Venator Management LLC Diversified Active

CIK: 0001838211 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $443,636 (100.0% shares, 0.0% debt)

Holdings (27)

New Positions (5)

FISV Fiserv, Inc. 1.1%

Value ($000) $5,064 Shares 75,385 Est. Cost $83.87 Unrealized 0.0%

DECK Deckers Outdoor Corp 0.5%

Value ($000) $2,073 Shares 20,000 Est. Cost $93.73 Unrealized 0.0%

— Wells Fargo Perp Pfd Cnv A 0.1%

Value ($000) $545 Shares 450 Est. Cost $1212.00 Unrealized —

MRSH Marsh & McLennan Companies, 0.1%

Value ($000) $501 Shares 2,700 Est. Cost $186.43 Unrealized 0.0%

PGR The Progressive Corporation 0.1%

Value ($000) $273 Shares 1,200 Est. Cost $212.34 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	Fiserv, Inc.	75,385	$5,064	1.1%	$83.87	0.0%	Com	337738108
DECK	Deckers Outdoor Corp	20,000	$2,073	0.5%	$93.73	0.0%	Com	243537107
—	Wells Fargo Perp Pfd Cnv A	450	$545	0.1%	$1212.00	—	Com	949746804
MRSH	Marsh & McLennan Companies,	2,700	$501	0.1%	$186.43	0.0%	Com	571748102
PGR	The Progressive Corporation	1,200	$273	0.1%	$212.34	0.0%	Com	743315103

Increased Positions (8)

V Visa Inc. 9.8%

Value ($000) $43,513 (+18.9%) Shares 124,071 (+15.8%) Est. Cost $238.58 Unrealized +42.7%

AMZN Amazon.com 12.1%

Value ($000) $53,610 (+9.9%) Shares 232,257 (+4.5%) Est. Cost $142.22 Unrealized +60.9%

NFLX Netflix Inc. 5.7%

Value ($000) $25,382 (-15.8%) Shares 270,710 (+976.1%) Est. Cost $100.81 Unrealized +6.9%

COF Capital One Financial 3.6%

Value ($000) $16,085 (+20.4%) Shares 66,367 (+5.6%) Est. Cost $128.30 Unrealized +73.2%

NVR NVR Inc. 4.8%

Value ($000) $21,324 (-8.3%) Shares 2,924 (+1.1%) Est. Cost $5011.17 Unrealized +49.2%

TTAM Titan America SA 1.9%

Value ($000) $8,608 (+25.6%) Shares 522,310 (+13.9%) Est. Cost $14.17 Unrealized +10.5%

SATS EchoStar Corp. 0.8%

Value ($000) $3,370 (+70.4%) Shares 31,000 (+19.7%) Est. Cost $51.23 Unrealized +59.0%

SBUX Starbucks Corp. 2.0%

Value ($000) $8,966 (+4.7%) Shares 106,470 (+5.2%) Est. Cost $84.81 Unrealized -0.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
V	Visa Inc.	124,071 (+15.8%)	$43,513 (+18.9%)	9.8%	$238.58	+42.7%	Com	92826C839
AMZN	Amazon.com	232,257 (+4.5%)	$53,610 (+9.9%)	12.1%	$142.22	+60.9%	Com	023135106
NFLX	Netflix Inc.	270,710 (+976.1%)	$25,382 (-15.8%)	5.7%	$100.81	+6.9%	Com	64110L106
COF	Capital One Financial	66,367 (+5.6%)	$16,085 (+20.4%)	3.6%	$128.30	+73.2%	Com	14040H105
NVR	NVR Inc.	2,924 (+1.1%)	$21,324 (-8.3%)	4.8%	$5011.17	+49.2%	Com	62944T105
TTAM	Titan America SA	522,310 (+13.9%)	$8,608 (+25.6%)	1.9%	$14.17	+10.5%	Com	B9151N105
SATS	EchoStar Corp.	31,000 (+19.7%)	$3,370 (+70.4%)	0.8%	$51.23	+59.0%	Com	278768106
SBUX	Starbucks Corp.	106,470 (+5.2%)	$8,966 (+4.7%)	2.0%	$84.81	-0.9%	Com	855244109

Exited Positions (3)

TMO Thermo Fisher Scientific Inc 0.2%

Value ($000) $872 Shares 1,797 Est. Cost $451.50 Unrealized +25.2%

COO The Cooper Companies, Inc. 0.1%

Value ($000) $514 Shares 7,500 Est. Cost $70.83 Unrealized +5.7%

OSCR Oscar Health, Inc. 0.1%

Value ($000) $473 Shares 25,000 Est. Cost $15.85 Unrealized +9.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TMO	Thermo Fisher Scientific Inc	1,797	$872	0.2%	$451.50	+25.2%	—	883556102
COO	The Cooper Companies, Inc.	7,500	$514	0.1%	$70.83	+5.7%	—	216648501
OSCR	Oscar Health, Inc.	25,000	$473	0.1%	$15.85	+9.2%	—	687793109

Decreased Positions (8)

UBER Uber Technologies Inc. 6.5%

Value ($000) $28,856 (-19.6%) Shares 353,155 (-3.6%) Est. Cost $43.76 Unrealized +105.8%

META Meta Platforms Inc. 7.5%

Value ($000) $33,249 (-13.5%) Shares 50,371 (-3.8%) Est. Cost $276.16 Unrealized +141.6%

EADSY Airbus Group ADR 0.1%

Value ($000) $539 (-79.3%) Shares 9,300 (-79.2%) Est. Cost $37.15 Unrealized —

CZR Caesars Entertainment Inc. 1.2%

Value ($000) $5,474 (-22.6%) Shares 234,025 (-10.5%) Est. Cost $39.85 Unrealized -43.6%

UNH United Health Group Inc. 1.8%

Value ($000) $8,108 (-8.1%) Shares 24,560 (-3.9%) Est. Cost $317.88 Unrealized +6.1%

TMUS T-Mobile US Inc. 0.2%

Value ($000) $1,056 (-30.1%) Shares 5,200 (-17.6%) Est. Cost $122.77 Unrealized +72.1%

FCNCA First Citizens BancShares, I 0.9%

Value ($000) $4,123 (+10.1%) Shares 1,921 (-8.2%) Est. Cost $1809.21 Unrealized +4.1%

JPM JP Morgan Chase & Co. 4.0%

Value ($000) $17,872 (+1.1%) Shares 55,465 (-1.1%) Est. Cost $98.47 Unrealized +214.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UBER	Uber Technologies Inc.	353,155 (-3.6%)	$28,856 (-19.6%)	6.5%	$43.76	+105.8%	Com	90353T100
META	Meta Platforms Inc.	50,371 (-3.8%)	$33,249 (-13.5%)	7.5%	$276.16	+141.6%	Com	30303M102
EADSY	Airbus Group ADR	9,300 (-79.2%)	$539 (-79.3%)	0.1%	$37.15	—	Com	009279100
CZR	Caesars Entertainment Inc.	234,025 (-10.5%)	$5,474 (-22.6%)	1.2%	$39.85	-43.6%	Com	12769G100
UNH	United Health Group Inc.	24,560 (-3.9%)	$8,108 (-8.1%)	1.8%	$317.88	+6.1%	Com	91324P102
TMUS	T-Mobile US Inc.	5,200 (-17.6%)	$1,056 (-30.1%)	0.2%	$122.77	+72.1%	Com	872590104
FCNCA	First Citizens BancShares, I	1,921 (-8.2%)	$4,123 (+10.1%)	0.9%	$1809.21	+4.1%	Com	31946M103
JPM	JP Morgan Chase & Co.	55,465 (-1.1%)	$17,872 (+1.1%)	4.0%	$98.47	+214.3%	Com	46625H100

Unchanged Positions (6)

GOOG Alphabet Inc. - Class C 15.9%

Value ($000) $70,743 Shares 225,440 Est. Cost $108.92 Unrealized +162.9%

GOOGL Alphabet Inc. - Class A 10.2%

Value ($000) $45,358 Shares 144,914 Est. Cost $113.21 Unrealized +152.3%

BWIN The Baldwin Insurance Group, 4.2%

Value ($000) $18,592 Shares 773,695 Est. Cost $29.07 Unrealized -12.4%

ELV Elevance Health, Inc. 2.2%

Value ($000) $9,686 Shares 27,630 Est. Cost $308.14 Unrealized +9.3%

BRK/B Berkshire Hathaway Inc. Clas 2.1%

Value ($000) $9,158 Shares 18,220 Est. Cost $221.58 Unrealized +124.5%

BRK/A Berkshire Hathaway Inc. Clas 0.3%

Value ($000) $1,510 Shares 2 Est. Cost $729330.75 Unrealized +2.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	Alphabet Inc. - Class C	225,440	$70,743	15.9%	$108.92	+162.9%	Com	02079K107
GOOGL	Alphabet Inc. - Class A	144,914	$45,358	10.2%	$113.21	+152.3%	Com	02079K305
BWIN	The Baldwin Insurance Group,	773,695	$18,592	4.2%	$29.07	-12.4%	Com	05589G102
ELV	Elevance Health, Inc.	27,630	$9,686	2.2%	$308.14	+9.3%	Com	036752103
BRK/B	Berkshire Hathaway Inc. Clas	18,220	$9,158	2.1%	$221.58	+124.5%	Com	084670702
BRK/A	Berkshire Hathaway Inc. Clas	2	$1,510	0.3%	$729330.75	+2.3%	Com	084670108