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XN portfolio · 2025-12-31

Form 13F reports holdings as of 2025-12-31 and was filed on 2026-02-17. 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

$3.46 billion

Long positions

26

Calls / puts

0 / 0

Top 5 concentration

45.0%

Longs with AI data

7 / 26

Average AI 1Y

+24.2%

13F filing comparison

Quarter-over-quarter changes

2025-09-30 to 2025-12-31

Newly reported

5

No longer reported

1

Increased

9

Reduced

8

Newly reported this quarter

Present now and absent from the immediately preceding comparable filing.

PositionKindSharesValue

CBRE

CBRE GROUP INC

LONG915,067$147.1 million

MEDLINE INC

MEDLINE INC

LONG1,502,000$63.1 million

CORE & MAIN INC

CORE & MAIN INC

LONG698,200$36.3 million

SOLSTICE ADVANCED MATLS INC

SOLSTICE ADVANCED MATLS INC

LONG711,674$34.6 million

MSFT

MICROSOFT CORP

LONG56,689$27.4 million

No longer reported this quarter

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

PositionKindPrior sharesPrior value

MONDAY COM LTD

MONDAY COM LTD · SHS

LONG198,314$38.4 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

LONG2,866,943$599.2 million17.3%INCREASED

1Y —

5Y —

TOAST INC

TOAST INC · CL A · 888787108

LONG8,988,386$319.2 million9.2%INCREASED

1Y —

5Y —

TSM

Taiwan Semiconductor Manufacturing Co.

LONG813,866$247.3 million7.2%REDUCED25.4%

1Y +24.3%

5Y +142.0% · 25 models

SHW

Sherwin-Williams

LONG659,729$213.8 million6.2%INCREASED

1Y —

5Y —

SPOT

Spotify Technology S.A.

LONG304,602$176.9 million5.1%INCREASED28.2%

1Y +24.6%

5Y +130.0% · 24 models

GENERAL ELECTRIC CO

GENERAL ELECTRIC CO · COM NEW · 369604301

LONG569,227$175.3 million5.1%UNCHANGED

1Y —

5Y —

PROCORE TECHNOLOGIES INC

PROCORE TECHNOLOGIES INC · COM · 74275K108

LONG2,323,031$169.0 million4.9%INCREASED

1Y —

5Y —

UNION PAC CORP

UNION PAC CORP · COM · 907818108

LONG691,658$160.0 million4.6%REDUCED

1Y —

5Y —

RDDT

Reddit Inc.

LONG686,301$157.8 million4.6%INCREASED30.7%

1Y +29.1%

5Y +163.8% · 24 models

TRANSUNION

TRANSUNION · COM · 89400J107

LONG1,748,965$150.0 million4.3%REDUCED

1Y —

5Y —

CBRE

CBRE Group

LONG915,067$147.1 million4.3%NEWLY REPORTED

1Y —

5Y —

AMAZON COM INC

AMAZON COM INC · COM · 023135106

LONG580,754$134.0 million3.9%REDUCED

1Y —

5Y —

NVDA

NVIDIA Corporation

LONG595,149$111.0 million3.2%INCREASED41.0%

1Y +34.1%

5Y +197.4% · 27 models

CRH PLC

CRH PLC · ORD · G25508105

LONG879,676$109.8 millionUNCHANGED

1Y —

5Y —

SALESFORCE INC

SALESFORCE INC · COM · 79466L302

LONG403,232$106.8 million3.1%INCREASED

1Y —

5Y —

ALPHABET INC

ALPHABET INC · CAP STK CL C · 02079K107

LONG316,285$99.3 million2.9%UNCHANGED

1Y —

5Y —

WARNER BROS DISCOVERY INC

WARNER BROS DISCOVERY INC · COM SER A · 934423104

LONG3,084,372$88.9 million2.6%REDUCED

1Y —

5Y —

APPLIED MATLS INC

APPLIED MATLS INC · COM · 038222105

LONG336,900$86.6 million2.5%UNCHANGED

1Y —

5Y —

MEDLINE INC

MEDLINE INC · COM CL A · 58507V107

LONG1,502,000$63.1 million1.8%NEWLY REPORTED

1Y —

5Y —

JCI

Johnson Controls

LONG446,441$53.5 million1.5%INCREASED

1Y —

5Y —

FERGUSON ENTERPRISES INC

FERGUSON ENTERPRISES INC · COMMON STOCK NEW · 31488V107

LONG212,510$47.3 million1.4%REDUCED

1Y —

5Y —

CORE & MAIN INC

CORE & MAIN INC · CL A · 21874C102

LONG698,200$36.3 million1.0%NEWLY REPORTED

1Y —

5Y —

SOLSTICE ADVANCED MATLS INC

SOLSTICE ADVANCED MATLS INC · COM SHS · 83443Q103

LONG711,674$34.6 million1.0%NEWLY REPORTED

1Y —

5Y —

META

Meta Platforms Inc.

LONG51,313$33.9 million1.0%REDUCED24.0%

1Y +22.1%

5Y +130.9% · 27 models

MSFT

Microsoft Corporation

LONG56,689$27.4 million0.8%NEWLY REPORTED18.2%

1Y +16.6%

5Y +97.8% · 27 models

FIG

Figma Inc

LONG546,308$20.4 million0.6%REDUCED

1Y +18.8%

5Y +116.1% · 9 models

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 34.4%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.