WINDACRE PARTNERSHIP LLC

Windacre Partnership's Q4 2025 13F is a $9.32B, 13-position portfolio that is one of the most concentrated mega-cap books in institutional data -- with only 13 positions (vs. 6 in Q3 2025), the portfolio more than doubled AUM from $4.44B in Q3 2025 to $9.32B in Q4 2025 (+$4.88B or +109.9%), driven by a combination of massive new capital deployment, significant mark-to-market appreciation, and an extraordinary seven-simultaneous-new-opens event. The Q4 2025 activity was radical: the manager added 7 positions it had never held before (Roper Technologies $1.38B, Amazon $949M, Taiwan Semi $755M, TransDigm $753M, SAP $595M, Moody's $572M, and F&G Annuities $11M) while reducing only 3 of the 6 Q3 legacy positions (Alphabet -46.0% to $529M, Expedia -36.1% to $666M, Somnigroup -0.5% essentially flat) and increasing 2 (NVIDIA +28.6% to $607M, Fidelity National Financial +4.2% to $1.08B). The 13-position structure with 7 new opens in a single quarter is extremely unusual -- it suggests either a major institutional mandate change (new capital with a new investment policy), a fundamental rethink of the portfolio's identity, or a merger/spin-off driven realignment. Roper Technologies ($1.38B, 14.8%, 3.10M shares, NEW) -- a diversified technology-and-software company (formerly Roper Technologies, now focused on application software, network, and measurement units) -- is the portfolio's largest position and its technology anchor, established as a full-size opening in Q4 suggesting the manager views Roper as a core compounder. Fidelity National Financial ($1.08B, 11.5%, 19.7M shares, slightly increased) -- title-insurance-and-mortgage-services -- is the portfolio's second-largest position and financial-services anchor; held steady with a modest add. Amazon ($949M, 10.2%, 4.11M shares, NEW) -- e-commerce-and-AWS -- is the portfolio's third-largest position and cloud anchor; established as a full-size new opening reflecting conviction in AWS-growth-and-e-commerce durability. Somnigroup ($833M, 8.9%, 9.33M shares, essentially flat) -- consumer-cyclical / technology hybrid -- held steady despite the broader rotation. Taiwan Semi ($755M, 8.1%, 2.48M shares, NEW) -- semiconductor foundry -- is a major new opening in the AI-chip supply chain. TransDigm ($753M, 8.1%, 566K shares, NEW) -- aerospace-and-industrial-components -- is the portfolio's industrials anchor, established at full size (a Moonshot Bet on aerospace aftermarket). Expedia ($666M, 7.1%, reduced to 2.35M shares from 3.68M) -- travel-and-hospitality -- is the main legacy position that was reduced; the manager cut the position by 36% despite it being a Q3 core holding, likely to fund the new opens. NVIDIA ($607M, 6.5%, +28.6% shares, +$134.8M) -- AI-semiconductors -- was the one position the manager aggressively increased during this radical restructuring. Perimeter Solutions ($602M, 6.5%, 21.85M shares, flat) -- wildfire-suppressant-and-specialty-chemicals -- held absolutely steady through the restructuring. SAP ($595M, 6.4%, 2.45M shares, NEW) -- enterprise-software -- is a major new opening, pairing with Roper as the portfolio's enterprise-software core. Moody's ($572M, 6.1%, 1.12M shares, NEW) -- credit-rating-and-risk-analytics -- is a new opening in the financial-data-and-analytics layer. Alphabet ($529M, 5.7%, reduced by 46% from 3.13M to 1.69M shares) -- was the Q3 largest position at $761M (17.1%) and was dramatically reduced to fund the new opens. The sector breakdown is unusual: Consumer Cyclical $2.53B (27.1%, Amazon/Somnigroup/TransDigm/Expedia), Technology $2.53B (27.1%, Roper/NVIDIA/Taiwan Semi/SAP/Perimeter), Healthcare $1.98B (21.2%, Perimeter classified under Healthcare by taxonomy), Financial Services $1.09B (11.7%, FNF/Moody's/F&G), Industrials $666M (7.1%, Expedia/TransDigm), Communication Services $529M (5.7%, Alphabet). The 109.9% AUM growth in a single quarter is the portfolio's defining headline. The 76.75 whaleScore on $9.32B reflects AUM. The portfolio's identity reads as a concentrated best-ideas overlay with deep exposure to software-and-technology compounders (Roper, SAP, Amazon/AWS), semiconductor infrastructure (Taiwan Semi, NVIDIA), financial-market infrastructure (FNF, Moody's), and aerospace-industrial (TransDigm). The Q4 2025 delta is best read as: a concentrated institutional manager executed the most radical portfolio restructuring in this dataset -- more than doubling AUM while simultaneously establishing seven new positions (Roper, Amazon, TSM, TDG, SAP, MCO, FG) at full size, reducing legacy positions (GOOGL -46%, EXPE -36%) to fund the reallocation, and maintaining two core positions (Perimeter Solutions flat, FNF slightly up) and a major add (NVIDIA +28.6%). The resulting 13-position portfolio is a mega-cap quality-and-momentum book with two defining features: extreme concentration (13 positions on $9.32B) and a clear post-Q4 identity as a technology-specialist manager with Roper/SAP as the software core, Taiwan Semi/NVIDIA as the semiconductor core, FNF/Moody's as the financial-infrastructure layer, and TransDigm/Amazon as the industrials-and-consumer-discretionary overlay. The Alphabet reduction is particularly notable: at $761M in Q3 (17.1% of AUM), Alphabet was the portfolio's anchor; at $529M in Q4 (5.7%), it is a mid-tier position -- a $232M reallocation that funded the new opens.