M & L Capital Management Ltd
Long book
$406.7M
Q1 2026
Positions
19
Top-10 weight
93%
concentration
Last quarter
+16.5%
SPY +14.8%
Turnover
53%
of book per quarter
Strategy in plain words
auto-generated from filingsM & L Capital Management Ltd is a concentrated fundamental stock-picker, specialised in technology (83% of the long book), running a $406.7M US long book across 19 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: NVIDIA CORP, BROADCOM INC, LUMENTUM HOLDINGS INC, CIENA CORP, LAM RESEARCH CORP.
Over the last 6 quarters its long book ran on average 3pp per quarter ahead of the S&P 500, beating the index in 3 of 6 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
Q4 2024
-16.9%
Q1 2025
+36.7%
Q2 2025
+15.6%
Q3 2025
-0.6%
Q4 2025
-5.5%
Q1 2026
+16.5%
Sector allocation
Technology 83%
Industrials 6%
Financials 2%
Other 2%
Communications 2%
Healthcare 2%
Services media 1%
Consumer staples 0%
Long book by quarter
What does M & own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 1.2M | $204.2M | 50.2% | Held |
| AVGO BROADCOM INC | Technology | 173.3K | $53.7M | 13.2% | +31.8% |
| LITE LUMENTUM HOLDINGS INC | Technology | 52.0K | $36.6M | 9.0% | +32.9% |
| CIEN CIENA CORP | Technology | 55.7K | $21.6M | 5.3% | +53.7% |
| LRCX LAM RESEARCH CORP | Industrials | 78.0K | $16.7M | 4.1% | New |
| ANET ARISTA NETWORKS INC | Technology | 86.0K | $10.6M | 2.6% | Held |
| HOOD ROBINHOOD MARKETS INC - A | Financials | 135.5K | $9.4M | 2.3% | Held |
| COHR COHERENT CORP | Other | 37.6K | $9.0M | 2.2% | +73.3% |
| FWONK LIBERTY MEDIA CORP-FORMULA-C | Communications | 104.0K | $8.8M | 2.2% | Held |
| ISRG INTUITIVE SURGICAL INC | Healthcare | 17.7K | $8.2M | 2.0% | Held |
| VRT VERTIV HOLDINGS CO-A | Technology | 26.9K | $6.7M | 1.7% | +83.0% |
| GEV GE VERNOVA INC | Industrials | 5.0K | $4.4M | 1.1% | New |
| TKO TKO GROUP HOLDINGS INC | Services media | 20.3K | $4.1M | 1.0% | +42.1% |
| AVAV AEROVIRONMENT INC | Industrials | 20.9K | $3.8M | 0.9% | +122.3% |
| SITM SITIME CORP | Technology | 9.8K | $3.4M | 0.8% | New |
| GOOG ALPHABET INC-CL C | Technology | 8.9K | $2.5M | 0.6% | +130.1% |
| CELH CELSIUS HOLDINGS INC | Consumer staples | 53.4K | $1.9M | 0.5% | Held |
| BE BLOOM ENERGY CORP- A | Industrials | 8.1K | $1.1M | 0.3% | New |
| AXON AXON ENTERPRISE INC | Industrials | 180 | $76K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 10, 2026 | 19 | $406.7M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 12, 2026 | 25 | $479.6M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 14, 2025 | 25 | $501.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 7, 2025 | 25 | $444.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 7, 2025 | 21 | $334.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 10, 2025 | 24 | $410.6M | canonical | SEC ↗ |