Ashe Capital Management, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Ashe Capital Management, LP reported 6 stock positions worth $1.0 billion. Its top holding was Shopify Class A (SHOP) at 27.3% of the portfolio, followed by Appfolio Class A (APPF, 24.3%) and Liberty Media Class C (FWONK, 18.1%). Compared with Q3 2025, it sold out of 1 and reduced 5. The biggest sale was an exit from Atlassian Class A (TEAM).
- Most Recent 13F
- Q2 2026
- Location
- Englewood Cliffs, NJ
- CIK
- 0001632715
- Portfolio Value
- $1.0B (Q4 2025)
- SEC Filing
- 0001172661-26-000875 ↗ filed Feb 17, 2026
Holdings Value
Holdings 6 stocks · $1.0B
| SHOP Shopify Inc. Class A | 27.30% | 1,750,240 | $281.7M | Reduce -19.9% |
| APPF Appfolio Inc. Class A | 24.30% | 1,077,915 | $250.8M | Reduce -19.0% |
| FWONK Liberty Media Corp. Class C | 18.05% | 1,891,024 | $186.3M | Reduce -28.1% |
| FWONA Liberty Media Corp. Class A | 10.26% | 1,184,179 | $105.8M | No change |
| VEEV Veeva Systems Inc. Class A | 10.12% | 467,917 | $104.5M | Reduce -15.0% |
| DDOG Datadog Inc. Class A | 9.97% | 756,493 | $102.9M | Reduce -19.0% |
Portfolio Sells Q3 2025 → Q4 2025
| TEAM Atlassian Corp. Class A | Sold out | 0.00% | −2.96 |
| APPF Appfolio Inc. Class A | Reduce -19.0% | 24.30% | −1.57 |
| VEEV Veeva Systems Inc. Class A | Reduce -15.0% | 10.12% | −1.44 |
| FWONK Liberty Media Corp. Class C | Reduce -28.1% | 18.05% | −1.32 |
| DDOG Datadog Inc. Class A | Reduce -19.0% | 9.97% | +0.59 |
| SHOP Shopify Inc. Class A | Reduce -19.9% | 27.30% | +4.40 |
Portfolio Buys Q3 2025 → Q4 2025
| None this quarter. | |||
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 7 | $931.5M | DDOG, SHOP, APPF, FWONK, FWONA |
| Q1 2026 | 7 | $797.4M | SHOP, APPF, FWONK, FWONA, DDOG |
| Q4 2025 | 6 | $1.0B | SHOP, APPF, FWONK, FWONA, VEEV |
| Q3 2025 | 7 | $1.4B | APPF, SHOP, FWONK, VEEV, DDOG |
| Q2 2025 | 7 | $1.3B | APPF, FWONK, SHOP, VEEV, DDOG |
| Q1 2025 | 7 | $1.1B | APPF, FWONK, SHOP, VEEV, TEAM |
| Q4 2024 | 7 | $1.2B | APPF, FWONK, SHOP, DDOG, TEAM |
| Q3 2024 | 7 | $1.3B | APPF, FWONK, SHOP, DDOG, VEEV |
| Q2 2024 | 7 | $1.2B | APPF, FWONK, SHOP, DDOG, VEEV |
| Q1 2024 | 9 | $1.2B | APPF, FWONK, SHOP, DDOG, TEAM |