Act Two Investors LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Act Two Investors LLC reported 41 stock positions worth $471.8 million. Its top holding was Microsoft (MSFT) at 12.1% of the portfolio, followed by T-Mobile US (TMUS, 9.8%) and Alphabet Class C (GOOG, 9.2%). Compared with Q4 2024, it opened 1 new position, sold out of 6, added to 10 and reduced 21. The biggest buy was Prudential Financial (PRU, shares +2578%) and the biggest sale Northrop Grumman (NOC, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- SANTA CRUZ, CA
- CIK
- 0001766907
- Portfolio Value
- $471.8M (Q1 2025)
- SEC Filing
- 0001214659-25-007361 ↗ filed May 12, 2025
Holdings Value
Holdings 41 stocks · $471.8M
| MSFT Microsoft Corp. | 12.07% | 151,766 | $57.0M | Add +2.1% |
| TMUS T-Mobile US Inc. | 9.79% | 173,235 | $46.2M | Reduce -6.5% |
| GOOG Alphabet Inc. Class C | 9.18% | 277,184 | $43.3M | Reduce -0.2% |
| V Visa Inc. Class A | 7.96% | 107,152 | $37.6M | Add +1.4% |
| AMZN Amazon.com Inc. | 7.65% | 189,703 | $36.1M | Reduce -3.1% |
| SYY Sysco Corp. | 5.34% | 335,950 | $25.2M | Add +5.7% |
| PRU Prudential Financial Inc. | 5.24% | 221,464 | $24.7M | Add +2578.2% |
| NXPI NXP Semiconductors NV | 4.39% | 108,971 | $20.7M | Reduce -17.3% |
| AZN Astrazeneca PLC-Spons ADR | 4.24% | 272,337 | $20.0M | Add +104.2% |
| AAPL Apple Inc. | 4.12% | 87,464 | $19.4M | Reduce -6.5% |
| ES Eversource Energy | 4.04% | 307,129 | $19.1M | New |
| FISV Fiserv Inc. | 3.89% | 83,119 | $18.4M | Add +2.4% |
| IEF iShares 7-10 Year Treasury B | 3.82% | 188,803 | $18.0M | Reduce -21.9% |
| NVDA Nvidia Corp. | 2.49% | 108,213 | $11.7M | Add +3169.3% |
| SCHR Schwab Intermediate-Term US | 1.92% | 364,001 | $9.0M | Add +1.3% |
| SCHO Schwab Short-Term US Treas | 1.86% | 359,603 | $8.8M | Add +101.0% |
| BX Blackstone Inc. | 1.50% | 50,504 | $7.1M | Add +1.6% |
| JPM JPMorgan Chase & Co. | 1.47% | 28,287 | $6.9M | Reduce -0.2% |
| MCK McKesson Corp. | 1.29% | 9,017 | $6.1M | No change |
| SYK Stryker Corp. | 1.17% | 14,827 | $5.5M | Reduce -1.8% |
| BND Vanguard Total Bond Market | 0.87% | 55,658 | $4.1M | Reduce -8.0% |
| TMO Thermo Fisher Scientific Inc. | 0.71% | 6,710 | $3.3M | No change |
| CNI Canadian Natl Railway Co. | 0.68% | 33,020 | $3.2M | Reduce -72.4% |
| GOOGL Alphabet Inc. Class A | 0.68% | 20,712 | $3.2M | Reduce -0.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.54% | 4,790 | $2.6M | Reduce -0.5% |
| CP Canadian Pacific Kansas City | 0.52% | 34,685 | $2.4M | Reduce -4.4% |
| SLM SLM Corp. | 0.49% | 79,160 | $2.3M | No change |
| MCD McDonald's Corp. | 0.44% | 6,720 | $2.1M | No change |
| META Meta Platforms Inc. Class A | 0.44% | 3,594 | $2.1M | Reduce -1.3% |
| AON Aon PLC Class A | 0.18% | 2,121 | $846K | No change |
| VCIT Vanguard Int-Term Corporate | 0.16% | 9,444 | $772K | Reduce -12.3% |
| BKNG Booking Holdings Inc. | 0.16% | 166 | $765K | Reduce -12.2% |
| ORCL Oracle Corp. | 0.12% | 4,177 | $584K | Reduce -33.2% |
| XLF SS Financial Select Sector | 0.11% | 10,168 | $506K | Reduce -20.2% |
| EWBC East West Bancorp Inc. | 0.10% | 5,270 | $473K | No change |
| WTW Willis Towers Watson PLC | 0.07% | 1,029 | $348K | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.07% | 2,078 | $345K | No change |
