Two Creeks Capital Management, LP

Hedge Fund • Long/Short

Two Creeks Capital Management, LP is a Long/Short Hedge Fund based in New York, NY led by Ryan Allen Pedlow, reporting $2.3B in AUM as of Q3 2025 with 39% Consumer Cyclical concentration and 56% concentrated in top 10 holdings.

CEORyan Allen Pedlow

Portfolio Value: $1.4B
Positions: 25
Top Holding: FND at 7.95%
Last Reported: Q3 2025

Address40 West 57th Street, New York, NY, 10019, United States

Top Holdings

Largest long holdings in Two Creeks Capital Management, LP's portfolio (56.3% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Floor & Decor FND	Home Improvement Consumer Cyclical	$110.6M	7.95%	-$8.8M Sold	1.39% 1.5M shares	Q1 2019 Held for 6y 8m
2 Chipotle Mexican Grill CMG	Restaurants Consumer Cyclical	$95.2M	6.84%	+$40.3M Bought	0.18% 2.4M shares	Q1 2023 Held for 2y 8m
3 ASML ASML ASML	Unknown Unknown	$89.4M	6.43%	+$1.6M Bought	— 92.4K shares	Q4 2022 Held for 2y 11m
4 Mirion Technologies MIR	Industrial - Machinery Industrials	$83.7M	6.02%	+$83.7M New	1.56% 3.6M shares	Q3 2025 Held for 2 months
5 Uber Technologies UBER	Software - Application Technology	$82.5M	5.93%	-$12.4M Sold	0.04% 841.9K shares	Q4 2024 Held for 11 months
6 Visa V	Financial - Credit Services Financial Services	$73.0M	5.25%	-$5.8M Sold	0.01% 214.0K shares	Q4 2014 Held for 10y 11m
7 Lowe's Companies LOW	Home Improvement Consumer Cyclical	$67.9M	4.88%	-$21.6M Sold	0.05% 270.1K shares	Q4 2014 Held for 10y 11m
8 Talen Energy Corporation TLN	Unknown Unknown	$61.6M	4.43%	-$81.7M Sold	0.32% 144.8K shares	Q1 2025 Held for 8 months
9 Airbnb ABNB	Travel Services Consumer Cyclical	$59.9M	4.31%	+$1.1M Bought	0.08% 493.5K shares	Q1 2023 Held for 2y 8m
10 Flutter Entertainment FLUT	Gambling, Resorts & Casinos Consumer Cyclical	$59.8M	4.30%	-$13.7M Sold	0.13% 235.4K shares	Q4 2024 Held for 11 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Two Creeks Capital Management, LP's latest filing

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Market Value

$1.4B

Prior: $1.5B

Q/Q Change

-7.56%

-$113.7M

Net Flows % of MV

-7.65%

Turnover Ratio

21.91%

New Purchases

3 stocks

$188.7M

Added To

9 stocks

+$62.9M

Sold Out Of

3 stocks

$109.4M

Reduced Holdings

12 stocks

-$248.6M

Increased Positions

Position	Shares Δ	Change
1 Mirion Technologies MIR	New	0 → 3.6M +$83.7M
2 Grab Holdings Limited GRAB	New	0 → 9.7M +$58.2M
3 Entegris ENTG	New	0 → 506.2K +$46.8M
4 RTO Rentokil Initial RTO	+325.53%	79.6K → 338.7K +$6.5M
5 Chipotle Mexican Grill CMG	+73.45%	1.4M → 2.4M +$40.3M

Decreased Positions

Position	Shares Δ	Change
1 Idexx Laboratories IDXX	Sold	114.5K → 0 −$61.4M
2 KLA Corporation KLAC	Sold	29.1K → 0 −$26.1M
3 Martin Marietta Materials MLM	Sold	39.9K → 0 −$21.9M
4 Talen Energy Corporation TLN	-57.01%	336.9K → 144.8K −$81.7M
5 CRH CRH	-55.14%	879.2K → 394.4K −$58.1M