Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (7 quarters reported)
$44.6B in Q4 2024 → $32.1B now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Mastercard Incorporated | 96.7% | Trimmed 7.5% | 60,347,774 | $31B |
| VG The Vanguard Group, Inc. | 2.0% | Unchanged | 8,862,905 | $651M |
| IB Ishares By Blackrock | 1.3% | Unchanged | 4,125,631 | $408M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 6 quarters.
quarter ended June 30, 2026 · filed July 29, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mastercard Incorporated | Trimmed | −4,886,928 | −$2.51B | 96.7% |
quarter ended March 31, 2026 · filed April 16, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mastercard Incorporated | Trimmed | −4,886,928 | −$2.44B | 96.8% |
quarter ended December 31, 2025 · filed January 23, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IB Ishares By Blackrock | Trimmed | −14,840,000 | −$1.48B | 1.0% |
| SS State Street Global Advisors | Exited | −1,179,487 | −$786M | — |
| Mastercard Incorporated | Trimmed | −185,974 | −$106M | 97.4% |
quarter ended September 30, 2025 · filed October 20, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mastercard Incorporated | Trimmed | −4,886,928 | −$2.78B | 92.3% |
| SS State Street Global Advisors | New | +1,179,487 | +$786M | 1.8% |
quarter ended June 30, 2025 · filed August 01, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mastercard Incorporated | Trimmed | −4,345,413 | −$2.44B | 94.3% |
| IT Ishares Trusts | Added | +5,140,336 | +$510M | 4.2% |
quarter ended March 31, 2025 · filed May 09, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mastercard Incorporated | Trimmed | −5,213,211 | −$2.86B | 95.6% |
| IT Ishares Trusts | New | +13,825,295 | +$1.37B | 3.0% |
| VB Vanguard Bond Index Funds | New | +8,862,905 | +$652M | 1.4% |
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