AKO Capital

Q1 2017 13F · by Nicolai Tangen, founder

As of: Mar 31, 2017
Filed: May 3, 2017
US stock: $1.1B · prev $779M
Positions: 18 · prev 17
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves19 since the prior filing

+6.5 pp in · −6.5 pp out

New 2 +5.69 pp
Added 14 +0.77 pp
Trimmed 2 −3.05 pp
Exited 1 −3.41 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.7 years per position

Low
Moderate
High

Top 5 positions57% of US stock

RACE Ferrari N.V. added+4.89 pp added+4.8936.0%
V VISA Inc. added−0.75 pp added−0.756.1%
ALLE Allegion Public Limited Company added−0.24 pp added−0.245.8%
MAR Marriott International Class A added−0.39 pp added−0.394.8%
FICO Fair Isaac Corporation added−1.16 pp added−1.164.3%

Positions18 in this filing · 1 exited


RACEFerrari N.V.	35.95%	5,441,163	$400M	added+31%	+4.89 pp	2 q
VVISA Inc.	6.10%	763,572	$68M	added+12%	−0.75 pp	2 q
ALLEAllegion Public Limited Company	5.83%	856,657	$65M	added+16%	−0.24 pp	2 q
MARMarriott International Class A	4.75%	561,655	$53M	added+16%	−0.39 pp	2 q
FICOFair Isaac Corporation	4.30%	371,008	$48M	added+4%	−1.16 pp	2 q
ELThe Estee Lauder Companies Inc. Class A	4.01%	526,278	$45M	added+23%	−0.19 pp	2 q
PXGBXPraxair Inc	3.87%	363,478	$43M	added+24%	−0.54 pp	2 q
NKENike, Inc.	3.63%	724,758	$40M	added+28%	−0.06 pp	2 q
GOOGAlphabet Inc. Class C	3.60%	48,335	$40M	added×2.2	+1.45 pp	2 q
USBU.S. Bancorp	3.60%	779,187	$40M	added+24%	−0.54 pp	2 q
MCOMoody's Corporation	3.44%	342,125	$38M	added+16%	−0.13 pp	2 q
AKXAnsys Inc	3.38%	352,276	$38M	added+13%	−0.33 pp	2 q
CLColgate-Palmolive Company	3.33%	506,776	$37M	trimmed−13%	−1.57 pp	2 q
GRFSGrifois, S.A.	3.32%	11,674,189	$37M	new	+3.32 pp	new
CLBCore Laboratories Inc.	3.13%	301,562	$35M	added+16%	−0.88 pp	2 q
CTSHCognizant Technology Solutions	2.91%	544,057	$32M	trimmed−11%	−1.48 pp	2 q
unresolvedMonsanto Co	2.48%	243,765	$28M	added+16%	−0.36 pp	2 q
HOGHarley-Davidson, Inc.	2.37%	435,298	$26M	new	+2.37 pp	new
WFCWells Fargo & Co.	—	−482,479	—	exited	−3.41 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001376879-17-000005
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet