denkapparat Operations GmbH

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), denkapparat Operations GmbH reported 274 stock positions worth $156.7 million. Its top holding was Toronto-Dominion Bank (TD) at 1.7% of the portfolio, followed by Interdigital (IDCC, 1.6%) and Newmont (NEM, 1.4%). Compared with Q2 2025, it opened 50 new positions, sold out of 18, added to 64 and reduced 24. The biggest buy was a new position in FedEx (FDX) and the biggest sale an exit from Intuit (INTU).

Most Recent 13F
Q2 2026
Location
BERLIN, 2M
CIK
0001999514
Portfolio Value
$156.7M (Q3 2025)
SEC Filing
0001999514-25-000007 ↗ filed Nov 7, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q4 2024: $67.7M Q4 2024 Q1 2025: $94.5M Q1 2025 Q2 2025: $125.3M Q2 2025 Q3 2025: $156.7M $156.7M Q3 2025 Q4 2025: $183.9M Q4 2025 Q1 2026: $241.6M Q1 2026 Q2 2026: $305.9M Q2 2026

Holdings 274 stocks · $156.7M
TD Toronto-Dominion Bank 1.66% 32,500 $2.6M Add +43.8%
IDCC Interdigital Inc. 1.62% 7,340 $2.5M No change
NEM Newmont Corp. 1.45% 26,916 $2.3M No change
QCOM Qualcomm Inc. 1.09% 10,234 $1.7M No change
LRCX Lam Research Corp. 1.05% 12,346 $1.7M No change
BMY Bristol-Myers Squibb Co. 1.02% 35,358 $1.6M Add +46.1%
AAPL Apple Inc. 1.00% 6,176 $1.6M Reduce -18.1%
EME Emcor Group Inc. 0.97% 2,348 $1.5M No change
AMAT Applied Materials Inc. 0.94% 7,210 $1.5M Add +17.7%
KGC Kinross Gold Corp. 0.93% 58,560 $1.5M Add +16.1%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.86% 15,088 $1.4M No change
ADBE Adobe Inc. 0.86% 3,810 $1.3M Add +91.7%
MSFT Microsoft Corp. 0.85% 2,584 $1.3M No change
NVDA Nvidia Corp. 0.85% 7,144 $1.3M No change
KLAC KLA Corp. 0.83% 1,208 $1.3M Add +16.1%
JLL Jones Lang Lasalle Inc. 0.79% 4,170 $1.2M Add +10.5%
MO Altria Group Inc. 0.78% 18,594 $1.2M No change
CALM Cal-Maine Foods Inc. 0.73% 12,242 $1.2M No change
GD General Dynamics Corp. 0.73% 3,360 $1.1M Add +27.1%
FOXA Fox Corp. Class A 0.73% 18,048 $1.1M Add +10.5%
MLI Mueller Industries Inc. 0.72% 11,230 $1.1M Add +70.5%
BYD Boyd Gaming Corp. 0.72% 13,026 $1.1M Add +17.1%
EA Electronic Arts Inc. 0.72% 5,566 $1.1M Reduce -3.3%
UTHR United Therapeutics Corp. 0.70% 2,600 $1.1M No change
MEDP Medpace Holdings Inc. 0.69% 2,088 $1.1M Reduce -1.4%
ZM Zoom Communications Inc. 0.67% 12,638 $1.0M Add +59.2%
FIX Comfort Systems USA Inc. 0.66% 1,246 $1.0M Add +32.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.64% 8,786 $1.0M No change
GOOGL Alphabet Inc. Class A 0.63% 4,086 $993K Reduce -33.6%
AIG American International Group 0.63% 12,616 $991K Add +25.3%
JNJ Johnson & Johnson 0.63% 5,334 $989K Add +5.1%
KR Kroger Co. 0.63% 14,666 $989K Add +257.0%
EXEL Exelixis Inc. 0.63% 23,930 $988K No change
PYPL PayPal Holdings Inc. 0.63% 14,732 $988K Add +42.1%
ACI Albertsons Cos Inc. Class A 0.63% 56,120 $983K No change
CNK Cinemark Holdings Inc. 0.62% 34,656 $971K Add +29.8%
MRK Merck & Co. Inc. 0.62% 11,554 $970K No change
INCY Incyte Corp. 0.61% 11,292 $958K No change
R Ryder System Inc. 0.61% 5,072 $957K Add +21.2%
CSCO Cisco Systems Inc. 0.61% 13,980 $957K Add +22.9%
CLX Clorox Company 0.60% 7,630 $941K Add +301.6%
