Dnca Finance

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Dnca Finance reported 77 stock positions worth $1.7 billion. Its top holding was Totalenergies (TTE) at 17.3% of the portfolio, followed by Alphabet Class A (GOOGL, 5.2%) and Microsoft (MSFT, 5.1%). Compared with Q3 2025, it opened 10 new positions, sold out of 8, added to 22 and reduced 24. The biggest buy was a new position in Totalenergies (TTE) and the biggest sale Flutter Entertainment PLC-Di (FLUT, shares −51%).

Most Recent 13F
Q2 2026
Location
PARIS, I0
CIK
0001752759
Portfolio Value
$1.7B (Q4 2025)
SEC Filing
0001104659-26-015188 ↗ filed Feb 13, 2026

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q2 2024: $1.1B Q2 2024 Q3 2024: $1.1B Q3 2024 Q4 2024: $1.3B Q4 2024 Q1 2025: $1.2B Q1 2025 Q2 2025: $1.3B Q2 2025 Q3 2025: $1.4B Q3 2025 Q4 2025: $1.7B $1.7B Q4 2025 Q1 2026: $1.7B Q1 2026 Q2 2026: $2.0B Q2 2026

Holdings 77 stocks · $1.7B
TTE Totalenergies SE 17.29% 4,502,331 $293.9M New
GOOGL Alphabet Inc. Class A 5.19% 282,169 $88.3M Reduce -14.6%
MSFT Microsoft Corp. 5.13% 180,253 $87.2M Add +2.3%
RACE Ferrari NV 5.10% 231,729 $86.7M Add +225.4%
NVDA Nvidia Corp. 4.79% 436,382 $81.4M Reduce -0.1%
CRH CRH PLC 4.17% 548,199 $70.9M Add +0.0%
META Meta Platforms Inc. Class A 3.99% 102,900 $67.9M Reduce -5.5%
V Visa Inc. Class A 3.98% 193,146 $67.7M Add +6.7%
AMZN Amazon.com Inc. 3.06% 225,500 $52.0M Add +5.0%
AVGO Broadcom Inc. 3.06% 150,370 $52.0M Reduce -10.0%
WMT Walmart Inc. 2.91% 444,782 $49.6M Reduce -4.5%
AAPL Apple Inc. 2.63% 164,500 $44.7M No change
QGEN Qiagen N.V. 1.86% 691,821 $31.6M Add +23.9%
MA Mastercard Inc. Class A 1.82% 54,300 $31.0M No change
FLUT Flutter Entertainment PLC-Di 1.77% 138,989 $30.2M Reduce -50.5%
GS Goldman Sachs Group Inc. 1.66% 32,200 $28.3M Add +0.6%
NFLX Netflix Inc. 1.50% 271,500 $25.5M Reduce -25.2%
JPM JPMorgan Chase & Co. 1.45% 76,714 $24.7M Add +2.0%
PANW Palo Alto Networks Inc. 1.23% 113,100 $20.8M Add +6.2%
TSM Taiwan Semiconductor-SP ADR 1.17% 65,700 $20.0M Add +161.0%
NEM Newmont Corp. 1.12% 191,508 $19.1M New
ORCL Oracle Corp. 1.07% 93,000 $18.1M Reduce -34.0%
MMM 3M Co. 1.05% 111,050 $17.8M Add +11.1%
TT Trane Technologies PLC 1.04% 45,300 $17.6M Add +0.7%
CRM Salesforce Inc. 1.02% 65,600 $17.4M No change
AMD Advanced Micro Devices 0.97% 77,100 $16.5M Add +22.5%
STLA Stellantis NV 0.93% 1,429,562 $15.9M Add +415.8%
DE Deere & Co. 0.90% 32,930 $15.3M Reduce -26.8%
DHI D.R. Horton Inc. 0.86% 101,095 $14.6M Reduce -3.7%
ISRG Intuitive Surgical Inc. 0.80% 23,950 $13.6M No change
ANET Arista Networks Inc. 0.80% 103,250 $13.5M No change
SPOT Spotify Technology SA 0.75% 22,000 $12.8M Reduce -32.0%
ADSK Autodesk Inc. 0.74% 42,300 $12.5M Add +30.1%
GM General Motors Co. 0.72% 151,000 $12.3M New
MU Micron Technology Inc. 0.72% 42,950 $12.3M No change
BKNG Booking Holdings Inc. 0.72% 2,289 $12.3M Reduce -27.3%
CRWD CrowdStrike Holdings Inc. Class A 0.72% 25,980 $12.2M No change
HWM Howmet Aerospace Inc. 0.69% 57,501 $11.8M Add +475.0%
APP AppLovin Corp. Class A 0.66% 16,600 $11.2M Add +32.8%
SGI Somnigroup International Inc. 0.64% 121,000 $10.8M Add +272.3%
UBER Uber Technologies Inc. 0.63% 132,000 $10.8M Reduce -31.8%
ITUB Itau Unibanco H-Spon PRF ADR 0.61% 1,457,582 $10.4M New
DOLE Dole PLC 0.55% 629,370 $9.4M No change
VRT Vertiv Holdings Co. Class A 0.52% 54,360 $8.8M Reduce -57.4%
NOW ServiceNow Inc. 0.43% 47,600 $7.3M No change
SNOW Snowflake Inc. 0.39% 30,450 $6.7M No change
DDOG Datadog Inc. Class A 0.38% 47,800 $6.5M Reduce -18.0%
SNPS Synopsys Inc. 0.37% 13,450 $6.3M Reduce -35.0%
VEEV Veeva Systems Inc. Class A 0.35% 26,946 $6.0M Reduce -30.1%
ROP Roper Technologies Inc. 0.35% 13,200 $5.9M No change
ADBE Adobe Inc. 0.33% 16,210 $5.7M No change
TOST Toast Inc. Class A 0.33% 158,300 $5.6M Reduce -19.1%
SYK Stryker Corp. 0.32% 15,720 $5.5M No change
NDAQ Nasdaq Inc. 0.32% 56,550 $5.5M No change
