Carlyle has filed its third-quarter 13F report with the U.S. Securities and Exchange Commission, covering the period ended September 30, 2026.
In the third quarter, Carlyle's total holdings were valued at roughly $8.361 billion, down from about $10.001 billion in the prior quarter, a sequential decline of approximately 16.39%. The top ten positions accounted for 99.96% of the portfolio, with an average holding period of 4.7 quarters. During the quarter, the firm opened no new positions, added to two holdings, trimmed one, and fully exited three, resulting in a turnover rate of 15.79%.
The reported portfolio is extremely concentrated, with the two largest positions together worth about $8.298 billion, meaning changes in its market value are largely driven by price swings in these two stocks.
Top Five Holdings: Medline's Weight Rises Against the Tide to 76.88%
Medical supplies provider Medline Inc (MDLN.US) ranked first, with about 187 million shares held, valued at roughly $6.492 billion, representing 76.88% of the portfolio. The share count was unchanged from the previous quarter.
Even though the number of shares held did not change, its portfolio weight still climbed from 73.37% to 76.88%, reflecting the fact that weight is also shaped by changes in individual stock prices and total portfolio value.
Aircraft engine maintenance services provider StandardAero, Inc. (SARO.US) ranked second, with about 84.587 million shares held, valued at roughly $1.806 billion, representing 21.39% of the portfolio. The share count was unchanged from the previous quarter.
Although its portfolio weight fell from 25.16% to 21.39%, the share count was not reduced, indicating the investment was kept fully intact, with the weight decline coming from a drop in the stock price and a contraction in total portfolio value.
Biopharmaceutical company Phathom Pharmaceuticals (PHAT.US) ranked third, with about 3.4968 million shares held, valued at roughly $26 million, representing 0.30% of the portfolio. The share count was unchanged from the previous quarter.
The stock's weight was 0.38% in the prior quarter, and the decline similarly stemmed from market value shrinkage caused by a falling share price.
Autonomous driving technology company Pony AI (PYAIF.US) ranked fourth, with about 2.3624 million shares held, valued at roughly $15 million, representing 0.18% of the portfolio. The share count was unchanged from the previous quarter, while its weight edged up from 0.16% in the prior quarter.
Single-family rental operator Invitation Homes (INVH.US) ranked fifth, with about 477,500 shares held, valued at roughly $13 million, representing 0.15% of the portfolio. The share count fell by 185,400 shares from the previous quarter, a decline of about 27.97%.
The other top holdings ranked sixth through tenth were: biopharmaceutical company Spruce Biosciences (SPRB.US), air freight carrier Forward Air (FWRD.US), biopharmaceutical company Adicet Bio (ACET.US), online brokerage Robinhood (HOOD.US), and doughnut chain operator Krispy Kreme (DNUT.US).
Among these, the Robinhood stake increased by 4,034 shares from the previous quarter, a gain of about 85.23%, while the other four holdings were unchanged in share count from the prior quarter.
The holdings include entries reported on behalf of Carlyle as well as its indirectly wholly owned investment adviser, AlpInvest Partners B.V.
Sector Distribution: Healthcare Accounts for Nearly 80%
Based on the sector composition of the reported holdings, healthcare was the largest allocation, with six names totaling about $6.522 billion, or roughly 78.00% of the portfolio. The industrial sector had two names totaling about $1.808 billion, or about 21.63%. Information technology, real estate, financials, consumer discretionary, and energy together accounted for less than 1%.
In terms of quarterly changes, the portfolio's sector structure saw no substantive adjustment this quarter, with weight shifts mainly driven by price moves in the two core holdings rather than position rotation. The rise in healthcare weight and the decline in industrial weight correspond to the differing share price performance of Medline and StandardAero during the same period.
Position Changes: No New Positions, Three Small-Cap Names Exited
Carlyle opened no new positions this quarter. The three positions it fully exited were stock-image licensing company Getty Images (GETY.US), biopharmaceutical company Q32 Bio (QTTB.US), and oil and gas exploration company Riley Exploration Permian (REPX.US). Together these three were worth about $7 million in the prior quarter, each accounting for no more than 0.05% of the portfolio.
On the buying side, the Robinhood stake rose from 4,733 shares to 8,767 shares, an increase of about 85.23%. Coal producer Ramaco Resources (METC.US) saw its stake rise from 21,743 shares to 52,922 shares, an increase of about 143.40%. The absolute size of both positions remains very small, with the additions reflecting more of an adjustment to existing tiny stakes.
In terms of changes in portfolio weight, the top two names bought were Robinhood and Ramaco Resources. The top four names sold were Getty Images, Invitation Homes, Q32 Bio, and Riley Exploration Permian.
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