Alkeon Capital Management LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Alkeon Capital Management LLC reported 82 stock positions worth $20.6 billion. Its top holding was Meta Platforms Class A (META) at 7.7% of the portfolio, followed by Alphabet Class A (GOOGL, 7.4%) and Amazon.com (AMZN, 6.7%). Compared with Q1 2025, it opened 6 new positions, sold out of 6, added to 24 and reduced 15. The biggest buy was a new position in Oracle (ORCL) and the biggest sale Amazon.com (AMZN, shares −17%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001230239
Portfolio Value
$20.6B (Q2 2025)
SEC Filing
0000919574-25-004663 ↗ filed Aug 14, 2025

Holdings Value

0$10.0B$20.0B$30.0B Q1 2024: $18.2B Q1 2024 Q2 2024: $19.5B Q2 2024 Q3 2024: $18.3B Q3 2024 Q4 2024: $17.3B Q4 2024 Q1 2025: $16.9B Q1 2025 Q2 2025: $20.6B $20.6B Q2 2025 Q3 2025: $22.1B Q3 2025 Q4 2025: $22.9B Q4 2025 Q1 2026: $22.1B Q1 2026 Q2 2026: $25.9B Q2 2026

Holdings 82 stocks · $20.6B
META Meta Platforms Inc. Class A 7.68% 2,142,629 $1.6B Reduce -19.9%
GOOGL Alphabet Inc. Class A 7.39% 8,632,558 $1.5B Add +65.3%
AMZN Amazon.com Inc. 6.69% 6,274,899 $1.4B Reduce -16.6%
TSM Taiwan Semiconductor-SP ADR 6.12% 5,563,668 $1.3B Reduce -9.6%
KLAC KLA Corp. 4.27% 980,365 $878.2M Reduce -2.5%
MSFT Microsoft Corp. 4.17% 1,726,176 $858.6M No change
LRCX Lam Research Corp. 4.02% 8,504,456 $827.8M Add +6.9%
ADI Analog Devices Inc. 3.25% 2,813,833 $669.7M Add +21.6%
MELI MercadoLibre Inc. 3.05% 240,499 $628.6M Add +9.1%
ORCL Oracle Corp. 2.68% 2,520,000 $550.9M New
V Visa Inc. Class A 2.53% 1,468,618 $521.4M No change
CDNS Cadence Design SYS Inc. 2.43% 1,622,874 $500.1M No change
QQQ Invesco QQQ Trust Series 1 2.28% 849,777 $468.8M No change
MLM Martin Marietta Materials 2.14% 802,351 $440.5M Add +4.2%
MA Mastercard Inc. Class A 2.12% 778,465 $437.5M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 2.07% 3,449,971 $426.0M No change
EXPE Expedia Group Inc. 2.03% 2,475,276 $417.5M Add +4.2%
VMC Vulcan Materials Co. 1.87% 1,478,646 $385.7M Add +10.5%
CEG Constellation Energy 1.79% 1,141,219 $368.3M Add +28.1%
SNPS Synopsys Inc. 1.66% 668,278 $342.6M No change
ICE Intercontinental Exchange Inc. 1.60% 1,800,310 $330.3M No change
DELL Dell Technologies -C 1.53% 2,562,409 $314.2M Reduce -19.4%
CG The Carlyle Group Inc. 1.48% 5,941,316 $305.4M Add +13.4%
TDG Transdigm Group Inc. 1.44% 195,611 $297.5M Reduce -20.4%
UBER Uber Technologies Inc. 1.34% 2,961,005 $276.3M Reduce -14.4%
PWR Quanta Services Inc. 1.29% 700,983 $265.0M No change
APH Amphenol Corp. Class A 1.28% 2,670,953 $263.8M Add +4.7%
VST Vistra Corp. 1.28% 1,356,357 $262.9M Add +280.6%
ETR Entergy Corp. 1.05% 2,604,291 $216.5M Add +14.5%
EQIX Equinix Inc. 0.90% 233,775 $186.0M Reduce -34.8%
BABA Alibaba Group Holding-SP ADR 0.90% 1,625,000 $184.3M New
GE General Electric filed as GE AEROSPACE 0.88% 700,000 $180.2M No change
