Windacre Doubled Its Portfolio to $9.3B in One Quarter and Made Roper Technologies Its Biggest Bet Ever

Snehal Amin's Windacre Partnership didn't just tweak around the edges in Q4 2025. The Houston-based hedge fund — run by an 8-person team that once tried to block a $16 billion Nielsen takeover — went from a stripped-down, 6-stock, $4.4 billion portfolio to a fully reloaded 13-position, $9.3 billion war chest. That's a +110% AUM surge in a single quarter, the largest quarterly change in Windacre's 20-quarter filing history.

The headline move: a brand-new $1.38 billion position in Roper Technologies — a stock Windacre had never held before — instantly becoming the fund's #1 holding at 14.8% of the portfolio. But the deeper story is how Amin systematically sold down six positions in Q3, then re-entered five of them in Q4 with recalibrated sizing. This isn't random churning. It's a deliberate conviction reset.

TL;DR

• AUM: $4.44B → $9.32B (+110% QoQ) — largest single-quarter jump in Windacre's history
• Holdings: 6 → 13 positions — 7 new entries including brand-new #1 bet on Roper Technologies ($1.38B)
• New positions: ROP ($1.38B), AMZN ($949M), TSM ($755M), TDG ($753M), SAP ($595M), MCO ($572M), FG ($11M)
• Trimmed: GOOGL shares cut 46%, EXPE cut 36%
• Added: NVDA shares increased 29%
• Top-1 concentration: Dropped from 25.7% (FNF in Q3) to 14.8% (ROP in Q4) — more diversified but still ultra-concentrated
• Only permanent exit: ASML ($433M in Q2) — the one position that didn't come back

Who Is Windacre?

Windacre Partnership is a Houston-based, long-only hedge fund founded by Snehal Amin in 2013. Amin is a former executive at TCI Fund Management — the same Chris Hohn-led activist firm that runs a $53B, 9-stock portfolio. The TCI pedigree shows: Windacre runs a hyper-concentrated book (never more than 13 holdings), doesn't short, doesn't hedge, and aims to buy and hold undervalued businesses until they approach fair value.

With $9.66 billion in discretionary AUM (per its March 2025 Form ADV), just 3 client accounts, and 8 employees, Windacre is one of the most concentrated large hedge funds in the 13F universe. The fund made headlines in 2022 when it accumulated a 27%+ stake in Nielsen, attempting to block a $28-per-share take-private by Elliott and Brookfield — a move Forbes described as "old-fashioned greenmail."

The Q3 Sell-Down: Going to Cash

To understand Q4's explosive rebuild, you have to rewind to Q3 2025. Between Q2 and Q3, Windacre exited 6 of its 12 positions — slashing AUM from $7.30B to $4.44B (-39%). The exits were surgical:

• TransDigm ($1.08B): Full exit — had been the #1 holding at 14.8%
• Amazon ($968M): Full exit — #2 holding gone
• TSMC ($666M): Full exit
• Moody's ($493M): Full exit
• ASML ($433M): Full exit
• SAP ($311M): Full exit

What remained was a stripped-down, 6-stock portfolio with Fidelity National Financial as the dominant position at 25.7%. The move looked like a fund preparing for something — either a major reallocation or a macro hedge through cash. The answer came one quarter later.

The Q4 Rebuild: $4.9 Billion Deployed in 90 Days

In Q4, Amin deployed approximately $4.9 billion of capital, more than doubling Windacre's 13F portfolio. The rebuild was not a simple reversal. The sizing and composition were deliberately recalibrated:

New #1: Roper Technologies ($1.38B — 14.8%)

The most significant signal is Roper Technologies, a position Windacre had never held before. At $1.38B, it immediately became the fund's largest holding. Roper is a Nasdaq 100 constituent that operates 30+ vertical software businesses and positions itself as a "free cash flow compounder." In its Q4 2025 earnings (January 27, 2026), Roper reported:

• Revenue up 10% to $2.06B (4% organic + 5% acquisitions)
• Adjusted EBITDA up 10% to $818M
• Free cash flow up 4% to $714M
• $3.3B deployed toward acquisitions in FY2025 (CentralReach, Subsplash)
• 2026 guidance: adjusted DEPS of $21.30–$21.55 (+7% YoY)

CEO Neil Hunn described 2025 as "another clear demonstration of Roper's durable long-term cash flow compounding model." The company also initiated a $500M share repurchase program. For a long-only fund like Windacre that hunts for compounders, Roper checks every box: recurring software revenue, capital-light model, and a proven M&A engine. Windacre's 3.1 million shares represent a 2.9% ownership stake — making it Roper's 4th largest institutional holder behind Vanguard, BlackRock, and State Street.

Re-Entries: 5 of 6 Q3 Exits Reversed

Five of the six positions Amin sold in Q3 were re-entered in Q4, but with notable sizing changes:

Stock	Q2 Shares	Q3 (Exited)	Q4 Shares	Share Change vs Q2
Amazon	4,411,900	—	4,112,900	-7%
TransDigm	712,700	—	566,100	-21%
TSMC	2,941,100	—	2,483,100	-16%
SAP	1,020,900	—	2,451,125	+140%
Moody's	983,595	—	1,118,900	+14%

The standout re-entry is SAP — Amin more than doubled his share count from ~1M to 2.45M shares ($595M). SAP has been executing a successful cloud transition and its shares rallied through late 2025. Moody's also saw a meaningful increase. Meanwhile, TransDigm and Amazon were re-entered at lower share counts, suggesting Amin took the opportunity to resize these positions during the round-trip.

The one position that did not return: ASML. The Dutch semiconductor equipment maker was a $433M position in Q2 2025. Its absence from the Q4 portfolio suggests Amin's conviction on the semiconductor capex cycle has shifted — he now prefers to express that view through TSMC directly rather than through equipment suppliers.

Kept Positions: GOOGL and EXPE Trimmed, NVDA Added

Among the 6 positions carried over from Q3, Amin made meaningful adjustments:

• Alphabet: Shares cut from 3.13M → 1.69M (-46%). Value dropped from $761M to $529M. This is the largest relative trim in the portfolio — Amin is clearly reducing his big tech exposure.
• Expedia: Shares cut from 3.68M → 2.35M (-36%). Despite the travel sector's strength, Amin is taking profits.
• NVIDIA: Shares increased from 2.53M → 3.25M (+29%). The one tech position Amin actively added to — a clear vote of confidence in AI infrastructure spending.
• Fidelity National Financial: Shares slightly increased from 18.9M → 19.7M (+4%). FNF dropped from the #1 position (25.7% in Q3) to #2 (11.5% in Q4) purely due to dilution from the massive capital deployment.
• Perimeter Solutions: Shares unchanged at 21.85M. The fire retardant specialist remains a steady conviction hold.
• SomniGroup (SGI): Shares roughly flat at 9.33M. The Tempur-Sealy successor (rebranded February 2025) continues as a mid-portfolio position.

What This Portfolio Tells Us

Windacre's Q4 2025 portfolio reveals several clear investment themes:

1. Cash flow compounders over growth. The new #1 holding (Roper Technologies) and the expanded positions (SAP, Moody's) share a common thread: they're businesses with recurring revenue, high margins, and capital-light models. Amin is building a portfolio of compounding machines.

2. Selective tech exposure. The GOOGL and EXPE trims paired with the NVDA add suggest Amin is rotating within tech — away from mature digital advertising toward AI infrastructure. The ASML exit reinforces this: he'd rather own the chipmaker (TSMC) than the equipment supplier.

3. Diversification within concentration. By spreading $4.9B across 7 new positions, Amin lowered his top-1 concentration from 25.7% to 14.8%. The portfolio is still ultra-concentrated by industry standards (13 stocks), but no single position dominates.

4. The sell-and-reload is the strategy. This isn't the first time Windacre has gone through a dramatic portfolio reset. The fund dropped from 13 holdings in Q3 2023 to 6 holdings in Q3 2025, then back to 13. Amin appears to use cash as a tactical tool — selling to reassess, then redeploying with updated conviction levels.

Frequently Asked Questions

What did Windacre buy in Q4 2025?

Windacre added 7 new positions: Roper Technologies ($1.38B — brand new, never previously held), Amazon ($949M), TSMC ($755M), TransDigm ($753M), SAP ($595M), Moody's ($572M), and F&G Annuities ($11M). Five of these were re-entries of positions sold in Q3 2025.

Why did Windacre sell everything in Q3 2025 and buy it back in Q4?

Windacre's sell-down in Q3 (from 12 to 6 positions) appears to be a deliberate capital reallocation strategy. By liquidating and rebuilding, Amin could reassess conviction levels, resize positions, and introduce new holdings (like Roper Technologies) that better fit his updated thesis. The re-entries came at adjusted share counts — this wasn't a round-trip, it was a reset.

Who runs Windacre Partnership?

Windacre Partnership is run by Snehal Amin, who founded the firm in 2013 after working at TCI Fund Management (Chris Hohn's activist fund). The firm is based in Houston, Texas, manages $9.66B with just 8 employees and 3 client accounts. It runs a long-only, concentrated equity strategy.

Is Windacre Partnership a good fund to follow?

Windacre has grown from $4.0B in Q1 2021 to $9.3B in Q4 2025 — a +132% increase over 20 quarters. Its ultra-concentrated approach (never more than 13 holdings) means every position is a high-conviction bet. The fund's WhaleScore on 13F Insight is 83.00, reflecting strong signal quality for 13F watchers.

What is Roper Technologies and why did Windacre invest $1.4 billion?

Roper Technologies (NASDAQ: ROP) is an S&P 500 and Nasdaq 100 constituent that operates 30+ niche vertical software businesses. It generated $7.9B in revenue and $2.47B in adjusted free cash flow in FY2025. Roper's model — acquire software businesses, extract cash flow, redeploy into more acquisitions — aligns with Windacre's preference for cash flow compounders with durable competitive advantages.