AKO Capital

Q3 2023 13F · by Patrick Hargreaves, CEO

As of: Sep 30, 2023
Filed: Nov 6, 2023
US stock: $6.1B · prev $6.6B
Positions: 27 · prev 24
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%

Moves28 since the prior filing

+13.6 pp in · −13.6 pp out

New 4 +9.02 pp
Added 6 +4.55 pp
Trimmed 17 −12.47 pp
Exited 1 −1.16 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 50% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions36% of US stock

Positions27 in this filing · 1 exited


ALCAlcon Inc.	8.23%	6,524,694	$505M	added0%	+0.10 pp	18 q
ACNAccenture PLC	7.26%	1,448,769	$445M	trimmed−20%	−1.21 pp	9 q
VVISA Inc.	7.12%	1,896,466	$436M	trimmed−2%	+0.18 pp	21 q
BKNGBooking Holdings Inc.	6.60%	131,161	$404M	trimmed−38%	−2.00 pp	15 q
ICEIntercontinental Exchange Inc.	6.58%	3,664,664	$403M	trimmed−12%	−0.54 pp	13 q
MSFTMicrosoft Corp	5.06%	982,616	$310M	trimmed−9%	−0.48 pp	5 q
FICOFair Isaac Corporation	4.97%	351,024	$305M	trimmed−2%	+0.59 pp	21 q
INTUIntuit Inc	4.83%	579,171	$296M	added+23%	+1.56 pp	5 q
AKXAnsys Inc	4.31%	886,953	$264M	added+7%	+0.15 pp	21 q
CPRTCopart Inc	3.90%	5,551,110	$239M	added+11%	+0.44 pp	3 q
RACEFerrari N.V.	3.90%	807,909	$239M	trimmed−13%	−0.68 pp	21 q
MCOMoody's Corporation	3.77%	731,429	$231M	trimmed−2%	−0.15 pp	21 q
LINLinde plc	3.64%	599,172	$223M	trimmed−52%	−3.54 pp	2 q
GEGE Aerospace	3.51%	1,947,026	$215M	new	+3.51 pp	new
OTISOtis Worldwide Corporation	2.89%	2,207,420	$177M	trimmed−15%	−0.59 pp	14 q
TMOThermo Fisher Scientific, Inc.	2.79%	338,427	$171M	trimmed−2%	+0.06 pp	13 q
ZTSZoetis Inc.	2.76%	971,655	$169M	added×2.2	+1.62 pp	18 q
MRSHMarsh	2.72%	877,275	$167M	added+23%	+0.68 pp	2 q
CDNSCadence Design Systems	2.36%	618,403	$145M	new	+2.36 pp	new
PGProcter & Gamble Company	2.19%	921,946	$134M	trimmed−2%	+0.03 pp	20 q
WATWaters Corp	2.11%	471,764	$129M	new	+2.11 pp	new
ALLEAllegion Public Limited Company	2.10%	1,236,845	$129M	trimmed−44%	−1.91 pp	21 q
URIUnited Rentals, Inc.	1.88%	259,725	$115M	trimmed−2%	+0.10 pp	3 q
EFXEquifax, Incorporated	1.52%	509,736	$93M	trimmed−35%	−1.26 pp	11 q
ELThe Estee Lauder Companies Inc. Class A	1.09%	462,177	$67M	trimmed−22%	−0.66 pp	21 q
WMGWarner Music Group Corp. Class A	1.04%	2,036,295	$64M	new	+1.04 pp	new
MARMarriott International Class A	0.85%	265,957	$52M	trimmed−41%	−0.41 pp	15 q
DGDollar General Corp.	—	−450,666	—	exited	−1.16 pp	—