TER Teradyne Inc. 0.84% 1,932,910 $173.8M Add +30.4%
YMM Full Truck Alliance -SPN ADR 0.84% 14,698,535 $173.6M Add +5.7%
SSNC Ss&c Technologies Holdings 0.79% 1,964,916 $162.7M No change
CP Canadian Pacific Kansas City 0.77% 2,004,000 $158.9M Add +82.2%
LOW Lowe's Cos Inc. 0.70% 648,594 $143.9M No change
JD Jd.com Inc.-ADR 0.64% 4,023,802 $131.3M Reduce -11.1%
JCI Johnson Controls Internation 0.63% 1,220,000 $128.9M Reduce -12.9%
EDU New Oriental Educatio-SP ADR 0.57% 2,193,486 $118.3M Add +101.3%
SHW The Sherwin-Williams Co. 0.51% 306,735 $105.3M No change
NI Nisource Inc. 0.50% 2,561,500 $103.3M Add +4.1%
SPGI S&P Global Inc. 0.49% 190,416 $100.4M No change
AKRO Akero Therapeutics Inc. 0.48% 1,850,934 $98.8M Add +19.3%
AMT American Tower Corp. 0.46% 428,401 $94.7M No change
ROST Ross Stores Inc. 0.44% 712,635 $90.9M No change
BWXT BWX Technologies Inc. 0.42% 600,048 $86.4M New
BURL Burlington Stores Inc. 0.40% 350,000 $81.4M Add +16.7%
YUM Yum! Brands Inc. 0.34% 465,603 $69.0M No change
RYTM Rhythm Pharmaceuticals Inc. 0.31% 1,017,700 $64.3M Add +24.5%
SARO Standardaero Inc. 0.31% 1,990,000 $63.0M Add +9.3%
RBRK Rubrik Inc. Class A 0.30% 700,000 $62.7M No change
RARE Ultragenyx Pharmaceutical Inc. 0.30% 1,685,729 $61.3M No change
XYZ Block Inc. 0.29% 866,200 $58.8M No change
CMG Chipotle Mexican Grill Inc. 0.27% 1,000,289 $56.2M No change
CTAS Cintas Corp. 0.26% 236,539 $52.7M No change
PATH Uipath Inc. Class A 0.25% 4,061,276 $52.0M No change
BCRX Biocryst Pharmaceuticals Inc. 0.25% 5,714,021 $51.2M Reduce -20.8%
INSM Insmed Inc. 0.24% 500,000 $50.3M New
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 0.24% 2,772,723 $49.2M Reduce -35.1%
ORIC Oric Pharmaceuticals Inc. 0.22% 4,504,096 $45.7M Add +12.5%
ARGX Argenx SE - ADR 0.20% 75,000 $41.3M No change
TOST Toast Inc. Class A 0.19% 900,000 $39.9M Add +80.0%
OKTA Okta Inc. 0.18% 380,000 $38.0M Reduce -80.0%
ALAB Astera Labs Inc. 0.18% 400,000 $36.2M No change
NVDA Nvidia Corp. 0.16% 211,439 $33.4M Reduce -63.0%
OS Onestream Inc. 0.13% 950,000 $26.9M Reduce -62.4%
HNGE Hinge Health Inc. Class A 0.09% 376,011 $19.5M New
RINGCENTRAL INC (RNG 0 03/15/26) 0.09% 20,000,000 $19.2M No change
IREN Iren Ltd. filed as IREN LIMITED 0.07% 1,000,000 $14.6M New
MREO Mereo Biopharma Group PL-ADR 0.06% 4,698,100 $12.7M No change
AAPL Apple Inc. 0.06% 56,627 $11.6M No change
KROS Keros Therapeutics Inc. 0.06% 850,511 $11.4M No change
FROG Jfrog Ltd. 0.05% 214,425 $9.4M Add +1386.5%
DLO Dlocal Ltd. 0.05% 823,837 $9.3M No change
AMAT Applied Materials Inc. 0.04% 45,000 $8.2M No change
SONY Sony Group Corp. - SP ADR 0.03% 275,000 $7.2M No change
ASML ASML Holding NV-NY Reg SHS 0.03% 6,500 $5.2M No change
PCTY Paylocity Holding Corp. 0.02% 24,683 $4.5M No change
SHOPIFY INC (SHOPCN 0.125 11/01/25) 0.02% 4,000,000 $4.0M No change
PMVP PMV Pharmaceuticals Inc. 0.01% 2,342,373 $2.5M No change
ANRO Alto Neuroscience Inc. 0.01% 477,101 $1.0M No change

