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XL

XN LP Portfolio holdings

AUM $2.72B
1-Year Est. Return 46.67%
This Fund
S&P 500
This Quarter Est. Return
+7.38%
1 Year Est. Return
+46.67%
3 Year Est. Return
+151.32%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$3.4B
AUM Growth
+$278M
Cap. Flow
+$162M
Cap. Flow %
4.77%
Top 10 Hldgs %
66.92%
Holding
25
New
4
Increased
7
Reduced
9
Closed
3

Top Buys

Rank Stock Value
1
FIG
Figma
FIG
+$186M
2
UNP icon
Union Pacific
UNP
+$183M
3
CRH icon
CRH
CRH
+$92.9M
4
WBD icon
Warner Bros
WBD
+$76.5M
5
SPOT icon
Spotify
SPOT
+$63.8M

Top Sells

Rank Stock Value
1
DASH icon
DoorDash
DASH
+$97.3M
2
CBRE icon
CBRE Group
CBRE
+$66M
3
MNDY icon
monday.com
MNDY
+$48.7M
4
AMAT icon
Applied Materials
AMAT
+$38M
5
GOOG icon
Alphabet (Google) Class C
GOOG
+$35.3M

Sector Composition

Rank Sector Weight
1 Communication Services 33.26%
2 Technology 31.7%
3 Industrials 14.94%
4 Materials 9.52%
5 Financials 6.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TKO icon
1
TKO Group
TKO
$13.6B
$545M 16.02%
2,697,369
+96,756
+4% +$17.7M
TSM icon
2
TSMC
TSM
$2.1T
$247M 7.25%
882,755
-45,319
-5% -$11.1M
SHW icon
3
Sherwin-Williams
SHW
$82.7B
$218M 6.42%
630,209
-7,721
-1% -$2.72M
TOST icon
4
Toast
TOST
$18.7B
$218M 6.4%
5,958,530
+746,562
+14% +$32.4M
TRU icon
5
TransUnion
TRU
$15.1B
$205M 6.03%
2,446,657
-78,652
-3% -$7.14M
UNP icon
6
Union Pacific
UNP
$174B
$192M 5.65%
+813,330
New +$183M
GE icon
7
GE Aerospace
GE
$374B
$171M 5.04%
569,227
-66,688
-10% -$18.2M
PCOR icon
8
Procore
PCOR
$8.26B
$169M 4.96%
2,311,550
– –
RDDT icon
9
Reddit
RDDT
$27.1B
$157M 4.62%
682,437
+292,652
+75% +$59.7M
AMZN icon
10
Amazon
AMZN
$2.92T
$154M 4.54%
703,384
+34,663
+5% +$7.85M
SPOT icon
11
Spotify
SPOT
$103B
$154M 4.54%
221,114
+91,281
+70% +$63.8M
FIG
12
Figma
FIG
$12.9B
$140M 4.12%
+2,702,130
New +$186M
FERG icon
13
Ferguson
FERG
$45.4B
$113M 3.33%
503,477
+240,170
+91% +$54.4M
WBD icon
14
Warner Bros
WBD
$65.9B
$110M 3.22%
+5,614,725
New +$76.5M
CRH icon
15
CRH
CRH
$63.2B
$105M 3.1%
+879,676
New +$92.9M
NVDA icon
16
NVIDIA
NVDA
$4.86T
$105M 3.07%
560,331
+79,987
+17% +$13.9M
CRM icon
17
Salesforce
CRM
$151B
$93.2M 2.74%
393,429
-79,235
-17% -$20M
META icon
18
Meta Platforms (Facebook)
META
$1.42T
$88.4M 2.6%
120,319
-31,977
-21% -$23.8M
GOOG icon
19
Alphabet (Google) Class C
GOOG
$4.36T
$77M 2.27%
316,285
-168,048
-35% -$35.3M
AMAT icon
20
Applied Materials
AMAT
$403B
$69M 2.03%
336,900
-209,242
-38% -$38M
MNDY icon
21
monday.com
MNDY
$3.68B
$38.4M 1.13%
198,314
-211,548
-52% -$48.7M
JCI icon
22
Johnson Controls International
JCI
$88.8B
$31.5M 0.93%
286,853
– –
CBRE icon
23
CBRE Group
CBRE
$42.5B
– –
-471,337
Closed -$66M
DASH icon
24
DoorDash
DASH
$85.5B
– –
-394,764
Closed -$97.3M
GE icon
25
CALL
GE Aerospace
GE
$374B
– –
-1,000,000
Closed -$257M

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MASUI
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PA
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CA
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TAM
Timucuan Asset Management Jacksonville, Florida $2.72B AUM 4.95% 1-Year Est. Return
NCM
Nantahala Capital Management New Canaan, Connecticut $2.72B AUM 121.58% 1-Year Est. Return
FNF
Fidelity National Financial Jacksonville, Florida $2.72B AUM 29.3% 1-Year Est. Return
GC
Giverny Capital Montreal, Quebec, Canada $2.73B AUM 14.09% 1-Year Est. Return
LMIM
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XN LP's Q3 2025 Portfolio in Review

As of Q3 2025, XN LP held 25 positions worth $3.4B, up 8.9% from $3.12B the previous quarter. Its ten largest holdings account for 67% of the portfolio.

XN LP deployed $162M of net new capital in Q3 2025, opening 4 new positions and adding to 7 existing holdings. Its largest new stake was Figma: 2,702,130 shares worth $140M.

By sector, the portfolio is most concentrated in Communication Services at 33% of assets, up from 27% a quarter earlier, followed by Technology and Industrials.

On the sell side, the largest reduction was monday.com, an estimated $48.7M trimmed.

  • XN LP's largest Q3 2025 buy was Figma: 2,702,130 shares worth $140M.
  • XN LP added most to Spotify in Q3 2025, an estimated $63.8M increase.
  • XN LP's biggest Q3 2025 reduction was monday.com, cutting an estimated $48.7M.
  • XN LP fully exited DoorDash in Q3 2025, selling an estimated $97.3M.
  • XN LP's ten largest holdings make up 67% of its $3.4B portfolio in Q3 2025.
  • XN LP opened 4 new positions and closed 3 in Q3 2025.
  • XN LP's portfolio value rose 8.9% quarter-over-quarter to $3.4B.

Based on XN LP's 13F filing for Q3 2025, filed 12 Nov 2025.