Night Owl Capital Management, LLC
Long book
$858.0M
Q1 2026
Positions
30
Top-10 weight
64%
concentration
Last quarter
+14.7%
SPY +14.8%
Turnover
3%
of book per quarter
Strategy in plain words
auto-generated from filingsNight Owl Capital Management, LLC is a concentrated fundamental stock-picker, running a $858.0M US long book across 30 positions.
The portfolio is concentrated: the top 10 names carry 64% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: ALPHABET INC-CL C, MICROSOFT CORP, GE VERNOVA INC, AMAZON.COM INC, TAIWAN SEMICONDUCTOR-SP ADR.
Over the last 9 quarters its long book ran on average 0.5pp 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
+1.4%
Q2 2024
+9.0%
Q3 2024
+5.3%
Q4 2024
-0.9%
Q1 2025
+16.1%
Q2 2025
+3.8%
Q3 2025
+0.3%
Q4 2025
-5.3%
Q1 2026
+14.7%
Sector allocation
Technology 34%
Industrials 31%
Services media 12%
Consumer discretionary 8%
Financials 5%
Materials 4%
Healthcare 3%
Communications 2%
Long book by quarter
What does Night Owl own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GOOG ALPHABET INC-CL C | Technology | 326.8K | $93.7M | 10.9% | +0.7% |
| MSFT MICROSOFT CORP | Technology | 173.1K | $64.1M | 7.5% | +0.7% |
| GEV GE VERNOVA INC | Industrials | 64.4K | $56.3M | 6.6% | -28.7% |
| AMZN AMAZON.COM INC | Consumer discretionary | 264.6K | $55.1M | 6.4% | +0.7% |
| META META PLATFORMS INC-CLASS A | Technology | 81.7K | $46.7M | 5.4% | +0.7% |
| UNP UNION PACIFIC CORP | Industrials | 186.0K | $45.1M | 5.3% | +0.7% |
| WWD WOODWARD INC | Industrials | 125.2K | $44.8M | 5.2% | +0.7% |
| GE GENERAL ELECTRIC | Industrials | 155.6K | $44.1M | 5.1% | +0.6% |
| AON AON PLC-CLASS A | Financials | 109.5K | $35.3M | 4.1% | +0.7% |
| V VISA INC-CLASS A SHARES | Services media | 95.8K | $29.0M | 3.4% | +0.6% |
| MA MASTERCARD INC - A | Services media | 54.2K | $27.1M | 3.2% | +0.6% |
| LIN LINDE PLC | Materials | 52.0K | $25.8M | 3.0% | +0.6% |
| NFLX NETFLIX INC | Services media | 244.3K | $23.5M | 2.7% | +0.7% |
| AVGO BROADCOM INC | Technology | 67.4K | $20.9M | 2.4% | +0.7% |
| CRS CARPENTER TECHNOLOGY | Industrials | 52.4K | $20.7M | 2.4% | +0.6% |
| GEHC GE HEALTHCARE TECHNOLOGY | Healthcare | 278.6K | $19.8M | 2.3% | +0.7% |
| HWM HOWMET AEROSPACE INC | Industrials | 82.2K | $18.9M | 2.2% | +0.6% |
| SPOT SPOTIFY TECHNOLOGY SA | Communications | 31.1K | $15.1M | 1.8% | +0.7% |
| GWRE GUIDEWIRE SOFTWARE INC | Technology | 81.4K | $12.2M | 1.4% | +0.7% |
| CEG CONSTELLATION ENERGY | Utilities | 36.5K | $10.2M | 1.2% | +0.7% |
| AMAT APPLIED MATERIALS INC | Technology | 28.5K | $9.7M | 1.1% | New |
| MELI MERCADOLIBRE INC | Services media | 4.0K | $6.9M | 0.8% | +0.8% |
| CSGP COSTAR GROUP INC | Services media | 109.2K | $4.4M | 0.5% | +0.6% |
| GOOGL ALPHABET INC-CL A | Technology | 3.4K | $978K | 0.1% | Held |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 1 | $718K | 0.1% | Held |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 1.0K | $479K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 30 | $858.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 29 | $912.4M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 30 | $917.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 31 | $864.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 28 | $800.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 28 | $774.2M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 27 | $731.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 27 | $668.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 29 | $658.7M | canonical | SEC ↗ |
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