We break down the stocks Stockbridge bought, sold, and held in Q4 2024, including their holdings at the end of the quarter. All data sourced from Stockbridge's 13F filed on February 14, 2025.
Who is Stockbridge?
Stockbridge is the public equity investment arm of Berkshire Partners, a Boston-based private equity firm established in 1984. The firm focuses on building long-term concentrated positions in high-quality growth companies with sustainable competitive advantages. Stockbridge leverages Berkshire's extensive private equity experience to identify public companies with exceptional management teams and compelling business models.
Berkshirepartners.com/stockbridge
Wikipedia
Interview with Stockbridge's Rob Small on Transdigm
Portfolio Changes in Q4 2024
New positions
Stockbridge initiated a new position in Veeva (VEEV), purchasing 652,840 shares valued at $137.3 million.
Bought
Stockbridge added to four existing positions, with the largest increases in Guidewire Software (GWRE) (+205,382 shares), Vulcan Materials (VMC) (+177,918 shares), Waste Connections (WCN) (+127,454 shares), and Microsoft (MSFT) (+87,452 shares).
Sold
Stockbridge completely exited positions in Charter Communications (CHTR) and Procore Technologies (PCOR), while making significant reductions to New York Times (NYT) (-1.9 million shares) and Liberty Broadband (LBRDK) (-1.9 million shares), and smaller trims to TransDigm (TDG), Thermo Fisher (TMO), Hilton (HLT), Amazon (AMZN), and Deere (DE).
New Investments in Q4 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| VEEV | Veeva | 100.0% | NEW | $137.26M |
Veeva VEEV
Stockbridge bought $137.26M of Veeva in Q4 2024. Veeva Systems (VEEV) demonstrated strong performance with 24% year-over-year revenue growth in Q1 2025 ($650.3M total revenues), accelerating from previous quarters. The company has beaten EPS estimates for four consecutive quarters, including a 10.13% surprise in Q4 2025, driven by robust subscription services growth (29% YoY in Q1 2025). Recent progress in Development Cloud, Commercial Cloud, and Data Cloud positions the company for continued expansion in life sciences cloud solutions.
- Q1 2025 subscription revenues reached $534M, representing 82% of total revenue mix.
- 4 consecutive EPS beats (Q1 2025: +4.9%, Q2: +6.6%, Q3: +10.8%, Q4: +10.1%) demonstrating consistent execution.
- 29% YoY growth in subscription services ($534M) outpaced total revenue growth, showing product momentum.
Holdings at the end of Q4 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| TDG | TransDigm | 18.0% | Trimmed (-5%) | $846.9M |
| AMZN | Amazon | 15.4% | Trimmed (-1%) | $727.44M |
| GWRE | Guidewire Software | 9.6% | Added (+8%) | $451.6M |
| VMC | Vulcan Materials | 9.5% | Added (+11%) | $449.25M |
| DE | Deere | 7.9% | Trimmed (-0%) | $373.83M |
| HLT | Hilton | 7.8% | Trimmed (-3%) | $368.98M |
| MSFT | Microsoft | 7.6% | Added (+12%) | $356.9M |
| WCN | Waste Connections | 7.2% | Added (+7%) | $337.75M |
| TMO | Thermo Fisher | 6.3% | Trimmed (-2%) | $294.75M |
| NYT | New York Times | 4.8% | Trimmed (-31%) | $228.3M |
| LBRDK | Liberty Broadband | 3.0% | Trimmed (-51%) | $139.56M |
| VEEV | Veeva | 2.9% | NEW | $137.26M |
| CHTR | Charter Communications | 0.0% | Exited | $0 |
| PCOR | Procore Technologies | 0.0% | Exited | $0 |
Disclaimer: All posts on Scout are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
