AKO Capital

Q3 2025 13F · by Patrick Hargreaves, CEO

As of: Sep 30, 2025
Filed: Nov 13, 2025
US stock: $7.0B · prev $7.9B
Positions: 23 · 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%

Moves26 since the prior filing

+4.1 pp in · −4.1 pp out

New 1 +0.85 pp
Added 8 +3.27 pp
Trimmed 14 −3.34 pp
Exited 3 −0.81 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.6 years per position

Low
Moderate
High

Top 5 positions42% of US stock

Positions23 in this filing · 3 exited


FLUTFlutter Entertainment plc	11.33%	3,120,116	$797M	added+5%	+0.63 pp	3 q
ALCAlcon Inc.	8.44%	7,974,364	$594M	added+3%	−0.16 pp	26 q
MSFTMicrosoft Corp	7.87%	1,068,996	$554M	trimmed−16%	−0.12 pp	13 q
VVISA Inc.	7.69%	1,584,857	$541M	trimmed−4%	+0.33 pp	29 q
INTUIntuit Inc	6.55%	674,425	$461M	trimmed−0%	−0.17 pp	13 q
GEGE Aerospace	5.65%	1,320,876	$397M	trimmed−36%	−1.05 pp	9 q
AMZNAmazon.Com Inc	5.64%	1,808,033	$397M	added+24%	+1.60 pp	6 q
MCOMoody's Corporation	5.20%	767,143	$366M	trimmed−7%	−0.04 pp	29 q
MRSHMarsh	5.16%	1,799,753	$363M	added+1%	+0.24 pp	10 q
ICEIntercontinental Exchange Inc.	4.99%	2,084,001	$351M	trimmed−5%	−0.08 pp	21 q
BKNGBooking Holdings Inc.	4.96%	64,618	$349M	trimmed−7%	−0.09 pp	23 q
RACEFerrari N.V.	4.35%	632,960	$306M	trimmed−2%	+0.35 pp	29 q
ADIAnalog Devices, Inc.	4.27%	1,223,147	$301M	trimmed−4%	+0.46 pp	7 q
CPRTCopart Inc	3.53%	5,527,245	$249M	added+3%	+0.22 pp	11 q
WATWaters Corp	3.44%	806,948	$242M	added+2%	−0.03 pp	9 q
EFXEquifax, Incorporated	3.42%	938,348	$241M	added+3%	+0.44 pp	19 q
FICOFair Isaac Corporation	2.63%	123,646	$185M	trimmed−19%	−0.91 pp	29 q
ZTSZoetis Inc.	1.42%	683,704	$100M	trimmed−55%	−1.55 pp	26 q
CRMSalesforce, Inc.	1.10%	326,128	$77M	trimmed−31%	−0.51 pp	3 q
CPCanadian Pacific Kansas City Limited	0.85%	799,560	$60M	new	+0.85 pp	new
CDNSCadence Design Systems	0.84%	168,767	$59M	added+28%	+0.33 pp	9 q
LINLinde plc	0.53%	79,085	$38M	trimmed−4%	+0.04 pp	10 q
BAHBooz Allen Hamilton Holding Corporation	0.12%	86,866	$9M	trimmed−4%	0.00 pp	4 q
ILMNIllumina Inc	—	−533,954	—	exited	−0.64 pp	—
TMOThermo Fisher Scientific, Inc.	—	−26,427	—	exited	−0.14 pp	—
CNICanadian National Railway	—	−19,073	—	exited	−0.03 pp	—