ULTA Ulta Beauty Inc. 0.60% 1,710 $935K No change
CMI Cummins Inc. 0.59% 2,178 $920K No change
LHX L3HARRIS Technologies Inc. 0.57% 2,948 $900K Reduce -20.5%
EXPE Expedia Group Inc. 0.57% 4,174 $892K No change
BIIB Biogen Inc. 0.57% 6,338 $888K Add +49.5%
ORI Old Republic Intl Corp. 0.56% 20,786 $883K Add +23.0%
UHS Universal Health Services-B 0.56% 4,294 $878K No change
AEM Agnico Eagle Mines Ltd. 0.56% 5,186 $874K Add +43.9%
CNQ Canadian Natural Resources 0.55% 27,000 $863K Add +0.8%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.55% 5,934 $858K Add +41.5%
SU Suncor Energy Inc. 0.55% 20,500 $858K No change
GM General Motors Co. 0.54% 13,764 $839K No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.53% 7,610 $829K Add +39.1%
CMCSA Comcast Corp. Class A 0.52% 25,982 $816K Add +15.6%
FDX FedEx Corp. 0.52% 3,440 $811K New
PHM Pultegroup Inc. 0.52% 6,130 $810K Reduce -17.2%
CCK Crown Holdings Inc. 0.52% 8,370 $808K Add +72.5%
APA Apa Corp. 0.52% 33,266 $808K Add +127.1%
JBL Jabil Inc. 0.51% 3,678 $799K No change
UBER Uber Technologies Inc. 0.51% 8,100 $794K No change
EXPD Expeditors Intl Wash Inc. 0.50% 6,410 $786K No change
EIX Edison International 0.50% 14,214 $786K Add +4.3%
OVV Ovintiv Inc. 0.50% 19,236 $777K No change
OZK Bank Ozk 0.49% 15,170 $773K Add +17.5%
AMGN Amgen Inc. 0.49% 2,724 $769K No change
PEG Public Service Enterprise GP 0.48% 9,102 $760K New
ELV Elevance Health Inc. 0.48% 2,332 $754K Add +49.1%
EOG EOG Resources Inc. 0.48% 6,654 $746K No change
MU Micron Technology Inc. 0.47% 4,440 $743K New
YELP Yelp Inc. 0.47% 23,702 $740K Add +19.6%
CI The Cigna Group 0.47% 2,546 $734K Add +31.9%
META Meta Platforms Inc. Class A 0.46% 980 $720K No change
DOCU Docusign Inc. 0.45% 9,842 $710K No change
EBAY eBay Inc. 0.45% 7,750 $705K Reduce -12.7%
PFE Pfizer Inc. 0.45% 27,576 $703K Reduce -17.9%
LVS Las Vegas Sands Corp. 0.45% 12,982 $698K Add +21.7%
ENS Enersys 0.44% 6,086 $687K No change
TOL Toll Brothers Inc. 0.43% 4,918 $679K New
SAM Boston Beer Company Inc. Class A 0.43% 3,200 $677K Add +144.7%
MTN Vail Resorts Inc. 0.43% 4,504 $674K Add +85.2%
IONS Ionis Pharmaceuticals Inc. 0.42% 9,968 $652K New
C Citigroup Inc. 0.41% 6,338 $643K New
ALL Allstate Corp. 0.41% 2,986 $641K Add +4.7%
IDXX Idexx Laboratories Inc. 0.41% 1,002 $640K Reduce -26.1%
NJR New Jersey Resources Corp. 0.41% 13,256 $638K Add +69.6%
BKNG Booking Holdings Inc. 0.41% 118 $637K No change
RF Regions Financial Corp. 0.40% 24,032 $634K New
FLEX Flex Ltd. 0.40% 10,930 $634K No change
TPR Tapestry Inc. 0.40% 5,572 $631K No change
NEU Newmarket Corp. 0.40% 754 $624K Add +86.6%
AMZN Amazon.com Inc. 0.40% 2,844 $624K Add +96.1%
MSI Motorola Solutions Inc. 0.39% 1,348 $616K Add +75.5%
JPM JPMorgan Chase & Co. 0.39% 1,936 $611K Reduce -36.9%
CRUS Cirrus Logic Inc. 0.39% 4,866 $610K No change
MARA Mara Holdings Inc. 0.39% 33,304 $608K Add +164.2%
HTH Hilltop Holdings Inc. 0.38% 17,994 $601K Add +20.4%
BMRN Biomarin Pharmaceutical Inc. 0.38% 11,068 $599K Add +45.1%
VZ Verizon Communications Inc. 0.38% 13,600 $598K New
INGR Ingredion Inc. 0.38% 4,814 $588K Add +89.2%

