Alkeon Capital Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Alkeon Capital Management LLC reported 83 stock positions worth $22.9 billion. Its top holding was Alphabet Class A (GOOGL) at 7.9% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 7.2%) and Amazon.com (AMZN, 5.9%). Compared with Q3 2025, it opened 13 new positions, sold out of 12, added to 13 and reduced 23. The biggest buy was Invesco QQQ Trust Series 1 (QQQ, shares +67%) and the biggest sale Oracle (ORCL, shares −98%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001230239
Portfolio Value
$22.9B (Q4 2025)
SEC Filing
0000919574-26-001015 ↗ filed Feb 17, 2026

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 Q2 2025 Q3 2025: $22.1B Q3 2025 Q4 2025: $22.9B $22.9B Q4 2025 Q1 2026: $22.1B Q1 2026 Q2 2026: $25.9B Q2 2026

Holdings 83 stocks · $22.9B
GOOGL Alphabet Inc. Class A 7.94% 5,802,558 $1.8B No change
TSM Taiwan Semiconductor-SP ADR 7.23% 5,438,668 $1.7B Add +3.3%
AMZN Amazon.com Inc. 5.85% 5,799,899 $1.3B Reduce -3.7%
META Meta Platforms Inc. Class A 5.75% 1,992,629 $1.3B Reduce -3.3%
LRCX Lam Research Corp. 4.81% 6,420,456 $1.1B No change
MSFT Microsoft Corp. 4.18% 1,976,176 $955.7M No change
QQQ Invesco QQQ Trust Series 1 3.82% 1,421,977 $873.5M Add +67.3%
KLAC KLA Corp. 3.77% 710,365 $863.2M No change
EXPE Expedia Group Inc. 3.07% 2,475,276 $701.3M No change
ADI Analog Devices Inc. 2.39% 2,018,833 $547.5M Reduce -28.3%
V Visa Inc. Class A 2.25% 1,468,618 $515.1M No change
CDNS Cadence Design SYS Inc. 2.22% 1,622,874 $507.3M No change
APH Amphenol Corp. Class A 2.21% 3,744,603 $506.0M Reduce -8.8%
MELI MercadoLibre Inc. 2.12% 240,499 $484.4M No change
CEG Constellation Energy 2.12% 1,371,219 $484.4M Add +31.7%
SNPS Synopsys Inc. 2.06% 1,003,278 $471.3M Add +50.1%
TER Teradyne Inc. 2.06% 2,432,910 $470.9M Reduce -15.3%
MLM Martin Marietta Materials 2.03% 747,351 $465.3M No change
MA Mastercard Inc. Class A 1.94% 778,465 $444.4M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.88% 2,799,971 $430.1M Reduce -18.8%
VMC Vulcan Materials Co. 1.84% 1,478,646 $421.7M No change
CG The Carlyle Group Inc. 1.54% 5,941,316 $351.2M No change
VRT Vertiv Holdings Co. Class A 1.42% 2,003,110 $324.5M Add +178.2%
VST Vistra Corp. 1.37% 1,946,357 $314.0M Add +29.2%
ICE Intercontinental Exchange Inc. 1.27% 1,800,310 $291.6M No change
UBER Uber Technologies Inc. 1.20% 3,361,005 $274.6M No change
BWXT BWX Technologies Inc. 1.19% 1,580,848 $273.2M Add +0.2%
DASH DoorDash Inc. Class A 1.17% 1,178,410 $266.9M New
ETR Entergy Corp. 1.11% 2,736,012 $252.9M Reduce -8.9%
RTX RTX Corp. 1.00% 1,250,000 $229.3M New
CRH CRH PLC 0.98% 1,800,000 $224.6M Add +2.9%
TDG Transdigm Group Inc. 0.96% 165,611 $220.2M Reduce -15.3%
GE General Electric filed as GE AEROSPACE 0.94% 700,000 $215.6M No change
PWR Quanta Services Inc. 0.92% 500,983 $211.4M Reduce -28.5%
EQIX Equinix Inc. 0.78% 233,775 $179.1M No change
SSNC Ss&c Technologies Holdings 0.67% 1,764,916 $154.3M No change
YMM Full Truck Alliance -SPN ADR 0.67% 14,198,535 $152.4M No change
BURL Burlington Stores Inc. 0.66% 525,000 $151.6M No change
CP Canadian Pacific Kansas City 0.65% 2,004,000 $147.6M No change
MDGL Madrigal Pharmaceuticals Inc. 0.61% 240,000 $139.8M Add +100.0%
NI Nisource Inc. 0.59% 3,230,500 $134.9M Add +4.2%
DELL Dell Technologies -C 0.58% 1,062,409 $133.7M Reduce -32.0%
LOW Lowe's Cos Inc. 0.49% 468,594 $113.0M Reduce -27.8%
SPGI S&P Global Inc. 0.44% 190,416 $99.5M No change
SHW The Sherwin-Williams Co. 0.43% 306,735 $99.4M No change
CMI Cummins Inc. 0.42% 190,000 $97.0M New
SPY SS SPDR S&P 500 ETF Trust-US 0.39% 131,500 $89.7M New
ROST Ross Stores Inc. 0.37% 472,635 $85.1M Reduce -33.7%
EDU New Oriental Educatio-SP ADR 0.35% 1,447,986 $79.7M No change
AMT American Tower Corp. 0.33% 428,401 $75.2M No change
JCI Johnson Controls Internation 0.32% 620,000 $74.2M No change
YUM Yum! Brands Inc. 0.31% 465,603 $70.4M No change
SOXX iShares Semiconductor ETF 0.25% 192,600 $58.0M New
SOLS Solstice Adv Materials Inc. 0.24% 1,125,000 $54.7M New
ALAB Astera Labs Inc. 0.24% 325,000 $54.1M Add +30.0%
SARO Standardaero Inc. 0.21% 1,702,019 $48.8M Reduce -12.8%
NAVN Navan Inc. Class A 0.20% 2,686,828 $45.9M New
RBRK Rubrik Inc. Class A 0.20% 600,000 $45.9M Reduce -14.3%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.20% 93,900 $45.1M New
TLT iShares 20+ Year Treasury BD 0.19% 511,000 $44.5M New
CTAS Cintas Corp. 0.19% 236,539 $44.5M No change
IWM iShares Russell 2000 ETF 0.19% 179,500 $44.2M New
PATH Uipath Inc. Class A 0.19% 2,611,276 $42.8M Reduce -35.7%
JD Jd.com Inc.-ADR 0.18% 1,471,173 $42.2M Reduce -41.7%
TOST Toast Inc. Class A 0.18% 1,150,000 $40.8M Add +27.8%
NVDA Nvidia Corp. 0.17% 211,439 $39.4M No change
ORIC Oric Pharmaceuticals Inc. 0.16% 4,504,096 $36.8M No change
HNGE Hinge Health Inc. Class A 0.16% 791,104 $36.7M Add +110.4%
TWLO Twilio Inc. Class A 0.16% 250,000 $35.6M New
AGX Argan Inc. 0.15% 108,845 $34.1M Reduce -9.3%
IREN Iren Ltd. filed as IREN LIMITED 0.13% 800,000 $30.2M Reduce -46.7%
FROG Jfrog Ltd. 0.11% 414,425 $25.9M Reduce -42.0%
MDB Mongodb Inc. 0.09% 50,000 $21.0M Reduce -58.3%
CMG Chipotle Mexican Grill Inc. 0.08% 500,289 $18.5M No change
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 0.08% 1,093,559 $17.2M Reduce -49.1%
AAPL Apple Inc. 0.07% 56,627 $15.4M No change
DLO Dlocal Ltd. 0.05% 823,837 $11.6M No change
ORCL Oracle Corp. 0.04% 50,000 $9.7M Reduce -97.8%
NOW ServiceNow Inc. 0.04% 60,170 $9.2M New
OS Onestream Inc. 0.04% 475,000 $8.7M Reduce -40.6%
ANRO Alto Neuroscience Inc. 0.04% 477,101 $8.5M No change
BTDR Bitdeer Technologies Group-A 0.02% 475,000 $5.3M New
PCTY Paylocity Holding Corp. 0.02% 24,683 $3.8M No change

Options reported separately and not counted above: SPY puts ($15.1B), QQQ puts ($13.6B), NVDA calls ($1.4B), BKNG calls ($937.2M), MSFT calls ($725.4M), LRCX puts ($684.7M), AAPL calls ($659.4M), TSM calls ($607.8M), MAR calls ($577.9M), AMD puts ($535.4M), KLAC puts ($486.0M), AMZN calls ($484.7M), and 17 more.

Portfolio Sells Q3 2025 → Q4 2025
ORCL Oracle Corp. Reduce -97.8% 0.04% −2.88
META Meta Platforms Inc. Class A Reduce -3.3% 5.75% −1.08
ADI Analog Devices Inc. Reduce -28.3% 2.39% −0.73
ARGX Argenx SE - ADR Sold out 0.00% −0.58
RYTM Rhythm Pharmaceuticals Inc. Sold out 0.00% −0.46
DELL Dell Technologies -C Reduce -32.0% 0.58% −0.42
AKRO Akero Therapeutics Inc. Sold out 0.00% −0.40
PWR Quanta Services Inc. Reduce -28.5% 0.92% −0.39
TJX TJX Companies Inc. Reduce -18.8% 1.88% −0.37
INSM Insmed Inc. Sold out 0.00% −0.33
XYZ Block Inc. Sold out 0.00% −0.28
LOW Lowe's Cos Inc. Reduce -27.8% 0.49% −0.24
JD Jd.com Inc.-ADR Reduce -41.7% 0.18% −0.21
TDG Transdigm Group Inc. Reduce -15.3% 0.96% −0.20
BCRX Biocryst Pharmaceuticals Inc. Sold out 0.00% −0.19
IREN Iren Ltd. Reduce -46.7% 0.13% −0.19
ETR Entergy Corp. Reduce -8.9% 1.11% −0.16
NIQ Niq Global Intelligence PLC Sold out 0.00% −0.13
AMZN Amazon.com Inc. Reduce -3.7% 5.85% −0.12
ROST Ross Stores Inc. Reduce -33.7% 0.37% −0.12
BEKE Ke Holdings Inc.-ADR Reduce -49.1% 0.08% −0.11
SNOW Snowflake Inc. Sold out 0.00% −0.10
FIG Figma Inc. Class A Sold out 0.00% −0.10
APH Amphenol Corp. Class A Reduce -8.8% 2.21% −0.08
MDB Mongodb Inc. Reduce -58.3% 0.09% −0.08
KROS Keros Therapeutics Inc. Sold out 0.00% −0.06
RBRK Rubrik Inc. Class A Reduce -14.3% 0.20% −0.06
PATH Uipath Inc. Class A Reduce -35.7% 0.19% −0.06
RINGCENTRAL INC (RNG 0 03/15/26) Sold out 0.00% −0.04
FROG Jfrog Ltd. Reduce -42.0% 0.11% −0.04
MREO Mereo Biopharma Group PL-ADR Sold out 0.00% −0.03
OS Onestream Inc. Reduce -40.6% 0.04% −0.03
SARO Standardaero Inc. Reduce -12.8% 0.21% −0.03
AGX Argan Inc. Reduce -9.3% 0.15% +0.00
TER Teradyne Inc. Reduce -15.3% 2.06% +0.27

Portfolio Buys Q3 2025 → Q4 2025
QQQ Invesco QQQ Trust Series 1 Add +67.3% 3.82% +1.51
DASH DoorDash Inc. Class A New 1.17% +1.17
RTX RTX Corp. New 1.00% +1.00
VRT Vertiv Holdings Co. Class A Add +178.2% 1.42% +0.93
TSM Taiwan Semiconductor-SP ADR Add +3.3% 7.23% +0.58
SNPS Synopsys Inc. Add +50.1% 2.06% +0.57
CEG Constellation Energy Add +31.7% 2.12% +0.57
CMI Cummins Inc. New 0.42% +0.42
SPY SS SPDR S&P 500 ETF Trust-US New 0.39% +0.39
MDGL Madrigal Pharmaceuticals Inc. Add +100.0% 0.61% +0.36
SOXX iShares Semiconductor ETF New 0.25% +0.25
SOLS Solstice Adv Materials Inc. New 0.24% +0.24
NAVN Navan Inc. Class A New 0.20% +0.20
DIA SS SPDR Dow Jones Indus Avg New 0.20% +0.20
