Bain Capital Q4 2025 13F: $4.62B, COHR at 39%, Healthcare Heavy

Bain Capital Investors LLC filed a Q4 2025 13F-HR showing $4.62B in reportable US-equity positions across just seven names. That is not a 13F book. That is a public-equity wrapper around a private-equity conviction list. The largest position — Coherent at $1.80B and 39.03% of disclosed value — would be a top-five holding by weight at most concentrated long-only funds; here it is the anchor of a 7-stock book whose top-five together account for 94.0% of value and whose top-ten account for 100%.

Two things matter for readers reading this 13F as a signal. First: the absolute size, while small relative to Bain's $185B+ total assets under management across PE / credit / public-equity / real-estate strategies, is concentrated in a way that reflects strategic, not benchmark, intent. Second: the sector mix — four of the seven names are healthcare/medtech — aligns directly with Bain's published industry verticals. This is not a "discover what they own" disclosure. It is a "see which of our PE-vintage conviction names crossed the public-equity reporting threshold this quarter" disclosure.

The portfolio at a glance

The position-size ranking reads:

The 7-name footprint is the tell. Most $4B+ 13F filers have hundreds of positions; a 7-name book at this size means every line is sized as a deliberate capital allocation, not as portfolio diversification. The bottom name (Advantage Solutions at $2.5M / 0.06%) is plausibly a vestigial residual; the other six are all at $277M or larger.

Why the healthcare cluster matters

Add together Surgery Partners, Aveanna Healthcare, Waystar, and Kestra Medical Technologies stock page:

• SGRY: $771.7M (ambulatory surgery center platform)
• Kestra: $667.6M (wearable cardiac defibrillator)
• AVAH: $666.7M (pediatric home health)
• WAY: $433.7M (healthcare payments and revenue cycle SaaS)

Combined: $2.54B, or 54.93% of the disclosed 13F-HR book. That is more weight than a typical sector-focused fund carries, and it is consistent with Bain Capital's published healthcare PE vertical (which includes investments in HCA, Iqvia historically, and an active life-sciences fund). Several of these names trace back to Bain-led take-private or growth-equity rounds, with the equity now seasoning in the public market: Surgery Partners has had multiple rounds of Bain involvement; Kestra Medical was a Bain-backed growth investment that went public via direct listing; Aveanna was Bain's 2017 acquisition of Bayada's pediatric arm before its 2021 IPO. The 13F-HR is, in effect, the public-market footprint of those PE vintages still being held post-lockup.

The implication for readers is that these positions are not "stock picks" in the active-manager sense. They are PE-vintage holdings whose lockup periods have rolled and whose Bain economics still favor patient public-market disposition rather than secondary distribution. That changes how you read the "value" line: the position size is a function of share count locked in at IPO/lockup price, not a directional trade Bain put on this quarter.

The Coherent anchor is the longest-running thread

The $1.80B Coherent (COHR) position at 39.03% weight is the largest single holding and the longest-tenured public-market story in the book. Bain Capital was part of the consortium that took the legacy II-VI / Finisar / Coherent combination through its 2022 mega-merger that created the current Coherent entity (photonics + lasers + telecom optics). The position has been the anchor of Bain's 13F-HR for multiple years, even as smaller positions have rotated. At today's $1.80B mark, the holding is meaningful enough that the eventual disposition path — secondary offering, block trade, in-kind LP distribution — will be a market event that anyone holding COHR should watch.

For context on Coherent's overall holder structure (and how Bain's stake compares to the rest of the institutional book), see the COHR stock page.

The concentration picture

The book is structurally barbell-shaped: one large anchor (COHR at 39%) plus four mid-sized healthcare names (16.7% / 14.4% / 14.4% / 9.4%) plus one tech position (NTNX 6%) plus a residual (ADV 0.06%). The top-5 at 94% of value and top-10 at 100% is a degree of concentration almost unheard of among $4B+ 13F filers — for comparison, even the most concentrated megacap-focused funds (Berkshire ex-cash, Pershing Square, Sequoia) typically run their top-five at 60-70% of book.

