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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
+2.98%
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
$912M
AUM Growth
-$4.85M
Cap. Flow
-$19M
Cap. Flow %
-2.08%
Top 10 Hldgs %
65.29%
Holding
31
New
1
Increased
23
Reduced
2
Closed
2

Top Buys

Rank Stock Value
1
GEHC icon
GE HealthCare
GEHC
+$21.6M
2
MSFT icon
Microsoft
MSFT
+$11.9M
3
META icon
Meta Platforms (Facebook)
META
+$10.6M
4
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$3.73M
5
GOOG icon
Alphabet (Google) Class C
GOOG
+$1.53M

Top Sells

Rank Stock Value
1
UBER icon
Uber
UBER
+$43.3M
2
VST icon
Vistra
VST
+$22.8M
3
CEG icon
Constellation Energy
CEG
+$10.7M
4
SGOV icon
iShares 0-3 Month Treasury Bond ETF
SGOV
+$183K

Sector Composition

Rank Sector Weight
1 Technology 25.34%
2 Industrials 24.13%
3 Communication Services 21.61%
4 Financials 11.38%
5 Consumer Discretionary 7.52%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GOOG icon
1
Alphabet (Google) Class C
GOOG
$4.11T
$102M 11.16%
324,613
+5,343
+2% +$1.53M
MSFT icon
2
Microsoft
MSFT
$2.9T
$83.2M 9.11%
171,942
+23,736
+16% +$11.9M
AMZN icon
3
Amazon
AMZN
$2.44T
$60.7M 6.65%
262,874
+4,375
+2% +$1M
SAP icon
4
SAP
SAP
$215B
$60.1M 6.59%
247,552
+2,494
+1% +$635K
GEV icon
5
GE Vernova
GEV
$240B
$59.1M 6.48%
90,403
+1,413
+2% +$861K
META icon
6
Meta Platforms (Facebook)
META
$1.49T
$53.5M 5.87%
81,123
+15,906
+24% +$10.6M
TSM icon
7
TSMC
TSM
$1.94T
$48.5M 5.32%
159,593
+2,282
+1% +$670K
GE icon
8
GE Aerospace
GE
$364B
$47.6M 5.22%
154,584
+1,713
+1% +$516K
UNP icon
9
Union Pacific
UNP
$174B
$42.7M 4.68%
184,768
+2,975
+2% +$679K
AON icon
10
Aon
AON
$80.6B
$38.4M 4.21%
108,774
+1,751
+2% +$611K
WWD icon
11
Woodward
WWD
$23B
$37.6M 4.12%
124,385
+2,018
+2% +$555K
V icon
12
Visa
V
$677B
$33.4M 3.66%
95,262
+1,402
+1% +$478K
MA icon
13
Mastercard
MA
$498B
$30.8M 3.37%
53,902
+784
+1% +$438K
AVGO icon
14
Broadcom
AVGO
$1.76T
$23.2M 2.54%
66,938
+873
+1% +$312K
NFLX icon
15
Netflix
NFLX
$307B
$22.8M 2.49%
242,732
+3,852
+2% +$415K
GEHC icon
16
GE HealthCare
GEHC
$32.5B
$22.7M 2.49%
+276,631
New +$21.6M
LIN icon
17
Linde
LIN
$236B
$22M 2.41%
51,644
+556
+1% +$238K
BIL icon
18
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$47.1B
$20.8M 2.28%
227,208
+40,767
+22% +$3.73M
SPOT icon
19
Spotify
SPOT
$108B
$17.9M 1.96%
30,862
+510
+2% +$319K
HWM icon
20
Howmet Aerospace
HWM
$109B
$16.8M 1.84%
81,703
+1,204
+1% +$240K
CRS icon
21
Carpenter Technology
CRS
$26.4B
$16.4M 1.8%
52,084
+763
+1% +$229K
GWRE icon
22
Guidewire Software
GWRE
$13.9B
$16.3M 1.78%
80,920
+1,324
+2% +$293K
CEG icon
23
Constellation Energy
CEG
$92.1B
$12.8M 1.4%
36,212
-29,563
-45% -$10.7M
MELI icon
24
Mercado Libre
MELI
$94.5B
$7.96M 0.87%
3,951
+64
+2% +$134K
CSGP icon
25
CoStar Group
CSGP
$12.2B
$7.3M 0.8%
108,615
+904
+0.8% +$64K
1
2

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Night Owl Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Night Owl Capital Management held 31 positions worth $912M, down 0.53% from $917M the previous quarter. Its ten largest holdings account for 65% of the portfolio.

Night Owl Capital Management's Q4 2025 filing shows 1 new, 23 increased, 2 reduced and 2 closed positions. Its largest new stake was GE HealthCare: 276,631 shares worth $22.7M. The largest sale was Uber, an estimated $43.3M.

By sector, the portfolio is most concentrated in Technology at 25% of assets, down from 29% a quarter earlier, followed by Industrials and Communication Services.

  • Night Owl Capital Management's largest Q4 2025 buy was GE HealthCare: 276,631 shares worth $22.7M.
  • Night Owl Capital Management added most to Microsoft in Q4 2025, an estimated $11.9M increase.
  • Night Owl Capital Management's biggest Q4 2025 reduction was Constellation Energy, cutting an estimated $10.7M.
  • Night Owl Capital Management fully exited Uber in Q4 2025, selling an estimated $43.3M.
  • Night Owl Capital Management's ten largest holdings make up 65% of its $912M portfolio in Q4 2025.
  • Night Owl Capital Management opened 1 new position and closed 2 in Q4 2025.
  • Night Owl Capital Management's portfolio value fell 0.53% quarter-over-quarter to $912M.

Based on Night Owl Capital Management's 13F filing for Q4 2025, filed 13 Feb 2026.