Franchise Capital
GRAND CAYMAN, E9files as Franchise Capital Ltd
$230m in 30 US stocks at the end of 30 September 2025. The top 10 are 96.4% of the money. It changed about 8.6% of the portfolio this quarter.
Value
$230m
Stocks
30
Top 10 share
96.4%
Turnover
8.6%
What changed this quarter
New
Bought for the first time this quarter.
- AlphabetGOOG2.8% of the fund
- BroadcomAVGO1.2% of the fund
- Credo Technology Group HoldingCRDO1.1% of the fund
- Palantir TechnologiesPLTR0.4% of the fund
- SeaSE0.3% of the fund
- ShopifySHOP0.3% of the fund
- Ishares Ethereum TRETHA<0.1% of the fund
- KE HldgsBEKE<0.1% of the fund
Added
Bought more of a stock they already held.
- Ishares Bitcoin Trust ETFIBIT0.1% of the fund+53%
- Digital Realty TrustDLR<0.1% of the fund+17%
- PultegroupPHM<0.1% of the fund+26%
- EquinixEQIX<0.1% of the fund+23%
- Horton D RDHI<0.1% of the fund+72%
Cut
Sold some of their stake.
- Meta PlatformsMETA7.8% of the fund-26%
- Circle Internet GroupCRCL<0.1% of the fund-91%
- WelltowerWELL<0.1% of the fund-26%
Sold out
Sold their entire stake.
Holdings
- PDD HoldingsPDD
- Share
- 28.8%
- Value
- $66m
- Shares
- 501,460
Held
- Luckin CoffeeLKNCY
- Share
- 7.0%
- Value
- $16m
- Shares
- 421,321
Held
- Chagee HldgsCHA
- Share
- 1.1%
- Value
- $3m
- Shares
- 157,457
Held
- YuanbaoYB
- Share
- 0.6%
- Value
- $1m
- Shares
- 66,666
Held
- SeaSE
- Share
- 0.3%
- Value
- $762,462
- Shares
- 4,266
New
- Ishares Bitcoin Trust ETFIBIT
- Share
- 0.1%
- Value
- $259,545
- Shares
- 3,993
+53%
- Ishares Ethereum TRETHA
- Share
- <0.1%
- Value
- $222,146
- Shares
- 7,050
New
- KE HldgsBEKE
- Share
- <0.1%
- Value
- $76,000
- Shares
- 4,000
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| NvidiaNVDA | 29.6% | $68m | 365,060 | Held |
| PDD HoldingsPDD | 28.8% | $66m | 501,460 | Held |
| Taiwan Semiconductor ManufacturingTSM | 14.5% | $33m | 119,580 | Held |
| Meta PlatformsMETA | 7.8% | $18m | 24,300 | -26% |
| Luckin CoffeeLKNCY | 7.0% | $16m | 421,321 | Held |
| AlphabetGOOG | 2.8% | $6m | 26,500 | New |
| TeslaTSLA | 2.5% | $6m | 12,815 | Held |
| BroadcomAVGO | 1.2% | $3m | 8,290 | New |
| Chagee HldgsCHA | 1.1% | $3m | 157,457 | Held |
| Credo Technology Group HoldingCRDO | 1.1% | $2m | 16,800 | New |
| RobloxRBLX | 0.9% | $2m | 15,140 | Held |
| YuanbaoYB | 0.6% | $1m | 66,666 | Held |
| Palantir TechnologiesPLTR | 0.4% | $857,374 | 4,700 | New |
| SeaSE | 0.3% | $762,462 | 4,266 | New |
| ShopifySHOP | 0.3% | $760,735 | 5,119 | New |
| Ishares Bitcoin Trust ETFIBIT | 0.1% | $259,545 | 3,993 | +53% |
| Ishares Ethereum TRETHA | <0.1% | $222,146 | 7,050 | New |
| VentasVTR | <0.1% | $222,008 | 3,172 | Held |
| Digital Realty TrustDLR | <0.1% | $219,212 | 1,268 | +17% |
| PultegroupPHM | <0.1% | $216,693 | 1,640 | +26% |
| EquinixEQIX | <0.1% | $209,125 | 267 | +23% |
| Host Hotels & ResortsHST | <0.1% | $193,943 | 11,395 | Held |
| American Healthcare REITAHR | <0.1% | $183,794 | 4,375 | Held |
| Horton D RDHI | <0.1% | $182,519 | 1,077 | +72% |
| Circle Internet GroupCRCL | <0.1% | $115,345 | 870 | -91% |
| WelltowerWELL | <0.1% | $101,362 | 569 | -26% |
| KE HldgsBEKE | <0.1% | $76,000 | 4,000 | New |
| Vici PropertiesVICI | <0.1% | $74,873 | 2,296 | Held |
| NVRNVR | <0.1% | $56,243 | 7 | Held |
| Iron MountainIRM | <0.1% | $46,383 | 455 | Held |
Over time and by industry
Value over time
Sep '25
Value is up 19.8% since 30 June 2025.
Where the money is
Technology48.1%
Media & telecom10.6%
Retail & consumer2.7%
Real estate0.5%
Financial services0.1%
Other38.1%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.