Boundary Creek Takes $2.7 Million Share Position in Global Business Travel Group (GBTG)

On November 7, 2025, Boundary Creek Advisors LP disclosed a new $22.91 million position in Global Business Travel Group (NYSE:GBTG), marking a significant portfolio shift.

• Added 2,735,449 shares of Global Business Travel Group; estimated net position change of $22.91 million
• Transaction represents a 100% change in reportable U.S. equity assets under management
• Post-trade holding: 2,735,449 shares, valued at $22.91 million as of September 30, 2025
• The stake now represents 100% of fund assets, making it the fund's 1st-largest holding

What happened

Boundary Creek Advisors LP reported a new stake in Global Business Travel Group via its quarterly Form 13-F, filed with the U.S. Securities and Exchange Commission on November 7, 2025 (SEC filing). The fund reported holding 2,735,449 shares worth $22.91 million as of September 30, 2025, representing its sole U.S. equity position after a significant reduction in overall fund holdings.

What else to know

• This represents a new position in Global Business Travel Group, comprising 100% of Boundary Creek Advisors LP's reportable assets under management as of September 30, 2025.
• Top holdings after the filing:
  • GBTG: $22.91 million (100.0% of AUM)
• As of November 7, 2025, shares of Global Business Travel Group were priced at $7.96, up 0.63% over the past year, underperforming the S&P 500 by 18.16 percentage points.

Company overview

Company snapshot

• Offers a business-to-business travel platform providing technology-enabled solutions for travel management, expense, and meetings and events.
• Generates revenue through a marketplace model connecting corporate clients, travel content suppliers, and third-party travel agencies, facilitating booking and management services.
• Serves enterprise and corporate customers seeking comprehensive travel management solutions, primarily targeting large organizations and business travelers.

Global Business Travel Group operates one of the largest B2B travel platforms, leveraging technology to deliver integrated travel, expense, and event management for corporate clients. The company's marketplace connects buyers and suppliers, providing broad content choice and value for enterprise customers. With a significant employee base and a focus on digital solutions, Global Business Travel Group aims to enhance efficiency and experience in the corporate travel sector.

Foolish take

Boundary Creek's all in on Global Business Travel. At the end of 2024, the fund had 32 holdings in its portfolio that it has since whittled away to just one. During the third quarter, the firm dumped all its previous holdings and replaced them with a new position in Global Business Travel Group.

Global Business Travel Group operates American Express Global Business Travel. Shares of the business-to-business (B2B) travel service provider have seen some ups and downs over the past 12 months that have evened each other out. The stock gained just 0.6% during the 12-months ended Nov. 7, 2025.

American Express Global Business Travel expects to report third-quarter results on Nov. 10, 2025, before the market opens. In the second quarter of 2025, the company reported topline sales that grew just 1% year over year to $631 million. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 4% year over year to $133 million.

Glossary

Form 13-F: A quarterly report filed by institutional investment managers disclosing their U.S. equity holdings

Assets under management (AUM): The total market value of assets that an investment firm manages on behalf of client

Position: The amount of a particular security or asset held by an investor or fund.

Stake: The ownership interest or share that an investor or fund holds in a company.

Reportable assets: Assets that must be disclosed in regulatory filings, such as those required by the SEC.

Business-to-business (B2B): Transactions or services conducted between businesses, rather than between a business and individual consumers.

Marketplace model: A business structure that connects buyers and sellers, facilitating transactions between them.

Corporate clients: Businesses or organizations that purchase products or services for their own operations, rather than for resale.

Third-party travel agencies: Independent companies that book travel services on behalf of clients, not owned by the travel provider.

Integrated travel management: Coordinated services that combine booking, expense tracking, and event planning for business travel.

TTM: The 12-month period ending with the most recent quarterly report.

Cory Renauer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.