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Conifer Management Greg Alexander
In Q2 2026, Conifer Management held 6 US-listed stocks worth $607m. Its biggest move was buying Air Global (now 11% of the portfolio), followed by selling all of its Lithia Motors (10% the quarter before). It started 1 new position and sold out of 1. Its largest holding is Group 1 Automotive at 46%.
Source: SEC Form 13F for Q2 2026, filed 13 Aug 2026. How we use them
Bought since Changes Holdings Over time Look-through 5% stakes Sectors Value Bought since its last 13F ▲ $187m Group 1 Automotive GPI 720,030 shares at about $260.08, 1 Sep 2026 to 30 Sep 2026, in 104 trades From Conifer Management’s Form 4 filings as an owner of more than 10% of these companies, reported within two business days of trading.
What changed in Q2 2026 Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.
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US holdings from the 13F Q2 2026, filed 13 Aug 2026 (filing ): 1 new, 1 added to, 0 trimmed, 1 sold out. Select a row to see it over time. How this works Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.
13F holdings with change from the previous quarter Company Value Shares Portfolio Change Q1 2026 Group 1 Automotive GPI $282m 967,000 46.4%$282m ▲ Added +28%47.7% Equitable Holdings EQH $184m 4,200,000 30.4%$184m 29.8% Air Global AIIR $64.4m 9,666,791 10.6%$64.4m ▲ New– Monday.com MNDY $29.0m 400,000 4.8%$29.0m 5.3% Rimini Street RMNI $25.2m 5,913,199 4.2%$25.2m 3.7% Smith Douglas Homes SDHC $22.3m 1,433,350 3.7%$22.3m 3.5% Lithia Motors LAD – – – ▼ Sold out10.1%
Download the Q2 2026 holdings: CSV · JSON · Markdown
How the portfolio has changed Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.
2019 · Stellantis: 19.7% 2019 · Nebius Group N.v.: 8.3% 2019 · Builders Firstsource: 8.3% 2019 · Everything else: 63.7% 2020 · Equitable Holdings: 14.0% 2020 · Stellantis: 26.3% 2020 · Nebius Group N.v.: 9.0% 2020 · Builders Firstsource: 12.4% 2020 · Everything else: 38.3% 2021 · Equitable Holdings: 19.1% 2021 · Stellantis: 19.4% 2021 · Nebius Group N.v.: 8.5% 2021 · Builders Firstsource: 18.0% 2021 · Everything else: 34.9% 2022 · Equitable Holdings: 26.5% 2022 · Group 1 Automotive: 2.9% 2022 · Lithia Motors: 12.4% 2022 · Stellantis: 29.7% 2022 · Nebius Group N.v.: 4.1% 2022 · Builders Firstsource: 15.8% 2022 · Everything else: 8.5% 2023 · Equitable Holdings: 24.6% 2023 · Group 1 Automotive: 15.6% 2023 · Lithia Motors: 22.4% 2023 · Stellantis: 31.7% 2023 · Nebius Group N.v.: 3.8% 2023 · Everything else: 1.9% Q3 ’24 · Equitable Holdings: 28.9% Q3 ’24 · Group 1 Automotive: 24.9% Q3 ’24 · Lithia Motors: 25.4% Q3 ’24 · Stellantis: 14.5% Q3 ’24 · Nebius Group N.v.: 5.0% Q3 ’24 · Everything else: 1.2% Q4 ’24 · Equitable Holdings: 30.4% Q4 ’24 · Group 1 Automotive: 30.9% Q4 ’24 · Lithia Motors: 23.0% Q4 ’24 · Stellantis: 4.7% Q4 ’24 · Nebius Group N.v.: 8.9% Q4 ’24 · Everything else: 2.0% Q1 ’25 · Equitable Holdings: 39.5% Q1 ’25 · Group 1 Automotive: 32.9% Q1 ’25 · Lithia Motors: 22.3% Q1 ’25 · Nebius Group N.v.: 2.2% Q1 ’25 · Everything else: 3.1% Q2 ’25 · Equitable Holdings: 36.5% Q2 ’25 · Group 1 Automotive: 32.3% Q2 ’25 · Lithia Motors: 22.0% Q2 ’25 · Nebius Group N.v.: 5.0% Q2 ’25 · Everything else: 4.2% Q3 ’25 · Equitable Holdings: 33.8% Q3 ’25 · Group 1 Automotive: 39.4% Q3 ’25 · Lithia Motors: 20.0% Q3 ’25 · Everything else: 6.8% Q4 ’25 · Equitable Holdings: 33.2% Q4 ’25 · Group 1 Automotive: 37.0% Q4 ’25 · Lithia Motors: 22.0% Q4 ’25 · Everything else: 7.8% Q1 ’26 · Equitable Holdings: 29.8% Q1 ’26 · Group 1 Automotive: 47.7% Q1 ’26 · Lithia Motors: 10.1% Q1 ’26 · Everything else: 12.5% Q2 ’26 · Equitable Holdings: 30.4% Q2 ’26 · Group 1 Automotive: 46.4% Q2 ’26 · Everything else: 23.2% 2019
2021
2023
Q4 ’24
Q2 ’25
Q4 ’25
Q2 ’26
