Two Creeks Capital Management, LP 13F: Quarter-over-Quarter Portfolio Changes
Two Creeks Capital Management, LP reported a disclosed portfolio value of approximately $947.0 million in its latest SEC Form 13F-HR filing for Q1 2026, down 22.4% quarter on quarter. Over the quarter, the fund initiated 3 new positions, bought more shares in 12 holdings, trimmed 5 holdings, and exited 8 positions.
Two Creeks Capital Management, LP's top buy was a new stake in Esco Technologies INC (ESE) , equal to 5.4% of the disclosed portfolio. Its top sell was Lowes Cos INC (LOW) . The fund exited the position completely after it had accounted for 4.8% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| ESCO TECHNOLOGIES INC | ESE | 5.4% | History → |
| FREEPORT MCMORAN INC | FCX | 2.5% | Holders → |
| CORE & MAIN INC | CNM | 2.1% | Holders → |
Top BuysQ1 2026
Showing the top 10 buys among 12 existing positions where the fund bought more shares in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| TAIWAN SEMIC-ADR | TSM | +4.1% | +91.3% | History → |
| UNITY SOFTWARE INC | U | +0.7% | +86.5% | Holders → |
| TALEN ENERGY CORP | TLN | +3.5% | +69.1% | History → |
| MICROSOFT | MSFT | +2.1% | +52.5% | History → |
| DANAHER | DHR | +2.1% | +33.0% | History → |
| UBER TECHNOLOGIES INC | UBER | +2.5% | +32.0% | History → |
| PLANET FITNESS MASTER ISSUER | PLNT | +0.6% | +30.9% | Holders → |
| WINGSTOP INC | WING | +-0.5% | +0.8% | Holders → |
| AIRBNB, INC. | ABNB | +0.8% | +0.8% | Holders → |
| GRAB HOLDINGS LIMITED | GRAB | +-0.2% | +0.8% | Holders → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| ASML HLDG NV | ASML | -0.0% | 37.5% | Holders → |
| HDFC BANK-ADR | HDB | -0.7% | 23.2% | Holders → |
| CHIPOTLE MEXICAN GRILL INC | CMG | -0.7% | 21.4% | Holders → |
| MIRION TECHNOLOGIES INC | MIR | -0.8% | 16.2% | History → |
| FLOOR & DECOR HLDGS INC | FND | -0.6% | 15.5% | History → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| LOWES COS INC | LOW | 4.8% |
| COUPANG INC | CPNG | 4.3% |
| DRAFTKINGS INC NEW | DKNG | 3.2% |
| EXPAND ENERGY CORPORATION | EXE | 3.1% |
| EQT CORP | EQT | 3.1% |
| ENTEGRIS | ENTG | 3.0% |
| AMAZON.COM | AMZN | 2.8% |
| ICICI BANK-ADR | IBN | 0.3% |
Net Portfolio Value ChangeQ1 2026
- $1.2BPrior quarter
- $0.9BCurrent quarter
- $-0.3BNet delta
- -22.4%% change
Methodology & FAQ
How Two Creeks Capital Management, LP Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Two Creeks Capital Management, LP: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did Two Creeks Capital Management, LP buy in Q1 2026?
In Q1 2026, Two Creeks Capital Management, LP initiated 3 new positions (ESCO TECHNOLOGIES INC (ESE), FREEPORT MCMORAN INC (FCX), CORE & MAIN INC (CNM)); bought more shares of TAIWAN SEMIC-ADR (TSM), UNITY SOFTWARE INC (U), TALEN ENERGY CORP (TLN), MICROSOFT (MSFT), DANAHER (DHR) — the largest 5 of 12 adds.
What stocks did Two Creeks Capital Management, LP sell in Q1 2026?
In Q1 2026, Two Creeks Capital Management, LP fully sold 8 positions (LOWES COS INC (LOW), COUPANG INC (CPNG), DRAFTKINGS INC NEW (DKNG), EXPAND ENERGY CORPORATION (EXE), EQT CORP (EQT), ENTEGRIS (ENTG), AMAZON.COM (AMZN), ICICI BANK-ADR (IBN)); reduced holdings in ASML HLDG NV (ASML), HDFC BANK-ADR (HDB), CHIPOTLE MEXICAN GRILL INC (CMG), MIRION TECHNOLOGIES INC (MIR), FLOOR & DECOR HLDGS INC (FND).
Which positions did Two Creeks Capital Management, LP initiate in Q1 2026?
Two Creeks Capital Management, LP established 3 new positions in Q1 2026: ESCO TECHNOLOGIES INC (ESE, 5.4%), FREEPORT MCMORAN INC (FCX, 2.5%), CORE & MAIN INC (CNM, 2.1%).
Which existing positions saw the largest allocation increases for Two Creeks Capital Management, LP in Q1 2026?
Of 12 existing positions with share-count increases in Q1 2026, the largest were: TAIWAN SEMIC-ADR (TSM, +4.1% weight, +91.3% shares), UNITY SOFTWARE INC (U, +0.7% weight, +86.5% shares), TALEN ENERGY CORP (TLN, +3.5% weight, +69.1% shares), MICROSOFT (MSFT, +2.1% weight, +52.5% shares), DANAHER (DHR, +2.1% weight, +33.0% shares), UBER TECHNOLOGIES INC (UBER, +2.5% weight, +32.0% shares), PLANET FITNESS MASTER ISSUER (PLNT, +0.6% weight, +30.9% shares), WINGSTOP INC (WING, +-0.5% weight, +0.8% shares), AIRBNB, INC. (ABNB, +0.8% weight, +0.8% shares), GRAB HOLDINGS LIMITED (GRAB, +-0.2% weight, +0.8% shares).
Which positions did Two Creeks Capital Management, LP fully exit in Q1 2026?
Two Creeks Capital Management, LP fully exited 8 positions in Q1 2026: LOWES COS INC (LOW, last-reported weight 4.8%), COUPANG INC (CPNG, last-reported weight 4.3%), DRAFTKINGS INC NEW (DKNG, last-reported weight 3.2%), EXPAND ENERGY CORPORATION (EXE, last-reported weight 3.1%), EQT CORP (EQT, last-reported weight 3.1%), ENTEGRIS (ENTG, last-reported weight 3.0%), AMAZON.COM (AMZN, last-reported weight 2.8%), ICICI BANK-ADR (IBN, last-reported weight 0.3%).
Which existing positions saw the largest allocation reductions for Two Creeks Capital Management, LP in Q1 2026?
Of 5 existing positions with share-count reductions in Q1 2026, the largest were: ASML HLDG NV (ASML, -0.0% weight, -37.5% shares), HDFC BANK-ADR (HDB, -0.7% weight, -23.2% shares), CHIPOTLE MEXICAN GRILL INC (CMG, -0.7% weight, -21.4% shares), MIRION TECHNOLOGIES INC (MIR, -0.8% weight, -16.2% shares), FLOOR & DECOR HLDGS INC (FND, -0.6% weight, -15.5% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.