AltaRock Partners

AltaRock Partners' $4.13B ultra-concentrated book — just 8 positions with top-5 at 95.9% — saw minimal structural change in Q1 2026, but the meaningful trims of GOOGL (-74%, now just 0.3% or $12M) and HLT (-97%, now a rounding error at 0.1%) suggest the firm is quietly winding down satellite positions that never achieved core status. The portfolio remains anchored by AMZN at 38.2% ($1.58B), TDG at 25.5% ($1.05B), and MSFT at 16.8% ($693M), a triumvirate of compounders with durable pricing power — squarely in line with AltaRock's Munger-esque, high-conviction, low-turnover philosophy. MCO (9.1%) and MA (6.3%) round out a portfolio that reads as a concentrated bet on financial infrastructure and tech-enabled monopolies. The near-elimination of HLT is particularly interesting given its prior inclusion as a quality-compounder fit. Watch whether GOOGL is fully exited next quarter, which would reduce the book to a tidy 6-position portfolio.