AKO Capital

Q4 2025 13F · by Patrick Hargreaves, CEO

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $6.6B · prev $7.0B
Positions: 22 · prev 23
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

+9.1 pp in · −9.0 pp out

New 2 +4.52 pp
Added 5 +4.55 pp
Trimmed 15 −6.66 pp
Exited 3 −2.38 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions41% of US stock

Positions22 in this filing · 3 exited


FLUTFlutter Entertainment plc	10.20%	3,109,426	$670M	trimmed−0%	−1.13 pp	4 q
ALCAlcon Inc.	9.28%	7,686,700	$609M	trimmed−4%	+0.84 pp	27 q
VVISA Inc.	7.68%	1,437,967	$504M	trimmed−9%	−0.01 pp	30 q
MSFTMicrosoft Corp	7.52%	1,020,715	$494M	trimmed−5%	−0.35 pp	14 q
AMZNAmazon.Com Inc	6.11%	1,737,603	$401M	trimmed−4%	+0.47 pp	7 q
MCOMoody's Corporation	5.73%	736,568	$376M	trimmed−4%	+0.53 pp	30 q
RACEFerrari N.V.	5.35%	944,867	$352M	added+49%	+1.00 pp	30 q
GEGE Aerospace	5.20%	1,109,389	$342M	trimmed−16%	−0.45 pp	10 q
ADIAnalog Devices, Inc.	5.15%	1,248,009	$338M	added+2%	+0.88 pp	8 q
ICEIntercontinental Exchange Inc.	5.14%	2,084,185	$338M	added0%	+0.15 pp	22 q
WATWaters Corp	4.36%	753,455	$286M	trimmed−7%	+0.92 pp	10 q
MRSHMarsh	4.19%	1,484,860	$275M	trimmed−18%	−0.97 pp	11 q
CSCOCisco Systems, Inc. (DE)	3.65%	3,113,706	$240M	new	+3.65 pp	new
CPRTCopart Inc	3.58%	6,010,134	$235M	added+9%	+0.05 pp	12 q
BKNGBooking Holdings Inc.	3.49%	42,801	$229M	trimmed−34%	−1.47 pp	24 q
CPCanadian Pacific Kansas City Limited	3.32%	2,957,361	$218M	added×3.7	+2.47 pp	2 q
FICOFair Isaac Corporation	2.90%	112,785	$191M	trimmed−9%	+0.27 pp	30 q
EFXEquifax, Incorporated	2.53%	765,955	$166M	trimmed−18%	−0.89 pp	20 q
INTUIntuit Inc	2.41%	238,876	$158M	trimmed−65%	−4.14 pp	14 q
CRMSalesforce, Inc.	1.26%	312,608	$83M	trimmed−4%	+0.16 pp	4 q
MAMastercard Incorporated	0.87%	100,109	$57M	new	+0.87 pp	new
LINLinde plc	0.09%	13,476	$6M	trimmed−83%	−0.44 pp	11 q
ZTSZoetis Inc.	—	−683,704	—	exited	−1.42 pp	—
CDNSCadence Design Systems	—	−168,767	—	exited	−0.84 pp	—
BAHBooz Allen Hamilton Holding Corporation	—	−86,866	—	exited	−0.12 pp	—