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Night Owl Capital Management Portfolio holdings

AUM $858M
1-Year Est. Return 31.41%
This Fund
S&P 500
This Quarter Est. Return
+24.26%
1 Year Est. Return
+31.41%
3 Year Est. Return
+150.18%
5 Year Est. Return
+177.63%
10 Year Est. Return
+1,247.26%
AUM
$865M
AUM Growth
+$64.8M
Cap. Flow
-$76.5M
Cap. Flow %
-8.85%
Top 10 Hldgs %
59.82%
Holding
32
New
4
Increased
16
Reduced
8
Closed
1

Top Buys

Rank Stock Value
1
GWRE icon
Guidewire Software
GWRE
+$17M
2
WWD icon
Woodward
WWD
+$16.1M
3
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$11M
4
MELI icon
Mercado Libre
MELI
+$8.99M
5
SPOT icon
Spotify
SPOT
+$8.3M

Top Sells

Rank Stock Value
1
UNH icon
UnitedHealth
UNH
+$44M
2
FISV
Fiserv Inc
FISV
+$22.8M
3
AON icon
Aon
AON
+$19M
4
VST icon
Vistra
VST
+$14.9M
5
GEV icon
GE Vernova
GEV
+$14.1M

Sector Composition

Rank Sector Weight
1 Technology 33.15%
2 Industrials 17.65%
3 Communication Services 16.01%
4 Financials 11.76%
5 Consumer Discretionary 9.75%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPOT icon
26
Spotify
SPOT
$100B
$9.92M 1.15%
+12,934
New +$8.3M
CSGP icon
27
CoStar Group
CSGP
$12.3B
$8.59M 0.99%
106,893
+3,052
+3% +$238K
SGOV icon
28
iShares 0-3 Month Treasury Bond ETF
SGOV
$101B
$6.47M 0.75%
64,241
+28,830
+81% +$2.9M
BRK.A icon
29
Berkshire Hathaway Class A
BRK.A
$1.12T
$729K 0.08%
1
– –
GOOGL icon
30
Alphabet (Google) Class A
GOOGL
$4.33T
$599K 0.07%
3,400
– –
BRK.B icon
31
Berkshire Hathaway Class B
BRK.B
$1.13T
$486K 0.06%
1,000
– –
UNH icon
32
UnitedHealth
UNH
$370B
– –
-83,996
Closed -$44M
1
2

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Night Owl Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Night Owl Capital Management held 32 positions worth $865M, up 8.1% from $800M the previous quarter. Its ten largest holdings account for 60% of the portfolio.

Night Owl Capital Management withdrew a net $76.5M in Q2 2025, closing 1 position and reducing 8 holdings. Its most notable exit was UnitedHealth, an estimated $44M position sold in full.

By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 30% a quarter earlier, followed by Industrials and Communication Services.

Against the trend, Night Owl Capital Management opened a new position in Guidewire Software worth $18.6M.

  • Night Owl Capital Management's largest Q2 2025 buy was Guidewire Software: 78,935 shares worth $18.6M.
  • Night Owl Capital Management added most to State Street SPDR Bloomberg 1-3 Month T-Bill ETF in Q2 2025, an estimated $11M increase.
  • Night Owl Capital Management's biggest Q2 2025 reduction was Fiserv Inc, cutting an estimated $22.8M.
  • Night Owl Capital Management fully exited UnitedHealth in Q2 2025, selling an estimated $44M.
  • Night Owl Capital Management's ten largest holdings make up 60% of its $865M portfolio in Q2 2025.
  • Night Owl Capital Management opened 4 new positions and closed 1 in Q2 2025.
  • Night Owl Capital Management's portfolio value rose 8.1% quarter-over-quarter to $865M.

Based on Night Owl Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.