AMAT Applied Materials Inc. 0.32% 21,000 $5.4M Add +2.4%
INTU Intuit Inc. 0.31% 7,850 $5.2M Reduce -28.6%
PCOR Procore Technologies Inc. 0.29% 68,050 $4.9M No change
ACN Accenture PLC Class A 0.25% 16,045 $4.3M No change
INTC Intel Corp. 0.24% 110,000 $4.1M No change
KLAR Klarna Group PLC 0.20% 117,000 $3.4M Add +134.0%
XYL Xylem Inc. 0.19% 23,150 $3.2M No change
DXCM Dexcom Inc. 0.18% 47,000 $3.1M New
TMO Thermo Fisher Scientific Inc. 0.18% 5,270 $3.1M Reduce -9.1%
DHR Danaher Corp. 0.17% 13,000 $3.0M No change
NEE Nextera Energy Inc. 0.16% 34,835 $2.8M Add +7.7%
MDLN Medline Inc. Class A 0.14% 55,000 $2.3M New
LLY Eli Lilly & Co. 0.12% 1,955 $2.1M Reduce -6.9%
WAB Wabtec Corp. 0.11% 9,060 $1.9M No change
JCI Johnson Controls Internation 0.08% 11,400 $1.4M No change
FSLR First Solar Inc. 0.08% 5,100 $1.3M Reduce -28.1%
GEV GE Vernova Inc. 0.07% 1,850 $1.2M New
WM Waste Management Inc. 0.07% 5,452 $1.2M Reduce -28.3%
ZTS Zoetis Inc. 0.07% 9,200 $1.2M Reduce -53.5%
SXT Sensient Technologies Corp. 0.07% 12,215 $1.1M New
VLTO Veralto Corp. 0.06% 9,760 $974K Add +14.8%
MICC The Magnum Ice Cream Co. NV 0.05% 55,154 $882K New
GOOG Alphabet Inc. Class C 0.01% 335 $105K New
Other holdings (31): bonds, preferreds, convertibles and warrants · $25.9M (not counted above)
SecurityClassShares / PrincipalValueChange
AEROVIRONMENT INC (AVAV 0 07/15/30) NOTE 7/1 · principal 5,500,000$6.0MReduce -16.0%
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 1,350,000$1.5MReduce -16.7%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal 1,010,000$1.3MNo change
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal 1,150,000$1.3MAdd +49.4%
NUTANIX INC (NTNX 0.5 12/15/29) NOTE 0.500%12/1 · principal 1,150,000$1.1MNew
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal 600,000$928KReduce -36.8%
CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal 780,000$923KNo change
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal 700,000$896KNo change
DATADOG INC (DDOG 0 12/01/29) NOTE 12/0 · principal 870,000$872KNew
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) NOTE 1.000% 8/1 · principal 630,000$839KNo change
PARSONS CORP (PSN 2.625 03/01/29) NOTE 2.625% 3/0 · principal 750,000$781KNo change
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal 600,000$740KReduce -14.3%
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 650,000$675KNo change
AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) NOTE 0.750%12/1 · principal 590,000$657KNew
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 650,000$652KNo change
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal 640,000$618KNo change
EXPEDIA GROUP INC (EXPE 0 02/15/26) NOTE 2/1 · principal 550,000$616KNo change
REPLIGEN CORP (RGEN 1 12/15/28) NOTE 1.000%12/1 · principal 550,000$605KReduce -31.3%
DROPBOX INC (DBX 0 03/01/26) NOTE 3/0 · principal 600,000$596KNo change
BENTLEY SYSTEMS (BSY 0.375 07/01/27) NOTE 0.375% 7/0 · principal 600,000$566KNo change
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 450,000$564KNo change
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) NOTE 2.250% 8/1 · principal 400,000$512KAdd +33.3%
EXACT SCIENCES CORP (EXAS 0.375 03/01/28) NOTE 0.375% 3/0 · principal 450,000$464KNo change
GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) NOTE 1.250%11/0 · principal 380,000$419KNew
WORKIVA INC (WK 1.25 08/15/28) NOTE 1.250% 8/1 · principal 350,000$350KNo change
H WORLD GROUP LTD (HTHT 3 05/01/26) NOTE 3.000% 5/0 · principal 200,000$256KReduce -33.3%
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal 150,000$255KReduce -53.1%
DROPBOX INC (DBX 0 03/01/28) NOTE 3/0 · principal 250,000$252KNo change
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) NOTE 1.125% 2/1 · principal 250,000$248KReduce -37.5%
FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal 200,000$230KNo change
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal 180,000$165KNo change

