Gladstone Capital Management LLP's Q1 2025 13F: 7 new positions, 11 exits
Form 13F-HR for the quarter ended Mar 31, 2025 · filed May 13, 2025 · 24 reported positions · accession 0001353394-25-000004
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | Apple Inc (AAPL) | 14.9% | 0.0% | −14.9 pts | −712K sh | −100% |
| Increased | Alibaba Group Holding Ltd (BABA) | 0.0% | 7.8% | +7.8 pts | +572K sh | +57154% |
| New | Snowflake Inc (SNOW) | — | 6.3% | +6.3 pts | +416K sh | new |
| Exited | Eaton Corporation Plc (ETN) | 6.1% | — | −6.1 pts | −221K sh | −100% |
| New | Deere & Co (DE) | — | 6.0% | +6.0 pts | +125K sh | new |
| Exited | Arista Networks Inc (ANET) | 5.7% | — | −5.7 pts | −621K sh | −100% |
| Increased | Intercontinental Exchanges Inc (ICE) | 3.6% | 10.4% | +6.8 pts | +294K sh | +101% |
| Increased | Meta Platforms Inc (META) | 6.4% | 12.5% | +6.1 pts | +79,705 sh | +61% |
| Exited | Tradeweb Markets Inc (TW) | 4.4% | — | −4.4 pts | −405K sh | −100% |
| Reduced | Walmart Inc (WMT) | 2.8% | 0.0% | −2.7 pts | −365K sh | −99% |
| Reduced | General Electric Co (GE) | 6.2% | 6.5% | +0.3 pts | −131K sh | −29% |
| Reduced | Microsoft Corp (MSFT) | 8.6% | 7.2% | −1.4 pts | −58,444 sh | −24% |
| Reduced | Philip Morris International Inc (PM) | 8.9% | 12.2% | +3.3 pts | −138K sh | −16% |
| New | Hilton Worldwide Holdings Inc (HLT) | — | 2.0% | +2.0 pts | +84,219 sh | new |
| Reduced | CBRE Group Inc (CBRE) | 3.7% | 2.8% | −0.9 pts | −128K sh | −38% |
| Exited | Eli Lilly and Co (LLY) | 1.5% | — | −1.5 pts | −23,500 sh | −100% |
| Reduced | Broadcom Inc (AVGO) | 1.1% | 0.0% | −1.1 pts | −58,590 sh | −99% |
| Reduced | Block Inc (XYZ) | 7.0% | 4.7% | −2.3 pts | −143K sh | −14% |
| Exited | First Citizens BancShares Inc (Delaware) (FCNCA) | 0.8% | — | −0.8 pts | −4,380 sh | −100% |
| Reduced | Arch Capital Group Ltd (ACGL) | 10.3% | 12.5% | +2.2 pts | −74,824 sh | −6% |
| Exited | Ge Vernova Inc (GEV) | 0.4% | — | −0.4 pts | −14,011 sh | −100% |
| Exited | Ciena Corp (CIEN) | 0.2% | — | −0.2 pts | −27,100 sh | −100% |
| Exited | Constellation Energy Corp (CEG) | 0.1% | — | −0.1 pts | −7,200 sh | −100% |
| New | Arm Holdings PLC (ARM) | — | 0.1% | +0.1 pts | +11,815 sh | new |
| Exited | Alphabet Inc (GOOGL) | 0.1% | — | −0.1 pts | −6,438 sh | −100% |
| Exited | Lululemon Athetica Inb (LULU) | 0.1% | — | −0.1 pts | −3,100 sh | −100% |
| New | Coinbase Global Inc (COIN) | — | 0.1% | +0.1 pts | +4,900 sh | new |
| Reduced | Tesla Inc (TSLA) | 0.0% | 0.0% | 0.0 pts | −714 sh | −88% |
| New | Airbnb Inc (ABNB) | — | 0.0% | 0.0 pts | +1,000 sh | new |
| Exited | Cooper Companies Inc (COO) | 0.0% | — | 0.0 pts | −1,000 sh | −100% |
| New | Nike Inc (NKE) | — | 0.0% | 0.0 pts | +1,000 sh | new |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 90.2% of the equity book
Changes in the top 10 this quarter: ICE entered · BABA entered · SNOW entered · DE entered · AAPL left · XYZ left · ETN left · ANET left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | Meta Platforms Inc (META) | 6.4% | 12.5% | |
| 2 | Arch Capital Group Ltd (ACGL) | 10.3% | 12.5% | |
| 3 | Philip Morris International Inc (PM) | 8.9% | 12.2% | |
| 4 | Intercontinental Exchanges Inc (ICE) | 3.6% | 10.4% | Entered the top 10 |
| 5 | Amazon.com Inc (AMZN) | 7.1% | 8.8% | |
| 6 | Alibaba Group Holding Ltd (BABA) | 0.0% | 7.8% | Entered the top 10 |
| 7 | Microsoft Corp (MSFT) | 8.6% | 7.2% | |
| 8 | General Electric Co (GE) | 6.2% | 6.5% | |
| 9 | Snowflake Inc (SNOW) | 0.0% | 6.3% | Entered the top 10 |
| 10 | Deere & Co (DE) | 0.0% | 6.0% | Entered the top 10 |
| — | Apple Inc (AAPL) | 14.9% | 0.0% | Left the top 10 |
| — | Block Inc (XYZ) | 7.0% | 4.7% | Left the top 10 |
| — | Eaton Corporation Plc (ETN) | 6.1% | 0.0% | Left the top 10 |
| — | Arista Networks Inc (ANET) | 5.7% | 0.0% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).