Select Equity Group, L.P.
- Regulatory AUM
- $36.4B
- Discretionary
- $36.4B
- Clients
- 766
- Avg AUM / client
- $47.5M
- Accounts
- 770
- Employees
- 171
AUM over time
Annual snapshots from Form ADV filings · as of Mar 31, 2026
Investments (13F portfolio — 167 positions, $19,533,465,672)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Live Nation Entertainment In | COM | $815,082,832 | 5,344,455 | 4.17% | 2.24% |
| 2 | Viking Holdings Ltd | ORD SHS | $793,745,876 | 10,802,203 | 4.06% | 2.18% |
| 3 | Itt Inc | COM | $745,636,488 | 3,913,486 | 3.82% | 2.05% |
| 4 | Wabtec | COM | $730,647,622 | 2,923,643 | 3.74% | 2.01% |
| 5 | Markel Group Inc | COM | $722,835,137 | 377,643 | 3.7% | 1.99% |
| 6 | Somnigroup International Inc | COM | $685,527,279 | 9,273,908 | 3.51% | 1.88% |
| 7 | Martin Marietta Matls Inc | COM | $608,353,686 | 1,033,420 | 3.11% | 1.67% |
| 8 | Tractor Supply Co | COM | $602,329,819 | 13,296,464 | 3.08% | 1.66% |
| 9 | Labcorp Holdings Inc | COM SHS | $580,254,386 | 2,174,785 | 2.97% | 1.59% |
| 10 | Brown & Brown Inc | COM | $523,122,641 | 8,022,123 | 2.68% | 1.44% |
| 11 | Crh Plc | ORD | $510,619,139 | 4,857,488 | 2.61% | 1.4% |
| 12 | Service Corp Intl | COM | $504,445,595 | 6,113,751 | 2.58% | 1.39% |
| 13 | Steris Plc | SHS USD | $473,965,398 | 2,143,379 | 2.43% | 1.3% |
| 14 | Nasdaq Inc | COM | $472,253,766 | 5,563,126 | 2.42% | 1.3% |
| 15 | Alcon Ag | ORD SHS | $418,614,617 | 5,676,304 | 2.14% | 1.15% |
| 16 | Emcor Group Inc | COM | $410,388,875 | 555,849 | 2.1% | 1.13% |
| 17 | Canadian Pacific Kansas City | COM | $388,761,383 | 4,956,024 | 1.99% | 1.07% |
| 18 | Trimble Inc | COM | $365,670,770 | 5,605,868 | 1.87% | 1.01% |
| 19 | Core & Main Inc | CL A | $358,357,826 | 7,254,207 | 1.83% | 0.98% |
| 20 | Taiwan Semiconductor Manufac | SPONSORED ADS | $347,387,592 | 1,027,926 | 1.78% | 0.95% |
| 21 | Paychex Inc | COM | $338,087,125 | 3,670,073 | 1.73% | 0.93% |
| 22 | C H Robinson Worldwide In | COM NEW | $325,919,682 | 1,962,544 | 1.67% | 0.9% |
| 23 | Clean Harbors Inc | COM | $324,464,241 | 1,131,602 | 1.66% | 0.89% |
| 24 | Corpay Inc | COM SHS | $309,597,647 | 1,063,946 | 1.59% | 0.85% |
| 25 | Signet Jewelers Limited | SHS | $277,180,426 | 3,274,816 | 1.42% | 0.76% |
Top 25 of 167 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 387 | $537M | 1.48% |
| High net worth individuals | 249 | $959M | 2.64% |
| Banking or thrift institutions | Fewer than 5 clients | $141M | 0.39% |
| Investment companies | 2 | $1.5B | 4.26% |
| Pooled investment vehicles (non-investment companies) | 50 | $28.7B | 79.0% |
| Pension and profit sharing plans | 10 | $1.1B | 2.99% |
| Charitable organizations | 45 | $599M | 1.65% |
| State or municipal government entities | Fewer than 5 clients | $279M | 0.77% |
| Other investment advisers | 5 | $1.7B | 4.74% |
| Insurance companies | Fewer than 5 clients | $0 | — |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 clients | $432M | 1.19% |
