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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
+5.84%
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
$917M
AUM Growth
+$52.5M
Cap. Flow
+$12.4M
Cap. Flow %
1.35%
Top 10 Hldgs %
60.57%
Holding
31
New
–
Increased
24
Reduced
3
Closed
1

Top Buys

Rank Stock Value
1
UNP icon
Union Pacific
UNP
+$22.7M
2
SPOT icon
Spotify
SPOT
+$12.2M
3
WWD icon
Woodward
WWD
+$10.8M
4
META icon
Meta Platforms (Facebook)
META
+$8.14M
5
MSFT icon
Microsoft
MSFT
+$610K

Top Sells

Rank Stock Value
1
FISV
Fiserv Inc
FISV
+$26.8M
2
AMZN icon
Amazon
AMZN
+$18.1M
3
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$1.77M
4
SGOV icon
iShares 0-3 Month Treasury Bond ETF
SGOV
+$432K

Sector Composition

Rank Sector Weight
1 Technology 29.39%
2 Industrials 22.13%
3 Communication Services 19.22%
4 Financials 11.08%
5 Consumer Discretionary 7.18%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GOOG icon
1
Alphabet (Google) Class C
GOOG
$4.32T
$77.8M 8.48%
319,270
+2,574
+0.8% +$541K
MSFT icon
2
Microsoft
MSFT
$3.71T
$76.8M 8.37%
148,206
+1,195
+0.8% +$610K
SAP icon
3
SAP
SAP
$238B
$65.5M 7.14%
245,058
+2,085
+0.9% +$586K
AMZN icon
4
Amazon
AMZN
$2.96T
$56.8M 6.19%
258,499
-80,089
-24% -$18.1M
GEV icon
5
GE Vernova
GEV
$264B
$54.7M 5.97%
88,990
+747
+0.8% +$453K
META icon
6
Meta Platforms (Facebook)
META
$1.51T
$47.9M 5.22%
65,217
+10,935
+20% +$8.14M
GE icon
7
GE Aerospace
GE
$384B
$46M 5.01%
152,871
+1,232
+0.8% +$337K
TSM icon
8
TSMC
TSM
$2.18T
$43.9M 4.79%
157,311
+1,507
+1% +$369K
UBER icon
9
Uber
UBER
$153B
$43.3M 4.72%
441,903
+3,580
+0.8% +$335K
UNP icon
10
Union Pacific
UNP
$174B
$43M 4.68%
181,793
+100,799
+124% +$22.7M
AON icon
11
Aon
AON
$76B
$38.2M 4.16%
107,023
+938
+0.9% +$339K
V icon
12
Visa
V
$677B
$32M 3.49%
93,860
+832
+0.9% +$288K
WWD icon
13
Woodward
WWD
$21.4B
$30.9M 3.37%
122,367
+43,496
+55% +$10.8M
MA icon
14
Mastercard
MA
$493B
$30.2M 3.29%
53,118
+424
+0.8% +$243K
NFLX icon
15
Netflix
NFLX
$309B
$28.6M 3.12%
238,880
+2,240
+0.9% +$273K
LIN icon
16
Linde
LIN
$226B
$24.3M 2.65%
51,088
+424
+0.8% +$201K
VST icon
17
Vistra
VST
$47.4B
$22.8M 2.48%
116,161
+1,124
+1% +$223K
AVGO icon
18
Broadcom
AVGO
$2.04T
$21.8M 2.38%
66,065
+593
+0.9% +$182K
CEG icon
19
Constellation Energy
CEG
$95.6B
$21.6M 2.36%
65,775
+641
+1% +$207K
SPOT icon
20
Spotify
SPOT
$100B
$21.2M 2.31%
30,352
+17,418
+135% +$12.2M
GWRE icon
21
Guidewire Software
GWRE
$14.2B
$18.3M 1.99%
79,596
+661
+0.8% +$150K
BIL icon
22
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.7B
$17.1M 1.86%
186,441
-19,354
-9% -$1.77M
HWM icon
23
Howmet Aerospace
HWM
$112B
$15.8M 1.72%
80,499
+681
+0.9% +$124K
CRS icon
24
Carpenter Technology
CRS
$28.4B
$12.6M 1.37%
51,321
+435
+0.9% +$111K
CSGP icon
25
CoStar Group
CSGP
$12.3B
$9.09M 0.99%
107,711
+818
+0.8% +$72.3K
1
2

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Night Owl Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Night Owl Capital Management held 31 positions worth $917M, up 6.1% from $865M the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Trading was light in Q3 2025: portfolio turnover was 3.2%. Night Owl Capital Management opened no new positions and exited 1, leaving the 31-position portfolio largely intact.

By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 33% a quarter earlier, followed by Industrials and Communication Services.

  • Night Owl Capital Management added most to Union Pacific in Q3 2025, an estimated $22.7M increase.
  • Night Owl Capital Management's biggest Q3 2025 reduction was Amazon, cutting an estimated $18.1M.
  • Night Owl Capital Management fully exited Fiserv Inc in Q3 2025, selling an estimated $26.8M.
  • Night Owl Capital Management's ten largest holdings make up 61% of its $917M portfolio in Q3 2025.
  • Night Owl Capital Management opened 0 new positions and closed 1 in Q3 2025.
  • Night Owl Capital Management's portfolio value rose 6.1% quarter-over-quarter to $917M.

Based on Night Owl Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.