2019: Equitable Holdings 0.0%, Group 1 Automotive 0.0%, Lithia Motors 0.0%, Stellantis 19.7%, Nebius Group N.v. 8.3%, Builders Firstsource 8.3%; 2020: Equitable Holdings 14.0%, Group 1 Automotive 0.0%, Lithia Motors 0.0%, Stellantis 26.3%, Nebius Group N.v. 9.0%, Builders Firstsource 12.4%; 2021: Equitable Holdings 19.1%, Group 1 Automotive 0.0%, Lithia Motors 0.0%, Stellantis 19.4%, Nebius Group N.v. 8.5%, Builders Firstsource 18.0%; 2022: Equitable Holdings 26.5%, Group 1 Automotive 2.9%, Lithia Motors 12.4%, Stellantis 29.7%, Nebius Group N.v. 4.1%, Builders Firstsource 15.8%; 2023: Equitable Holdings 24.6%, Group 1 Automotive 15.6%, Lithia Motors 22.4%, Stellantis 31.7%, Nebius Group N.v. 3.8%, Builders Firstsource 0.0%; Q3 ’24: Equitable Holdings 28.9%, Group 1 Automotive 24.9%, Lithia Motors 25.4%, Stellantis 14.5%, Nebius Group N.v. 5.0%, Builders Firstsource 0.0%; Q4 ’24: Equitable Holdings 30.4%, Group 1 Automotive 30.9%, Lithia Motors 23.0%, Stellantis 4.7%, Nebius Group N.v. 8.9%, Builders Firstsource 0.0%; Q1 ’25: Equitable Holdings 39.5%, Group 1 Automotive 32.9%, Lithia Motors 22.3%, Stellantis 0.0%, Nebius Group N.v. 2.2%, Builders Firstsource 0.0%; Q2 ’25: Equitable Holdings 36.5%, Group 1 Automotive 32.3%, Lithia Motors 22.0%, Stellantis 0.0%, Nebius Group N.v. 5.0%, Builders Firstsource 0.0%; Q3 ’25: Equitable Holdings 33.8%, Group 1 Automotive 39.4%, Lithia Motors 20.0%, Stellantis 0.0%, Nebius Group N.v. 0.0%, Builders Firstsource 0.0%; Q4 ’25: Equitable Holdings 33.2%, Group 1 Automotive 37.0%, Lithia Motors 22.0%, Stellantis 0.0%, Nebius Group N.v. 0.0%, Builders Firstsource 0.0%; Q1 ’26: Equitable Holdings 29.8%, Group 1 Automotive 47.7%, Lithia Motors 10.1%, Stellantis 0.0%, Nebius Group N.v. 0.0%, Builders Firstsource 0.0%; Q2 ’26: Equitable Holdings 30.4%, Group 1 Automotive 46.4%, Lithia Motors 0.0%, Stellantis 0.0%, Nebius Group N.v. 0.0%, Builders Firstsource 0.0% ▶ Play Q2 2026
Group 1 Automotive 46.4% Equitable Holdings 30.4% Air Global 10.6% Monday.com 4.8% Rimini Street 4.2% Smith Douglas Homes 3.7% Q4 2019 Q2 2026
Look-through earnings Conifer Management’s share of the profits of the US companies it holds. How this works Look-through earnings, Q2 2026
$32.1m
Last 12 months, holdings with SEC financials
Price paid for those earnings
16.0×
Value of those holdings ÷ their earnings
Earnings per share growth
–
Same holdings, against a year earlier
Portfolio covered
85%
Of the 13F value
By year Rolling 12 months
Q1 2020: $22.5m Q2 2021: $13.4m Q3 2021: $27.0m Q4 2021: $22.9m Q1 2022: $22.1m Q2 2022: $35.5m Q3 2022: $25.5m Q1 2023: $14.4m Q2 2023: $31.0m Q3 2023: $36.3m Q1 2024: $11.9m Q2 2024: $19.2m Q3 2024: $5.2m Q4 2024: $2.4m Q1 2025: $10.8m Q2 2025: $7.4m Q4 2025: $27.3m Q1 2026: $18.6m Q2 2026: $1.8m −$38.6m 2020
$37.0m 2021
$52.3m 2022
$48.5m 2023
$38.7m 2024
$31.4m 2025
$20.3m 2026*
2020: −$38.6m; 2021: $37.0m; 2022: $52.3m; 2023: $48.5m; 2024: $38.7m; 2025: $31.4m; 2026 (2 quarters): $20.3m
Holdings behind Q2 2026 (latest) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021
Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained . Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.
5% stake filings Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F. How this works Conifer Management’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company.
How to read a 13D .
Show all 10 US holdings by sector Consumer discretionary 50.1% Insurance 30.4% Consumer staples 10.6% Technology 4.8% Industrials 4.2% Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.
US portfolio value by quarter $887m Q3 ’23
$1.0bn Q4 ’23
$906m Q1 ’24
$816m Q2 ’24
$874m Q3 ’24
$776m Q4 ’24
$660m Q1 ’25
$768m Q2 ’25
$631m Q3 ’25
$604m Q4 ’25
$524m Q1 ’26
$607m Q2 ’26
Q3 ’23: $887m; Q4 ’23: $1.0bn; Q1 ’24: $906m; Q2 ’24: $816m; Q3 ’24: $874m; Q4 ’24: $776m; Q1 ’25: $660m; Q2 ’25: $768m; Q3 ’25: $631m; Q4 ’25: $604m; Q1 ’26: $524m; Q2 ’26: $607m From each quarter’s 13F. Changes reflect both trading and share-price moves.