Act Two Investors LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Act Two Investors LLC reported 38 stock positions worth $555.9 million. Its top holding was Alphabet Class C (GOOG) at 14.3% of the portfolio, followed by Microsoft (MSFT, 12.7%) and Amazon.com (AMZN, 7.5%). Compared with Q3 2025, it opened 1 new position, sold out of 2, added to 6 and reduced 21. The biggest buy was a new position in Walt Disney (DIS) and the biggest sale an exit from Alexandria Real Estate Equit (ARE).
- Most Recent 13F
- Q2 2026
- Location
- SANTA CRUZ, CA
- CIK
- 0001766907
- Portfolio Value
- $555.9M (Q4 2025)
- SEC Filing
- 0001214659-26-001385 ↗ filed Feb 10, 2026
Holdings Value
Holdings 38 stocks · $555.9M
| GOOG Alphabet Inc. Class C | 14.35% | 254,199 | $79.8M | Reduce -1.5% |
| MSFT Microsoft Corp. | 12.70% | 145,970 | $70.6M | Reduce -2.6% |
| AMZN Amazon.com Inc. | 7.54% | 181,545 | $41.9M | Reduce -3.3% |
| IQV Iqvia Holdings Inc. | 6.68% | 164,754 | $37.1M | Reduce -3.3% |
| V Visa Inc. Class A | 6.48% | 102,647 | $36.0M | Reduce -2.8% |
| AZN Astrazeneca PLC-Spons ADR | 5.82% | 351,775 | $32.3M | Reduce -3.4% |
| TMUS T-Mobile US Inc. | 5.74% | 157,109 | $31.9M | Add +1.2% |
| ES Eversource Energy | 5.15% | 425,104 | $28.6M | Add +1.2% |
| IEF iShares 7-10 Year Treasury B | 4.15% | 239,751 | $23.1M | Reduce -0.1% |
| AAPL Apple Inc. | 4.01% | 82,079 | $22.3M | Reduce -6.6% |
| NVDA Nvidia Corp. | 3.49% | 103,915 | $19.4M | Reduce -2.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 3.47% | 169,355 | $19.3M | New |
| ADBE Adobe Inc. | 3.06% | 48,599 | $17.0M | Add +12.5% |
| CNI Canadian Natl Railway Co. | 2.60% | 146,385 | $14.5M | Add +35.9% |
| SCHR Schwab Intermediate-Term US | 1.66% | 368,270 | $9.2M | Reduce -0.1% |
| JPM JPMorgan Chase & Co. | 1.64% | 28,287 | $9.1M | No change |
| LLY Eli Lilly & Co. | 1.63% | 8,440 | $9.1M | Reduce -0.1% |
| MCK McKesson Corp. | 1.32% | 8,920 | $7.3M | Reduce -1.1% |
| SCHO Schwab Short-Term US Treas | 1.25% | 286,062 | $7.0M | Reduce -26.9% |
| NFLX Netflix Inc. | 1.20% | 71,354 | $6.7M | Add +2448.4% |
| VGLT Vanguard Long-Term Treasury | 1.08% | 107,689 | $6.0M | Add +5.0% |
| GOOGL Alphabet Inc. Class A | 0.82% | 14,522 | $4.5M | Reduce -25.0% |
| SYK Stryker Corp. | 0.76% | 12,053 | $4.2M | Reduce -15.0% |
| TMO Thermo Fisher Scientific Inc. | 0.70% | 6,710 | $3.9M | No change |
| CP Canadian Pacific Kansas City | 0.47% | 35,181 | $2.6M | No change |
| META Meta Platforms Inc. Class A | 0.42% | 3,550 | $2.3M | Reduce -1.2% |
| MCD McDonald's Corp. | 0.37% | 6,820 | $2.1M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.29% | 3,240 | $1.6M | Reduce -32.5% |
| NXPI NXP Semiconductors NV | 0.18% | 4,704 | $1.0M | Reduce -73.2% |
| SLM SLM Corp. | 0.18% | 37,514 | $1.0M | Reduce -82.3% |
| AON Aon PLC Class A | 0.14% | 2,275 | $803K | No change |
| BKNG Booking Holdings Inc. | 0.14% | 141 | $755K | No change |
| ORCL Oracle Corp. | 0.13% | 3,745 | $730K | Reduce -20.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.11% | 2,078 | $631K | No change |
| EWBC East West Bancorp Inc. | 0.11% | 5,270 | $592K | No change |
| AXP American Express Co. | 0.07% | 979 | $362K | No change |
| XLF SS Financial Select Sector | 0.06% | 5,868 | $321K | Reduce -42.3% |
| PRU Prudential Financial Inc. | 0.04% | 1,990 | $225K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| ARE Alexandria Real Estate Equit | Sold out | 0.00% | −4.07 |
| FISV Fiserv Inc. | Sold out | 0.00% | −3.57 |
| MSFT Microsoft Corp. | Reduce -2.6% | 12.70% | −1.06 |
| SLM SLM Corp. | Reduce -82.3% | 0.18% | −0.86 |
| NXPI NXP Semiconductors NV | Reduce -73.2% | 0.18% | −0.53 |
| SCHO Schwab Short-Term US Treas | Reduce -26.9% | 1.25% | −0.44 |
| SYK Stryker Corp. | Reduce -15.0% | 0.76% | −0.17 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -32.5% | 0.29% | −0.13 |
| ORCL Oracle Corp. | Reduce -20.4% | 0.13% | −0.10 |
| META Meta Platforms Inc. Class A | Reduce -1.2% | 0.42% | −0.05 |
| NVDA Nvidia Corp. | Reduce -2.6% | 3.49% | −0.04 |
| XLF SS Financial Select Sector | Reduce -42.3% | 0.06% | −0.04 |
| GOOGL Alphabet Inc. Class A | Reduce -25.0% | 0.82% | −0.02 |
| SCHR Schwab Intermediate-Term US | Reduce -0.1% | 1.66% | +0.02 |
| IEF iShares 7-10 Year Treasury B | Reduce -0.1% | 4.15% | +0.04 |
| AAPL Apple Inc. | Reduce -6.6% | 4.01% | +0.05 |
| MCK McKesson Corp. | Reduce -1.1% | 1.32% | +0.08 |
| V Visa Inc. Class A | Reduce -2.8% | 6.48% | +0.09 |
| AMZN Amazon.com Inc. | Reduce -3.3% | 7.54% | +0.23 |
| LLY Eli Lilly & Co. | Reduce -0.1% | 1.63% | +0.49 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -3.4% | 5.82% | +0.87 |
| IQV Iqvia Holdings Inc. | Reduce -3.3% | 6.68% | +0.95 |
| GOOG Alphabet Inc. Class C | Reduce -1.5% | 14.35% | +3.21 |
Portfolio Buys Q3 2025 → Q4 2025
| DIS The Walt Disney Co. | New | 3.47% | +3.47 |
| NFLX Netflix Inc. | Add +2448.4% | 1.20% | +1.14 |
| CNI Canadian Natl Railway Co. | Add +35.9% | 2.60% | +0.80 |
| ADBE Adobe Inc. | Add +12.5% | 3.06% | +0.36 |
| VGLT Vanguard Long-Term Treasury | Add +5.0% | 1.08% | +0.05 |
| ES Eversource Energy | Add +1.2% | 5.15% | −0.15 |
| TMUS T-Mobile US Inc. | Add +1.2% | 5.74% | −0.85 |
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 |