LYRICAL ASSET MANAGEMENT LP

Long Only Manager • Value

LYRICAL ASSET MANAGEMENT LP is a Value-focused institution based in New York, NY led by Andrew Brian Wellington, managing $7.1B across 37 long positions as of Q3 2025 with 38% Technology concentration and 54% concentrated in top 10 holdings.

CIOAndrew Brian Wellington

Portfolio Value: $7.1B
Positions: 37
Top Holding: NRG at 7.29%
Last Reported: Q3 2025

Address235 West 23rd Street, 5th Floor, New York, NY, 10011, United States

Top Holdings

Largest long holdings in LYRICAL ASSET MANAGEMENT LP's portfolio (53.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 NRG Energy NRG	Independent Power Producers Utilities	$516.6M	7.29%	+$7.3M Bought	1.65% 3.2M shares	Q2 2020 Held for 5y 5m
2 Flex Ltd. FLEX	Hardware, Equipment & Parts Technology	$472.5M	6.66%	+$10.3M Bought	2.18% 8.2M shares	Q2 2017 Held for 8y 5m
3 Johnson Controls International JCI	Construction Industrials	$388.5M	5.48%	+$8.0M Bought	0.54% 3.5M shares	Q2 2024 Held for 1y 5m
4 Ameriprise Financial AMP	Asset Management Financial Services	$373.1M	5.26%	+$19.1M Bought	0.81% 759.5K shares	≤ Q2 2013 Held for 12y 5m+
5 Expedia Group, Inc. EXPE	Travel Services Consumer Cyclical	$360.8M	5.09%	+$19.6M Bought	1.36% 1.7M shares	Q2 2023 Held for 2y 5m
6 AerCap Holdings N.V. AER	Rental & Leasing Services Industrials	$360.1M	5.08%	+$19.9M Bought	1.67% 3.0M shares	≤ Q2 2013 Held for 12y 5m+
7 eBay EBAY	Specialty Retail Consumer Cyclical	$351.4M	4.96%	+$17.5M Bought	0.85% 3.9M shares	Q1 2021 Held for 4y 8m
8 F5, Inc. FFIV	Software - Infrastructure Technology	$336.2M	4.74%	+$16.7M Bought	1.81% 1.0M shares	Q2 2023 Held for 2y 5m
9 NetApp NTAP	Computer Hardware Technology	$327.6M	4.62%	+$327.6M New	1.39% 2.8M shares	Q3 2025 Held for 2 months
10 HCA Healthcare HCA	Medical - Care Facilities Healthcare	$320.7M	4.52%	+$19.2M Bought	0.32% 752.5K shares	Q4 2017 Held for 7y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in LYRICAL ASSET MANAGEMENT LP's latest filing

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Market Value

$7.1B

Prior: $6.9B

Q/Q Change

+2.29%

+$158.6M

Net Flows % of MV

-1.45%

Turnover Ratio

6.89%

New Purchases

1 stocks

$327.6M

Added To

34 stocks

+$410.7M

Sold Out Of

1 stocks

$236.2M

Reduced Holdings

2 stocks

-$604.7M

Increased Positions

Position	Shares Δ	Change
1 NetApp NTAP	New	0 → 2.8M +$327.6M
2 Centene CNC	+27.25%	2.0M → 2.6M +$19.6M
3 Amcor AMCR	+19.33%	11.7M → 14.0M +$18.5M
4 iShares Russell 1000 Value IWD	+17.02%	1.1K → 1.3K +$37.3K
5 Global Payments GPN	+14.35%	1.7M → 1.9M +$20.2M