Options reported separately and not counted above: SPY puts ($14.8B), QQQ puts ($13.7B), TSM calls ($1.3B), AMZN calls ($1.2B), NVDA calls ($1.2B), TSLA calls ($1.1B), DASH calls ($998.4M), MSFT calls ($994.8M), ORCL calls ($874.5M), BKNG calls ($694.7M), MMM calls ($433.9M), HLT calls ($399.5M), and 9 more.

Portfolio Sells Q1 2025 → Q2 2025
AMZN Amazon.com Inc. Reduce -16.6% 6.69% −1.79
META Meta Platforms Inc. Class A Reduce -19.9% 7.68% −1.45
OKTA Okta Inc. Reduce -80.0% 0.18% −1.00
EQIX Equinix Inc. Reduce -34.8% 0.90% −0.83
CLS Celestica Inc. Sold out 0.00% −0.57
TDG Transdigm Group Inc. Reduce -20.4% 1.44% −0.57
BPMC Blueprint Medicines Corp. Sold out 0.00% −0.47
JD Jd.com Inc.-ADR Reduce -11.1% 0.64% −0.46
SRPT Sarepta Therapeutics Inc. Sold out 0.00% −0.32
DASH DoorDash Inc. Class A Sold out 0.00% −0.28
NFLX Netflix Inc. Sold out 0.00% −0.28
BEKE Ke Holdings Inc.-ADR Reduce -35.1% 0.24% −0.27
NVDA Nvidia Corp. Reduce -63.0% 0.16% −0.20
DELL Dell Technologies -C Reduce -19.4% 1.53% −0.19
OS Onestream Inc. Reduce -62.4% 0.13% −0.19
CACI Caci International Inc. Class A Sold out 0.00% −0.15
UBER Uber Technologies Inc. Reduce -14.4% 1.34% −0.15
BCRX Biocryst Pharmaceuticals Inc. Reduce -20.8% 0.25% −0.07
JCI Johnson Controls Internation Reduce -12.9% 0.63% −0.04
TSM Taiwan Semiconductor-SP ADR Reduce -9.6% 6.12% +0.07
KLAC KLA Corp. Reduce -2.5% 4.27% +0.22

Portfolio Buys Q1 2025 → Q2 2025
ORCL Oracle Corp. New 2.68% +2.68
GOOGL Alphabet Inc. Class A Add +65.3% 7.39% +2.61
VST Vistra Corp. Add +280.6% 1.28% +1.03
BABA Alibaba Group Holding-SP ADR New 0.90% +0.90
CEG Constellation Energy Add +28.1% 1.79% +0.72
LRCX Lam Research Corp. Add +6.9% 4.02% +0.60
MELI MercadoLibre Inc. Add +9.1% 3.05% +0.51
ADI Analog Devices Inc. Add +21.6% 3.25% +0.49
BWXT BWX Technologies Inc. New 0.42% +0.42
CP Canadian Pacific Kansas City Add +82.2% 0.77% +0.31
APH Amphenol Corp. Class A Add +4.7% 1.28% +0.29
EDU New Oriental Educatio-SP ADR Add +101.3% 0.57% +0.27
INSM Insmed Inc. New 0.24% +0.24
CG The Carlyle Group Inc. Add +13.4% 1.48% +0.13
TER Teradyne Inc. Add +30.4% 0.84% +0.12
AKRO Akero Therapeutics Inc. Add +19.3% 0.48% +0.11
TOST Toast Inc. Class A Add +80.0% 0.19% +0.10
HNGE Hinge Health Inc. Class A New 0.09% +0.09
ORIC Oric Pharmaceuticals Inc. Add +12.5% 0.22% +0.09
IREN Iren Ltd. New 0.07% +0.07
RYTM Rhythm Pharmaceuticals Inc. Add +24.5% 0.31% +0.06
FROG Jfrog Ltd. Add +1386.5% 0.05% +0.04
VMC Vulcan Materials Co. Add +10.5% 1.87% +0.02
SARO Standardaero Inc. Add +9.3% 0.31% +0.02
BURL Burlington Stores Inc. Add +16.7% 0.40% −0.03
MLM Martin Marietta Materials Add +4.2% 2.14% −0.04
NI Nisource Inc. Add +4.1% 0.50% −0.08
ETR Entergy Corp. Add +14.5% 1.05% −0.10
YMM Full Truck Alliance -SPN ADR Add +5.7% 0.84% −0.21
EXPE Expedia Group Inc. Add +4.2% 2.03% −0.34

