Clifford Sosin - CAS Investment Partners Investment Strategy (Sep 30, 2025)

As of Sep 30, 2025, the CAS Investment Partners portfolio managed by Clifford Sosin demonstrates a sophisticated investment approach with 6 positions and an average holding period of 935 quarters. The strategy focuses on Communication Services, Consumer Cyclical, Financial Services, Industrials sectors with a typical position size of 21.0% of the portfolio.

The portfolio's risk management approach includes a maximum position size of 21.02% and sector diversification of 4%, exemplified by the case study of CARVANA CO (CVNA). This strategic framework provides insights into Clifford Sosin's investment philosophy, risk management practices, and long-term value creation approach.

Key metrics revealing investment style, risk management, and performance characteristics

Metric	Value	Category	Description
Holding Period	2.6 years	Style	Average duration positions are maintained
Position Count	6	Style	Number of active positions in portfolio
Position Size	21.0%	Risk	Typical allocation per position
Win Rate	58.8%	Performance	Percentage of profitable positions
Average Return	18.2%	Performance	Mean return across positions
Sharpe Ratio	0.35	Performance	Return per unit of risk taken

Investment Case Study: CARVANA CO (CVNA)

3/31/2018 - 12/26/2025

Total Return: 429.42%

Holding Period: 2827 days

Max Position Size: $1,844,580,620.00

Position Weight: 47.50%

3/31/2018: ENTRY(2,008,068.00 shares) @ $0.02

6/30/2018: INCREASE(48,091.00 shares) @ $0.05

12/31/2018: INCREASE(111,607.00 shares) @ $0.03

3/31/2019: INCREASE(357,565.00 shares) @ $0.06

6/30/2019: INCREASE(10,000.00 shares) @ $0.06

9/30/2019: INCREASE(69,500.00 shares) @ $0.07

12/31/2019: INCREASE(170,087.00 shares) @ $0.09

3/31/2020: INCREASE(1,049,366.00 shares) @ $0.06

6/30/2020: DECREASE(-450,000.00 shares) @ $0.13

9/30/2020: INCREASE(232,690.00 shares) @ $0.22

12/31/2020: DECREASE(-401,946.00 shares) @ $0.24

3/31/2021: INCREASE(100,000.00 shares) @ $0.26

12/31/2021: INCREASE(9,275.00 shares) @ $0.23

3/31/2022: INCREASE(848,600.00 shares) @ $0.12

6/30/2022: INCREASE(2,564,900.00 shares) @ $0.02

9/30/2022: INCREASE(100,000.00 shares) @ $0.02

3/31/2024: DECREASE(-296,909.00 shares) @ $87.91

9/30/2024: DECREASE(-77,300.00 shares) @ $174.11

12/31/2024: DECREASE(-75,797.00 shares) @ $203.36

3/31/2025: DECREASE(-692,768.00 shares) @ $209.08

6/30/2025: DECREASE(-762,761.00 shares) @ $336.96

9/30/2025: DECREASE(-32,594.00 shares) @ $377.24

Entry Context: Initial position established based on fundamental analysis

Sector Conditions: Favorable market conditions in the sector

Risk Factors: