Immersion Capital LLP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Immersion Capital LLP reported 10 stock positions worth $99.4 million. Its top holding was Ryanair Holdings PLC-SP ADR (RYAAY) at 21.7% of the portfolio, followed by BlackRock (BLK, 18.5%) and Visa Class A (V, 18.2%). Compared with Q1 2025, it opened 1 new position, sold out of 1, added to 2 and reduced 7. The biggest buy was Heico Class A (HEI.A, shares +32%) and the biggest sale an exit from Alphabet Class A (GOOGL).
- Most Recent 13F
- Q1 2026
- Location
- LONDON, X0
- CIK
- 0001636441
- Portfolio Value
- $99.4M (Q2 2025)
- SEC Filing
- 0001874761-25-000010 ↗ filed Aug 14, 2025
Holdings Value
Holdings 10 stocks · $99.4M
| RYAAY Ryanair Holdings PLC-SP ADR | 21.72% | 374,242 | $21.6M | Reduce -41.7% |
| BLK BlackRock Inc. | 18.52% | 17,543 | $18.4M | Reduce -40.1% |
| V Visa Inc. Class A | 18.19% | 50,911 | $18.1M | Reduce -21.9% |
| HEI.A Heico Corp. Class A | 17.55% | 67,406 | $17.4M | Add +32.5% |
| HDB HDFC Bank Ltd.-ADR | 6.42% | 83,205 | $6.4M | Reduce -72.0% |
| CNI Canadian Natl Railway Co. | 5.61% | 53,634 | $5.6M | Reduce -39.9% |
| IWM iShares Russell 2000 ETF | 5.54% | 25,500 | $5.5M | New |
| BP BP PLC-Spons ADR | 2.96% | 98,176 | $2.9M | Reduce -40.0% |
| CNQ Canadian Natural Resources | 2.71% | 85,874 | $2.7M | Reduce -39.9% |
| TBBB BBB Foods Inc. Class A | 0.78% | 28,000 | $777K | Add +69.7% |
Portfolio Sells Q1 2025 → Q2 2025
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −12.67 |
| HDB HDFC Bank Ltd.-ADR | Reduce -72.0% | 6.42% | −7.13 |
| BP BP PLC-Spons ADR | Reduce -40.0% | 2.96% | −0.83 |
| BLK BlackRock Inc. | Reduce -40.1% | 18.52% | −0.48 |
| CNI Canadian Natl Railway Co. | Reduce -39.9% | 5.61% | −0.35 |
| CNQ Canadian Natural Resources | Reduce -39.9% | 2.71% | −0.31 |
| V Visa Inc. Class A | Reduce -21.9% | 18.19% | +2.52 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -41.7% | 21.72% | +3.05 |
Portfolio Buys Q1 2025 → Q2 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q1 2026 | 10 | $62.8M | BLK, V, HEI.A, RYAAY, ELV |
| Q4 2025 | 10 | $69.1M | BLK, V, HEI.A, RYAAY, ELV |
| Q3 2025 | 11 | $97.2M | BLK, V, HEI.A, RYAAY, HDB |
| Q2 2025 | 10 | $99.4M | RYAAY, BLK, V, HEI.A, HDB |
| Q1 2025 | 10 | $145.8M | BLK, RYAAY, V, HDB, GOOGL |
| Q4 2024 | 7 | $119.5M | BLK, RYAAY, GOOGL, V, CNI |
| Q3 2024 | 9 | $183.4M | RYAAY, BLK, GOOGL, V, CRM |
| Q2 2024 | 9 | $178.6M | GOOGL, RYAAY, BLK, CRM, V |
| Q1 2024 | 9 | $252.4M | RYAAY, BLK, GOOGL, CRM, KMX |