ONCE CAPITAL MANAGEMENT, LLC
Long book
$373.6M
Q1 2026
Positions
22
Top-10 weight
89%
concentration
Last quarter
+33.7%
SPY +14.8%
Turnover
22%
of book per quarter
Strategy in plain words
auto-generated from filingsONCE CAPITAL MANAGEMENT, LLC is a concentrated fundamental stock-picker, running a $373.6M US long book across 22 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: NVIDIA CORP, AST SPACEMOBILE INC, ROCKET LAB CORP, ADVANCED MICRO DEVICES, APPLE INC.
Over the last 9 quarters its long book ran on average 7.3pp per quarter ahead of the S&P 500, beating the index in 7 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
+15.9%
Q2 2024
+7.1%
Q3 2024
+10.6%
Q4 2024
-11.3%
Q1 2025
+41.0%
Q2 2025
+9.3%
Q3 2025
+6.6%
Q4 2025
-7.0%
Q1 2026
+33.7%
Sector allocation
Technology 55%
Communications 23%
Industrials 16%
Consumer discretionary 4%
Materials 1%
Long book by quarter
What does ONCE own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 562.0K | $98.0M | 26.2% | Held |
| ASTS AST SPACEMOBILE INC | Communications | 790.5K | $65.5M | 17.5% | Held |
| RKLB ROCKET LAB CORP | Industrials | 618.0K | $39.7M | 10.6% | +11.2% |
| AMD ADVANCED MICRO DEVICES | Technology | 125.3K | $25.5M | 6.8% | Held |
| AAPL APPLE INC | Technology | 80.9K | $20.5M | 5.5% | Held |
| CRWD CROWDSTRIKE HOLDINGS INC - A | Technology | 51.0K | $19.9M | 5.3% | Held |
| SPOT SPOTIFY TECHNOLOGY SA | Communications | 40.1K | $19.4M | 5.2% | Held |
| MRVL MARVELL TECHNOLOGY INC | Technology | 167.0K | $16.5M | 4.4% | -8.1% |
| AMZN AMAZON.COM INC | Consumer discretionary | 70.8K | $14.7M | 3.9% | Held |
| MSFT MICROSOFT CORP | Technology | 33.2K | $12.3M | 3.3% | Held |
| TSLA TESLA INC | Industrials | 32.0K | $11.9M | 3.2% | +4.9% |
| SMR NUSCALE POWER CORP | Industrials | 563.1K | $6.1M | 1.6% | +24.4% |
| LUNR INTUITIVE MACHINES INC | Technology | 240.0K | $4.5M | 1.2% | New |
| PL PLANET LABS PBC | Technology | 105.0K | $2.9M | 0.8% | New |
| NOW SERVICENOW INC | Technology | 25.0K | $2.6M | 0.7% | -29.1% |
| LEU CENTRUS ENERGY CORP-CLASS A | Materials | 14.0K | $2.4M | 0.7% | New |
| SYM SYMBOTIC INC | Industrials | 40.0K | $2.1M | 0.6% | +1076.5% |
| UUUU ENERGY FUELS INC | Materials | 110.0K | $2.0M | 0.5% | +83.3% |
| BWXT BWX TECHNOLOGIES INC | Industrials | 2.5K | $511K | 0.1% | New |
| RR RICHTECH ROBOTICS INC-CL B | Industrials | 20.0K | $42K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 6, 2026 | 22 | $373.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 23 | $487.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 14, 2025 | 28 | $450.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 5, 2025 | 17 | $364.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 9, 2025 | 17 | $219.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 10, 2025 | 18 | $469.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 5, 2024 | 19 | $464.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 24, 2024 | 24 | $267.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 7, 2024 | 24 | $213.9M | canonical | SEC ↗ |
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