Show all 274 holdings

Portfolio Sells Q2 2025 → Q3 2025
INTU Intuit Inc. Sold out 0.00% −0.66
LMT Lockheed Martin Corp. Sold out 0.00% −0.58
ED Consolidated Edison Inc. Reduce -63.1% 0.21% −0.51
CNC Centene Corp. Reduce -54.6% 0.15% −0.49
EXC Exelon Corp. Sold out 0.00% −0.45
NFLX Netflix Inc. Reduce -47.5% 0.25% −0.42
NRG NRG Energy Inc. Reduce -53.8% 0.24% −0.40
LEN Lennar Corp. Class A Sold out 0.00% −0.33
JPM JPMorgan Chase & Co. Reduce -36.9% 0.39% −0.32
HES Hess Corp. Sold out 0.00% −0.32
VST Vistra Corp. Sold out 0.00% −0.29
CVX Chevron Corp. Sold out 0.00% −0.29
CAT Caterpillar Inc. Sold out 0.00% −0.26
GILD Gilead Sciences Inc. Reduce -27.8% 0.35% −0.26
EVRG Evergy Inc. Sold out 0.00% −0.25
AAPL Apple Inc. Reduce -18.1% 1.00% −0.23
GOOGL Alphabet Inc. Class A Reduce -33.6% 0.63% −0.23
DTE DTE Energy Company Sold out 0.00% −0.23
PM Philip Morris International Sold out 0.00% −0.22
ITW Illinois Tool Works Reduce -40.6% 0.21% −0.21
PFE Pfizer Inc. Reduce -17.9% 0.45% −0.20
KMB Kimberly-Clark Corp. Reduce -23.4% 0.29% −0.20
OSK Oshkosh Corp. Sold out 0.00% −0.19
WSM Williams-Sonoma Inc. Sold out 0.00% −0.19
ODFL Old Dominion Freight Line Sold out 0.00% −0.19
HOOD Robinhood Markets Inc. Class A Sold out 0.00% −0.19
ISRG Intuitive Surgical Inc. Sold out 0.00% −0.18
IDXX Idexx Laboratories Inc. Reduce -26.1% 0.41% −0.17
LHX L3HARRIS Technologies Inc. Reduce -20.5% 0.57% −0.17
WRB WR Berkley Corp. Sold out 0.00% −0.16
AIZ Assurant Inc. Reduce -24.0% 0.30% −0.15
PNC PNC Financial Services Group Reduce -20.0% 0.30% −0.13
BAH Booz Allen Hamilton Holdings Reduce -29.1% 0.16% −0.13
FE Firstenergy Corp. Reduce -18.8% 0.35% −0.12
RGLD Royal Gold Inc. Reduce -26.6% 0.21% −0.11
PHM Pultegroup Inc. Reduce -17.2% 0.52% −0.11
WBA Walgreens Boots Alliance Inc. Sold out 0.00% −0.10
UAL United Airlines Holdings Inc. Reduce -16.9% 0.33% −0.08
EBAY eBay Inc. Reduce -12.7% 0.45% −0.08
DHI D.R. Horton Inc. Reduce -29.7% 0.14% −0.05
EA Electronic Arts Inc. Reduce -3.3% 0.72% −0.02
MEDP Medpace Holdings Inc. Reduce -1.4% 0.69% +0.15

