Sessa Capital IM, L.P.

Hedge Fund • Long/Short

Sessa Capital IM, L.P. is a Long/Short Hedge Fund based in New York, NY led by Jae Hong, reporting $4.7B in AUM as of Q3 2025 with 33% Healthcare concentration, 89% concentrated in top 10 holdings, and 25% allocation to WBD.

PresidentJae Hong

Portfolio Value: $3.9B
Positions: 27
Top Holding: WBD at 25.15%
Last Reported: Q3 2025

Address888 Seventh Avenue, 30th Floor, New York, NY, 10019, United States

Top Holdings

Largest long holdings in Sessa Capital IM, L.P.'s portfolio (89% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Warner Bros. Discovery, Inc. WBD	Entertainment Communication Services	$988.7M	25.15%	—	2.04% 50.6M shares	Q1 2022 Held for 3y 8m
2 Humana HUM	Medical - Healthcare Plans Healthcare	$575.7M	14.64%	+$23.1M Bought	1.84% 2.2M shares	Q4 2024 Held for 11 months
3 Illumina ILMN	Medical - Diagnostics & Research Healthcare	$445.1M	11.32%	-$3.4M Sold	3.05% 4.7M shares	Q2 2025 Held for 5 months
4 Capital One Financial COF	Financial - Credit Services Financial Services	$384.8M	9.79%	—	0.28% 1.8M shares	Q2 2025 Held for 5 months
5 PG&E PCG	Regulated Electric Utilities	$370.6M	9.43%	—	1.12% 24.6M shares	Q1 2025 Held for 8 months
6 Air Products and Chemicals APD	Chemicals - Specialty Basic Materials	$243.2M	6.19%	+$63.5M Bought	0.40% 891.8K shares	Q2 2025 Held for 5 months
7 Ally Financial ALLY	Financial - Credit Services Financial Services	$183.5M	4.67%	—	1.52% 4.7M shares	Q4 2022 Held for 2y 11m
8 Sotera Health SHC	Medical - Diagnostics & Research Healthcare	$156.0M	3.97%	+$56.9M Bought	3.49% 9.9M shares	Q1 2024 Held for 1y 8m
9 Treehouse Foods THS	Packaged Foods Consumer Defensive	$84.9M	2.16%	—	8.32% 4.2M shares	Q1 2024 Held for 1y 8m
10 FTAI Aviation Ltd. FTAI	Rental & Leasing Services Industrials	$66.7M	1.70%	—	0.39% 400.0K shares	Q1 2025 Held for 8 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Sessa Capital IM, L.P.'s latest filing

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Market Value

$3.9B

Prior: $3.3B

Q/Q Change

+19.61%

+$644.6M

Net Flows % of MV

+4.42%

Turnover Ratio

4.62%

New Purchases

2 stocks

$92.2M

Added To

5 stocks

+$176.3M

Sold Out Of

3 stocks

$91.1M

Reduced Holdings

1 stocks

-$3.4M

Increased Positions

Position	Shares Δ	Change
1 Keurig Dr Pepper KDP	New	0 → 2.4M +$61.2M
2 Performance Food Group PFGC	New	0 → 298.1K +$31.0M
3 SAB Biotherapeutics SABS	+379.53%	458.5K → 2.2M +$3.5M
4 US Foods USFD	+95.32%	400.0K → 781.3K +$29.2M
5 Sotera Health SHC	+57.44%	6.3M → 9.9M +$56.9M

Decreased Positions

Position	Shares Δ	Change
1 Garrett Motion Inc. GTX	Sold	4.3M → 0 −$45.7M
2 Genuine Parts GPC	Sold	252.3K → 0 −$30.6M
3 BioTime BTX	Sold	2.0M → 0 −$14.8M
4 Illumina ILMN	-0.76%	4.7M → 4.7M −$3.4M

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Analytics

Portfolio insights and performance metrics for Sessa Capital IM, L.P.

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Sector Allocation

Healthcare

33.30%

Communication Services

26.10%

Financial Services

14.50%

Utilities

9.40%

Basic Materials

6.20%

Consumer Defensive

6.00%

Industrials

1.70%

Technology

1.60%

Market Cap Distribution

Mega Cap (> $200B)

0.10%

Large Cap ($10B - $200B)

89.68%

Mid Cap ($2B - $10B)

5.41%

Small Cap ($300M - $2B)

4.69%

Micro Cap ($50M - $300M)

0.00%

Nano Cap (< $50M)

0.11%

Portfolio Concentration

Top 10 Holdings %

89.0%

Top 20 Holdings %

99.63%

Top 50 Holdings %

100.0%

Top 100 Holdings %