| Corporations and other businesses | 7 | $303M | 0.83% |
| Other | 11 | $33.9M | 0.09% |
Private funds (35)
View all →Reported in Form ADV Section 7.B.(1), filing of Aug 2024 · $29.0B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Seg Partners Ii, L.P. | Hedge Fund | Delaware | $9.6B | 1,672 |
| Seg Partners Offshore Master Fund, Ltd. master | Hedge Fund | Cayman Islands | $5.8B | 909 |
| Bbh Select Equity Master Fund, L.P. master | Other Private Fund | Cayman Islands | $2.1B | 1 |
| Baxter Street Offshore Master Fund, Ltd. master | Hedge Fund | Cayman Islands | $1.5B | 83 |
| Baxter Street Fund Ii, L.P. | Hedge Fund | Delaware | $1.3B | 214 |
| Select Equity Fund, L.P. | Hedge Fund | Delaware | $1.1B | 173 |
| Baxter Street Fund, L.P. | Hedge Fund | Delaware | $1.0B | 55 |
| Cooper Square Fund, L.P. | Hedge Fund | Delaware | $959M | 57 |
| Select Equity Offshore Master Fund, Ltd. master | Hedge Fund | Cayman Islands | $784M | 82 |
| Seg Partners L.P. | Hedge Fund | Delaware | $752M | 74 |
| Cooper Square Fund Ii, L.P. | Hedge Fund | Delaware | $425M | 281 |
| Great Jones Fund, L.P. | Hedge Fund | Delaware | $423M | 80 |
| Sheridan Square Offshore Master Fund, Ltd. master | Hedge Fund | Cayman Islands | $396M | 43 |
| Great Jones Offshore Master Fund, Ltd. master | Hedge Fund | Cayman Islands | $391M | 28 |
| Select Partners Els Master Fund, Ltd. master | Hedge Fund | Cayman Islands | $331M | 6 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| The Defined Benefit Plan Of Adams Community Bank Adams Community Bank | 2024 | |
| The Defined Benefit Plan Of The Institution For Savings In Newburyport Institution For Savings In Newburyport | 2024 | |
| Pipefitters Union Local No. 537 Pension Fund Pipe & Refrigeration Fitters Local 537 | 2024 | |
| Pipefitters Local Union No. 537 Deferred Income Annuity Fund Individual Account Plan Pipefitters Local Union No.537 | 2024 | |
| The Citigroup Pension Plan Citigroup Inc. | 2024 | |
| Cc Industries And Affiliates Profit Sharing Plan For Salaried Employees Henry Crown And Company S Llc D/B/A Cc Industries, Inc. | 2024 | |
| Cbera Plan C Cooperative Banks Employees Retirement Association | 2024 | |
| Henry Crown And Company Pension Plan Henry Crown & Company S Llc | 2024 | |
| Retirement Plan For Great Dane Llc Great Dane Llc | Chicago, IL | 2024 |
People (4)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Loening, George, Stabler | Chairman | Jan 1990 (37y) | ≈ 37.5% – 75% via Select Equity Partners, L.P. | |
| Conover, David, Dewitt | Chief Financial Officer | Oct 2010 (16y) | Less than 5% | |
| Vinsonhaler, Jennifer, Anne | Chief Compliance Officer | Oct 2010 (16y) | Less than 5% | |
| Liang, Edward, Paul | Chief Legal Officer | Jul 2013 (13y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Select Equity Partners, L.P. | Limited Partner | Nov 2013 | A | 75% or more |
| Seg Legacy S Corp. | Limited Partner | Nov 2013 | A | 5% – 10% |
| Select Equity Gp, Llc | General Partner | Nov 2013 | A | Less than 5% |
