Clifford Sosin - CAS Investment Partners Investment Strategy & Portfolio Analysis

As of Mar 31, 2026, Clifford Sosin's CAS Investment Partners portfolio reflects a highly concentrated, high-conviction, thematic approach across 5 reported 13F positions. Portfolio returns are primarily driven by a small set of high-conviction positions such as Carvana, Hilton Grand Vacations, and Capital One Financial Corporati, with the top five holdings accounting for approximately 100% of total exposure and Carvana alone contributing ~82%. Economic outcomes are highly concentrated in a narrow set of consumer cyclical companies and financials names. Exposure to high-growth and technology-oriented segments remains limited relative to peers, with performance weighted across consumer discretionary, financials, and communication services. The portfolio exhibits low turnover, consistent with a buy-and-hold posture held through multiple reporting cycles. Distinctive traits include Long-Term Holder, Highly Concentrated, Economically Concentrated.