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Lionstone Capital Management LLC
Lionstone Capital Management LLC is a New York-based hedge fund and SEC-registered investment adviser founded in 2012. The firm manages assets for institutional and high-net-worth clients, employing a concentrated, research-driven investment approach. As of June 2025, it manages over $500 million in assets and maintains a small, specialized team of 6 employees.
Investment Strategy
Lionstone Capital Management LLC pursues a highly concentrated, research-intensive investment strategy, typically allocating capital to a limited number of high-conviction positions in both public equity and, occasionally, private companies. The fund is known for its long-term holding periods, fundamental analysis, and activist approaches, seeking to generate superior risk-adjusted returns for its clients.
Latest 13F Filing Activity
Lionstone Capital Management LLC filed their most recent 13F report on Jun 30, 2025 disclosing 11 equity positions with a total 13F market value of $416M. The fund increased holdings in Qxo Inc., Api Group Corp., Ferguson Enterprises Inc. among other positions. Lionstone Capital Management LLC reduced exposure to Alphabet Inc., United Parks & Resorts Inc., Copart Inc. among others.
Top Holdings
Equity Positions (11)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
A APG | API GROUP CORP | 21.39% | $89.1M | 1,744,500 | $17.92 | $34.03 | +$14.3M |
A AMZN | AMAZON COM INC | 16.44% | $68.4M | 312,000 | $96.47 | $219.39 | +$4.8M |
G GOOG | ALPHABET INC | 11.12% | $46.3M | 261,120 | $73.10 | $177.39 | -$7.2M |
Q QXO | QXO INC | 10.97% | $45.7M | 2,121,212 | $21.54 | $21.54 | +$45.7M |
S SPGI | S&P GLOBAL INC | 10.64% | $44.3M | 84,000 | $349.77 | $527.29 | +$1.6M |
Industry Allocation
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