Gladstone Capital Management LLP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Gladstone Capital Management LLP reported 28 stock positions worth $969.3 million. Its top holding was Alphabet Class A (GOOGL) at 19.2% of the portfolio, followed by RTX (RTX, 12.3%) and Microsoft (MSFT, 11.9%). Compared with Q3 2025, it opened 7 new positions, sold out of 2, added to 7 and reduced 9. The biggest buy was a new position in Quanta Services (PWR) and the biggest sale Philip Morris International (PM, shares −50%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001353394
- Portfolio Value
- $969.3M (Q4 2025)
- SEC Filing
- 0001353394-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 28 stocks · $969.3M
| GOOGL Alphabet Inc. Class A | 19.25% | 595,957 | $186.5M | Reduce -6.0% |
| RTX RTX Corp. | 12.32% | 650,965 | $119.4M | Add +6.9% |
| MSFT Microsoft Corp. | 11.91% | 238,707 | $115.4M | Reduce -8.4% |
| APG Api Group Corp. | 8.61% | 2,181,558 | $83.5M | Add +11.4% |
| PWR Quanta Services Inc. | 7.88% | 180,981 | $76.4M | New |
| AVGO Broadcom Inc. | 7.61% | 213,066 | $73.7M | Reduce -26.5% |
| ACGL Arch Capital Group Ltd. | 7.43% | 750,533 | $72.0M | Add +14.6% |
| PM Philip Morris International | 6.75% | 407,642 | $65.4M | Reduce -49.9% |
| META Meta Platforms Inc. Class A | 4.47% | 58,974 | $43.3M | No change |
| SNOW Snowflake Inc. | 3.82% | 169,002 | $37.1M | Add +2332.4% |
| XYZ Block Inc. | 3.46% | 514,928 | $33.5M | Reduce -26.9% |
| ABNB Airbnb Inc. Class A | 2.93% | 209,100 | $28.4M | New |
| CBRE CBRE Group Inc. Class A | 1.95% | 78,097 | $18.9M | Reduce -44.4% |
| DASH DoorDash Inc. Class A | 0.73% | 31,397 | $7.1M | Reduce -40.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.56% | 17,860 | $5.4M | New |
| AMZN Amazon.com Inc. | 0.07% | 3,000 | $691K | Add +2900.0% |
| LULU Lululemon Athletica Inc. | 0.07% | 3,300 | $686K | New |
| FIG Figma Inc. Class A | 0.07% | 17,081 | $638K | Add +2.9% |
| GE General Electric filed as GE AEROSPACE | 0.05% | 1,548 | $477K | Reduce -74.9% |
| NVDA Nvidia Corp. | 0.02% | 1,000 | $187K | No change |
| TEAM Atlassian Corp. Class A | 0.02% | 1,000 | $162K | Add +11.1% |
| BABA Alibaba Group Holding-SP ADR | 0.01% | 900 | $132K | New |
| ARM Arm Holdings PLC-ADR | 0.01% | 1,000 | $109K | No change |
| TSLA Tesla Inc. | 0.00% | 100 | $45K | No change |
| WING Wingstop Inc. | 0.00% | 100 | $24K | New |
| ICE Intercontinental Exchange Inc. | 0.00% | 100 | $16K | Reduce -99.9% |
| KEY Keycorp | 0.00% | 698 | $14K | No change |
| NKE Nike Inc. Class B | 0.00% | 4 | $255 | New |
Portfolio Sells Q3 2025 → Q4 2025
| PM Philip Morris International | Reduce -49.9% | 6.75% | −7.68 |
| ICE Intercontinental Exchange Inc. | Reduce -99.9% | 0.00% | −2.90 |
| AVGO Broadcom Inc. | Reduce -26.5% | 7.61% | −2.84 |
| MSFT Microsoft Corp. | Reduce -8.4% | 11.91% | −2.83 |
| XYZ Block Inc. | Reduce -26.9% | 3.46% | −2.11 |
| CBRE CBRE Group Inc. Class A | Reduce -44.4% | 1.95% | −1.31 |
| DASH DoorDash Inc. Class A | Reduce -40.4% | 0.73% | −0.83 |
| GE General Electric | Reduce -74.9% | 0.05% | −0.15 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −0.02 |
| DE Deere & Co. | Sold out | 0.00% | −0.01 |
| GOOGL Alphabet Inc. Class A | Reduce -6.0% | 19.25% | +2.40 |
Portfolio Buys Q3 2025 → Q4 2025
| PWR Quanta Services Inc. | New | 7.88% | +7.88 |
| SNOW Snowflake Inc. | Add +2332.4% | 3.82% | +3.65 |
| ABNB Airbnb Inc. Class A | New | 2.93% | +2.93 |
| APG Api Group Corp. | Add +11.4% | 8.61% | +1.26 |
| RTX RTX Corp. | Add +6.9% | 12.32% | +1.18 |
| ACGL Arch Capital Group Ltd. | Add +14.6% | 7.43% | +0.94 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.56% | +0.56 |
| LULU Lululemon Athletica Inc. | New | 0.07% | +0.07 |
| AMZN Amazon.com Inc. | Add +2900.0% | 0.07% | +0.07 |
| BABA Alibaba Group Holding-SP ADR | New | 0.01% | +0.01 |
| WING Wingstop Inc. | New | 0.00% | +0.00 |
| TEAM Atlassian Corp. Class A | Add +11.1% | 0.02% | +0.00 |
| NKE Nike Inc. Class B | New | 0.00% | 0.00 |
| FIG Figma Inc. Class A | Add +2.9% | 0.07% | −0.03 |
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 |