Immersion Capital LLP Diversified Active

CIK: 0001636441 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $69,119 (100.0% shares, 0.0% debt)

Holdings (10)

Increased Positions (2)

ELV ELEVANCE HEALTH INC FORMERLY 7.3%

Value ($000) $5,048 (+54.7%) Shares 14,400 (+42.6%) Est. Cost $316.67 Unrealized +6.3%

UNH UNITEDHEALTH GROUP INC 5.9%

Value ($000) $4,074 (+25.5%) Shares 12,340 (+31.3%) Est. Cost $308.06 Unrealized +9.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ELV	ELEVANCE HEALTH INC FORMERLY	14,400 (+42.6%)	$5,048 (+54.7%)	7.3%	$316.67	+6.3%	COM	036752103
UNH	UNITEDHEALTH GROUP INC	12,340 (+31.3%)	$4,074 (+25.5%)	5.9%	$308.06	+9.5%	COM	91324P102

Exited Positions (1)

HDB HDFC BANK LTD 8.2%

Value ($000) $5,685 Shares 166,410 Est. Cost $50.30 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HDB	HDFC BANK LTD	166,410	$5,685	8.2%	$50.30	—	—	40415F101

Decreased Positions (8)

BLK BLACKROCK INC 19.6%

Value ($000) $13,522 (-33.9%) Shares 12,633 (-28.0%) Est. Cost $991.05 Unrealized +9.9%

RYAAY RYANAIR HOLDINGS PLC 16.3%

Value ($000) $11,257 (-33.4%) Shares 155,942 (-44.5%) Est. Cost $53.47 Unrealized —

HEI/A HEICO CORP NEW 17.7%

Value ($000) $12,260 (-28.4%) Shares 48,566 (-28.0%) Est. Cost $199.74 Unrealized +23.6%

V VISA INC 18.6%

Value ($000) $12,861 (-26.0%) Shares 36,671 (-28.0%) Est. Cost $269.49 Unrealized +26.3%

CNI CANADIAN NATL RY CO 5.5%

Value ($000) $3,819 (-24.5%) Shares 38,634 (-28.0%) Est. Cost $109.04 Unrealized -11.8%

Value ($000) $2,458 (-27.3%) Shares 70,776 (-27.9%) Est. Cost $35.80 Unrealized —

CNQ CANADIAN NAT RES LTD 3.0%

Value ($000) $2,094 (-23.7%) Shares 61,874 (-27.9%) Est. Cost $32.62 Unrealized -0.6%

TBBB BBB FOODS INC 2.5%

Value ($000) $1,726 (-10.8%) Shares 51,700 (-28.0%) Est. Cost $26.77 Unrealized +11.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BLK	BLACKROCK INC	12,633 (-28.0%)	$13,522 (-33.9%)	19.6%	$991.05	+9.9%	COM	09290D101
RYAAY	RYANAIR HOLDINGS PLC	155,942 (-44.5%)	$11,257 (-33.4%)	16.3%	$53.47	—	SPONSORED ADR	783513203
HEI/A	HEICO CORP NEW	48,566 (-28.0%)	$12,260 (-28.4%)	17.7%	$199.74	+23.6%	CL A	422806208
V	VISA INC	36,671 (-28.0%)	$12,861 (-26.0%)	18.6%	$269.49	+26.3%	COM CL A	92826C839
CNI	CANADIAN NATL RY CO	38,634 (-28.0%)	$3,819 (-24.5%)	5.5%	$109.04	-11.8%	COM	136375102
BP	BP PLC	70,776 (-27.9%)	$2,458 (-27.3%)	3.6%	$35.80	—	SPONSORED ADR	055622104
CNQ	CANADIAN NAT RES LTD	61,874 (-27.9%)	$2,094 (-23.7%)	3.0%	$32.62	-0.6%	COM	136385101
TBBB	BBB FOODS INC	51,700 (-28.0%)	$1,726 (-10.8%)	2.5%	$26.77	+11.7%	CL A COM	G0896C103