Windacre Doubled to $9.3B in 2025Q4: Top Bets Are ROP, FNF, AMZN

Windacre Partnership LLC reports $9.32B of long equity value at quarter-end 2025Q4 — more than double the $4.44B it disclosed in 2025Q3. Position count went from 6 to 13. AUM was up 109.8% quarter over quarter. Either this is the cleanest single-quarter re-aggregation we have seen from a concentrated hedge fund in some time, or Windacre is the next focused-quality book that should be on every retail investor's radar.

The structure of the 2025Q4 disclosure makes the second reading the more credible one. The fund built a 13-position book where the top 10 names account for roughly 90% of AUM, every one of them a high-quality compounder or franchise asset, and not a single position above 15%. That is a deliberate construction profile — not a leveraged single-stock vehicle, not a quant book, not a fast-money hedge book. It looks like a quality-equity manager taking advantage of a Q3 cash position to rebuild conviction at scale.

What is actually in the 2025Q4 book

The top 10 positions break down as follows:

Ticker	Reported value	Weight	Business
ROP	$1.38B	14.78%	Roper Technologies — niche software conglomerate
FNF	$1.08B	11.54%	Fidelity National Financial — title insurance
AMZN	$949.3M	10.18%	Amazon — cloud + retail
SGI	$832.6M	8.93%	Somnigroup International — mattress / sleep
TSM	$754.6M	8.09%	Taiwan Semiconductor — foundry
TDG	$752.8M	8.07%	TransDigm Group — aerospace aftermarket
EXPE	$666.4M	7.15%	Expedia — online travel
NVDA	$606.7M	6.51%	Nvidia — AI silicon
PRM	$601.7M	6.45%	Perimeter Solutions — fire retardants
SAP	$595.4M	6.39%	SAP — enterprise software

What stands out is the absence of obvious AI-thesis trades. Yes, NVDA and TSM appear, but at sub-9% weights and below mid-cap names like TransDigm and Roper. Compare this to Altimeter's 2025Q4 book, where NVDA alone is 22.68% and the top four positions are all mega-cap AI-cycle names. Windacre's book is calibrated to a different thesis — high-moat, hard-to-replicate businesses with structural pricing power, where AI is one factor and operating leverage in the underlying franchise is the larger one.

Concentration without single-position dominance

The pie chart below shows the dollar-weight distribution. Six positions sit in the 6.4% to 8.1% band — that is a manager who has identified a peer group of compounders and is willing to weight them roughly equally rather than overstate conviction in any one. ROP at 14.78% and FNF at 11.54% are the two positions where Windacre is willing to disclose higher confidence.

The construction profile is classic quality-focused hedge book: 10 to 15 names, no single position above 20%, the top quartile in the 12% to 15% range, and the residual in 5% to 10%. Akre Capital, Gardner Russo & Quinn, and Yacktman run similar profiles. Pershing Square and ValueAct sit one notch higher in concentration. Altimeter and Coatue sit one notch higher again at single-position weights above 20%. Windacre is squarely in the Akre/Russo neighborhood by structure.

The AUM swing is the real story

Quarterly history for Windacre tells a clean narrative until 2025Q3, then breaks the pattern:

From 2024Q1 through 2025Q2, AUM ranged $6.67B to $7.60B with 12 to 13 positions — a stable, modestly drifting book. In 2025Q3 the fund cut to 6 positions and $4.44B (-39.1%), then re-expanded to 13 positions and $9.32B (+109.8%) by 2025Q4. That is not market-driven; that is a deliberate cash-up-then-redeploy cycle, the kind of move a long/short manager makes when they want to reset the long book from a clean slate rather than incrementally rebalance.

What 2025Q4 represents in that frame is not the fund's normal state — it is the fund's chosen state after a six-month review. Every position in the book is, by construction, a current-thesis position rather than a legacy position carried for tax or relationship reasons. That makes the 2025Q4 disclosure a clearer read on current conviction than a steady-state 13F from a manager who simply held what they had.

Reading the cross-fund overlap

Roper, TransDigm, Fidelity National Financial, and Perimeter Solutions are the four positions where Windacre is most distinctive against the broader hedge fund universe. ROP and TDG show up regularly in quality-focused books, but at the 14.78% / 8.07% combined weight of 22.85% that Windacre is running, the bet is unusually concentrated. Fidelity National Financial's holder profile is the position most worth retail attention — title insurance is a notoriously underowned sub-sector, and Windacre is the second-largest position in the book.

For retail investors trying to position around the quality-compounder thesis, the consensus holdings tool across Windacre, Akre Capital, Pershing Square, and ValueAct will identify the names that pass multiple managers' quality screens. The names that appear only in Windacre's book (SGI, PRM, EXPE at their current weights) are the more idiosyncratic conviction calls. Our smart alerts feed flags concentration changes >5% quarter-over-quarter across this peer group.

What to watch in 2026Q1

• Will the 13-position book hold? If 2026Q1 returns to 12-13 positions with the same top-of-book structure, the 2025Q4 disclosure was a real reconstitution. If positions get trimmed back to single digits, 2025Q4 was a tactical mid-year rebalance, not a long-term reset.
• Roper / TransDigm dual concentration: 22.85% combined in two aerospace-adjacent compounders is a meaningful sector bet. Any defense-budget commentary from Pentagon FY27 budget discussions in March-April will move both names.
• Perimeter Solutions (PRM): $601.7M at 6.45% is the most niche position in the book. PRM trades thin volume; a 7% Windacre stake at that valuation is roughly 5% of float, so disclosure will surface in 13G filings if Windacre adds further.

The clean read on Windacre's 2025Q4 13F is that this is a manager who used a tactical Q3 cash position to rebuild a quality-focused 13-position book at a deliberate AUM level, with weights signaling moderate but not overwhelming conviction in the top positions. The next 90 days will show whether 2025Q4 is the new steady-state book or another transitional disclosure. Cross-reference primary SEC EDGAR filings at CIK 0001599383, and see Windacre's full filing history in our database.