Total filed on the 13F, all lines: $1.7B.

Portfolio Sells Q3 2025 → Q4 2025
FLUT Flutter Entertainment PLC-Di Reduce -50.5% 1.77% −3.35
ORCL Oracle Corp. Reduce -34.0% 1.07% −1.71
META Meta Platforms Inc. Class A Reduce -5.5% 3.99% −1.60
NFLX Netflix Inc. Reduce -25.2% 1.50% −1.55
HD Home Depot Inc. Sold out 0.00% −1.06
LIN Linde PLC Sold out 0.00% −1.00
MELI MercadoLibre Inc. Sold out 0.00% −0.96
NVDA Nvidia Corp. Reduce -0.1% 4.79% −0.92
DIS The Walt Disney Co. Sold out 0.00% −0.83
VRT Vertiv Holdings Co. Class A Reduce -57.4% 0.52% −0.83
SPOT Spotify Technology SA Reduce -32.0% 0.75% −0.83
AVGO Broadcom Inc. Reduce -10.0% 3.06% −0.80
UBER Uber Technologies Inc. Reduce -31.8% 0.63% −0.69
DE Deere & Co. Reduce -26.8% 0.90% −0.54
BKNG Booking Holdings Inc. Reduce -27.3% 0.72% −0.47
VEEV Veeva Systems Inc. Class A Reduce -30.1% 0.35% −0.45
WMT Walmart Inc. Reduce -4.5% 2.91% −0.45
GOOGL Alphabet Inc. Class A Reduce -14.6% 5.19% −0.43
DHI D.R. Horton Inc. Reduce -3.7% 0.86% −0.39
MDT Medtronic PLC Sold out 0.00% −0.38
SNPS Synopsys Inc. Reduce -35.0% 0.37% −0.34
KKR KKR & Co. Inc. Sold out 0.00% −0.25
CRCL Circle Internet Group Inc. Sold out 0.00% −0.24
INTU Intuit Inc. Reduce -28.6% 0.31% −0.22
DDOG Datadog Inc. Class A Reduce -18.0% 0.38% −0.20
TOST Toast Inc. Class A Reduce -19.1% 0.33% −0.17
ZTS Zoetis Inc. Reduce -53.5% 0.07% −0.13
WM Waste Management Inc. Reduce -28.3% 0.07% −0.05
FSLR First Solar Inc. Reduce -28.1% 0.08% −0.03
HDB HDFC Bank Ltd.-ADR Sold out 0.00% −0.02
TMO Thermo Fisher Scientific Inc. Reduce -9.1% 0.18% −0.02
LLY Eli Lilly & Co. Reduce -6.9% 0.12% +0.01

