Carlyle Q3 still favors the healthcare sector Medline (MDLN.US) and StandardAero (SARO.US) account for more than 98% of holdings

The Zhitong Finance App learned that according to the US Securities and Exchange Commission (SEC) disclosure, Carlyle (CG.US) has submitted a position report (13F) for the third quarter ending September 30, 2026.

In the third quarter, the total market value of Carlyle's holdings was about US$8.361 billion. The previous quarter was about US$10.01 billion, down about 16.39% from the previous quarter; the holding ratio of the top ten stocks was 99.96%, and the holding period was 4.7 quarters. In the quarter, the company did not open a new warehouse, added 2 additional positions, reduced its holdings by 1, and cleared 3 stocks. The turnover rate was 15.79%.

The concentration of this reporting package is extremely high. The total market value of the first two major positions is about US$8.298 billion. The changes in market capitalization are largely affected by price fluctuations of these two individual stocks.

Top 5 heavy positions: Medline's weight bucked the trend and rose to 76.88%

Medical supplies supplier Medline (MDLN.US) ranked first, holding about 187 million shares with a market value of about US$6.492 billion, accounting for 76.88% of the portfolio. The number of holdings remained the same as in the previous quarter. Although there was no change in the number of shares held, its portfolio weight increased from 73.37% to 76.88%, reflecting the combined effects of changes in individual stock prices and the total market value of the portfolio.

StandardAero (SARO.US), an aero engine maintenance service provider, ranked 2nd, holding about 84.5870 million shares, with a market value of about US$1,806 billion, accounting for 21.39% of the portfolio. The number of holdings remained the same as in the previous quarter. Although the portfolio weight dropped from 25.16% to 21.39%, the number of shares held has not decreased, indicating that it still fully retained the investment. The decline in weight was due to the decline in individual stock prices and the contraction in the total market value of the portfolio.

Biopharmaceutical company Phathom Pharmaceuticals (PHAT.US) ranked 3rd, holding about 3.4968 million shares, with a market value of about US$26 million, accounting for 0.30% of the portfolio. The number of holdings remained the same as the previous quarter. The stock's weight in the previous quarter was 0.38%, and the decline in weight was also due to a contraction in market value due to falling stock prices.

Autonomous driving technology company Pony AI (PYAIF.US) ranked 4th, holding about 2.3624 million shares, with a market value of about US$15 million, accounting for 0.18% of the portfolio. The number of holdings remained the same as the previous quarter, and its weight increased slightly from 0.16% in the previous quarter.

Invitation Homes (INVH.US), a single-family residential rental operator, ranked 5th, holding about 477,500 shares, with a market value of about US$13 million, accounting for 0.15% of the portfolio. The number of holdings decreased by 185,400 shares from the previous quarter, a decrease of about 27.97%.

Other major stocks ranked 6th to 10th are: biopharmaceutical company Spruce Biosciences (SPRB.US), air freight forwarder Forward Air (FWRD.US), biopharmaceutical company Adicet Bio (ACET.US), internet broker Robinhood (HOOD.US), and doughnut chain Krispy Kreme (DNUT.US).

Among the above targets, Robinhood's holdings increased by 4,034 shares compared to the previous quarter, an increase of about 85.23%; the remaining 4 holdings remained the same as in the previous quarter.

These positions include entries reported by Carlyle and its indirect wholly owned investment advisor AlpInvest Partners B.V.

Industry distribution: healthcare accounts for nearly 80%

According to statistics on the composition of the declared holdings, healthcare is the largest allocation direction. The total market value of the 6 targets is about 6.522 billion US dollars, accounting for about 78.00% of the portfolio; the total market value of the 2 targets in the industrial sector is about US$1,808 billion, accounting for about 21.63 percent; and the total share of information technology, real estate, finance, optional consumption and energy accounts for less than 1%.

Judging from quarterly changes, the combined industry structure has not been substantially adjusted this season. The weight changes are mainly due to price fluctuations of the two core holdings rather than position switching. The rise in the weight of healthcare and the decline in the weight of industry correspond to differences in the stock price performance between MedLine and StandardAero during the same period.

Position adjustment: Zero new positions, clearance of 3 small market capitalization targets

Carlyle did not open a new warehouse this quarter. The three targets of the clearance were gallery licensing company Getty Images (GETY.US), biopharmaceutical company Q32 Bio (QTTB.US), and oil and gas exploration company Riley Exploration Permian (REPX.US). They all had a total market value of about US$07 billion last quarter, accounting for less than 0.05% of the portfolio.

In terms of additional positions, Robinhood's holdings increased from 4,733 shares to 8,767 shares, an increase of about 85.23%; coal producer Ramaco Resources (METC.US)'s holdings increased from 21,743 shares to 52,922 shares, an increase of about 143.40%. The absolute position size of the two targets is still very small, and adding positions is more reflected in adjustments to existing small positions.

Judging from changes in position ratios, the top two major buying targets include Robinhood and Ramaco Resources. The top four sales targets include Getty Images, Invitation Homes, Q32 Bio, and Riley Exploration Permian.