David Abrams Q1 2026 Portfolio — ET Fully Exited, LOAR Concentration Maintained

In his Q1 2026 13F filing, David Abrams fully exited ET — an energy infrastructure holding — for $101M, trimming his portfolio to 11 positions. With no new purchases, he maintained an ultra-concentrated structure allocating $1.8B (39.6%) of his $4.6B total AUM to LOAR alone.

Top 5 Holdings — Q1 2026

• LOAR: $1.8B (39.6%)
• LAD: $622M (13.4%)
• GOOGL: $537M (11.6%)
• SGI: $429M (9.2%)
• ABG: $421M (9.1%)

Q1 2026 Key Portfolio Activity

Abrams Capital's Q1 2026 portfolio is best characterized as a 'static concentration' strategy — virtually no activity. There were no new buys and no position increases; the sole complete exit was ET ($101M). The top five holdings — LOAR (39.6%), LAD (13.4%), GOOGL (11.6%), SGI (9.2%), and ABG (9.1%) — account for 82.9% of AUM, reflecting extreme portfolio concentration.

• ET: Full exit $101M → $0 — Complete removal of energy midstream exposure; signals portfolio simplification
• LOAR: Held at $1.8B (39.6%) — Near-40% single-position allocation signals highest-conviction holding
• NUVB: Reduced -67% → $5M (0.1%) — Trimmed to near-liquidation levels; further exit in subsequent quarters possible

On the reduction side, NUVB was cut by 67% to just $5M (0.1% of AUM), effectively approaching a full exit, while GOOGL saw only a modest -3% trim. SGI showed essentially zero change, holding steady. Mid-to-lower tier positions — CPNG ($246M, 5.3%), WTW ($210M, 4.5%), META ($186M, 4.0%), and U-Haul ($145M, 3.1%) — were all held unchanged. Abrams's style closely resembles Buffett-style value investing: high-conviction, long-term concentration with minimal trading activity.

Outlook: A Portfolio That Chooses Patience Over Change

David Abrams once again chose 'waiting' as his strategy in Q1 2026. While the ET exit cleared the portfolio of all energy sector exposure, core positions in LOAR, LAD, and GOOGL were left untouched. Whether NUVB's sharp reduction leads to a full exit next quarter is the key item to watch. Given the portfolio's ultra-lean 11-position structure, even a single addition or removal can materially shift the portfolio's overall direction — making any new position in the Q2 2026 filing a closely watched event.