Undisclosed: 0% – 20% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Loening, George, Stabler: 50% – 75% of Select Equity Partners, L.P. × 75% – 100% direct ≈ 37.5% – 75% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (35, $29.0B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Seg Partners Ii, L.P. | Hedge Fund | $9.6B | $5.0M | 1,672 |
| Seg Partners Offshore Master Fund, Ltd. | Hedge Fund | $5.8B | $5.0M | 909 |
| Bbh Select Equity Master Fund, L.P. | Other Private Fund | $2.1B | $250K | 1 |
| Baxter Street Offshore Master Fund, Ltd. | Hedge Fund | $1.5B | $1.0M | 83 |
| Baxter Street Fund Ii, L.P. | Hedge Fund | $1.3B | $1.0M | 214 |
| Select Equity Fund, L.P. | Hedge Fund | $1.1B | $500K | 173 |
| Baxter Street Fund, L.P. | Hedge Fund | $1.0B | $1.0M | 55 |
| Cooper Square Fund, L.P. | Hedge Fund | $959M | $1.0M | 57 |
| Select Equity Offshore Master Fund, Ltd. | Hedge Fund | $784M | $500K | 82 |
| Seg Partners L.P. | Hedge Fund | $752M | $1.0M | 74 |
| Cooper Square Fund Ii, L.P. | Hedge Fund | $425M | $1.0M | 281 |
| Great Jones Fund, L.P. | Hedge Fund | $423M | $1.0M | 80 |
| Sheridan Square Offshore Master Fund, Ltd. | Hedge Fund | $396M | $1.0M | 43 |
| Great Jones Offshore Master Fund, Ltd. | Hedge Fund | $391M | $500K | 28 |
| Select Partners Els Master Fund, Ltd. | Hedge Fund | $331M | $100K | 6 |
| Sheridan Square Fund, L.P. | Hedge Fund | $326M | $1.0M | 53 |
| Crosby Street Offshore Master Fund, Ltd. | Hedge Fund | $311M | $1.0M | 18 |
| Shinbone Alley, L.P. | Hedge Fund | $303M | $1.0M | 64 |
| Sheridan Square Fund Ii, L.P. | Hedge Fund | $250M | $1.0M | 77 |
| Crosby Street Fund, L.P. | Hedge Fund | $209M | $1.0M | 38 |
| Astor Place Fund I, L.P. | Private Equity Fund | $158M | $50.0K | 16 |
| Cooper Square Offshore Master Fund, Ltd. | Hedge Fund | $147M | $1.0M | 67 |
| Astor Place Special Investors, L.P. | Private Equity Fund | $142M | $50.0K | 25 |
| Hudson Street Fund, L.P. | Hedge Fund | $93.3M | $1.0M | 22 |
| Seg Blackwall Fund, L.P. | Hedge Fund | $88.2M | $1.0M | 15 |
Top 25 of 35 funds by gross assets · all funds
From Form ADV Section 7.B private fund reporting.
Retirement plans served (9)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| The Defined Benefit Plan Of Adams Community Bank | Adams Community Bank | 94 | $25.6M | 11/01/2024 |
| The Defined Benefit Plan Of The Institution For Savings In Newburyport | Institution For Savings In Newburyport | 160 | $71.7M | 11/01/2024 |
| Pipefitters Union Local No. 537 Pension Fund | Pipe & Refrigeration Fitters Local 537 | 2,372 | $962M | 03/01/2024 |
| Pipefitters Local Union No. 537 Deferred Income Annuity Fund Individual Account Plan | Pipefitters Local Union No.537 | 3,374 | $785M | 03/01/2024 |
| The Citigroup Pension Plan | Citigroup Inc. | 14,217 | $10.0B | 01/01/2024 |
| Cc Industries And Affiliates Profit Sharing Plan For Salaried Employees | Henry Crown And Company S Llc D/B/A Cc Industries, Inc. | 316 | $214M | 01/01/2024 |
