Triple Frond

Q2 2025 13F · by Stuart McLaughlin, portfolio manager

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

+3.6 pp in · −4.5 pp out

Very concentrated · behaves like 8 equal-sized positions

Low turnover · 13% a year, about 7.9 years per position

restated 10 rows corrected by the filer · US stock +54.98%; later quarters recomputed 13F-HR/A · Aug 14, 2025 ↗


MSFTMicrosoft Corp	22.66%	403,043	$200M	held	—	20 q
GOOGAlphabet Inc. Class C	13.01%	648,905	$115M	held	—	22 q
TDGTransDigm Group Incorporated	12.69%	73,794	$112M	trimmed−20%	−4.54 pp	42 q
AMZNAmazon.Com Inc	12.08%	487,191	$107M	held	—	16 q
METAMeta Platforms, Inc. Class A	9.19%	110,200	$81M	added+44%	+3.21 pp	2 q
LRCXLam Research Corp	7.78%	706,615	$69M	held	—	3 q
CHTRCharter Comm Inc Del CL A New	7.42%	160,480	$66M	held	—	37 q
ASMLASML Holding NV	7.18%	79,300	$64M	held	—	2 q
MCOMoody's Corporation	4.63%	81,627	$41M	held	—	41 q
CCCCCC Intelligent Solutions Holdings Inc.	3.36%	3,156,000	$30M	added+31%	+0.41 pp	2 q