The AUM lineage tells a related story

The reported AUM history fluctuates between $2.85B (2025Q3 floor) and $4.71B (2024Q2 peak), ending at $4.62B for Q4 2025. The swings are larger than a typical long-only equity fund would experience — another data point consistent with the PE-vintage interpretation. When a PE sponsor takes a portfolio company public, its 13F-HR position size moves with the stock price and with each lockup-expiry distribution event; the lineage shape we observe (sustained $3-5B range with sharp QoQ swings) fits that pattern much better than the "active manager builds and trims position by position" pattern.

The 2024Q2 → 2025Q3 drawdown ($4.71B → $2.85B, roughly −39%) coincided with the broader photonics/AI-supply-chain pullback that took COHR from the high $70s to the high $40s in mid-2025; the Q4 2025 recovery to $4.62B is consistent with the rebound to $90+. Most of the volatility in this 13F-HR is COHR mark-to-market noise plus net dispositions of smaller PE-vintage names, not active turnover.

What to watch from here

1. The 2026-Q1 13F-HR (filing due May 15, 2026): the cleanest test of whether Bain is still disposing names is comparing position shares, not values. If share counts drop on COHR or any of the four healthcare names while the dollar value holds or rises, that is a signal Bain is trimming into strength. Share counts equal to Q4 with dollar value moves means pure mark-to-market.
2. COHR secondary or block-trade announcements. At $1.8B in a single name within a $185B+ AUM firm, the eventual disposition path is materially constrained. A registered secondary or 144A-style block trade would trigger short-term supply pressure on COHR. Watch the alerts feed for any 13D/G amendment or Form 4 activity by Bain-affiliated entities.
3. Surgery Partners / Aveanna lockup or insider disposal patterns. The mid-cap healthcare positions are at risk of secondary disposition once Bain's underlying PE vintages reach their distribution dates. The 10b5-1 footnote explainer is a useful primer if Form 4 activity picks up.

FAQ

Why does Bain Capital only have seven 13F positions when their AUM is over $185 billion?

Form 13F-HR only requires disclosure of long US-equity positions (and certain US-listed convertible debt, options, and ADRs) that cross the reporting threshold. The vast majority of Bain Capital's $185B+ AUM sits in private equity, credit, real estate, and externally-managed strategies that do not appear on Form 13F. The seven names disclosed represent the public-equity sleeve held directly under the Bain Capital Investors LLC entity, predominantly residual stakes from prior PE investments that have since gone public.

Why is the book so concentrated in healthcare?

Four of the seven names — Surgery Partners, Aveanna Healthcare, Kestra Medical Technologies, and Waystar — trace back to Bain Capital's healthcare PE vertical. SGRY had multiple rounds of Bain involvement, Kestra was a Bain-backed growth investment that went public, and Aveanna was Bain's 2017 acquisition of Bayada's pediatric arm before its 2021 IPO. The 54% healthcare weight is the public-market footprint of those PE vintages still being held post-lockup.

Is the 39% Coherent allocation a directional bet?

It is more accurately described as a PE-vintage anchor. Bain Capital was part of the consortium that took the legacy II-VI / Finisar / Coherent combination through its 2022 mega-merger. The position size today is a function of share count locked in at the merger plus mark-to-market on COHR's recent recovery, not a quarterly trading decision.

When will the next 13F filing be available?

The 2026-Q1 13F-HR filing window closes on May 15, 2026 and reflects holdings as of the March 31, 2026 record date. Comparing position share counts (not just dollar values) against Q4 2025 will reveal whether Bain has been trimming the COHR anchor or the healthcare cluster.

For E-E-A-T citation, the underlying 13F-HR filing is publicly indexed on Bain Capital Investors' EDGAR page (CIK 0001040508). For comparable PE-style 13F books, see the research library; for the institutional ownership maps of each underlying name, the COHR, Surgery Partners stock page, and Aveanna stock page stock pages give the full holder breakdown.