Rheos Capital Works
Tokyo, M0files as Rheos Capital Works Inc.
$1.8bn in 82 US stocks at the end of 30 June 2026. The top 10 are 27.6% of the money. It changed about 25.8% of the portfolio this quarter.
Value
$1.8bn
Stocks
82
Top 10 share
27.6%
Turnover
25.8%
What changed this quarter
New
Bought for the first time this quarter.
- Eli LillyLLY2.4% of the fund
- VisaV2.3% of the fund
- QualcommQCOM2.2% of the fund
- Micron TechnologyMU2.0% of the fund
- EquinixEQIX0.9% of the fund
- AbbVieABBV0.9% of the fund
- Brookfield Asset Mgmt0.8% of the fund
- Ross StoresROST0.7% of the fund
- Verizon CommunicationsVZ0.7% of the fund
- Biontech SEBNTX0.7% of the fund
- Churchill DownsCHDN0.5% of the fund
- TechnipFMCFTI0.5% of the fund
- Honeywell InternationalHON0.3% of the fund
- IDEAYA BiosciencesIDYA0.3% of the fund
- Honeywell AerospaceHONA0.3% of the fund
- Ares ManagementARES0.3% of the fund
Added
Bought more of a stock they already held.
- Meta PlatformsMETA3.2% of the fund+31%
- Bank of AmericaBAC2.6% of the fund+60%
- AppleAAPL2.0% of the fund+100%
- PepsiCoPEP1.5% of the fund+67%
- Birkenstock HoldingBIRK1.5% of the fund+71%
- SnowflakeSNOW1.5% of the fund+25%
- Goldman Sachs GroupGS1.3% of the fund+48%
- Walt DisneyDIS1.2% of the fund+10%
- Ollie's Bargain Outlet HoldingsOLLI1.2% of the fund+27%
- Cisco SystemsCSCO1.1% of the fund+10%
- MercadoLibreMELI1.1% of the fund+22%
- HalliburtonHAL1.0% of the fund+25%
- JPMorgan ChaseJPM0.9% of the fund+43%
- TeradyneTER0.8% of the fund+30%
- American ExpressAXP0.8% of the fund+14%
- Procter & GamblePG0.8% of the fund+23%
- BlackstoneBX0.6% of the fund+31%
- Capri HoldingsCPRI0.5% of the fund+150%
- Centrus EnergyLEU0.5% of the fund+25%
Cut
Sold some of their stake.
- FerrariRACE3.8% of the fund-22%
- Amazon.comAMZN2.7% of the fund-27%
- IntelINTC2.7% of the fund-44%
- Advanced Micro DevicesAMD2.5% of the fund-57%
- Applied MaterialsAMAT2.5% of the fund-40%
- CaterpillarCAT2.4% of the fund-43%
- NvidiaNVDA2.3% of the fund-29%
- MicrosoftMSFT2.1% of the fund-17%
- ARM HoldingsARM1.8% of the fund-53%
- TeslaTSLA1.6% of the fund-24%
- Joby AviationJOBY1.5% of the fund-18%
- Seagate Technology HoldingsSTX1.4% of the fund-63%
- Uber TechnologiesUBER1.2% of the fund-33%
- BoeingBA1.2% of the fund-37%
- BroadcomAVGO1.0% of the fund-58%
- Lockheed MartinLMT0.9% of the fund-31%
- Thermo Fisher ScientificTMO0.9% of the fund-41%
- CNH IndustrialCNH0.8% of the fund-20%
- XylemXYL0.7% of the fund-17%
Sold out
Sold their entire stake.
- BaiduBIDU-100%
- Horton D RDHI-100%
- PfizerPFE-100%
- ShopifySHOP-100%
- Honeywell InternationalHON-100%
- Motorola SolutionsMSI-100%
- General ElectricGE-100%
Holdings
- ARM HoldingsARM
- Share
- 1.8%
- Value
- $32m
- Shares
- 90,000
-53%
- Brookfield Asset Mgmt
- Share
- 0.8%
- Value
- $14m
- Shares
- 320,000
New
- Alibaba Group HldgBABA
- Share
- 0.7%
- Value
- $13m
- Shares
- 135,000
Held
- Biontech SEBNTX
- Share
- 0.7%
- Value
- $12m
- Shares
- 125,000
New
- Honeywell AerospaceHONA
- Share
- 0.3%
- Value
- $6m
- Shares
- 25,000
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| FerrariRACE | 3.8% | $67m | 180,000 | -22% |
| Meta PlatformsMETA | 3.2% | $56m | 100,000 | +31% |
| BJ's Wholesale Club HoldingsBJ | 2.7% | $48m | 550,000 | Held |
| Amazon.comAMZN | 2.7% | $48m | 200,000 | -27% |
| IntelINTC | 2.7% | $47m | 340,000 | -44% |
| Bank of AmericaBAC | 2.6% | $46m | 800,000 | +60% |
| Advanced Micro DevicesAMD | 2.5% | $44m | 75,000 | -57% |
| Applied MaterialsAMAT | 2.5% | $43m | 60,000 | -40% |
| CaterpillarCAT | 2.4% | $43m | 40,000 | -43% |
| Eli LillyLLY | 2.4% | $42m | 35,000 | New |
| VisaV | 2.3% | $41m | 120,000 | New |
| NvidiaNVDA | 2.3% | $40m | 200,000 | -29% |
| QualcommQCOM | 2.2% | $39m | 210,000 | New |
| MicrosoftMSFT | 2.1% | $37m | 100,000 | -17% |
