Champlain Invest Partners Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

A deep dive into the portfolio structure reveals a total of 130 holdings . This number is particularly telling of the institution's psychological portrait and risk management strategy. With 130 stocks, the firm avoids the extreme volatility associated with hyper-concentrated "conviction" portfolios (often seen in aggressive hedge funds with fewer than 30 names) while simultaneously shunning the "closet indexing" behavior of massive mutual funds that hold hundreds or thousands of securities. This "middle-path" approach suggests a diversified investment style that aims to smooth out idiosyncratic risks while still allowing individual stock selection to drive alpha. The average position size is roughly $60.6 million, but a closer look at the weight distribution shows a deliberate effort to prevent any single security from overwhelming the portfolio. The top holding, Tradeweb Markets Inc., accounts for only 2.19% of the total assets, indicating that the institution prefers a "team-based" portfolio approach where performance is driven by a broad base of successful picks rather than a single "home run" bet.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The most striking feature of this allocation is the dominance of the Industrials sector, which accounts for 25.45% of the total portfolio. This is a significant overweight position compared to many growth-oriented peers. In the context of 2026, a heavy industrial tilt often signals a belief in the "reshoring" of manufacturing, the continued modernization of infrastructure, and the integration of automation technologies within the physical economy. Companies in this sector often provide the essential components, machinery, and services that keep the global supply chain functioning. By placing over a quarter of its capital here, Champlain is betting on the tangible economy's resilience and its ability to pass through inflationary pressures via pricing power.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Tradeweb Markets has ascended to the number one spot in the portfolio, now representing 2.19% of total assets. This position is a classic "conviction holding." The institution increased its shares by 20.81% during the quarter, a move that, combined with organic price appreciation, pushed the weight up from 1.32% to 2.19%. Tradeweb operates at the intersection of Financials and Technology, providing electronic marketplaces for rates, credit, equities, and money markets. The logic behind this addition is likely rooted in the ongoing "electronification" of fixed-income markets. As bond trading shifts from traditional voice-based methods to digital platforms, Tradeweb stands as a primary beneficiary. The institution's decision to aggressively add to this position suggests a belief that Tradeweb’s competitive moat is widening and that its growth in the credit and rates segments is sustainable even in a volatile interest rate environment. This is a bet on market infrastructure—a "toll booth" business model that thrives on trading volume and market complexity.

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IV. Major Buys/Additions

The most significant strategic shift this quarter is the massive capital injection into EOG Resources and Texas Pacific Land Corporation (TPL) . Together, these two new positions represent an investment of over $273 million . This is not a subtle move; it is a "strategic pivot." EOG Resources provides direct exposure to hydrocarbon production, but it is TPL that offers the most unique "real asset" play. TPL is one of the largest landowners in Texas, specifically in the Permian Basin. It doesn't just produce oil; it collects royalties, sells water for fracking, and manages the land itself. This is a high-margin, "asset-light" way to play the energy sector. The logic here is likely twofold: first, as a hedge against persistent inflation, and second, as a bet on the long-term strategic importance of the Permian Basin in a world of geopolitical energy instability. By entering these positions now, the institution is signaling that it believes the "energy transition" will be a multi-decade process where traditional fossil fuel infrastructure remains highly profitable.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The most significant exits this quarter were Confluent (CFLT) and Exact Sciences (EXAS) , which together accounted for over $303 million in realized capital. The complete liquidation of Confluent is a major statement. Confluent, the company behind the Apache Kafka data streaming platform, has been a favorite among growth investors. However, its high valuation and the shift toward "consumption-based" pricing models have introduced significant volatility into its earnings. By exiting entirely, Champlain is signaling a "strategic retreat" from high-multiple software companies that face intensifying competition from cloud giants like AWS and Azure.

The total scale of funds retrieved from these exits and reductions is estimated to be well over $800 million . This massive pool of liquidity was not just "sitting in cash"; it was the primary source of funding for the aggressive new bets in Energy, Land, and High-Growth Consumer brands discussed in Section IV. This is a classic example of "active rebalancing"—the institution is constantly pruning the garden to make room for new growth, ensuring that the portfolio remains aligned with its latest macro and fundamental convictions.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain is clear: 1. Sold What: High-valuation software, diagnostics, and mature consumer staples. 2. Why: To mitigate the risk of valuation de-rating in a "higher-for-longer" interest rate environment and to exit industries where competitive moats are being challenged. 3. Bought What: Best-in-class energy producers, land management companies, and "mission-critical" industrial/tech infrastructure. 4. Why: To capture the benefits of the global energy transition, hedge against inflation, and bet on the "physicalization" of the economy (reshoring, automation, and infrastructure). 5. Result: A portfolio that is more resilient to macro shocks, more aligned with real-world earnings, and better positioned to benefit from the structural shifts of the late 2020s.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.