Immersion Capital LLP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Immersion Capital LLP reported 10 stock positions worth $69.1 million. Its top holding was BlackRock (BLK) at 19.6% of the portfolio, followed by Visa Class A (V, 18.6%) and Heico Class A (HEI.A, 17.7%). Compared with Q3 2025, it sold out of 1, added to 2 and reduced 8. The biggest buy was Elevance Health (ELV, shares +43%) and the biggest sale an exit from HDFC Bank Ltd.-ADR (HDB).
- Most Recent 13F
- Q1 2026
- Location
- LONDON, X0
- CIK
- 0001636441
- Portfolio Value
- $69.1M (Q4 2025)
- SEC Filing
- 0001636441-26-000001 ↗ filed Feb 17, 2026
Holdings Value
Holdings 10 stocks · $69.1M
| BLK BlackRock Inc. | 19.56% | 12,633 | $13.5M | Reduce -28.0% |
| V Visa Inc. Class A | 18.61% | 36,671 | $12.9M | Reduce -28.0% |
| HEI.A Heico Corp. Class A | 17.74% | 48,566 | $12.3M | Reduce -27.9% |
| RYAAY Ryanair Holdings PLC-SP ADR | 16.29% | 155,942 | $11.3M | Reduce -44.5% |
| ELV Elevance Health Inc. | 7.30% | 14,400 | $5.0M | Add +42.6% |
| UNH Unitedhealth Group Inc. | 5.89% | 12,340 | $4.1M | Add +31.3% |
| CNI Canadian Natl Railway Co. | 5.53% | 38,634 | $3.8M | Reduce -28.0% |
| BP BP PLC-Spons ADR | 3.56% | 70,776 | $2.5M | Reduce -27.9% |
| CNQ Canadian Natural Resources | 3.03% | 61,874 | $2.1M | Reduce -27.9% |
| TBBB BBB Foods Inc. Class A | 2.50% | 51,700 | $1.7M | Reduce -28.0% |
Portfolio Sells Q3 2025 → Q4 2025
| HDB HDFC Bank Ltd.-ADR | Sold out | 0.00% | −5.85 |
| BLK BlackRock Inc. | Reduce -28.0% | 19.56% | −1.48 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -44.5% | 16.29% | −1.11 |
| BP BP PLC-Spons ADR | Reduce -27.9% | 3.56% | +0.07 |
| HEI.A Heico Corp. Class A | Reduce -27.9% | 17.74% | +0.11 |
| CNQ Canadian Natural Resources | Reduce -27.9% | 3.03% | +0.21 |
| CNI Canadian Natl Railway Co. | Reduce -28.0% | 5.53% | +0.32 |
| TBBB BBB Foods Inc. Class A | Reduce -28.0% | 2.50% | +0.51 |
| V Visa Inc. Class A | Reduce -28.0% | 18.61% | +0.72 |
Portfolio Buys Q3 2025 → Q4 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 |