Lecap Asset Management Ltd.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 23, 2025), Lecap Asset Management Ltd. reported 266 stock positions worth $287.7 million. Its top holding was Nvidia (NVDA) at 1.1% of the portfolio, followed by TJX Companies (TJX, 1.1%) and Crown Castle (CCI, 1.0%). Compared with Q2 2025, it opened 131 new positions, sold out of 147, added to 81 and reduced 54. The biggest buy was a new position in Nvidia (NVDA) and the biggest sale an exit from Tapestry (TPR).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001990849
Portfolio Value
$287.7M (Q3 2025)
SEC Filing
0001990849-25-000009 ↗ filed Oct 23, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $480.4M Q1 2024 Q2 2024: $463.0M Q2 2024 Q3 2024: $463.1M Q3 2024 Q4 2024: $368.9M Q4 2024 Q1 2025: $428.2M Q1 2025 Q2 2025: $282.7M Q2 2025 Q3 2025: $287.7M $287.7M Q3 2025 Q4 2025: $251.1M Q4 2025 Q1 2026: $265.9M Q1 2026 Q2 2026: $233.2M Q2 2026

Holdings 266 stocks · $287.7M
NVDA Nvidia Corp. 1.06% 16,342 $3.0M New
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.05% 20,948 $3.0M Add +30.0%
CCI Crown Castle Inc. 1.03% 30,640 $3.0M Add +9.0%
MRSH Marsh & McLennan Cos 1.03% 14,651 $3.0M New
SCHW Schwab (charles) Corp. 1.00% 30,273 $2.9M Add +35.7%
SFM Sprouts Farmers Market Inc. 1.00% 26,321 $2.9M New
TW Tradeweb Markets Inc. Class A 0.99% 25,703 $2.9M New
TXN Texas Instruments Inc. 0.99% 15,469 $2.8M New
CL Colgate-Palmolive Co. 0.99% 35,494 $2.8M Add +12.0%
FERG Ferguson Enterprises Inc. 0.98% 12,537 $2.8M Add +517.9%
BR Broadridge Financial Solutio 0.94% 11,357 $2.7M New
QRVO Qorvo Inc. 0.93% 29,525 $2.7M New
EQH Equitable Holdings Inc. 0.90% 51,077 $2.6M Add +189.9%
ALL Allstate Corp. 0.87% 11,726 $2.5M Add +33.1%
WDC Western Digital Corp. 0.86% 20,674 $2.5M Add +236.6%
OTIS Otis Worldwide Corp. 0.86% 27,107 $2.5M Reduce -5.3%
CRM Salesforce Inc. 0.86% 10,425 $2.5M Add +91.3%
GDDY GoDaddy Inc. Class A 0.86% 18,048 $2.5M Add +1075.0%
DECK Deckers Outdoor Corp. 0.84% 23,847 $2.4M Add +298.4%
ROST Ross Stores Inc. 0.83% 15,691 $2.4M Reduce -26.9%
MKTX Marketaxess Holdings Inc. 0.83% 13,659 $2.4M Add +61.5%
AIG American International Group 0.82% 30,146 $2.4M Add +624.1%
IPG Interpublic Group of Cos Inc. 0.82% 84,632 $2.4M Reduce -27.5%
NDAQ Nasdaq Inc. 0.82% 26,510 $2.3M Add +4.1%
BBY Best Buy Co. Inc. 0.80% 30,284 $2.3M Add +90.9%
MCHP Microchip Technology Inc. 0.79% 35,408 $2.3M Add +20.6%
AVGO Broadcom Inc. 0.79% 6,866 $2.3M Add +204.2%
AMT American Tower Corp. 0.78% 11,685 $2.2M New
CB Chubb Ltd. 0.76% 7,784 $2.2M New
MU Micron Technology Inc. 0.75% 12,980 $2.2M Reduce -7.5%
ZM Zoom Communications Inc. 0.75% 26,077 $2.2M Reduce -5.4%
ORLY O'reilly Automotive Inc. 0.74% 19,717 $2.1M New
REXR Rexford Industrial Realty Inc. 0.73% 51,209 $2.1M Add +18.8%
