Gladstone Capital Management LLP's Q4 2025 13F: 7 new positions, 2 exits
Form 13F-HR for the quarter ended Dec 31, 2025 · filed Feb 17, 2026 · 28 reported positions · accession 0001353394-26-000002
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New | Quanta Services Inc (PWR) | — | 7.9% | +7.9 pts | +181K sh | new |
| Reduced | Philip Morris International Inc (PM) | 14.4% | 6.7% | −7.7 pts | −407K sh | −50% |
| Increased | Snowflake Inc (SNOW) | 0.2% | 3.8% | +3.7 pts | +162K sh | +2332% |
| New | Airbnb Inc (ABNB) | — | 2.9% | +2.9 pts | +209K sh | new |
| Reduced | Broadcom Inc (AVGO) | 10.4% | 7.6% | −2.8 pts | −76,846 sh | −27% |
| Reduced | Intercontinental Exchanges Inc (ICE) | 2.9% | 0.0% | −2.9 pts | −158K sh | −100% |
| Reduced | Capital One Finance Corp (CBRE) | 3.3% | 2.0% | −1.3 pts | −62,359 sh | −44% |
| Reduced | Block Inc (XYZ) | 5.6% | 3.5% | −2.1 pts | −190K sh | −27% |
| Reduced | Alphabet Inc (GOOGL) | 16.8% | 19.2% | +2.4 pts | −38,243 sh | −6% |
| Reduced | Microsoft Corp (MSFT) | 14.7% | 11.9% | −2.8 pts | −21,789 sh | −8% |
| Increased | Arch Capital Group Ltd (ACGL) | 6.5% | 7.4% | +0.9 pts | +95,554 sh | +15% |
| Increased | Api Group Corp (APG) | 7.3% | 8.6% | +1.3 pts | +224K sh | +11% |
| Increased | RTX Corp (RTX) | 11.1% | 12.3% | +1.2 pts | +41,897 sh | +7% |
| New | Taiwan Semiconductor Manufacturing Co Ltd (TSM) | — | 0.6% | +0.6 pts | +17,860 sh | new |
| Reduced | DoorDash Inc (DASH) | 1.6% | 0.7% | −0.8 pts | −21,239 sh | −40% |
| Reduced | General Electric Co (GE) | 0.2% | 0.0% | −0.2 pts | −4,628 sh | −75% |
| New | Lululemon Atheletic Inc (LULU) | — | 0.1% | +0.1 pts | +3,300 sh | new |
| Increased | Amazon.com Inc (AMZN) | 0.0% | 0.1% | +0.1 pts | +2,900 sh | +2900% |
| Exited | ServiceNow Inc (NOW) | 0.0% | — | 0.0 pts | −150 sh | −100% |
| New | Alibaba Group Holding Ltd (BABA) | — | 0.0% | 0.0 pts | +900 sh | new |
| Exited | Deere & Co (DE) | 0.0% | — | 0.0 pts | −100 sh | −100% |
| New | Wingstop Inc (WING) | — | 0.0% | 0.0 pts | +100 sh | new |
| Increased | Figma Inc (FIG) | 0.1% | 0.1% | 0.0 pts | +481 sh | +3% |
| Increased | Atlassian Corp (TEAM) | 0.0% | 0.0% | 0.0 pts | +100 sh | +11% |
| New | Nike Inc (NKE) | — | 0.0% | 0.0 pts | +4 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 — 90.0% of the equity book
Changes in the top 10 this quarter: PWR entered · SNOW entered · XYZ left · CBRE left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | Alphabet Inc (GOOGL) | 16.8% | 19.2% | |
| 2 | RTX Corp (RTX) | 11.1% | 12.3% | |
| 3 | Microsoft Corp (MSFT) | 14.7% | 11.9% | |
| 4 | Api Group Corp (APG) | 7.3% | 8.6% | |
| 5 | Quanta Services Inc (PWR) | 0.0% | 7.9% | Entered the top 10 |
| 6 | Broadcom Inc (AVGO) | 10.4% | 7.6% | |
| 7 | Arch Capital Group Ltd (ACGL) | 6.5% | 7.4% | |
| 8 | Philip Morris International Inc (PM) | 14.4% | 6.7% | |
| 9 | Meta Platforms Inc (META) | 4.7% | 4.5% | |
| 10 | Snowflake Inc (SNOW) | 0.2% | 3.8% | Entered the top 10 |
| — | Block Inc (XYZ) | 5.6% | 3.5% | Left the top 10 |
| — | Capital One Finance Corp (CBRE) | 3.3% | 2.0% | 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).