Technology Crossover Management XI, Ltd.
Long book
$581.7M
Q1 2026
Positions
2
Top-10 weight
100%
concentration
Last quarter
-3.0%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsTechnology Crossover Management XI, Ltd. is a diversified fundamental manager, specialised in communications (83% of the long book), running a $581.7M US long book across 2 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: SPOTIFY TECHNOLOGY SA, ZILLOW GROUP INC - C.
Over the last 9 quarters its long book ran on average 1.3pp per quarter ahead of the S&P 500, beating the index in 5 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
+11.5%
Q2 2024
+22.4%
Q3 2024
+17.4%
Q4 2024
+13.4%
Q1 2025
+30.5%
Q2 2025
-7.2%
Q3 2025
-11.8%
Q4 2025
-21.4%
Q1 2026
-3.0%
Sector allocation
Communications 83%
Services media 17%
Long book by quarter
What does Technology Crossover own?
Q1 2026 13F13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 8, 2026 | 2 | $581.7M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 6, 2026 | 2 | $740.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 3 | $977.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 3 | $1.05B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 9, 2025 | 3 | $981.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 3 | $865.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 3 | $737.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 3 | $602.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 2 | $443.0M | canonical | SEC ↗ |