Immersion Capital LLP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Immersion Capital LLP reported 11 stock positions worth $97.2 million. Its top holding was BlackRock (BLK) at 21.0% of the portfolio, followed by Visa Class A (V, 17.9%) and Heico Class A (HEI.A, 17.6%). Compared with Q2 2025, it opened 2 new positions, sold out of 1, added to 1 and reduced 1. The biggest buy was a new position in Elevance Health (ELV) and the biggest sale an exit from iShares Russell 2000 ETF (IWM).

Most Recent 13F
Q1 2026
Location
LONDON, X0
CIK
0001636441
Portfolio Value
$97.2M (Q3 2025)
SEC Filing
0001874761-25-000015 ↗ filed Nov 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $252.4M Q1 2024 Q2 2024: $178.6M Q2 2024 Q3 2024: $183.4M Q3 2024 Q4 2024: $119.5M Q4 2024 Q1 2025: $145.8M Q1 2025 Q2 2025: $99.4M Q2 2025 Q3 2025: $97.2M $97.2M Q3 2025 Q4 2025: $69.1M Q4 2025 Q1 2026: $62.8M Q1 2026

Holdings 11 stocks · $97.2M
BLK BlackRock Inc. 21.05% 17,543 $20.5M No change
V Visa Inc. Class A 17.88% 50,911 $17.4M No change
HEI.A Heico Corp. Class A 17.62% 67,406 $17.1M No change
RYAAY Ryanair Holdings PLC-SP ADR 17.40% 280,742 $16.9M Reduce -25.0%
HDB HDFC Bank Ltd.-ADR 5.85% 166,410 $5.7M No change
CNI Canadian Natl Railway Co. 5.20% 53,634 $5.1M No change
BP BP PLC-Spons ADR 3.48% 98,176 $3.4M No change
ELV Elevance Health Inc. 3.36% 10,100 $3.3M New
UNH Unitedhealth Group Inc. 3.34% 9,400 $3.2M New
CNQ Canadian Natural Resources 2.82% 85,874 $2.7M No change
TBBB BBB Foods Inc. Class A 1.99% 71,800 $1.9M Add +156.4%

Portfolio Sells Q2 2025 → Q3 2025
IWM iShares Russell 2000 ETF Sold out 0.00% −5.54
RYAAY Ryanair Holdings PLC-SP ADR Reduce -25.0% 17.40% −4.32

Portfolio Buys Q2 2025 → Q3 2025
ELV Elevance Health Inc. New 3.36% +3.36
UNH Unitedhealth Group Inc. New 3.34% +3.34
TBBB BBB Foods Inc. Class A Add +156.4% 1.99% +1.21

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q1 2026 10$62.8MBLK, V, HEI.A, RYAAY, ELV
Q4 2025 10$69.1MBLK, V, HEI.A, RYAAY, ELV
Q3 2025 11$97.2MBLK, V, HEI.A, RYAAY, HDB
Q2 2025 10$99.4MRYAAY, BLK, V, HEI.A, HDB
Q1 2025 10$145.8MBLK, RYAAY, V, HDB, GOOGL
Q4 2024 7$119.5MBLK, RYAAY, GOOGL, V, CNI
Q3 2024 9$183.4MRYAAY, BLK, GOOGL, V, CRM
Q2 2024 9$178.6MGOOGL, RYAAY, BLK, CRM, V
Q1 2024 9$252.4MRYAAY, BLK, GOOGL, CRM, KMX