AKO Capital

Q3 2017 13F · by Nicolai Tangen, founder

As of: Sep 30, 2017
Filed: Nov 6, 2017
US stock: $1.2B · prev $1.1B
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

+4.4 pp in · −4.4 pp out

New 2 +1.64 pp
Added 13 +2.74 pp
Trimmed 3 −1.63 pp
Exited 1 −2.79 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 4.9 years per position

Low
Moderate
High

Top 5 positions60% of US stock

RACE Ferrari N.V. trimmed+0.90 pp trimmed+0.9037.0%
V VISA Inc. added+0.47 pp added+0.476.4%
EL The Estee Lauder Companies Inc. Class A added+0.45 pp added+0.456.2%
ALLE Allegion Public Limited Company added+0.27 pp added+0.275.3%
CTSH Cognizant Technology Solutions added+0.67 pp added+0.674.9%

Positions18 in this filing · 1 exited


RACEFerrari N.V.	37.01%	4,187,765	$451M	trimmed−14%	+0.90 pp	4 q
VVISA Inc.	6.38%	739,854	$78M	added+4%	+0.47 pp	4 q
ELThe Estee Lauder Companies Inc. Class A	6.24%	705,640	$76M	added+4%	+0.45 pp	4 q
ALLEAllegion Public Limited Company	5.28%	744,777	$64M	added+7%	+0.27 pp	4 q
CTSHCognizant Technology Solutions	4.87%	819,187	$59M	added+15%	+0.67 pp	4 q
PXGBXPraxair Inc	4.85%	423,495	$59M	added+10%	+0.31 pp	4 q
USBU.S. Bancorp	4.84%	1,101,655	$59M	added+9%	+0.21 pp	4 q
MARMarriott International Class A	4.50%	497,912	$55M	added+2%	+0.17 pp	4 q
GOOGAlphabet Inc. Class C	4.43%	56,289	$54M	added+9%	+0.27 pp	4 q
FICOFair Isaac Corporation	4.16%	361,353	$51M	added+1%	−0.27 pp	4 q
MCOMoody's Corporation	4.06%	355,453	$49M	added+2%	+0.31 pp	4 q
AKXAnsys Inc	3.43%	341,047	$42M	added+6%	−0.06 pp	4 q
CLColgate-Palmolive Company	3.08%	515,080	$38M	added+2%	−0.23 pp	4 q
unresolvedMonsanto Co	2.44%	248,452	$30M	added+15%	+0.17 pp	4 q
NKENike, Inc.	2.04%	480,192	$25M	trimmed−44%	−2.43 pp	4 q
ECLEcolab, Inc.	1.56%	148,305	$19M	new	+1.56 pp	new
GRFSGrifois, S.A.	0.73%	11,464,560	$9M	trimmed−7%	−0.10 pp	3 q
ABEVAmbev S.a.	0.08%	4,544,467	$1M	new	+0.08 pp	new
CLBCore Laboratories Inc.	—	−310,226	—	exited	−2.79 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001376879-17-000007
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet