AKO Capital

Q1 2018 13F · by Nicolai Tangen, founder

As of: Mar 31, 2018
Filed: May 2, 2018
US stock: $1.7B · prev $1.3B
Positions: 18 · prev 19
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

+12.1 pp in · −12.2 pp out

New 0 0.00 pp
Added 12 +12.12 pp
Trimmed 6 −10.01 pp
Exited 1 −2.14 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.7 years per position

Low
Moderate
High

Top 5 positions57% of US stock

RACE Ferrari N.V. trimmed−5.53 pp trimmed−5.5328.2%
GRFS Grifois, S.A. added+13.39 pp added+13.3914.6%
EL The Estee Lauder Companies Inc. Class A trimmed−0.89 pp trimmed−0.895.6%
V VISA Inc. added−0.66 pp added−0.664.8%
ALLE Allegion Public Limited Company added−0.27 pp added−0.274.3%

Positions18 in this filing · 1 exited


RACEFerrari N.V.	28.17%	3,961,719	$476M	trimmed−7%	−5.53 pp	6 q
GRFSGrifois, S.A.	14.60%	11,649,634	$247M	added+3%	+13.39 pp	5 q
ELThe Estee Lauder Companies Inc. Class A	5.56%	628,095	$94M	trimmed−4%	−0.89 pp	6 q
VVISA Inc.	4.80%	678,544	$81M	added+10%	−0.66 pp	6 q
ALLEAllegion Public Limited Company	4.34%	860,768	$73M	added+15%	−0.27 pp	6 q
CTSHCognizant Technology Solutions	4.10%	861,254	$69M	added+13%	−0.11 pp	6 q
MARMarriott International Class A	4.06%	505,344	$69M	added+10%	−0.78 pp	6 q
PXGBXPraxair Inc	3.99%	467,823	$68M	added+10%	−1.11 pp	6 q
UTXZRTX Corporation	3.66%	491,686	$62M	added+50%	+0.42 pp	2 q
FICOFair Isaac Corporation	3.52%	351,926	$60M	trimmed−0%	−0.68 pp	6 q
CMECME Group Inc.	3.40%	355,630	$58M	added+22%	+0.10 pp	2 q
USBU.S. Bancorp	3.22%	1,079,914	$55M	added+10%	−0.85 pp	6 q
GOOGAlphabet Inc. Class C	3.21%	52,604	$54M	trimmed−7%	−1.41 pp	6 q
CLColgate-Palmolive Company	2.93%	691,332	$50M	added+14%	−0.63 pp	6 q
ABEVAmbev S.a.	2.90%	6,742,367	$49M	added+25%	+2.87 pp	3 q
MCOMoody's Corporation	2.81%	294,293	$47M	trimmed−6%	−0.77 pp	6 q
AKXAnsys Inc	2.64%	284,795	$45M	trimmed−3%	−0.73 pp	6 q
NKENike, Inc.	2.08%	529,964	$35M	added+10%	−0.25 pp	6 q
ECLEcolab, Inc.	—	−205,311	—	exited	−2.14 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001376879-18-000004
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet