Two Creeks Capital Management, LP — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Two Creeks Capital Management, LP initiated 3 new positions, increased allocation to 10 existing positions, trimmed 5 positions, and exited 8 positions entirely. The fund's 13F equity book declined from $1.22B to $0.95B (-22.4% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $1.22BPrior quarter
- $0.95BCurrent quarter
- $-0.27BNet delta
- -22.4%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| ESCO TECHNOLOGIES INC | ESE | 5.38% | History → |
| FREEPORT-MCMORAN INC | FCX | 2.48% | Holders → |
| CORE & MAIN INC | CNM | 2.12% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | +4.12% | +91.29% | History → |
| UNITY SOFTWARE INC | U | +0.74% | +86.48% | Holders → |
| TALEN ENERGY CORP | TLN | +3.49% | +69.06% | History → |
| MICROSOFT CORP | MSFT | +2.08% | +52.53% | History → |
| DANAHER CORP DEL | DHR | +2.10% | +32.99% | History → |
| UBER TECHNOLOGIES INC | UBER | +2.49% | +32.01% | History → |
| PLANET FITNESS MASTER ISSUER | PLNT | +0.64% | +30.94% | Holders → |
| WINGSTOP INC | WING | +-0.52% | +0.79% | Holders → |
| AIRBNB INC | ABNB | +0.82% | +0.78% | Holders → |
| GRAB HOLDINGS LIMITED | GRAB | +-0.17% | +0.78% | Holders → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| ASML HOLDING NV | ASML | -0.03% | -37.47% | Holders → |
| HDFC BANK LTD | HDB | -0.73% | -23.16% | Holders → |
| CHIPOTLE MEXICAN GRILL INC | CMG | -0.66% | -21.35% | Holders → |
| MIRION TECHNOLOGIES INC | MIR | -0.81% | -16.24% | History → |
| FLOOR & DECOR HLDGS INC | FND | -0.63% | -15.52% | History → |
Exited Positions Q1 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 | 4.76% |
| COUPANG INC | CPNG | 4.31% |
| DRAFTKINGS INC NEW | DKNG | 3.17% |
| EXPAND ENERGY CORP | EXE | 3.12% |
| EQT CORPORATION | EQT | 3.11% |
| ENTEGRIS | ENTG | 2.98% |
| AMAZON COM INC | AMZN | 2.79% |
| ICICI BANK LIMITED | IBN | 0.28% |
Methodology & FAQ
How Two Creeks Capital Management, LP Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Two Creeks Capital Management, LP against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
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, 5.38%), FREEPORT-MCMORAN INC (FCX, 2.48%), CORE & MAIN INC (CNM, 2.12%).
Which existing positions saw the largest allocation increases for Two Creeks Capital Management, LP in Q1 2026?
The largest portfolio-weight increases in existing positions were: TAIWAN SEMICONDUCTOR MANUFAC (TSM, +4.12% weight, +91.29% shares), UNITY SOFTWARE INC (U, +0.74% weight, +86.48% shares), TALEN ENERGY CORP (TLN, +3.49% weight, +69.06% shares), MICROSOFT CORP (MSFT, +2.08% weight, +52.53% shares), DANAHER CORP DEL (DHR, +2.10% weight, +32.99% shares), UBER TECHNOLOGIES INC (UBER, +2.49% weight, +32.01% shares), PLANET FITNESS MASTER ISSUER (PLNT, +0.64% weight, +30.94% shares), WINGSTOP INC (WING, +-0.52% weight, +0.79% shares), AIRBNB INC (ABNB, +0.82% weight, +0.78% shares), GRAB HOLDINGS LIMITED (GRAB, +-0.17% weight, +0.78% 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 4.76%), COUPANG INC (CPNG, last-reported weight 4.31%), DRAFTKINGS INC NEW (DKNG, last-reported weight 3.17%), EXPAND ENERGY CORP (EXE, last-reported weight 3.12%), EQT CORPORATION (EQT, last-reported weight 3.11%), ENTEGRIS (ENTG, last-reported weight 2.98%), AMAZON COM INC (AMZN, last-reported weight 2.79%), ICICI BANK LIMITED (IBN, last-reported weight 0.28%).
Which existing positions saw the largest allocation reductions for Two Creeks Capital Management, LP in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: ASML HOLDING NV (ASML, -0.03% weight, -37.47% shares), HDFC BANK LTD (HDB, -0.73% weight, -23.16% shares), CHIPOTLE MEXICAN GRILL INC (CMG, -0.66% weight, -21.35% shares), MIRION TECHNOLOGIES INC (MIR, -0.81% weight, -16.24% shares), FLOOR & DECOR HLDGS INC (FND, -0.63% weight, -15.52% 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.