--- title: "Kensico Q4 2025: A Third of the Book in One Stock" type: research slug: kensico-2025q4-applovin-howmet-concentrated-bets canonical_url: https://13finsight.com/research/kensico-2025q4-applovin-howmet-concentrated-bets published_at: 2026-05-23T14:40:34.439Z updated_at: 2026-05-23T14:40:37.964Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 700 locale: en source: 13F Insight --- # Kensico Q4 2025: A Third of the Book in One Stock > Kensico Capital holds 36% of its $5.9B book in AppLovin and opened a new 18% Howmet stake - two names exceed half the portfolio - while re-risking into FICO, Amazon, and Microsoft. Kensico Capital Management runs one of the most concentrated equity books in the data, and its latest 13F shows just how far it will lean on a single idea. AppLovin alone accounts for 35.71% of the $5.88 billion portfolio — more than a third of the book in one name — and a second position, Howmet Aerospace, was opened fresh at over 18%. Together, two stocks make up well over half the fund. For a manager that holds only 22 positions, this is conviction investing in its rawest form. The quarter was also a re-risking one: the position count expanded from 13 to 22, and the reported value jumped 44.6% as Kensico opened new stakes in Howmet, FICO, Amazon, and Microsoft. After a smaller, tighter prior quarter, the firm put significant capital to work — but without diluting its defining AppLovin bet. The AppLovin anchor AppLovin, the mobile-advertising and software-platform company, sits at $2.10 billion (35.71%), held flat — a position so large it effectively defines the fund's fortunes. A bet of this size in a single high-growth, high-volatility name is the kind of wager almost no diversified manager would make, and it tells you Kensico is willing to accept enormous single-stock risk when its conviction is high. The new Howmet Aerospace position at $1.08 billion (18.34%) is nearly as striking — opening a stake at over 18% of the book in one quarter is itself a high-conviction move into the aerospace-components supplier. With AppLovin and Howmet together exceeding 54%, this is a portfolio that lives or dies on two ideas. Re-risking with new names Beneath the two anchors, Kensico broadened the book. FICO ($516.8 million) was opened new, as were positions in Amazon and Microsoft, while Sea Ltd was raised 42%. The expansion from 13 to 22 positions, paired with a 44.6% jump in reported value, is the signature of a concentrated manager re-engaging — deploying capital across new high-conviction ideas after a tighter quarter. Alphabet was trimmed 22%, the main reduction, suggesting Kensico recycled some megacap exposure into its new aerospace, analytics-software, and platform bets. Even after broadening, the book remains intensely concentrated by any normal standard. A volatile reported book Kensico's reported value swings sharply, as a hyper-concentrated book will. The reported 13F value has ranged from about $2.21 billion to $5.88 billion over the past two years, with the latest quarter at the high end. When one stock is 36% of the book, the reported total is largely a function of that name's price plus the firm's episodic re-risking — so the swings reflect both AppLovin's volatility and Kensico's willingness to size its bets up and down decisively. The position count moving between the low teens and low twenties underscores how actively the firm manages its concentration. What it signals For investors who track institutional positioning, Kensico's latest filing is a study in extreme conviction. The signal is unambiguous: a 36% AppLovin bet held flat, a new 18% Howmet position, and a re-risking expansion into FICO, Amazon, and Microsoft. The actionable read is the sizing itself — when a manager puts a third of its capital in one stock and opens another at 18%, those two names are not just holdings, they are the entire thesis. Watching them is watching the fund. FAQ What is Kensico's largest holding?AppLovin, at $2.10 billion or 35.71% of the book — more than a third of the entire portfolio in a single name, held flat during the quarter. It effectively defines the fund's performance. How concentrated is Kensico Capital?Extremely. It holds just 22 positions, with AppLovin (36%) and a new Howmet Aerospace stake (18%) together exceeding 54% of the book. Two stocks make up more than half the portfolio. What did Kensico add in its latest filing?It opened new positions in Howmet Aerospace, FICO, Amazon, and Microsoft, and raised Sea Ltd by 42%, while trimming Alphabet 22%. The position count expanded from 13 to 22 and reported value jumped 44.6%. Why did Kensico's reported value jump 44.6%?The increase reflects a re-risking quarter — expanding from 13 to 22 positions and deploying capital into new names — combined with the price moves of its concentrated holdings, especially the dominant AppLovin position. ## FAQ ### What is Kensico's largest holding? AppLovin, at $2.10 billion or 35.71% of the book - more than a third of the entire portfolio in a single name, held flat during the quarter. It effectively defines the fund's performance. ### How concentrated is Kensico Capital? Extremely. It holds just 22 positions, with AppLovin (36%) and a new Howmet Aerospace stake (18%) together exceeding 54% of the book. Two stocks make up more than half the portfolio. ### What did Kensico add in its latest filing? It opened new positions in Howmet Aerospace, FICO, Amazon, and Microsoft, and raised Sea Ltd by 42%, while trimming Alphabet 22%. The position count expanded from 13 to 22 and reported value jumped 44.6%. ### Why did Kensico's reported value jump 44.6%? The increase reflects a re-risking quarter - expanding from 13 to 22 positions and deploying capital into new names - combined with the price moves of its concentrated holdings, especially the dominant AppLovin position. --- Source: 13F Insight — https://13finsight.com/research/kensico-2025q4-applovin-howmet-concentrated-bets Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-05-23T14:40:37.964Z