| AlphabetGOOG | 2.0% | $35m | 100,000 | Held |
| AppleAAPL | 2.0% | $35m | 120,000 | +100% |
| Micron TechnologyMU | 2.0% | $35m | 30,000 | New |
| ARM HoldingsARM | 1.8% | $32m | 90,000 | -53% |
| Western DigitalWDC | 1.7% | $31m | 48,000 | Held |
| EQTEQT | 1.7% | $29m | 550,000 | Held |
| TeslaTSLA | 1.6% | $27m | 65,000 | -24% |
| PepsiCoPEP | 1.5% | $27m | 200,000 | +67% |
| NetflixNFLX | 1.5% | $27m | 375,000 | Held |
| Joby AviationJOBY | 1.5% | $27m | 3,000,000 | -18% |
| Birkenstock HoldingBIRK | 1.5% | $26m | 600,000 | +71% |
| SnowflakeSNOW | 1.5% | $25m | 100,000 | +25% |
| CloudflareNET | 1.4% | $25m | 100,000 | Held |
| Seagate Technology HoldingsSTX | 1.4% | $24m | 25,000 | -63% |
| Goldman Sachs GroupGS | 1.3% | $23m | 23,000 | +48% |
| ASML Holding NVASML | 1.3% | $23m | 11,600 | Held |
| YPF Sociedad AnonimaYPF | 1.3% | $23m | 500,000 | Held |
| KLAKLAC | 1.2% | $22m | 72,000 | Held |
| Uber TechnologiesUBER | 1.2% | $22m | 300,000 | -33% |
| Walt DisneyDIS | 1.2% | $21m | 220,000 | +10% |
| Ollie's Bargain Outlet HoldingsOLLI | 1.2% | $21m | 270,000 | +27% |
| Lam ResearchLRCX | 1.2% | $21m | 47,500 | Held |
| BoeingBA | 1.2% | $21m | 95,000 | -37% |
| Cisco SystemsCSCO | 1.1% | $20m | 170,000 | +10% |
| CrowdStrike HoldingsCRWD | 1.1% | $19m | 25,000 | Held |
| Baker HughesBKR | 1.1% | $19m | 340,000 | Held |
| MercadoLibreMELI | 1.1% | $19m | 11,000 | +22% |
| Robinhood MarketsHOOD | 1.0% | $18m | 175,000 | Held |
| BroadcomAVGO | 1.0% | $17m | 45,000 | -58% |
| HalliburtonHAL | 1.0% | $17m | 500,000 | +25% |
| JPMorgan ChaseJPM | 0.9% | $16m | 50,000 | +43% |
| EquinixEQIX | 0.9% | $16m | 15,000 | New |
| Lockheed MartinLMT | 0.9% | $15m | 30,000 | -31% |
| AbbVieABBV | 0.9% | $15m | 60,000 | New |
| Thermo Fisher ScientificTMO | 0.9% | $15m | 30,000 | -41% |
| CNH IndustrialCNH | 0.8% | $15m | 1,300,000 | -20% |
| TeradyneTER | 0.8% | $15m | 30,000 | +30% |
| Brookfield Asset Mgmt | 0.8% | $14m | 320,000 | New |
| American ExpressAXP | 0.8% | $14m | 42,000 | +14% |
| MongoDBMDB | 0.8% | $13m | 40,000 | Held |
| Procter & GamblePG | 0.8% | $13m | 90,000 | +23% |
| Alibaba Group HldgBABA | 0.7% | $13m | 135,000 | Held |
| Ross StoresROST | 0.7% | $13m | 60,000 | New |
| Verizon CommunicationsVZ | 0.7% | $13m | 300,000 | New |
| XylemXYL | 0.7% | $12m | 100,000 | -17% |
| Biontech SEBNTX | 0.7% | $12m | 125,000 | New |
| TransDigm GroupTDG | 0.6% | $11m | 8,500 | Held |
| AeroVironmentAVAV | 0.6% | $11m | 67,000 | Held |
| HersheyHSY | 0.6% | $11m | 62,000 | Held |
| BlackstoneBX | 0.6% | $11m | 90,000 | +31% |
| MP MaterialsMP | 0.6% | $10m | 185,000 | Held |
| Capri HoldingsCPRI | 0.5% | $9m | 500,000 | +150% |
| Churchill DownsCHDN | 0.5% | $9m | 100,000 | New |
| Centrus EnergyLEU | 0.5% | $8m | 50,000 | +25% |
| XPXP | 0.5% | $8m | 500,000 | Held |
| TechnipFMCFTI | 0.5% | $8m | 120,000 | New |
| Solstice Advanced MaterialsSOLS | 0.4% | $8m | 87,500 | Held |
| Madrigal PharmaceuticalsMDGL | 0.4% | $7m | 13,215 | Held |
| Honeywell InternationalHON | 0.3% | $6m | 25,000 | New |
| IDEAYA BiosciencesIDYA | 0.3% | $6m | 150,000 | New |
| Honeywell AerospaceHONA | 0.3% | $6m | 25,000 | New |
| SynopsysSNPS | 0.3% | $5m | 12,000 | Held |
| DanaherDHR | 0.3% | $5m | 27,500 | Held |
| Inspire Medical SystemsINSP | 0.3% | $5m | 117,400 | Held |
| Ares ManagementARES | 0.3% | $5m | 47,000 | New |
| Costco WholesaleCOST | 0.3% | $5m | 5,500 | Held |
| Dollar GeneralDG | 0.2% | $4m | 35,000 | Held |
| Archer AviationACHR | 0.2% | $3m | 700,000 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 0.9% since 30 June 2025.
Where the money is
Technology34.6%
Retail & consumer12.5%
Industrials12.1%
Financial services10.4%
Media & telecom8.7%
Everyday goods6.2%
Energy5.5%
Health care5.4%
Materials1.5%
Real estate0.9%
Other2.2%
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.