Ashe Capital Management, LP
Long book
$797.4M
Q1 2026
Positions
7
Top-10 weight
100%
concentration
Last quarter
+22.0%
SPY +14.8%
Turnover
14%
of book per quarter
Strategy in plain words
auto-generated from filingsAshe Capital Management, LP is a diversified fundamental manager, specialised in technology (66% of the long book), running a $797.4M US long book across 7 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: SHOPIFY INC - CLASS A, APPFOLIO INC - A, LIBERTY MEDIA CORP-FORMULA-C, LIBERTY MEDIA CORP-FORMULA-A, DATADOG INC - CLASS A.
Over the last 9 quarters its long book ran on average 1.1pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-1.5%
Q2 2024
+3.6%
Q3 2024
+18.8%
Q4 2024
-8.9%
Q1 2025
+15.1%
Q2 2025
+10.5%
Q3 2025
-7.0%
Q4 2025
-22.2%
Q1 2026
+22.0%
Sector allocation
Technology 66%
Communications 29%
Services media 5%
Long book by quarter
What does Ashe Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SHOP SHOPIFY INC - CLASS A | Technology | 1.6M | $195.5M | 24.5% | -5.9% |
| APPF APPFOLIO INC - A | Technology | 1.0M | $165.4M | 20.7% | -2.8% |
| FWONK LIBERTY MEDIA CORP-FORMULA-C | Communications | 1.6M | $137.4M | 17.2% | -14.5% |
| FWONA LIBERTY MEDIA CORP-FORMULA-A | Communications | 1.2M | $92.5M | 11.6% | Held |
| DDOG DATADOG INC - CLASS A | Technology | 736.5K | $86.9M | 10.9% | -2.6% |
| VEEV VEEVA SYSTEMS INC-CLASS A | Technology | 453.4K | $79.6M | 10.0% | -3.1% |
| DASH DOORDASH INC - A | Services media | 267.0K | $40.1M | 5.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 7 | $797.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 6 | $1.03B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 7 | $1.42B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 7 | $1.28B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 7 | $1.12B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 7 | $1.22B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 7 | $1.26B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 7 | $1.21B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 9 | $1.23B | canonical | SEC ↗ |