Portfolio Buys Q2 2025 → Q3 2025
FDX FedEx Corp. New 0.52% +0.52
PEG Public Service Enterprise GP New 0.48% +0.48
MU Micron Technology Inc. New 0.47% +0.47
TOL Toll Brothers Inc. New 0.43% +0.43
CLX Clorox Company Add +301.6% 0.60% +0.42
IONS Ionis Pharmaceuticals Inc. New 0.42% +0.42
C Citigroup Inc. New 0.41% +0.41
RF Regions Financial Corp. New 0.40% +0.40
KR Kroger Co. Add +257.0% 0.63% +0.40
VZ Verizon Communications Inc. New 0.38% +0.38
NOC Northrop Grumman Corp. New 0.34% +0.34
CTVA Corteva Inc. New 0.34% +0.34
TD Toronto-Dominion Bank Add +43.8% 1.66% +0.33
WTRG Essential Utilities Inc. New 0.32% +0.32
HRB H&R Block Inc. New 0.32% +0.32
MLI Mueller Industries Inc. Add +70.5% 0.72% +0.31
APA Apa Corp. Add +127.1% 0.52% +0.30
KGC Kinross Gold Corp. Add +16.1% 0.93% +0.30
DY Dycom Industries Inc. New 0.30% +0.30
REGN Regeneron Pharmaceuticals New 0.26% +0.26
FIX Comfort Systems USA Inc. Add +32.8% 0.66% +0.25
ADBE Adobe Inc. Add +91.7% 0.86% +0.24
TTWO Take-Two Interactive Softwre New 0.24% +0.24
AEP American Electric Power New 0.23% +0.23
PTCT PTC Therapeutics Inc. New 0.23% +0.23
SAM Boston Beer Company Inc. Class A Add +144.7% 0.43% +0.23
CSX CSX Corp. New 0.23% +0.23
MKL Markel Group Inc. New 0.23% +0.23
MARA Mara Holdings Inc. Add +164.2% 0.39% +0.23
TTC Toro Co. New 0.22% +0.22
AEM Agnico Eagle Mines Ltd. Add +43.9% 0.56% +0.22
CNX CNX Resources Corp. New 0.21% +0.21
FERG Ferguson Enterprises Inc. New 0.20% +0.20
CCL Carnival Corp. Add +154.2% 0.37% +0.19
SUPN Supernus Pharmaceuticals Inc. New 0.19% +0.19
AU Anglogold Ashanti PLC New 0.19% +0.19
INVA Innoviva Inc. New 0.18% +0.18
RRR Red Rock Resorts Inc. Class A New 0.18% +0.18
SNX TD Synnex Corp. New 0.18% +0.18
WDC Western Digital Corp. New 0.18% +0.18
NEU Newmarket Corp. Add +86.6% 0.40% +0.18
CINF Cincinnati Financial Corp. New 0.17% +0.17
ZM Zoom Communications Inc. Add +59.2% 0.67% +0.17
HNI Hni Corp. New 0.17% +0.17
HLI Houlihan Lokey Inc. New 0.17% +0.17
AYI Acuity Inc. Add +111.4% 0.34% +0.16
IESC Ies Holdings Inc. New 0.16% +0.16
NFG National Fuel Gas Co. Add +116.4% 0.34% +0.16
SNV Synovus Financial Corp. New 0.15% +0.15
ROK Rockwell Automation Inc. New 0.15% +0.15

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 383$305.9MASML, AMAT, LRCX, ALL, NVDA
Q1 2026 333$241.6MASML, ERIC, LOGI, SU, CB
Q4 2025 294$183.9MIDCC, NEM, LRCX, BMY, ADBE
Q3 2025 274$156.7MTD, IDCC, NEM, QCOM, LRCX
Q2 2025 242$125.3MTD, IDCC, QCOM, NEM, AAPL
Q1 2025 214$94.5MIDCC, QCOM, ED, AAPL, GILD
Q4 2024 164$67.7MMRK, IDCC, JPM, AAPL, QCOM