Gladstone Capital Management LLP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Gladstone Capital Management LLP reported 22 stock positions worth $969.2 million. Its top holding was Philip Morris International (PM) at 13.7% of the portfolio, followed by Intercontinental Exchange (ICE, 11.6%) and Arch Capital (ACGL, 11.0%). Compared with Q1 2025, it opened 2 new positions, sold out of 4, added to 4 and reduced 10. The biggest buy was a new position in RTX (RTX) and the biggest sale an exit from Alibaba Group Holding-SP ADR (BABA).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001353394
- Portfolio Value
- $969.2M (Q2 2025)
- SEC Filing
- 0001353394-25-000006 ↗ filed Aug 13, 2025
Holdings Value
Holdings 22 stocks · $969.2M
| PM Philip Morris International | 13.66% | 727,159 | $132.4M | Reduce -2.4% |
| ICE Intercontinental Exchange Inc. | 11.62% | 613,854 | $112.6M | Add +5.0% |
| ACGL Arch Capital Group Ltd. | 10.95% | 1,165,926 | $106.2M | Reduce -7.7% |
| META Meta Platforms Inc. Class A | 10.88% | 142,894 | $105.5M | Reduce -32.3% |
| AMZN Amazon.com Inc. | 10.38% | 458,333 | $100.6M | Add +17.5% |
| MSFT Microsoft Corp. | 9.47% | 184,434 | $91.7M | Reduce -0.9% |
| SNOW Snowflake Inc. | 8.80% | 381,307 | $85.3M | Reduce -8.4% |
| DE Deere & Co. | 7.73% | 147,329 | $74.9M | Add +17.8% |
| GE General Electric filed as GE AEROSPACE | 6.17% | 232,471 | $59.8M | Reduce -26.2% |
| XYZ Block Inc. | 5.43% | 774,305 | $52.6M | Reduce -8.3% |
| RTX RTX Corp. | 3.49% | 231,829 | $33.9M | New |
| CBRE CBRE Group Inc. Class A | 1.02% | 46,249 | $9.8M | Reduce -77.6% |
| COIN Coinbase Global Inc. Class A | 0.26% | 7,275 | $2.5M | Add +48.5% |
| APP AppLovin Corp. Class A | 0.04% | 1,000 | $350K | New |
| WMT Walmart Inc. | 0.02% | 2,014 | $197K | Reduce -50.0% |
| AVGO Broadcom Inc. | 0.02% | 610 | $168K | No change |
| ARM Arm Holdings PLC-ADR | 0.02% | 1,000 | $162K | Reduce -91.5% |
| NVDA Nvidia Corp. | 0.02% | 1,000 | $158K | No change |
| ABNB Airbnb Inc. Class A | 0.01% | 1,000 | $132K | No change |
| NKE Nike Inc. Class B | 0.01% | 1,000 | $71K | No change |
| TSLA Tesla Inc. | 0.00% | 100 | $32K | No change |
| KEY Keycorp | 0.00% | 698 | $12K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −7.80 |
| HLT Hilton Worldwide Holdings Inc. | Sold out | 0.00% | −1.97 |
| CBRE CBRE Group Inc. Class A | Reduce -77.6% | 1.02% | −1.77 |
| META Meta Platforms Inc. Class A | Reduce -32.3% | 10.88% | −1.64 |
| ACGL Arch Capital Group Ltd. | Reduce -7.7% | 10.95% | −1.56 |
| GE General Electric | Reduce -26.2% | 6.17% | −0.31 |
| ARM Arm Holdings PLC-ADR | Reduce -91.5% | 0.02% | −0.11 |
| AAPL Apple Inc. | Sold out | 0.00% | −0.02 |
| WMT Walmart Inc. | Reduce -50.0% | 0.02% | −0.02 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.00 |
| XYZ Block Inc. | Reduce -8.3% | 5.43% | +0.70 |
| PM Philip Morris International | Reduce -2.4% | 13.66% | +1.48 |
| MSFT Microsoft Corp. | Reduce -0.9% | 9.47% | +2.27 |
| SNOW Snowflake Inc. | Reduce -8.4% | 8.80% | +2.54 |
Portfolio Buys Q1 2025 → Q2 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 40 | $1.0B | GOOGL, PWR, V, RTX, PM |
| Q1 2026 | 32 | $995.9M | GOOGL, PWR, RTX, MSFT, APG |
| Q4 2025 | 28 | $969.3M | GOOGL, RTX, MSFT, APG, PWR |
| Q3 2025 | 23 | $915.5M | GOOGL, MSFT, PM, RTX, AVGO |
| Q2 2025 | 22 | $969.2M | PM, ICE, ACGL, META, AMZN |
| Q1 2025 | 24 | $971.2M | META, ACGL, PM, ICE, AMZN |
| Q4 2024 | 28 | $1.2B | AAPL, ACGL, PM, MSFT, AMZN |
| Q3 2024 | 22 | $1.2B | GOOGL, MSFT, ACGL, GE, PM |
| Q2 2024 | 18 | $1.1B | GOOGL, MSFT, ACGL, AMZN, GE |
| Q1 2024 | 19 | $1.0B | MSFT, ACGL, GOOGL, XYZ, MDB |