Legacy Capital Wealth Partners, LLC, disclosed a reduction of its stake in The Gap (GAP 0.63%), trimming holdings by 200,000 shares, a net value decrease of approximately $4.32 million, according to a November 13, 2025, SEC filing.
What happened
According to a filing with the U.S. Securities and Exchange Commission dated November 13, 2025, Legacy Capital Wealth Partners, LLC reduced its position in The Gap in the third quarter. The fund now holds 382,356 shares, down from 582,356 in the previous period, with a reported value of $8.18 million at quarter-end.
What else to know
- Sell activity brings The Gap to 1.8% of 13F AUM, outside top five holdings
Top holdings after the filing:
- NYSE:WMT: $54,541,732 (11.9% of AUM)
- NASDAQ:JBHT: $16,017,617 (3.5% of AUM)
- NASDAQ:TSLA: $12,841,290 (2.8% of AUM)
- NASDAQ:RDVY: $10,037,159 (2.2% of AUM)
- NYSEMKT:IVV: $8,809,896 (1.9% of AUM)
- As of November 12, 2025, The Gap shares were priced at $24.91.
- One-year total return: 17.33%; underperformed S&P 500 by 2.79 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $15.29 billion |
| Net Income (TTM) | $851.00 million |
| Dividend Yield | 2.65% |
| Price (as of market close 2025-11-12) | $24.91 |
Company snapshot
- Offers apparel, accessories, and personal care products under the Old Navy, Gap, Banana Republic, and Athleta brands, with product lines including denim, tees, activewear, eyewear, shoes, handbags, and fragrances.
- Generates revenue through company-operated stores, franchise locations, e-commerce platforms, and third-party partnerships, leveraging both physical and digital retail channels.
- Targets a broad consumer base including men, women, and children, with a global footprint across North America, Asia, Europe, Latin America, the Middle East, and Africa.
The Gap is a leading global apparel retailer with a diversified brand portfolio and a significant international presence. The company combines scale and brand recognition with a multi-channel distribution strategy, allowing it to reach a wide range of customers. Its focus on both direct retail and franchise operations provides flexibility and resilience in a dynamic consumer market.
Foolish take
Legacy Capital Wealth Partners sold half of its holdings after initially taking a position in the second quarter of 2024. Such disclosures do not include explanations as to why a fund sells a specific stock, and we do not know the reason in this case.
However, the fact that it has not really moved since its purchase may point to some frustration with this stock. Legacy Capital holds hundreds of stocks, but this was the third-largest holding in Q2 and constituted around 2.9%, so the size of the holding may have prompted the reduction in the position size.
This serves as a reminder that the name of the game in investing in returns. Despite its rock-bottom 11 P/E ratio, Gap stock seems to have proven it is cheap for a reason.
NYSE: GAP
Key Data Points
With revenue growth in the low single digits and profitability flat, the stock is less likely to drive market-beating returns, giving investors like Legacy Capital little incentive to hold a larger position.
Glossary
13F reportable assets: Assets that institutional investment managers must report quarterly to the SEC, showing their holdings in U.S. securities.
AUM (Assets Under Management): The total market value of investments managed on behalf of clients by a fund or firm.
Top holdings: The largest individual investments in a fund's portfolio, usually by market value or percentage of assets.
Dividend yield: Annual dividend payments divided by the stock's current price, expressed as a percentage.
Franchise locations: Stores operated by independent owners under the company's brand and business model, rather than by the company itself.
Multi-channel distribution: Selling products through multiple methods, such as physical stores, online platforms, and third-party partners.
Quarterly average prices: The average price of a security over a specific quarter, used to estimate transaction values.
Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.
Outperformed: Achieved a better return compared to a benchmark or index over a specific period.
TTM: The 12-month period ending with the most recent quarterly report.
