Route One Investment Company, L.P. Long-Term Concentrated

CIK: 0001512171 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $2,692,059 (100.0% shares, 0.0% debt)

Holdings (16)

New Positions (3)

IWM ISHARES TR 11.0%

Value ($000) $295,392 Shares 1,200,000 Est. Cost — Unrealized —

ESS ESSEX PPTY TR INC 5.2%

Value ($000) $139,469 Shares 532,977 Est. Cost $256.27 Unrealized 0.0%

VIST VISTA ENERGY S.A.B. DE C.V. 1.9%

Value ($000) $49,838 Shares 1,024,200 Est. Cost $48.66 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	1,200,000	$295,392	11.0%	—	—	PUT	464287655
ESS	ESSEX PPTY TR INC	532,977	$139,469	5.2%	$256.27	0.0%	COM	297178105
VIST	VISTA ENERGY S.A.B. DE C.V.	1,024,200	$49,838	1.9%	$48.66	—	SPONSORED ADS	92837L109

Increased Positions (3)

TBBB BBB FOODS INC 1.7%

Value ($000) $46,252 (+2096.2%) Shares 1,385,196 (+1673.2%) Est. Cost $29.68 Unrealized +0.7%

HLF HERBALIFE LTD 3.9%

Value ($000) $105,210 (+65.6%) Shares 8,162,123 (+8.4%) Est. Cost $24.76 Unrealized -57.2%

KRC KILROY RLTY CORP 4.1%

Value ($000) $109,695 (-0.9%) Shares 2,935,372 (+12.1%) Est. Cost $39.02 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TBBB	BBB FOODS INC	1,385,196 (+1673.2%)	$46,252 (+2096.2%)	1.7%	$29.68	+0.7%	CL A COM	G0896C103
HLF	HERBALIFE LTD	8,162,123 (+8.4%)	$105,210 (+65.6%)	3.9%	$24.76	-57.2%	COM SHS	G4412G101
KRC	KILROY RLTY CORP	2,935,372 (+12.1%)	$109,695 (-0.9%)	4.1%	$39.02	—	COM	49427F108

Exited Positions (5)

GOOGL ALPHABET INC 7.2%

Value ($000) $194,480 Shares 800,000 Est. Cost $107.08 Unrealized +166.7%

BRBR BELLRING BRANDS INC 3.1%

Value ($000) $83,709 Shares 2,302,856 Est. Cost $45.18 Unrealized -31.3%

CRM SALESFORCE INC 3.0%

Value ($000) $80,260 Shares 338,650 Est. Cost $169.92 Unrealized +46.1%

— HERBALIFE LTD 2.1%

Value ($000) $56,230 Shares 59,525,000 Est. Cost $0.78 Unrealized —

GOOGL ALPHABET INC 0.2%

Value ($000) $4,852 Shares 19,960 Est. Cost $107.08 Unrealized +166.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	800,000	$194,480	7.2%	$107.08	+166.7%	PUT	02079K305
BRBR	BELLRING BRANDS INC	2,302,856	$83,709	3.1%	$45.18	-31.3%	—	07831C103
CRM	SALESFORCE INC	338,650	$80,260	3.0%	$169.92	+46.1%	—	79466L302
—	HERBALIFE LTD	59,525,000	$56,230	2.1%	$0.78	—	—	42703MAF0
GOOGL	ALPHABET INC	19,960	$4,852	0.2%	$107.08	+166.7%	—	02079K305

Decreased Positions (7)

GWRE GUIDEWIRE SOFTWARE INC 12.5%

Value ($000) $335,770 (-19.7%) Shares 1,670,414 (-8.1%) Est. Cost $101.27 Unrealized +118.4%

POST POST HLDGS INC 11.5%

Value ($000) $310,667 (-15.8%) Shares 3,136,468 (-8.6%) Est. Cost $46.80 Unrealized +121.2%

GOOG ALPHABET INC 8.0%

Value ($000) $216,233 (+19.1%) Shares 689,080 (-7.6%) Est. Cost $109.62 Unrealized +161.2%

SCHW SCHWAB CHARLES CORP 6.8%

Value ($000) $183,669 (-14.3%) Shares 1,838,343 (-18.1%) Est. Cost $56.19 Unrealized +68.6%

AMZN AMAZON COM INC 9.8%

Value ($000) $262,673 (-6.3%) Shares 1,138,000 (-10.9%) Est. Cost $96.61 Unrealized +136.8%

TMO THERMO FISHER SCIENTIFIC INC 5.7%

Value ($000) $152,743 (+7.3%) Shares 263,600 (-10.2%) Est. Cost $496.28 Unrealized +13.9%

NYT NEW YORK TIMES CO 8.0%

Value ($000) $215,571 (+1.5%) Shares 3,105,309 (-16.1%) Est. Cost $38.69 Unrealized +59.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GWRE	GUIDEWIRE SOFTWARE INC	1,670,414 (-8.1%)	$335,770 (-19.7%)	12.5%	$101.27	+118.4%	COM	40171V100
POST	POST HLDGS INC	3,136,468 (-8.6%)	$310,667 (-15.8%)	11.5%	$46.80	+121.2%	COM	737446104
GOOG	ALPHABET INC	689,080 (-7.6%)	$216,233 (+19.1%)	8.0%	$109.62	+161.2%	CAP STK CL C	02079K107
SCHW	SCHWAB CHARLES CORP	1,838,343 (-18.1%)	$183,669 (-14.3%)	6.8%	$56.19	+68.6%	COM	808513105
AMZN	AMAZON COM INC	1,138,000 (-10.9%)	$262,673 (-6.3%)	9.8%	$96.61	+136.8%	COM	023135106
TMO	THERMO FISHER SCIENTIFIC INC	263,600 (-10.2%)	$152,743 (+7.3%)	5.7%	$496.28	+13.9%	COM	883556102
NYT	NEW YORK TIMES CO	3,105,309 (-16.1%)	$215,571 (+1.5%)	8.0%	$38.69	+59.8%	CL A	650111107

Unchanged Positions (3)

VEEV VEEVA SYS INC 1.3%

Value ($000) $34,623 Shares 155,100 Est. Cost $248.00 Unrealized +7.0%

UNH UNITEDHEALTH GROUP INC 6.2%

Value ($000) $167,465 Shares 507,300 Est. Cost $348.48 Unrealized -3.2%

PCOR PROCORE TECHNOLOGIES INC 2.5%

Value ($000) $66,790 Shares 918,205 Est. Cost $66.97 Unrealized +10.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VEEV	VEEVA SYS INC	155,100	$34,623	1.3%	$248.00	+7.0%	CL A COM	922475108
UNH	UNITEDHEALTH GROUP INC	507,300	$167,465	6.2%	$348.48	-3.2%	COM	91324P102
PCOR	PROCORE TECHNOLOGIES INC	918,205	$66,790	2.5%	$66.97	+10.4%	COM	74275K108