Heard Capital LLC
Long book
$1.93B
Q1 2026
Positions
21
Top-10 weight
87%
concentration
Last quarter
+18.5%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsHeard Capital LLC is a concentrated fundamental stock-picker, running a $1.93B US long book across 21 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: LAM RESEARCH CORP, TRANSDIGM GROUP INC, PALANTIR TECHNOLOGIES INC-A, AMERICAN TOWER CORP, FAIR ISAAC CORP.
Over the last 9 quarters its long book ran on average 0.3pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.8%
Q2 2024
+11.7%
Q3 2024
-3.0%
Q4 2024
-2.3%
Q1 2025
+18.5%
Q2 2025
+3.6%
Q3 2025
+2.1%
Q4 2025
-10.2%
Q1 2026
+18.5%
Sector allocation
Industrials 38%
Financials 28%
Technology 18%
Services media 11%
Communications 5%
Consumer discretionary 0%
Long book by quarter
What does Heard Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| LRCX LAM RESEARCH CORP | Industrials | 1.1M | $228.8M | 11.8% | -17.2% |
| TDG TRANSDIGM GROUP INC | Industrials | 178.6K | $207.0M | 10.7% | +4.7% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 1.3M | $193.3M | 10.0% | +46.4% |
| FICO FAIR ISAAC CORP | Services media | 178.4K | $190.5M | 9.8% | +20.2% |
| APO APOLLO GLOBAL MANAGEMENT INC | Financials | 1.7M | $187.4M | 9.7% | +11.2% |
| BX BLACKSTONE INC | Financials | 1.2M | $141.8M | 7.3% | +6.9% |
| AVAV AEROVIRONMENT INC | Industrials | 721.4K | $132.0M | 6.8% | -0.1% |
| ADBE ADOBE INC | Technology | 444.3K | $108.0M | 5.6% | +44.3% |
| AXP AMERICAN EXPRESS CO | Financials | 339.8K | $102.8M | 5.3% | -1.8% |
| ESLT ELBIT SYSTEMS LTD | Industrials | 108.4K | $92.0M | 4.8% | -39.3% |
| ATEX ANTERIX INC | Communications | 1.7M | $65.6M | 3.4% | Held |
| MC MOELIS & CO - CLASS A | Financials | 979.8K | $55.8M | 2.9% | -0.2% |
| TSAT TELESAT CORP | Communications | 610.6K | $22.1M | 1.1% | -50.3% |
| AMZN AMAZON.COM INC | Consumer discretionary | 18.1K | $3.8M | 0.2% | +8.7% |
| QCOM QUALCOMM INC | Technology | 21.6K | $2.8M | 0.1% | +18.5% |
| ARES ARES MANAGEMENT CORP - A | Financials | 11.2K | $1.2M | 0.1% | Held |
| PPLI PEOPLE INC | Technology | 23.5K | $941K | 0.0% | -8.0% |
| CHTR CHARTER COMMUNICATIONS INC-A | Communications | 2.6K | $562K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 21 | $1.93B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 21 | $2.13B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 20 | $1.85B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR/ANEW HOLDINGS | Nov 14, 2025 | 21 | $2.06B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 21 | $1.91B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 22 | $1.68B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 22 | $1.68B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 22 | $1.78B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 22 | $1.64B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 24 | $1.60B | canonical | SEC ↗ |
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