David Abrams

David Abrams's $4.64B Abrams Capital portfolio held nearly still this quarter, with only a minor trim of tiny NUVB (-67% to 0.12%) and an exit from ET (Energy Transfer, previously 1.8%). The near-complete inactivity across an 11-position, highly concentrated book reflects Abrams's characteristically patient, low-turnover style. LOAR (Loar Holdings, aerospace components) dominates at an extraordinary 39.6% — a position that makes Abrams one of the most concentrated large-cap holders in that name. The auto-retail pair LAD (Lithia Motors, 13.4%) and ABG (Asbury Automotive, 9.1%) together represent ~22.5%, a substantial and consensus-contrarian bet on franchised auto dealerships. GOOGL (11.6%) and META (4.0%) provide mega-cap tech ballast. The ET exit removes the portfolio's only meaningful energy/pipeline exposure, leaving a tight focus on aerospace, auto retail, and select tech/internet. Watch for any movement in the LOAR position — given its outsized weight, even a modest trim would be the filing's defining data point.