Sosin Partners lives and dies with the zigs and zags of Carvana. And this year, both are zagging downward.

The most concentrated hedge fund, which has nearly 80 percent of its assets invested in the online used-car company, was down 24.12 percent for the year through September and is poised to post its first loss in four years, according to a hedge fund database. During the same period, shares of Carvana declined about 26 percent.

This kind of commitment had worked well for the fund, headed by Clifford Sosin. The stock bottomed at $0.88 per share in early January 2023, then swelled 109-fold by January 2026. 

After losing 77 percent in 2022, Sosin Partners returned nearly 80 percent in 2023, 90 percent in 2024, and almost 71 percent in 2025.

One investor who is not disappointed by Carvana’s skid is Paul Wick of Seligman Tech Spectrum. As Institutional Investor reported earlier this year, he told clients in a letter that he expected the steady trend to reverse direction, calling Carvana “another company with an outrageously valued stock price that we are short.”

Sosin, which files under CAS Investment Partners, has held a total of five stocks for the past few quarters. Before that, it owned just four. In the second quarter, it initiated new positions for the first time in three quarters.

It took a new stake in Facebook parent Meta Platforms, the first time in recent memory it has invested in an AI or internet company. Meta is now Sosin’s third-largest position, accounting for just over 4 percent of assets.

Sosin also established a new position in time-share giant Marriott Vacations Worldwide — its second investment in a time-share company. Since third-quarter 2021, it has held a stake in Hilton Grand Vacations, currently its second-largest long, accounting for more than 14.5 percent of assets. Altogether, Sosin’s bets on the time-share industry now make up 16.6 percent of assets.

At the same time, Sosin liquidated its small position in Capital One Financial.

It now owns five stocks, including inconsequential positions in Latham Group, a maker of pools and related products, and Cardlytics, which teams up with banks to offer card-linked marketing offers.

But Sosin continues to live and die with Carvana, even as the time-share industry slowly becomes a bigger part of the pie.