Act Two Investors LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Act Two Investors LLC reported 39 stock positions worth $564.2 million. Its top holding was Microsoft (MSFT) at 13.8% of the portfolio, followed by Alphabet Class C (GOOG, 11.1%) and Amazon.com (AMZN, 7.3%). Compared with Q2 2025, it opened 4 new positions, sold out of 2, added to 11 and reduced 15. The biggest buy was a new position in Alexandria Real Estate Equit (ARE) and the biggest sale an exit from Amgen (AMGN).
- Most Recent 13F
- Q2 2026
- Location
- SANTA CRUZ, CA
- CIK
- 0001766907
- Portfolio Value
- $564.2M (Q3 2025)
- SEC Filing
- 0001214659-25-016270 ↗ filed Nov 12, 2025
Holdings Value
Holdings 39 stocks · $564.2M
| MSFT Microsoft Corp. | 13.76% | 149,873 | $77.6M | Reduce -0.4% |
| GOOG Alphabet Inc. Class C | 11.14% | 258,056 | $62.8M | Reduce -2.6% |
| AMZN Amazon.com Inc. | 7.30% | 187,667 | $41.2M | Reduce -0.6% |
| TMUS T-Mobile US Inc. | 6.59% | 155,259 | $37.2M | Reduce -0.6% |
| V Visa Inc. Class A | 6.39% | 105,590 | $36.0M | Reduce -0.5% |
| IQV Iqvia Holdings Inc. | 5.73% | 170,320 | $32.4M | Add +1.2% |
| ES Eversource Energy | 5.30% | 420,052 | $29.9M | Reduce -3.9% |
| AZN Astrazeneca PLC-Spons ADR | 4.95% | 364,066 | $27.9M | Reduce -0.1% |
| IEF iShares 7-10 Year Treasury B | 4.10% | 239,935 | $23.1M | Reduce -1.2% |
| ARE Alexandria Real Estate Equit | 4.07% | 275,290 | $22.9M | New |
| AAPL Apple Inc. | 3.97% | 87,901 | $22.4M | Add +0.5% |
| FISV Fiserv Inc. | 3.57% | 156,060 | $20.1M | Add +9.8% |
| NVDA Nvidia Corp. | 3.53% | 106,700 | $19.9M | Reduce -0.4% |
| ADBE Adobe Inc. | 2.70% | 43,193 | $15.2M | New |
| CNI Canadian Natl Railway Co. | 1.80% | 107,697 | $10.2M | Add +226.2% |
| SCHO Schwab Short-Term US Treas | 1.69% | 391,611 | $9.6M | Reduce -0.8% |
| SCHR Schwab Intermediate-Term US | 1.64% | 368,764 | $9.3M | Reduce -0.6% |
| JPM JPMorgan Chase & Co. | 1.58% | 28,287 | $8.9M | No change |
| MCK McKesson Corp. | 1.23% | 9,017 | $7.0M | No change |
| LLY Eli Lilly & Co. | 1.14% | 8,449 | $6.4M | New |
| SLM SLM Corp. | 1.04% | 211,582 | $5.9M | Add +167.3% |
| VGLT Vanguard Long-Term Treasury | 1.03% | 102,573 | $5.8M | New |
| SYK Stryker Corp. | 0.93% | 14,181 | $5.2M | Reduce -2.9% |
| GOOGL Alphabet Inc. Class A | 0.83% | 19,361 | $4.7M | Reduce -0.7% |
| NXPI NXP Semiconductors NV | 0.71% | 17,565 | $4.0M | Reduce -61.0% |
| TMO Thermo Fisher Scientific Inc. | 0.58% | 6,710 | $3.3M | No change |
| META Meta Platforms Inc. Class A | 0.47% | 3,594 | $2.6M | No change |
| CP Canadian Pacific Kansas City | 0.46% | 35,181 | $2.6M | Add +1.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.43% | 4,798 | $2.4M | Add +0.4% |
| MCD McDonald's Corp. | 0.37% | 6,820 | $2.1M | Add +1.5% |
| ORCL Oracle Corp. | 0.23% | 4,702 | $1.3M | Add +12.6% |
| AON Aon PLC Class A | 0.14% | 2,275 | $811K | Add +7.3% |
| BKNG Booking Holdings Inc. | 0.13% | 141 | $761K | Add +10.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.10% | 2,078 | $580K | No change |
| EWBC East West Bancorp Inc. | 0.10% | 5,270 | $561K | No change |
| XLF SS Financial Select Sector | 0.10% | 10,168 | $548K | No change |
| NFLX Netflix Inc. | 0.06% | 280 | $336K | No change |
| AXP American Express Co. | 0.06% | 979 | $325K | Reduce -7.6% |
| PRU Prudential Financial Inc. | 0.04% | 1,990 | $206K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| AMGN Amgen Inc. | Sold out | 0.00% | −2.63 |
| MSFT Microsoft Corp. | Reduce -0.4% | 13.76% | −1.52 |
| V Visa Inc. Class A | Reduce -0.5% | 6.39% | −1.31 |
| NXPI NXP Semiconductors NV | Reduce -61.0% | 0.71% | −1.30 |
| AMZN Amazon.com Inc. | Reduce -0.6% | 7.30% | −1.15 |
| TMUS T-Mobile US Inc. | Reduce -0.6% | 6.59% | −1.01 |
| IEF iShares 7-10 Year Treasury B | Reduce -1.2% | 4.10% | −0.64 |
| ES Eversource Energy | Reduce -3.9% | 5.30% | −0.38 |
| SCHO Schwab Short-Term US Treas | Reduce -0.8% | 1.69% | −0.27 |
| SCHR Schwab Intermediate-Term US | Reduce -0.6% | 1.64% | −0.25 |
| SYK Stryker Corp. | Reduce -2.9% | 0.93% | −0.25 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -0.1% | 4.95% | −0.25 |
| WTW Willis Towers Watson PLC | Sold out | 0.00% | −0.06 |
| AXP American Express Co. | Reduce -7.6% | 0.06% | −0.01 |
| NVDA Nvidia Corp. | Reduce -0.4% | 3.53% | +0.07 |
| GOOGL Alphabet Inc. Class A | Reduce -0.7% | 0.83% | +0.13 |
| GOOG Alphabet Inc. Class C | Reduce -2.6% | 11.14% | +1.55 |
Portfolio Buys Q2 2025 → Q3 2025
| ARE Alexandria Real Estate Equit | New | 4.07% | +4.07 |
| ADBE Adobe Inc. | New | 2.70% | +2.70 |
| LLY Eli Lilly & Co. | New | 1.14% | +1.14 |
| CNI Canadian Natl Railway Co. | Add +226.2% | 1.80% | +1.10 |
| VGLT Vanguard Long-Term Treasury | New | 1.03% | +1.03 |
| SLM SLM Corp. | Add +167.3% | 1.04% | +0.51 |
| IQV Iqvia Holdings Inc. | Add +1.2% | 5.73% | +0.32 |
| AAPL Apple Inc. | Add +0.5% | 3.97% | +0.30 |
| ORCL Oracle Corp. | Add +12.6% | 0.23% | +0.05 |
| AON Aon PLC Class A | Add +7.3% | 0.14% | −0.01 |
| BKNG Booking Holdings Inc. | Add +10.2% | 0.13% | −0.02 |
| MCD McDonald's Corp. | Add +1.5% | 0.37% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.4% | 0.43% | −0.05 |
| CP Canadian Pacific Kansas City | Add +1.4% | 0.46% | −0.10 |
| FISV Fiserv Inc. | Add +9.8% | 3.57% | −1.44 |
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 |