Options Activity Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +39.0% 23,900,000 $14.8B
QQQ Invesco QQQ Trust Series 1 put Reduce -9.4% 24,784,800 $13.7B
TSM Taiwan Semiconductor-SP ADR call Reduce -21.2% 5,840,500 $1.3B
AMZN Amazon.com Inc. call Add +22.7% 5,581,500 $1.2B
NVDA Nvidia Corp. call Reduce -26.4% 7,365,000 $1.2B
TSLA Tesla Inc. call Add +70.0% 3,400,000 $1.1B
MSFT Microsoft Corp. call Reduce -20.0% 2,000,000 $994.8M
ORCL Oracle Corp. call New 4,000,000 $874.5M
BKNG Booking Holdings Inc. call Add +20.0% 120,000 $694.7M
MMM 3M Co. call Add +35.7% 2,850,000 $433.9M
HLT Hilton Worldwide Holdings Inc. call Reduce -47.4% 1,500,000 $399.5M
NOW ServiceNow Inc. call Sold out 499,100 $397.4Mbefore exit
CRM Salesforce Inc. call Add +40.0% 1,400,000 $381.8M
AMZN Amazon.com Inc. put Add +475.0% 1,725,000 $378.4M
WYNN WYNN Resorts Ltd. call Add +20.0% 3,600,000 $337.2M
MAR Marriott International Class A call Add +0.1% 1,200,000 $327.9M
AVGO Broadcom Inc. call Sold out 980,000 $164.1Mbefore exit
LVS Las Vegas Sands Corp. call Reduce -28.4% 3,435,000 $149.5M
META Meta Platforms Inc. Class A put Sold out 110,000 $63.4Mbefore exit
ORCL Oracle Corp. put New 220,000 $48.1M
DASH DoorDash Inc. Class A put Sold out 260,000 $47.5Mbefore exit
NFLX Netflix Inc. put Sold out 50,000 $46.6Mbefore exit
GOOGL Alphabet Inc. Class A put New 230,000 $40.5M
NVDA Nvidia Corp. put Sold out 360,000 $39.0Mbefore exit
GBTC Grayscale Bitcoin Trust ETF call New 400,000 $33.9M
COIN Coinbase Global Inc. Class A call Sold out 40,000 $6.9Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 79$25.9BTSM, AMZN, LRCX, GOOGL, QQQ
Q1 2026 75$22.1BTSM, GOOGL, META, AMZN, KLAC
Q4 2025 83$22.9BGOOGL, TSM, AMZN, META, LRCX
Q3 2025 82$22.1BMETA, TSM, GOOGL, AMZN, MSFT
Q2 2025 82$20.6BMETA, GOOGL, AMZN, TSM, KLAC
Q1 2025 82$16.9BMETA, AMZN, TSM, GOOGL, KLAC
Q4 2024 75$17.3BMETA, AMZN, TSM, GOOGL, MSFT
Q3 2024 77$18.3BMETA, AMZN, TSM, GOOGL, MSFT
Q2 2024 79$19.5BMETA, AMZN, GOOGL, TSM, MSFT
Q1 2024 75$18.2BMETA, AMZN, TSM, GOOGL, MSFT