AKO Capital

Q2 2020 13F · by Patrick Hargreaves, CEO

As of: Jun 30, 2020
Filed: Aug 3, 2020
US stock: $5.7B · prev $4.7B
Positions: 24 · prev 25
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%

Moves27 since the prior filing

+18.9 pp in · −18.9 pp out

New 2 +5.78 pp
Added 15 +13.15 pp
Trimmed 7 −7.26 pp
Exited 3 −11.68 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 55% a year, about 1.8 years per position

Low
Moderate
High

Top 5 positions41% of US stock

99952EUR Linde PLC/OLD added+1.35 pp added+1.3515.3%
EBAY eBay Inc added+4.16 pp added+4.167.7%
V VISA Inc. added+0.84 pp added+0.846.9%
RACE Ferrari N.V. trimmed−2.69 pp trimmed−2.695.6%
OTIS Otis Worldwide Corporation new+5.31 pp new+5.315.3%

Positions24 in this filing · 3 exited


99952EURLinde PLC/OLD	15.32%	4,144,394	$877M	added+10%	+1.35 pp	7 q
EBAYeBay Inc	7.74%	8,457,726	$444M	added+50%	+4.16 pp	2 q
VVISA Inc.	6.93%	2,056,073	$397M	added+15%	+0.84 pp	8 q
RACEFerrari N.V.	5.64%	1,891,320	$323M	trimmed−26%	−2.69 pp	8 q
OTISOtis Worldwide Corporation	5.31%	5,353,071	$304M	new	+5.31 pp	new
ELThe Estee Lauder Companies Inc. Class A	5.26%	1,597,725	$301M	added+38%	+1.36 pp	8 q
GOOGAlphabet Inc. Class C	4.57%	185,198	$262M	added+17%	+0.70 pp	8 q
PGProcter & Gamble Company	3.94%	1,885,366	$225M	trimmed−9%	−0.88 pp	7 q
GRFSGrifois, S.A.	3.91%	12,273,278	$224M	trimmed−7%	−1.71 pp	8 q
AKXAnsys Inc	3.54%	695,116	$203M	trimmed−14%	−0.43 pp	8 q
ADBEAdobe Inc.	3.46%	455,068	$198M	added+40%	+1.28 pp	2 q
ZTSZoetis Inc.	3.46%	1,446,794	$198M	added+6%	+0.06 pp	5 q
CHKPCheck Point Software Technologies Ltd	3.24%	1,725,805	$185M	added+11%	−0.06 pp	3 q
ALCAlcon Inc.	3.20%	3,189,762	$183M	added+13%	+0.16 pp	5 q
NKENike, Inc.	3.05%	1,781,377	$175M	added+20%	+0.45 pp	8 q
MARMarriott International Class A	3.00%	2,003,570	$172M	added+37%	+0.70 pp	2 q
BKNGBooking Holdings Inc.	2.92%	105,086	$167M	added×2.1	+1.52 pp	2 q
VRSKVerisk Analytics, Inc.	2.81%	945,124	$161M	added+5%	+0.15 pp	6 q
ALLEAllegion Public Limited Company	2.77%	1,554,219	$159M	trimmed−16%	−0.82 pp	8 q
FICOFair Isaac Corporation	2.69%	369,150	$154M	added+3%	+0.37 pp	8 q
MCOMoody's Corporation	2.57%	535,122	$147M	trimmed−0%	+0.18 pp	8 q
ABEVAmbev S.a.	2.39%	51,823,331	$137M	added+10%	+0.11 pp	8 q
CMECME Group Inc.	1.81%	638,179	$104M	trimmed−14%	−0.91 pp	8 q
CLBCore Laboratories Inc.	0.47%	1,329,300	$27M	new	+0.47 pp	new
UTXZRTX Corporation	—	−2,983,253	—	exited	−5.93 pp	—
EWEdwards Lifesciences Corp	—	−2,260,704	—	exited	−3.00 pp	—
AXPAmerican Express Company	—	−1,526,357	—	exited	−2.75 pp	—