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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
AMZN icon
1
Amazon
AMZN
$2.96T
$74.3M 8.59%
338,588
+20,252
+6% +$4.01M
SAP icon
2
SAP
SAP
$238B
$73.9M 8.54%
242,973
+7,125
+3% +$2.04M
MSFT icon
3
Microsoft
MSFT
$3.71T
$73.1M 8.46%
147,011
+15,688
+12% +$6.81M
GOOG icon
4
Alphabet (Google) Class C
GOOG
$4.32T
$56.2M 6.5%
316,696
-40,597
-11% -$6.71M
GEV icon
5
GE Vernova
GEV
$264B
$46.7M 5.4%
88,243
-33,938
-28% -$14.1M
UBER icon
6
Uber
UBER
$153B
$40.9M 4.73%
438,323
+12,976
+3% +$1.07M
META icon
7
Meta Platforms (Facebook)
META
$1.51T
$40.1M 4.63%
54,282
+1,681
+3% +$1.04M
GE icon
8
GE Aerospace
GE
$384B
$39M 4.51%
151,639
+4,435
+3% +$973K
AON icon
9
Aon
AON
$76B
$37.8M 4.38%
106,085
-52,468
-33% -$19M
TSM icon
10
TSMC
TSM
$2.18T
$35.3M 4.08%
155,804
+4,748
+3% +$880K
V icon
11
Visa
V
$677B
$33M 3.82%
93,028
+2,788
+3% +$972K
NFLX icon
12
Netflix
NFLX
$309B
$31.7M 3.66%
236,640
-119,820
-34% -$13.5M
MA icon
13
Mastercard
MA
$493B
$29.6M 3.42%
52,694
+1,618
+3% +$895K
FISV
14
Fiserv Inc
FISV
$27.9B
$26.8M 3.1%
155,630
-125,476
-45% -$22.8M
LIN icon
15
Linde
LIN
$226B
$23.8M 2.75%
50,664
+1,469
+3% +$671K
VST icon
16
Vistra
VST
$47.4B
$22.3M 2.58%
115,037
-100,430
-47% -$14.9M
CEG icon
17
Constellation Energy
CEG
$95.6B
$21M 2.43%
65,134
-53,075
-45% -$14M
WWD icon
18
Woodward
WWD
$21.4B
$19.3M 2.24%
+78,871
New +$16.1M
BIL icon
19
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.7B
$18.9M 2.18%
205,795
+120,256
+141% +$11M
UNP icon
20
Union Pacific
UNP
$174B
$18.6M 2.15%
80,994
-56,370
-41% -$12.5M
GWRE icon
21
Guidewire Software
GWRE
$14.2B
$18.6M 2.15%
+78,935
New +$17M
AVGO icon
22
Broadcom
AVGO
$2.04T
$18M 2.09%
65,472
+1,945
+3% +$422K
HWM icon
23
Howmet Aerospace
HWM
$112B
$14.9M 1.72%
79,818
+2,452
+3% +$377K
CRS icon
24
Carpenter Technology
CRS
$28.4B
$14.1M 1.63%
50,886
+1,554
+3% +$339K
MELI icon
25
Mercado Libre
MELI
$92.3B
$10.1M 1.16%
+3,848
New +$8.99M
1
2

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QIM
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BCM
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TSS
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AWM
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WFAL
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OMG
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EPIMS
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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.