Hilton, and Klarna at $1.25B — is now just the skeleton beneath a fundamentally different portfolio. Nine new mega-cap and large-cap-quality names entered at full deployment: Taiwan Semiconductor at $644.5M, TransDigm at $577.5M, Amazon at $456.1M, Vulcan Materials at $375.7M, Deere & Co at $362.3M, Microsoft at $362.0M, Veeva Systems at $290.8M, and Alphabet at $289.7M. Only Hilton was sold. The AUM tripled from $1.25B to $4.54B in one quarter — either from massive inflows, mark-ups, or both — and the manager deployed the new capital with an enthusiasm that suggests high conviction in a narrow quality-and-innovation thesis.