AKO Capital

Q2 2025 13F · by Patrick Hargreaves, CEO

As of: Jun 30, 2025
Filed: Jun 30, 2025
US stock: $7.9B · prev $7.7B
Positions: 25 · prev 26
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%

Moves25 since the prior filing

+9.8 pp in · −9.8 pp out

New 0 0.00 pp
Added 12 +9.85 pp
Trimmed 12 −4.84 pp
Exited 1 −5.01 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.0 years per position

Low
Moderate
High

Top 5 positions41% of US stock

FLUT Flutter Entertainment plc added+3.28 pp added+3.2810.7%
ALC Alcon Inc. added−0.13 pp added−0.138.6%
MSFT Microsoft Corp added+1.90 pp added+1.908.0%
V VISA Inc. trimmed−0.72 pp trimmed−0.727.4%
INTU Intuit Inc added+2.29 pp added+2.296.7%

Positions25 in this filing · 1 exited


FLUTFlutter Entertainment plc	10.70%	2,973,210	$848M	added+15%	+3.28 pp	2 q
ALCAlcon Inc.	8.60%	7,713,406	$681M	added+8%	−0.13 pp	25 q
MSFTMicrosoft Corp	7.99%	1,272,557	$633M	added+2%	+1.90 pp	12 q
VVISA Inc.	7.36%	1,643,373	$583M	trimmed−7%	−0.72 pp	28 q
INTUIntuit Inc	6.72%	675,783	$532M	added+22%	+2.29 pp	12 q
GEGE Aerospace	6.70%	2,063,006	$531M	trimmed−16%	+0.30 pp	8 q
MCOMoody's Corporation	5.24%	827,554	$415M	added0%	+0.24 pp	28 q
ICEIntercontinental Exchange Inc.	5.07%	2,191,657	$402M	trimmed−4%	−0.04 pp	20 q
BKNGBooking Holdings Inc.	5.05%	69,107	$400M	trimmed−4%	+0.74 pp	22 q
MRSHMarsh	4.92%	1,782,200	$390M	trimmed−16%	−1.80 pp	9 q
AMZNAmazon.Com Inc	4.04%	1,460,648	$320M	added+2%	+0.49 pp	5 q
RACEFerrari N.V.	4.00%	646,106	$317M	added+10%	+0.77 pp	28 q
ADIAnalog Devices, Inc.	3.81%	1,267,990	$302M	added+2%	+0.56 pp	6 q
FICOFair Isaac Corporation	3.54%	153,273	$280M	added+2%	−0.06 pp	28 q
WATWaters Corp	3.47%	787,346	$275M	trimmed−11%	−0.77 pp	8 q
CPRTCopart Inc	3.31%	5,340,975	$262M	added+5%	−0.42 pp	10 q
EFXEquifax, Incorporated	2.98%	911,820	$236M	added+20%	+0.57 pp	18 q
ZTSZoetis Inc.	2.97%	1,510,926	$236M	trimmed−1%	−0.29 pp	25 q
CRMSalesforce, Inc.	1.61%	469,254	$128M	added+30%	+0.36 pp	2 q
ILMNIllumina Inc	0.64%	533,954	$51M	trimmed−40%	−0.28 pp	3 q
CDNSCadence Design Systems	0.51%	131,807	$41M	trimmed−4%	+0.06 pp	8 q
LINLinde plc	0.49%	81,953	$38M	trimmed−4%	−0.02 pp	9 q
TMOThermo Fisher Scientific, Inc.	0.14%	26,427	$11M	trimmed−92%	−2.01 pp	20 q
BAHBooz Allen Hamilton Holding Corporation	0.12%	90,033	$9M	trimmed−4%	−0.01 pp	3 q
CNICanadian National Railway	0.03%	19,073	$2M	held	—	5 q
ACNAccenture PLC	—	−1,238,638	—	exited	−5.01 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001376879-25-000006
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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