Key Takeaways
- • Sosin Partners, a hedge fund headed by Clifford Sosin, was down 24.12 percent for the year through September and is poised to post its first loss in four years, according to a hedge fund database.
- • The fund had nearly 80 percent of its assets invested in online used-car company Carvana, whose shares declined about 26 percent over the same period.
- • Sosin Partners returned nearly 80 percent in 2023, 90 percent in 2024, and almost 71 percent in 2025, after losing 77 percent in 2022.
- • The fund initiated a new stake in Meta Platforms, now its third-largest position at just over 4 percent of assets, and added Marriott Vacations Worldwide, lifting time-share exposure to 16.6 percent of assets.
- • Sosin liquidated its small Capital One Financial position and now holds five stocks in total.
Summary
Sosin Partners, the hedge fund headed by Clifford Sosin and filed under CAS Investment Partners, is tracking closely with Carvana, the online used-car company that accounts for nearly 80 percent of its assets. According to a hedge fund database cited by Institutional Investor, the fund was down 24.12 percent for the year through September and is poised to post its first loss in four years. Over the same period, Carvana shares declined about 26 percent.
The fund's concentrated bet had previously paid off handsomely. Carvana stock bottomed at $0.88 per share in early January 2023 and rose 109-fold by January 2026. Sosin Partners lost 77 percent in 2022 but returned nearly 80 percent in 2023, 90 percent in 2024, and almost 71 percent in 2025.
Paul Wick of Seligman Tech Spectrum, who had told clients earlier this year that he expected Carvana's rally to reverse, described the stock as "another company with an outrageously valued stock price that we are short," according to Institutional Investor.
Sosin's portfolio has been reshaped over recent quarters. The fund held five stocks for the past few quarters, up from four previously, and in the second quarter initiated new positions for the first time in three quarters. These included a stake in Meta Platforms, its first investment in an AI or internet company in recent memory, now its third-largest holding at just over 4 percent of assets. It also established a position in Marriott Vacations Worldwide, its second time-share investment. Hilton Grand Vacations, held since the third quarter of 2021, is currently its second-largest long at more than 14.5 percent of assets, bringing total time-share exposure to 16.6 percent. The fund liquidated its small Capital One Financial stake. Remaining smaller positions include Latham Group and Cardlytics, which are inconsequential in size.
Despite these changes, the fund's performance continues to depend heavily on Carvana, even as time-share holdings take a growing share of the portfolio.
The fund's concentrated bet had previously paid off handsomely. Carvana stock bottomed at $0.88 per share in early January 2023 and rose 109-fold by January 2026. Sosin Partners lost 77 percent in 2022 but returned nearly 80 percent in 2023, 90 percent in 2024, and almost 71 percent in 2025.
Paul Wick of Seligman Tech Spectrum, who had told clients earlier this year that he expected Carvana's rally to reverse, described the stock as "another company with an outrageously valued stock price that we are short," according to Institutional Investor.
Sosin's portfolio has been reshaped over recent quarters. The fund held five stocks for the past few quarters, up from four previously, and in the second quarter initiated new positions for the first time in three quarters. These included a stake in Meta Platforms, its first investment in an AI or internet company in recent memory, now its third-largest holding at just over 4 percent of assets. It also established a position in Marriott Vacations Worldwide, its second time-share investment. Hilton Grand Vacations, held since the third quarter of 2021, is currently its second-largest long at more than 14.5 percent of assets, bringing total time-share exposure to 16.6 percent. The fund liquidated its small Capital One Financial stake. Remaining smaller positions include Latham Group and Cardlytics, which are inconsequential in size.
Despite these changes, the fund's performance continues to depend heavily on Carvana, even as time-share holdings take a growing share of the portfolio.
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