Gladstone Capital Management LLP
Long book
$995.9M
Q1 2026
Positions
32
Top-10 weight
90%
concentration
Last quarter
+18.2%
SPY +14.8%
Turnover
29%
of book per quarter
Strategy in plain words
auto-generated from filingsGladstone Capital Management LLP is a concentrated fundamental stock-picker, running a $995.9M US long book across 32 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ALPHABET INC-CL A, QUANTA SERVICES INC, RTX CORP, MICROSOFT CORP, API GROUP CORP.
Over the last 9 quarters its long book ran on average 0.2pp per quarter ahead of the S&P 500, beating the index in 6 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
+4.5%
Q2 2024
+5.1%
Q3 2024
+1.5%
Q4 2024
-3.7%
Q1 2025
+15.8%
Q2 2025
-0.7%
Q3 2025
+5.5%
Q4 2025
-4.1%
Q1 2026
+18.2%
Sector allocation
Technology 39%
Industrials 32%
Services media 16%
Consumer staples 7%
Financials 5%
Materials 0%
Other 0%
Real estate 0%
Long book by quarter
What does Gladstone Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GOOGL ALPHABET INC-CL A | Technology | 624.8K | $179.7M | 18.0% | +4.8% |
| PWR QUANTA SERVICES INC | Industrials | 228.3K | $125.3M | 12.6% | +26.1% |
| RTX RTX CORP | Industrials | 602.5K | $116.2M | 11.7% | -7.5% |
| MSFT MICROSOFT CORP | Technology | 257.8K | $95.4M | 9.6% | +8.0% |
| APG API GROUP CORP | Services media | 1.8M | $74.8M | 7.5% | -15.4% |
| V VISA INC-CLASS A SHARES | Services media | 228.0K | $68.9M | 6.9% | New |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 404.3K | $66.8M | 6.7% | -0.8% |
| GLW CORNING INC | Industrials | 356.9K | $48.5M | 4.9% | New |
| ACGL ARCH CAPITAL GROUP LTD | Financials | 482.2K | $46.3M | 4.6% | -35.7% |
| DOCN DIGITALOCEAN HOLDINGS INC | Technology | 496.7K | $42.6M | 4.3% | New |
| AVGO BROADCOM INC | Technology | 65.8K | $20.4M | 2.0% | -69.1% |
| LHX L3HARRIS TECHNOLOGIES INC | Technology | 39.8K | $13.7M | 1.4% | New |
| XYZ BLOCK INC | Technology | 192.5K | $11.6M | 1.2% | -62.6% |
| GE GENERAL ELECTRIC | Industrials | 16.3K | $4.6M | 0.5% | +953.2% |
| LIN LINDE PLC | Materials | 8.6K | $4.3M | 0.4% | New |
| ICE INTERCONTINENTAL EXCHANGE IN | Financials | 8.3K | $1.3M | 0.1% | +8200.0% |
| LULU LULULEMON ATHLETICA INC | Other | 3.3K | $686K | 0.1% | Held |
| ABNB AIRBNB INC-CLASS A | Services media | 3.6K | $449K | 0.0% | -98.3% |
| FIG FIGMA INC-CL A | Technology | 17.1K | $361K | 0.0% | Held |
| SNOW SNOWFLAKE INC | Technology | 1.5K | $227K | 0.0% | -99.1% |
| CBRE CBRE GROUP INC - A | Real estate | 1.0K | $182K | 0.0% | -98.7% |
| DASH DOORDASH INC - A | Services media | 1.0K | $150K | 0.0% | -96.8% |
| NVDA NVIDIA CORP | Technology | 729 | $127K | 0.0% | -27.1% |
| LITE LUMENTUM HOLDINGS INC | Technology | 100 | $70K | 0.0% | New |
| MDLZ MONDELEZ INTERNATIONAL INC-A | Consumer staples | 1.0K | $58K | 0.0% | New |
| TSLA TESLA INC | Industrials | 100 | $37K | 0.0% | Held |
| AMZN AMAZON.COM INC | Consumer discretionary | 100 | $21K | 0.0% | -96.7% |
| WING WINGSTOP INC | Consumer discretionary | 100 | $15K | 0.0% | Held |
| KEY KEYCORP | Financials | 698 | $14K | 0.0% | Held |
| NKE NIKE INC -CL B | Other | 4 | $211 | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 32 | $995.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 28 | $969.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 23 | $915.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 22 | $969.2M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 24 | $971.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 28 | $1.20B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 22 | $1.19B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 18 | $1.13B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 19 | $1.01B | canonical | SEC ↗ |
Similar funds
Sanders Capital, LLCGATES FOUNDATION TRUSTEAGLE CAPITAL MANAGEMENT LLCWoodbridge Co LtdAlecta Tjanstepension OmsesidigtMubadala Investment Co PJSCH&H International Investment, LLCNewlands Management Operations LLCINVESTOR ABIndependent Franchise Partners LLPPineStone Asset Management Inc.Pentwater Capital Management LP