SRS Investment Management
SRS Investment Management, led by Karthik Sarma, manages assets totaling approximately $9.47 billion. Sarma, an alumnus of the prestigious Stanford University and formerly associated with Tiger Global Management, has cultivated a reputation for strategic investment in technology and consumer sectors. The firm's investment philosophy emphasizes deep research and a concentrated portfolio approach, focusing on high-conviction bets in market-leading companies.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 29 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| CAR | $2.54B | 26.86% | $145.85 | $153.72 | +5.4% | 26.9% | |
| NFLX | $1.46B | 15.42% | $96.15 | $76.35 | -20.6% | 15.4% | |
| TPR | $712.9M | 7.53% | $140.71 | $145.88 | +3.7% | 7.5% | |
| NVDA | $436.1M | 4.61% | $174.40 | $196.20 | +12.5% | 4.6% | |
| META | $411.8M | 4.35% | $571.60 | $617.79 | +8.1% | 4.3% | |
| BURL | $376.4M | 3.98% | $325.38 | $312.45 | -4.0% | 4.0% | |
| RBLX | $373.4M | 3.94% | $56.56 | $56.67 | +0.2% | 3.9% | |
| PLNT | $363.5M | 3.84% | $74.38 | $52.20 | -29.8% | 3.8% | |
| AMD | $293.5M | 3.10% | $203.43 | $511.80 | +151.6% | 3.1% | |
| CLS | $286.4M | 3.03% | $281.68 | $342.60 | +21.6% | 3.0% | |
| UAL | $268.1M | 2.83% | $92.07 | $127.83 | +38.8% | 2.8% | |
| TWLO | $259.7M | 2.74% | $125.82 | $215.47 | +71.3% | 2.7% | |
| CRDO | $235.2M | 2.48% | $93.87 | $237.99 | +153.5% | 2.5% | |
| KMX | $235.0M | 2.48% | $41.58 | $51.49 | +23.8% | 2.5% | |
| ABNB | $224.3M | 2.37% | $126.28 | $148.67 | +17.7% | 2.4% | |
| TSM | $172.4M | 1.82% | $337.16 | $430.23 | +27.6% | 1.8% | |
| FIVE | $165.2M | 1.74% | $228.48 | $175.24 | -23.3% | 1.7% | |
| HUT | $144.7M | 1.53% | $46.91 | $96.38 | +105.5% | 1.5% | |
| MDB | $129.0M | 1.36% | $244.77 | $363.54 | +48.5% | 1.4% | |
| SPOT | $118.6M | 1.25% | $484.91 | $493.46 | +1.8% | 1.3% | |
| DAL | $51.9M | 0.55% | $66.30 | $88.39 | +33.3% | 0.6% | |
| GLBE | $38.2M | 0.40% | $30.85 | $37.53 | +21.6% | 0.4% | |
| TCOM | $37.7M | 0.40% | $49.79 | $40.48 | -18.7% | 0.4% | |
| WRBY | $30.3M | 0.32% | $21.07 | $27.92 | +32.5% | 0.3% | |
| CMCSA | $27.9M | 0.30% | $28.00 | $23.40 | -16.4% | 0.3% | |
| SNDK | $22.3M | 0.24% | $635.34 | $1562.32 | +145.9% | 0.2% | |
| CPNG | $21.1M | 0.22% | $18.88 | $18.34 | -2.9% | 0.2% | |
| ELV | $17.4M | 0.18% | $291.56 | $417.56 | +43.2% | 0.2% | |
| HSAI | $10.7M | 0.11% | $19.12 | $16.11 | -15.7% | 0.1% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (3)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| FIVE | $165.2M | -23.3% | |
| SNDK | $22.3M | +145.9% | |
| CPNG | $21.1M | -2.9% |
Exited Positions (5)
| Ticker | Issuer | Notional |
|---|---|---|
| PDD | $115.3M | |
| FN | $64.3M | |
| HD | $62.0M | |
| CVS | $48.6M | |
| LOW | $30.5M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| CRDO | $219.2M | +2143.8% | +153.5% | |
| RBLX | $135.3M | +124.7% | +0.2% | |
| SPOT | $33.2M | +66.2% | +1.8% | |
| GLBE | $2.9M | +37.9% | +21.6% | |
| TWLO | $2.3M | +14.0% | +71.3% | |
| HUT | $12.9M | +7.5% | +105.5% | |
| DAL | $0.8M | +6.0% | +33.3% | |
| BURL | $43.2M | +0.3% | -4.0% |
Trimmed (5)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| ELV | $-34.1M | -59.5% | +43.2% | |
| ABNB | $-117.7M | -29.5% | +17.7% | |
| NVDA | $-179.5M | -24.2% | +12.5% | |
| AMD | $-56.8M | -11.8% | +151.6% | |
| META | $-79.0M | -3.2% | +8.1% |
Quarter Activity
During the quarter, SRS Investment Management initiated notable new positions in FIVE, SNDK, and CPNG, with the largest investment being $165 million in FIVE. The fund exited several positions including PDD, FN, HD, CVS, and LOW, with the largest divestiture being PDD at $115 million. Additionally, there was a significant increase in the fund's stake in CRDO by $2144 million, marking a major concentration shift within the portfolio.
AI Commentary
<p>SRS Investment Management's portfolio showcases a strong conviction in the consumer services and technology sectors, with significant allocations in AVIS BUDGET GROUP INC (CAR) and NETFLIX INC. (NFLX) representing 26.9% and 15.4% of the total AUM respectively. Other notable holdings include TAPESTRY INC (TPR) and NVIDIA CORPORATION (NVDA), indicating a diversified interest across different consumer-driven and tech industries. The fund's top ten holdings, which also include META PLATFORMS INC (META) and ADVANCED MICRO DEVICES INC (AMD), collectively form a substantial portion of the portfolio, emphasizing a focused investment strategy in high-impact areas.</p> <p>The recent quarter's activity signals a strategic shift in SRS Investment Management's portfolio, with new positions in FIVE BELOW INC (FIVE), SANDISK CORP (SNDK), and COUPANG INC (CPNG) suggesting a growing interest in retail and technology sectors. The closure of positions in PINDUODUO INC (PDD), FORTINET INC (FN), and HOME DEPOT INC (HD) might indicate a reallocation of resources towards more promising opportunities or a response to changing market dynamics. Notably, significant increases in positions like CORDO PHARMA (CRDO) and ROBLOX CORP (RBLX) alongside reductions in ENSEMBLE HEALTH PARTNERS (ELV) and AIRBNB INC (ABNB) further reflect tactical adjustments to optimize portfolio performance in a dynamic economic environment.</p>