TLT iShares 20+ Year Treasury BD New 0.19% +0.19
IWM iShares Russell 2000 ETF New 0.19% +0.19
TWLO Twilio Inc. Class A New 0.16% +0.16
HNGE Hinge Health Inc. Class A Add +110.4% 0.16% +0.08
NOW ServiceNow Inc. New 0.04% +0.04
VST Vistra Corp. Add +29.2% 1.37% +0.04
CRH CRH PLC Add +2.9% 0.98% +0.03
TOST Toast Inc. Class A Add +27.8% 0.18% +0.03
BTDR Bitdeer Technologies Group-A New 0.02% +0.02
ALAB Astera Labs Inc. Add +30.0% 0.24% +0.02
NI Nisource Inc. Add +4.2% 0.59% −0.02
BWXT BWX Technologies Inc. Add +0.2% 1.19% −0.12

Options Activity Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -7.1% 22,200,000 $15.1B
QQQ Invesco QQQ Trust Series 1 put Reduce -13.7% 22,126,700 $13.6B
NVDA Nvidia Corp. call Add +50.0% 7,500,000 $1.4B
BKNG Booking Holdings Inc. call Add +34.6% 175,000 $937.2M
MSFT Microsoft Corp. call Reduce -49.1% 1,500,000 $725.4M
LRCX Lam Research Corp. put New 4,000,000 $684.7M
AAPL Apple Inc. call Reduce -32.6% 2,425,400 $659.4M
TSM Taiwan Semiconductor-SP ADR call Reduce -66.7% 2,000,000 $607.8M
MAR Marriott International Class A call Add +15.8% 1,862,600 $577.9M
AMD Advanced Micro Devices put New 2,500,000 $535.4M
KLAC KLA Corp. put New 400,000 $486.0M
AMZN Amazon.com Inc. call Reduce -47.5% 2,100,000 $484.7M
TSLA Tesla Inc. call Reduce -80.0% 1,000,000 $449.7M
MMM 3M Co. call Add +34.5% 2,650,000 $424.3M
META Meta Platforms Inc. Class A call Sold out 550,000 $403.9Mbefore exit
SHOP Shopify Inc. Class A call New 2,250,000 $362.2M
AVGO Broadcom Inc. call Reduce -56.5% 1,001,300 $346.5M
DASH DoorDash Inc. Class A call Reduce -70.6% 1,500,000 $339.7M
AMD Advanced Micro Devices call New 1,250,000 $267.7M
PLTR Palantir Technologies Inc. Class A call New 1,500,000 $266.6M
LVS Las Vegas Sands Corp. call Reduce -10.0% 4,050,000 $263.6M
ORCL Oracle Corp. call New 1,000,000 $194.9M
MCHP Microchip Technology Inc. call New 2,800,000 $178.4M
WYNN WYNN Resorts Ltd. call Reduce -71.2% 1,441,100 $173.4M
GOOGL Alphabet Inc. Class A call Reduce -75.0% 500,000 $156.5M
CRWV Coreweave Inc. Class A call Sold out 730,000 $99.9Mbefore exit
RDDT Reddit Inc. Class A call Add +100.0% 400,000 $91.9M
GBTC Grayscale Bitcoin Trust ETF call Add +41.5% 920,000 $62.9M
TSM Taiwan Semiconductor-SP ADR put New 175,000 $53.2M
AMZN Amazon.com Inc. put Sold out 225,000 $49.4Mbefore exit
META Meta Platforms Inc. Class A put Sold out 67,000 $49.2Mbefore 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