Rings Capital Management LLC
Long book
$186.1M
Q1 2026
Positions
7
Top-10 weight
100%
concentration
Last quarter
+11.3%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsRings Capital Management LLC is a diversified fundamental manager, running a $186.1M US long book across 7 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: MOODY'S CORP, CARMAX INC, RTX CORP, MICROSOFT CORP, CHECK POINT SOFTWARE TECH.
Over the last 9 quarters its long book ran on average 3.7pp per quarter behind the S&P 500, beating the index in 2 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
+0.2%
Q2 2024
+7.9%
Q3 2024
-0.7%
Q4 2024
-1.2%
Q1 2025
+6.3%
Q2 2025
-6.6%
Q3 2025
-1.7%
Q4 2025
-8.3%
Q1 2026
+11.3%
Sector allocation
Services media 29%
Consumer discretionary 21%
Industrials 17%
Technology 17%
Other 12%
Consumer staples 4%
Long book by quarter
What does Rings Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MCO MOODY'S CORP | Services media | 120.0K | $52.4M | 28.1% | Held |
| KMX CARMAX INC | Consumer discretionary | 949.0K | $39.5M | 21.2% | Held |
| RTX RTX CORP | Industrials | 165.0K | $31.8M | 17.1% | Held |
| MSFT MICROSOFT CORP | Technology | 83.0K | $30.7M | 16.5% | Held |
| CPW CHECK POINT SOFTWARE TECH | — | 160.0K | $22.9M | 12.3% | Held |
| STZ CONSTELLATION BRANDS INC-A | Consumer staples | 48.0K | $7.2M | 3.9% | +700.0% |
| HRB H&R BLOCK INC | Services media | 53.0K | $1.7M | 0.9% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 7 | $186.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 7 | $201.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 7 | $213.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 7 | $206.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 8 | $196.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 8 | $191.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 8 | $191.8M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 7 | $191.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 7 | $182.8M | canonical | SEC ↗ |
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