Investor: Nicolai Tangen
Number of Assets: 22
Reporting Period: Q4 - 2025
Holdings at Report: $6,568,399,000
Return Since Report: -$1,005,152,799
Return Since Report: -15.30%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Alcon Inc. (ALC) | Equity | -3.61% | 7,686,700 | 9.28% | $79.27 | $75.40 | $609,351,000 | $579,577,180 | -$29,773,820 | -4.89% |
| Amazon.com Inc. (AMZN) | Equity | -3.90% | 1,737,603 | 6.11% | $230.82 | $208.30 | $401,074,000 | $361,942,705 | -$39,131,295 | -9.76% |
| Analog Devices Inc. (ADI) | Equity | +2.03% | 1,248,009 | 5.15% | $271.20 | $317.95 | $338,460,000 | $396,804,462 | +$58,344,462 | +17.24% |
| Booking Holdings Inc. (BKNG) | Equity | -33.76% | 42,801 | 3.49% | $5,355.32 | $4,202.83 | $229,213,000 | $179,885,327 | -$49,327,673 | -21.52% |
| Canadian Pacific Kansas City Limited (CP) | Equity | +269.87% | 2,957,361 | 3.32% | $73.63 | $78.58 | $217,750,000 | $232,389,427 | +$14,639,427 | +6.72% |
| Cisco Systems Inc. (CSCO) | Equity | +100% | 3,113,706 | 3.65% | $77.03 | $77.57 | $239,849,000 | $241,520,833 | +$1,671,833 | +0.70% |
| Copart Inc. (CPRT) | Equity | +8.74% | 6,010,134 | 3.58% | $39.15 | $33.20 | $235,297,000 | $199,536,449 | -$35,760,551 | -15.20% |
| Equifax Inc. (EFX) | Equity | -18.37% | 765,955 | 2.53% | $216.98 | $180.04 | $166,197,000 | $137,902,538 | -$28,294,462 | -17.02% |
| Fair Isaac Corp. (FICO) | Equity | -8.78% | 112,785 | 2.90% | $1,690.62 | $1,068.14 | $190,677,000 | $120,470,170 | -$70,206,830 | -36.82% |
| Ferrari N.V. (RACE) | Equity | +49.28% | 944,867 | 5.35% | $372.05 | $338.77 | $351,539,000 | $320,092,594 | -$31,446,406 | -8.95% |
| Flutter Entertainment PLC (FLUT) | Equity | -0.34% | 3,109,426 | 10.20% | $215.44 | $102.32 | $669,888,000 | $318,156,468 | -$351,731,532 | -52.51% |
| GE Aerospace (GE) | Equity | -16.01% | 1,109,389 | 5.20% | $308.03 | $284.25 | $341,725,000 | $315,343,823 | -$26,381,177 | -7.72% |
| Intercontinental Exchange Inc. (ICE) | Equity | +0.01% | 2,084,185 | 5.14% | $161.96 | $157.32 | $337,555,000 | $327,883,984 | -$9,671,016 | -2.87% |
| Intuit Inc. (INTU) | Equity | -64.58% | 238,876 | 2.41% | $662.42 | $432.26 | $158,236,000 | $103,256,540 | -$54,979,460 | -34.75% |
| Linde PLC (LIN) | Equity | -82.96% | 13,476 | 0.09% | $426.39 | $495.73 | $5,746,000 | $6,680,457 | +$934,457 | +16.26% |
| Marsh & Mclennan Companies Inc. (MMC) | Equity | -17.50% | 1,484,860 | 4.19% | $185.52 | $171.94 | $275,471,000 | $255,306,828 | -$20,164,172 | -7.32% |
| Mastercard Inc. (MA) | Equity | +100% | 100,109 | 0.87% | $570.88 | $499.72 | $57,150,000 | $50,026,469 | -$7,123,531 | -12.46% |
| Microsoft Corp. (MSFT) | Equity | -4.52% | 1,020,715 | 7.52% | $483.62 | $370.17 | $493,638,000 | $377,838,072 | -$115,799,928 | -23.46% |
| Moody's Corp. (MCO) | Equity | -3.99% | 736,568 | 5.73% | $510.85 | $438.19 | $376,276,000 | $322,756,732 | -$53,519,268 | -14.22% |
| Salesforce Inc. (CRM) | Equity | -4.15% | 312,608 | 1.26% | $264.91 | $186.39 | $82,813,000 | $58,267,318 | -$24,545,682 | -29.64% |
| Visa Inc. (V) | Equity | -9.27% | 1,437,967 | 7.68% | $350.71 | $301.42 | $504,309,000 | $433,424,823 | -$70,884,177 | -14.06% |
| Waters Corp. (WAT) | Equity | -6.63% | 753,455 | 4.36% | $379.83 | $297.54 | $286,185,000 | $224,183,001 | -$62,001,999 | -21.67% |