This article first appeared on GuruFocus.

David Abrams (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2025, providing insights into his investment moves during this period. David Abrams (Trades, Portfolio) founded Abrams Capital Management in 1999, where he is the CEO and portfolio manager. Before establishing the Boston-based firm, he worked with Bauposts Seth Klarman (Trades, Portfolio) for 10 years. Describing itself as “opportunistic,” Abrams Capital Management follows a fundamental, value-oriented approach to investing. The firm relies on a value approach that emphasizes a company’s fundamentals to stocks. It typically invests for the long term in a concentrated number of holdings, spreading its assets across stocks, debt instruments, distressed debt, and illiquid investments, among other classes.

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David Abrams (Trades, Portfolio) completely exited 1 of the holding in the fourth quarter of 2025, as detailed below:

• Circle Internet Group Inc(NYSE:CRCL): David Abrams (Trades, Portfolio) sold all 275,000 shares, resulting in a -0.59% impact on the portfolio.

David Abrams (Trades, Portfolio) also reduced position in 4 stocks. The most significant changes include:

• Reduced Meta Platforms Inc(NASDAQ:META) by 69,600 shares, resulting in a -17.63% decrease in shares and a -0.83% impact on the portfolio. The stock traded at an average price of $666.98 during the quarter and has returned 4.98% over the past 3 months and -3.08% year-to-date.

• Reduced Alphabet Inc(NASDAQ:GOOGL) by 207,500 shares, resulting in a -9.77% reduction in shares and a -0.82% impact on the portfolio. The stock traded at an average price of $286.38 during the quarter and has returned 9.82% over the past 3 months and -2.33% year-to-date.

At the fourth quarter of 2025, David Abrams (Trades, Portfolio)’s portfolio included 12 stocks, the top holdings included 38.41% in Loar Holdings Inc(NYSE:LOAR), 14.59% in Lithia Motors Inc(NYSE:LAD), 10.57% in Alphabet Inc(NASDAQ:GOOGL), 9.13% in Somnigroup International Inc(NYSE:SGI), 8.83% in Asbury Automotive Group Inc(NYSE:ABG).

The holdings are mainly concentrated in 6 of all the 11 industries: Industrials, Consumer Cyclical, Communication Services, Financial Services, Energy, Healthcare.