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XN portfolio · 2025-09-30

Form 13F reports holdings as of 2025-09-30 and was filed on 2025-11-12. It is delayed, can omit confidential positions, and is not the manager's current portfolio or fund NAV. Options show reported underlying value—not premium, net exposure, or investment intent.

Disclosed long book

$3.29 billion

Long positions

22

Calls / puts

0 / 0

Top 5 concentration

43.5%

Longs with AI data

6 / 22

Average AI 1Y

+25.8%

13F filing comparison

Quarter-over-quarter changes

2025-06-30 to 2025-09-30

Newly reported

4

No longer reported

3

Increased

7

Reduced

9

Newly reported this quarter

Present now and absent from the immediately preceding comparable filing.

PositionKindSharesValue

UNION PAC CORP

UNION PAC CORP

LONG813,330$192.2 million

FIG

FIGMA INC

LONG2,702,130$140.2 million

WARNER BROS DISCOVERY INC

WARNER BROS DISCOVERY INC

LONG5,614,725$109.7 million

CRH PLC

CRH PLC

LONG879,676$105.5 million

No longer reported this quarter

Present in the prior comparable filing and absent from this one.

PositionKindPrior sharesPrior value

CBRE GROUP INC

CBRE GROUP INC · CL A

LONG471,337$66.0 million

DOORDASH INC

DOORDASH INC · CL A

LONG394,764$97.3 million

GENERAL ELECTRIC CO

GENERAL ELECTRIC CO · COM NEW

CALL1,000,000$257.4 million

“No longer reported” means the position is absent from this comparable 13F filing. It does not prove the manager sold it: reporting thresholds, confidential treatment, corporate actions, or instrument changes can also explain the omission.

PositionKindSharesValueLong weightQuarter changeAI at filing · 1YAI now

TKO GROUP HOLDINGS INC

TKO GROUP HOLDINGS INC · CL A · 87256C101

LONG2,697,369$544.8 million16.5%INCREASED

1Y —

5Y —

TSM

Taiwan Semiconductor Manufacturing Co.

LONG882,755$246.5 million7.5%REDUCED25.7%

1Y +24.4%

5Y +142.1% · 24 models

SHW

Sherwin-Williams

LONG630,209$218.2 million6.6%REDUCED

1Y —

5Y —

TOAST INC

TOAST INC · CL A · 888787108

LONG5,958,530$217.5 million6.6%INCREASED

1Y —

5Y —

TRANSUNION

TRANSUNION · COM · 89400J107

LONG2,446,657$205.0 million6.2%REDUCED

1Y —

5Y —

UNION PAC CORP

UNION PAC CORP · COM · 907818108

LONG813,330$192.2 million5.8%NEWLY REPORTED

1Y —

5Y —

GENERAL ELECTRIC CO

GENERAL ELECTRIC CO · COM NEW · 369604301

LONG569,227$171.2 million5.2%REDUCED

1Y —

5Y —

PROCORE TECHNOLOGIES INC

PROCORE TECHNOLOGIES INC · COM · 74275K108

LONG2,311,550$168.6 million5.1%UNCHANGED

1Y —

5Y —

RDDT

Reddit Inc.

LONG682,437$157.0 million4.8%INCREASED29.2%

1Y +29.1%

5Y +163.8% · 24 models

AMAZON COM INC

AMAZON COM INC · COM · 023135106

LONG703,384$154.4 million4.7%INCREASED

1Y —

5Y —

SPOT

Spotify Technology S.A.

LONG221,114$154.3 million4.7%INCREASED26.2%

1Y +24.6%

5Y +130.0% · 24 models

FIG

Figma Inc

LONG2,702,130$140.2 million4.3%NEWLY REPORTED

1Y +18.8%

5Y +116.1% · 9 models

FERGUSON ENTERPRISES INC

FERGUSON ENTERPRISES INC · COMMON STOCK NEW · 31488V107

LONG503,477$113.1 million3.4%INCREASED

1Y —

5Y —

WARNER BROS DISCOVERY INC

WARNER BROS DISCOVERY INC · COM SER A · 934423104

LONG5,614,725$109.7 million3.3%NEWLY REPORTED

1Y —

5Y —

CRH PLC

CRH PLC · ORD · G25508105

LONG879,676$105.5 millionNEWLY REPORTED

1Y —

5Y —

NVDA

NVIDIA Corporation

LONG560,331$104.5 million3.2%INCREASED36.8%

1Y +35.5%

5Y +209.6% · 25 models

SALESFORCE INC

SALESFORCE INC · COM · 79466L302

LONG393,429$93.2 million2.8%REDUCED

1Y —

5Y —

META

Meta Platforms Inc.

LONG120,319$88.4 million2.7%REDUCED24.5%

1Y +22.4%

5Y +133.8% · 25 models

ALPHABET INC

ALPHABET INC · CAP STK CL C · 02079K107

LONG316,285$77.0 million2.3%REDUCED

1Y —

5Y —

APPLIED MATLS INC

APPLIED MATLS INC · COM · 038222105

LONG336,900$69.0 million2.1%REDUCED

1Y —

5Y —

MONDAY COM LTD

MONDAY COM LTD · SHS · M7S64H106

LONG198,314$38.4 million1.2%REDUCED

1Y —

5Y —

JCI

Johnson Controls

LONG286,853$31.5 million1.0%UNCHANGED

1Y —

5Y —

AI outlook values are averages across the latest successful run per covered model at the labeled cutoff. “No longer reported” does not necessarily mean sold; thresholds, confidential treatment, corporate actions, or instrument changes may explain an omission. Reviewed API mapping covers 34.6%of disclosed long-book value; exact editorial CUSIP mappings may add current-only AI coverage on this public page. Research use only. No warranty and not investment advice.