| Cbera Plan C | Cooperative Banks Employees Retirement Association | 350 | $130M | 01/01/2024 |
| Henry Crown And Company Pension Plan | Henry Crown & Company S Llc | 302 | $159M | 01/01/2024 |
| Retirement Plan For Great Dane Llc | Great Dane Llc | 3,435 | $298M | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/31/2026 | 9.41 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: ON MAY 10, 2021, THE SWISS FEDERAL DEPARTMENT OF FINANCE ("FDF") OPENED AN INVESTIGATION AGAINST GEORGE LOENING IN HIS CAPACITY AS DEEMED CONTROLLER OF CERTAIN U.S. INVESTMENT FUNDS ADVISED BY SELECT EQUITY GROUP, L.P. FOR A SUSPECTED VIOLATION OF THE SWISS RULES CONCERNING THE DISCLOSURE OF SIGNIFICANT SHAREHOLDINGS IN LISTED COMPANIES. THE PROCEEDINGS WERE INITIATED PURSUANT TO ARTICLES 120 AND 151 OF THE FINANCIAL MARKET INFRASTRUCTURE ACT (THE "FMIA"). ARTICLE 120 FMIA PROVIDES THAT WHOEVER HOLDS A DISCLOSABLE INTEREST IN A SWISS-LISTED ISSUER MUST NOTIFY THE RELEVANT ISSUER AND THE SWISS STOCK EXCHANGE ON WHICH THE ISSUER'S EQUITY SECURITIES ARE LISTED WITHIN A SPECIFIED PERIOD OF TIME (GENERALLY FOUR TRADING DAYS) IF THE POSITIONS HELD IN THE RELEVANT SWISS-LISTED ISSUER REACH, EXCEED ,OR FALL BELOW CERTAIN THRESHOLDS. PURSUANT TO ARTICLE 151 FMIA, NON-COMPLIANCE WITH THESE DISCLOSURE OBLIGATIONS IS MAY RESULT IN THE IMPOSITION OF A FINE OF UP TO CHF 10 MILLION IN THE CASE OF AN INTENTIONAL BREACH, AND OF UP TO CHF 100,000 IN THE CASE OF NEGLIGENCE. ON MAY 19, 2021, THE FDF NOTIFIED MR. LOENING THAT IT HAD DETERMINED THAT HE HAD NEGLIGENTLY BREACHED THE DISCLOSURE OBLIGATIONS REFERRED TO ABOVE BETWEEN AUGUST 16, 2016 AND JANUARY 27, 2017, AND THAT THE FDF IS CONSIDERING IMPOSING A FINE. ON NOVEMBER 8, 2022, MR. LOENING ADMITTED HAVING ERRONEOUSLY FILED A DISCLOSURE NOTIFICATION REGARDING CROSSING OF THE 5% VOTING RIGHTS OF AN ISSUER AND UPON DETERMINING THAT THE HARM CAUSED HAS BEEN RIGHTED AND RECEIVING THE PAYMENT, THE FDF HAS AGREED TO DISCONTINUE THE PROCEEDINGS. Status: Final Sanction Detail: ON NOVEMBER 8, 2022, MR. LOENING ADMITTED HAVING ERRONEOUSLY FILED A DISCLOSURE NOTIFICATION REGARDING CROSSING OF THE 5% VOTING RIGHTS OF AN ISSUER AND UPON DETERMINING THAT THE HARM CAUSED HAS BEEN RIGHTED AND RECEIVING THE PAYMENT, THE FDF HAS AGREED TO DISCONTINUE THE PROCEEDINGS. Summary: ON NOVEMBER 8, 2022, MR. LOENING ADMITTED HAVING ERRONEOUSLY FILED A DISCLOSURE NOTIFICATION REGARDING CROSSING OF THE 5% VOTING RIGHTS OF AN ISSUER AND UPON DETERMINING THAT THE HARM CAUSED HAS BEEN RIGHTED AND RECEIVING THE PAYMENT, THE FDF HAS AGREED TO DISCONTINUE THE PROCEEDINGS.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- Brown Brothers Harriman & Co. $4.0B (13% of AUM) Nov 2020
- BNY Mellon $2.8B (8% of AUM) Mar 2026
- Charles Schwab & Co. $1.1B (3% of AUM) Mar 2026
- Northern Trust $958M (2% of AUM) Aug 2023
- State Street $699M (2% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 31, 2026.
View current Form ADV (SEC/IAPD) ↗