| AXP American Express Co. | 0.06% | 1,060 | $285K | Reduce -35.6% |
| NOC Northrop Grumman Corp. | 0.06% | 526 | $269K | Reduce -99.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.06% | 970 | $267K | Reduce -26.4% |
| NFLX Netflix Inc. | 0.06% | 280 | $261K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| NOC Northrop Grumman Corp. | Reduce -99.0% | 0.06% | −4.61 |
| SLB SLB Ltd. | Sold out | 0.00% | −3.70 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −3.48 |
| JNJ Johnson & Johnson | Sold out | 0.00% | −2.05 |
| CNI Canadian Natl Railway Co. | Reduce -72.4% | 0.68% | −1.68 |
| GOOG Alphabet Inc. Class C | Reduce -0.2% | 9.18% | −1.12 |
| NXPI NXP Semiconductors NV | Reduce -17.3% | 4.39% | −0.95 |
| AMZN Amazon.com Inc. | Reduce -3.1% | 7.65% | −0.71 |
| IEF iShares 7-10 Year Treasury B | Reduce -21.9% | 3.82% | −0.54 |
| GPC Genuine Parts Co. | Sold out | 0.00% | −0.53 |
| AAPL Apple Inc. | Reduce -6.5% | 4.12% | −0.44 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.28 |
| GOOGL Alphabet Inc. Class A | Reduce -0.8% | 0.68% | −0.09 |
| ORCL Oracle Corp. | Reduce -33.2% | 0.12% | −0.08 |
| MKL Markel Group Inc. | Sold out | 0.00% | −0.06 |
| AXP American Express Co. | Reduce -35.6% | 0.06% | −0.03 |
| BKNG Booking Holdings Inc. | Reduce -12.2% | 0.16% | −0.02 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -26.4% | 0.06% | −0.02 |
| XLF SS Financial Select Sector | Reduce -20.2% | 0.11% | −0.01 |
| VCIT Vanguard Int-Term Corporate | Reduce -12.3% | 0.16% | −0.00 |
| CP Canadian Pacific Kansas City | Reduce -4.4% | 0.52% | +0.01 |
| BND Vanguard Total Bond Market | Reduce -8.0% | 0.87% | +0.02 |
| META Meta Platforms Inc. Class A | Reduce -1.3% | 0.44% | +0.02 |
| SYK Stryker Corp. | Reduce -1.8% | 1.17% | +0.11 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.5% | 0.54% | +0.12 |
| JPM JPMorgan Chase & Co. | Reduce -0.2% | 1.47% | +0.15 |
| TMUS T-Mobile US Inc. | Reduce -6.5% | 9.79% | +1.83 |
Portfolio Buys Q4 2024 → Q1 2025
| PRU Prudential Financial Inc. | Add +2578.2% | 5.24% | +5.05 |
| ES Eversource Energy | New | 4.04% | +4.04 |
| AZN Astrazeneca PLC-Spons ADR | Add +104.2% | 4.24% | +2.54 |
| NVDA Nvidia Corp. | Add +3169.3% | 2.49% | +2.40 |
| V Visa Inc. Class A | Add +1.4% | 7.96% | +1.45 |
| SCHO Schwab Short-Term US Treas | Add +101.0% | 1.86% | +1.02 |
| FISV Fiserv Inc. | Add +2.4% | 3.89% | +0.64 |
| SYY Sysco Corp. | Add +5.7% | 5.34% | +0.61 |
| SCHR Schwab Intermediate-Term US | Add +1.3% | 1.92% | +0.22 |
| MSFT Microsoft Corp. | Add +2.1% | 12.07% | −0.13 |
| BX Blackstone Inc. | Add +1.6% | 1.50% | −0.17 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 37 | $494.7M | GOOG, MSFT, AMZN, V, IQV |
| Q1 2026 | 36 | $453.2M | GOOG, MSFT, AMZN, TMUS, V |
| Q4 2025 | 38 | $555.9M | GOOG, MSFT, AMZN, IQV, V |
| Q3 2025 | 39 | $564.2M | MSFT, GOOG, AMZN, TMUS, V |
| Q2 2025 | 37 | $489.9M | MSFT, GOOG, AMZN, V, TMUS |
| Q1 2025 | 41 | $471.8M | MSFT, TMUS, GOOG, V, AMZN |
| Q4 2024 | 46 | $513.5M | MSFT, GOOG, AMZN, TMUS, V |
| Q3 2024 | 45 | $530.1M | MSFT, GOOG, TMUS, UNH, AMZN |
| Q2 2024 | 49 | $505.2M | MSFT, GOOG, AMZN, NXPI, TMUS |
| Q1 2024 | 48 | $497.9M | MSFT, GOOG, NXPI, AMZN, TMUS |