Portfolio Buys Q3 2025 → Q4 2025
TTE Totalenergies SE New 17.29% +17.29
RACE Ferrari NV Add +225.4% 5.10% +2.69
NEM Newmont Corp. New 1.12% +1.12
STLA Stellantis NV Add +415.8% 0.93% +0.75
GM General Motors Co. New 0.72% +0.72
TSM Taiwan Semiconductor-SP ADR Add +161.0% 1.17% +0.68
ITUB Itau Unibanco H-Spon PRF ADR New 0.61% +0.61
HWM Howmet Aerospace Inc. Add +475.0% 0.69% +0.56
SGI Somnigroup International Inc. Add +272.3% 0.64% +0.44
AMD Advanced Micro Devices Add +22.5% 0.97% +0.26
DXCM Dexcom Inc. New 0.18% +0.18
MDLN Medline Inc. Class A New 0.14% +0.14
QGEN Qiagen N.V. Add +23.9% 1.86% +0.13
GEV GE Vernova Inc. New 0.07% +0.07
KLAR Klarna Group PLC Add +134.0% 0.20% +0.07
SXT Sensient Technologies Corp. New 0.07% +0.07
MICC The Magnum Ice Cream Co. NV New 0.05% +0.05
APP AppLovin Corp. Class A Add +32.8% 0.66% +0.03
AMAT Applied Materials Inc. Add +2.4% 0.32% +0.02
ADSK Autodesk Inc. Add +30.1% 0.74% +0.01
GOOG Alphabet Inc. Class C New 0.01% +0.01
VLTO Veralto Corp. Add +14.8% 0.06% −0.01
NEE Nextera Energy Inc. Add +7.7% 0.16% −0.01
MMM 3M Co. Add +11.1% 1.05% −0.04
GS Goldman Sachs Group Inc. Add +0.6% 1.66% −0.12
JPM JPMorgan Chase & Co. Add +2.0% 1.45% −0.21
AMZN Amazon.com Inc. Add +5.0% 3.06% −0.24
TT Trane Technologies PLC Add +0.7% 1.04% −0.29
PANW Palo Alto Networks Inc. Add +6.2% 1.23% −0.29
V Visa Inc. Class A Add +6.7% 3.98% −0.34
CRH CRH PLC Add +0.0% 4.17% −0.57
MSFT Microsoft Corp. Add +2.3% 5.13% −1.26

Notes & Other Activity Q3 2025 → Q4 2025
AEROVIRONMENT INC (AVAV 0 07/15/30) NOTE 7/1 · principal Reduce -16.0% 5,500,000 $6.0M
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal Reduce -16.7% 1,350,000 $1.5M
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal Sold out 950,000 $1.3Mbefore exit
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal Add +49.4% 1,150,000 $1.3M
NUTANIX INC (NTNX 0.5 12/15/29) NOTE 0.500%12/1 · principal New 1,150,000 $1.1M
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal Sold out 1,170,000 $1.1Mbefore exit
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal Reduce -36.8% 600,000 $928K
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal Sold out 1,000,000 $918Kbefore exit
DATADOG INC (DDOG 0 12/01/29) NOTE 12/0 · principal New 870,000 $872K
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal Reduce -14.3% 600,000 $740K
AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) NOTE 0.750%12/1 · principal New 590,000 $657K
REPLIGEN CORP (RGEN 1 12/15/28) NOTE 1.000%12/1 · principal Reduce -31.3% 550,000 $605K
SHOPIFY INC (SHOPCN 0.125 11/01/25) NOTE 0.125%11/0 · principal Sold out 550,000 $579Kbefore exit
VARONIS SYSTEM INC (VRNS 1 09/15/29) NOTE 1.000% 9/1 · principal Sold out 500,000 $542Kbefore exit
HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal Sold out 550,000 $512Kbefore exit
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) NOTE 2.250% 8/1 · principal Add +33.3% 400,000 $512K
GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) NOTE 1.250%11/0 · principal New 380,000 $419K
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal Sold out 350,000 $320Kbefore exit
H WORLD GROUP LTD (HTHT 3 05/01/26) NOTE 3.000% 5/0 · principal Reduce -33.3% 200,000 $256K
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal Reduce -53.1% 150,000 $255K
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) NOTE 1.125% 2/1 · principal Reduce -37.5% 250,000 $248K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 90$2.0BTTE, CRH, AZN, RACE, NVDA
Q1 2026 83$1.7BTTE, AZN, CRH, RACE, NVDA
Q4 2025 77$1.7BTTE, GOOGL, MSFT, RACE, NVDA
Q3 2025 75$1.4BMSFT, NVDA, GOOGL, META, FLUT
Q2 2025 75$1.3BMSFT, V, NVDA, FLUT, META
Q1 2025 95$1.2BFLUT, V, CRH, RACE, META
Q4 2024 98$1.3BFLUT, CRH, V, MSFT, NVDA
Q3 2024 91$1.1BFLUT, CRH, MSFT, V, META
Q2 2024 87$1.1BFLUT, CRH, STLA, MSFT, NVDA