Carlyle continues to heavily invest in aviation maintenance giant StandardAero in Q2, while completely divesting from WeRide

According to the disclosure by the U.S. Securities and Exchange Commission (SEC), global alternative asset management giant Carlyle Group Inc has submitted its second-quarter holdings report (13F) for the period ending June 30, 2025.

Statistics show that Carlyle's total market value of holdings in the second quarter was USD 5.03 billion, compared to approximately USD 3.8 billion in the previous quarter, representing a quarter-on-quarter increase of 32%. In its U.S. stock portfolio for the second quarter, Carlyle added only one new stock, increased its position in just one stock, reduced its holdings in two stocks, and completely exited four stocks. The top ten holdings accounted for 99.72% of Carlyle's total holdings, highlighting the concentration of its stock portfolio.

Among Carlyle's top ten holdings for Q2 2025, StandardAero Inc (SARO.US) continues to hold the top position with approximately 15.2 million shares, valued at around USD 4.8 billion, accounting for a staggering 95.06% of the portfolio. This represents a 13.64% increase in the number of shares compared to the previous quarter, and it is the only stock among the top ten holdings that received significant additional investment from Carlyle. Public information shows that StandardAero is a well-established global aviation maintenance, repair, and overhaul (MRO) service provider founded in 1911, headquartered in Scottsdale, Arizona, USA. The company focuses on aftermarket services for aircraft engines, covering both fixed-wing and rotor-wing (helicopter) fleets, serving sectors including commercial aviation, business jets, and military aviation. As an independent "pure aftermarket" provider, it specializes in the full lifecycle services of engines and related systems, making it a global independent MRO service provider centered on the aviation engine aftermarket, covering engines, airframes, components, on-site support, and asset management.

Biotechnology company Soleno Therapeutics Inc (SLNO.US) ranks as Carlyle's second-largest holding, with approximately 860,000 shares valued at around USD 72.08 million, accounting for 1.42% of the portfolio, with no change in the number of shares compared to the previous quarter. Soleno Therapeutics is a biotechnology company focused on rare diseases. In March 2025, its first product Vykat XR (DCCR) was officially approved by the U.S. FDA for the treatment of hyperphagia in patients with Prader-Willi syndrome (PWS), marking the company's transition from the clinical stage to commercialization.

Phathom Pharmaceuticals (PHAT.US) ranks as Carlyle's third-largest holding, with approximately 3.5 million shares valued at around USD 33.53 million, accounting for 0.66% of the portfolio, with no change in the number of shares compared to the previous quarter. Phathom Pharmaceuticals is a biopharmaceutical company focused on gastrointestinal (GI) acid-related diseases, concentrating on the research and commercialization of potassium-competitive acid blockers (PCAB) — vonoprazan, holding exclusive rights in Europe and North America for this mechanism in specific indications Chinese autonomous driving company Pony.ai (PONY.US) ranks as the fourth largest holding of Carlyle, with approximately 2.36 million shares held, a holding market value of about $31.18 million, accounting for 0.61% of the portfolio, unchanged from the overall holding quantity of the previous quarter.

The American real estate company Invitation Homes Inc (INVH.US), focusing on single-family home rentals, ranks as Carlyle's fifth largest holding, with approximately 480,000 shares held, a holding market value of about $15.66 million, accounting for 0.31% of the portfolio, unchanged from the overall holding quantity of the previous quarter.

In terms of changes in holding proportions, Carlyle's largest purchase in the second quarter was StandardAero Inc. Notably, American cybersecurity leader Crowdstrike Holdings Inc (CRWD.US) was a new stock added to Carlyle's portfolio in the second quarter, but the purchase scale was relatively small, with a holding market value of about $6.26 million in the second quarter.

In terms of changes in holding proportions, Carlyle's largest sales in the second quarter included stocks such as Chinese autonomous driving company WeRide (WRD.US), SEACOR Marine Holdings Inc (SMHI.US), Complete Solaria Inc. (SPWR.US), and Spruce Biosciences Inc (SPRB.US). Among them, WeRide, SEACOR Marine Holdings, and Spruce Biosciences were completely liquidated by Carlyle in the second quarter.