Gladstone Capital Management LLP
LONDON, X0
$1.0bn in 40 US stocks at the end of 30 June 2026. The top 10 are 88.6% of the money. It changed about 26.4% of the portfolio this quarter.
Value
$1.0bn
Stocks
40
Top 10 share
88.6%
Turnover
26.4%
What changed this quarter
New
Bought for the first time this quarter.
- AflacAFL7.0% of the fund
- FortinetFTNT6.0% of the fund
- SandiskSNDK4.5% of the fund
- Astera LabsALAB0.3% of the fund
- ProgressivePGR0.3% of the fund
- Applied MaterialsAMAT0.3% of the fund
- Dycom IndustriesDY0.3% of the fund
- QualcommQCOM<0.1% of the fund
- IntelINTC<0.1% of the fund
- Comfort Systems USAFIX<0.1% of the fund
- Dell TechnologiesDELL<0.1% of the fund
- EatonETN<0.1% of the fund
Added
Bought more of a stock they already held.
- VisaV9.4% of the fund+22%
- Philip Morris InternationalPM9.0% of the fund+24%
- SnowflakeSNOW1.6% of the fund+4207%
- ARM HoldingsARM<0.1% of the fund+110%
Cut
Sold some of their stake.
- AlphabetGOOGL17.8% of the fund-19%
- Quanta ServicesPWR12.8% of the fund-21%
- RTXRTX9.3% of the fund-18%
- Taiwan Semiconductor ManufacturingTSM8.0% of the fund-21%
- CorningGLW4.8% of the fund-47%
- APi GroupAPG3.9% of the fund-50%
- Arch Capital GroupACGL2.9% of the fund-36%
- BlockXYZ0.8% of the fund-41%
- LindeLIN0.2% of the fund-62%
- General ElectricGE<0.1% of the fund-84%
- BroadcomAVGO<0.1% of the fund-96%
- MicrosoftMSFT<0.1% of the fund-99%
- FigmaFIG<0.1% of the fund-16%
- Intercontinental ExchangeICE<0.1% of the fund-88%
- DigitalOcean HoldingsDOCN<0.1% of the fund-100%
Sold out
Sold their entire stake.
- L3harris TechnologiesLHX-100%
- lululemon athleticaLULU-100%
- Cbre GroupCBRE-100%
- NikeNKE-100%
Holdings
- ARM HoldingsARM
- Share
- <0.1%
- Value
- $744,597
- Shares
- 2,100
+110%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| AlphabetGOOGL | 17.8% | $180m | 503,113 | -19% |
| Quanta ServicesPWR | 12.8% | $130m | 180,244 | -21% |
| VisaV | 9.4% | $95m | 277,412 | +22% |
| RTXRTX | 9.3% | $94m | 496,055 | -18% |
| Philip Morris InternationalPM | 9.0% | $91m | 501,070 | +24% |
| Taiwan Semiconductor ManufacturingTSM | 8.0% | $81m | 169,817 | -21% |
| AflacAFL | 7.0% | $71m | 604,852 | New |
| FortinetFTNT | 6.0% | $61m | 397,555 | New |
| CorningGLW | 4.8% | $48m | 188,501 | -47% |
| SandiskSNDK | 4.5% | $45m | 19,900 | New |
| APi GroupAPG | 3.9% | $39m | 922,659 | -50% |
| Arch Capital GroupACGL | 2.9% | $30m | 306,665 | -36% |
| SnowflakeSNOW | 1.6% | $17m | 64,948 | +4207% |
| BlockXYZ | 0.8% | $9m | 112,828 | -41% |
| Astera LabsALAB | 0.3% | $3m | 7,200 | New |
| ProgressivePGR | 0.3% | $3m | 14,640 | New |
| Applied MaterialsAMAT | 0.3% | $3m | 4,360 | New |
| Dycom IndustriesDY | 0.3% | $3m | 6,040 | New |
| LindeLIN | 0.2% | $2m | 3,230 | -62% |
| General ElectricGE | <0.1% | $975,809 | 2,611 | -84% |
| BroadcomAVGO | <0.1% | $895,268 | 2,370 | -96% |
| ARM HoldingsARM | <0.1% | $744,597 | 2,100 | +110% |
| MicrosoftMSFT | <0.1% | $675,166 | 1,810 | -99% |
| QualcommQCOM | <0.1% | $591,328 | 3,200 | New |
| AirbnbABNB | <0.1% | $509,007 | 3,557 | Held |
| IntelINTC | <0.1% | $285,823 | 2,047 | New |
| FigmaFIG | <0.1% | $259,447 | 14,342 | -16% |
| Comfort Systems USAFIX | <0.1% | $257,654 | 130 | New |
| Dell TechnologiesDELL | <0.1% | $195,020 | 452 | New |
| DoorDashDASH | <0.1% | $184,530 | 1,000 | Held |
| EatonETN | <0.1% | $170,448 | 400 | New |
| NvidiaNVDA | <0.1% | $145,866 | 729 | Held |
| Intercontinental ExchangeICE | <0.1% | $123,110 | 1,000 | -88% |
| Lumentum HoldingsLITE | <0.1% | $85,806 | 100 | Held |
| Mondelez InternationalMDLZ | <0.1% | $57,840 | 1,000 | Held |
| TeslaTSLA | <0.1% | $42,060 | 100 | Held |
| Amazon.comAMZN | <0.1% | $23,834 | 100 | Held |
| WingstopWING | <0.1% | $17,341 | 100 | Held |
| KeycorpKEY | <0.1% | $16,089 | 698 | Held |
| DigitalOcean HoldingsDOCN | <0.1% | $15,703 | 100 | -100% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 4.3% since 30 June 2025.
Where the money is
Industrials26.5%
Technology26.0%
Financial services20.6%
Media & telecom17.8%
Everyday goods9.0%
Materials0.2%
Retail & consumer0.1%
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.