MCO Moody's Corp. 0.72% 4,327 $2.1M New
LITE Lumentum Holdings Inc. 0.72% 12,661 $2.1M Add +17.0%
AMP Ameriprise Financial Inc. 0.71% 4,180 $2.1M Add +286.7%
CIEN Ciena Corp. 0.69% 13,683 $2.0M New
ZBRA Zebra Technologies Corp. Class A 0.66% 6,374 $1.9M New
SWK Stanley Black & Decker Inc. 0.64% 24,923 $1.9M Add +100.8%
SN Sharkninja Inc. 0.64% 17,911 $1.8M Add +14.7%
HIG Hartford Insurance Group Inc. 0.63% 13,526 $1.8M Reduce -10.9%
FLS Flowserve Corp. 0.63% 33,897 $1.8M Add +70.6%
KNX Knight-Swift Transportation 0.61% 44,237 $1.7M Add +14.7%
CPRT Copart Inc. 0.60% 38,552 $1.7M Reduce -28.3%
SPGI S&P Global Inc. 0.60% 3,535 $1.7M New
PATH Uipath Inc. Class A 0.59% 126,843 $1.7M Add +426.9%
RGA Reinsurance Group of America 0.59% 8,790 $1.7M Add +32.9%
M Macy's Inc. 0.58% 93,088 $1.7M New
TYL Tyler Technologies Inc. 0.57% 3,159 $1.7M New
APH Amphenol Corp. Class A 0.57% 13,287 $1.6M Add +171.4%
PFG Principal Financial Group 0.56% 19,596 $1.6M Add +42.0%
ROP Roper Technologies Inc. 0.56% 3,257 $1.6M New
ETSY Etsy Inc. 0.56% 24,403 $1.6M New
CDW CDW Corp. 0.56% 10,146 $1.6M New
GLPI Gaming and Leisure Propertie 0.56% 34,290 $1.6M Add +35.5%
BEN Franklin Templeton Inc. 0.55% 68,862 $1.6M New
IVZ Invesco Ltd. 0.54% 67,435 $1.5M New
MA Mastercard Inc. Class A 0.53% 2,690 $1.5M Reduce -48.5%
REG Regency Centers Corp. 0.53% 20,900 $1.5M Add +283.6%
ACN Accenture PLC Class A 0.53% 6,127 $1.5M New
HON Honeywell International Inc. 0.52% 7,152 $1.5M Add +57.1%
MLI Mueller Industries Inc. 0.52% 14,866 $1.5M New
USB US Bancorp 0.52% 31,074 $1.5M Add +202.1%
VMI Valmont Industries 0.52% 3,860 $1.5M New
BBWI Bath & Body Works Inc. 0.52% 58,016 $1.5M Add +21.7%
MRK Merck & Co. Inc. 0.52% 17,741 $1.5M Add +0.9%
CGNX Cognex Corp. 0.52% 32,860 $1.5M Add +7.1%
ESTC Elastic NV 0.51% 17,527 $1.5M Reduce -36.5%
ONON On Holding AG Class A filed as ON HLDG AG 0.51% 34,792 $1.5M New
NKE Nike Inc. Class B 0.51% 20,901 $1.5M New
KIM Kimco Realty Corp. 0.50% 65,954 $1.4M Add +78.4%
COF Capital One Financial Corp. 0.50% 6,770 $1.4M Reduce -0.5%
FIS Fidelity National Info Serv 0.50% 21,792 $1.4M New
CMCSA Comcast Corp. Class A 0.50% 45,673 $1.4M Add +649.0%
KEX Kirby Corp. 0.50% 17,123 $1.4M Add +320.9%
PCTY Paylocity Holding Corp. 0.50% 8,947 $1.4M Add +11.2%
TSN Tyson Foods Inc. Class A 0.49% 26,111 $1.4M Add +16.7%
AMD Advanced Micro Devices 0.49% 8,650 $1.4M New
SYF Synchrony Financial 0.48% 19,552 $1.4M Add +48.4%
ADP Automatic Data Processing 0.48% 4,675 $1.4M Reduce -23.6%
ALSN Allison Transmission Holding 0.47% 15,983 $1.4M Add +27.1%
GLOB Globant SA 0.47% 23,433 $1.3M Add +14.8%
TPG TPG Inc. 0.47% 23,375 $1.3M New
FHN First Horizon Corp. 0.46% 58,404 $1.3M New
ADI Analog Devices Inc. 0.46% 5,363 $1.3M New
LLY Eli Lilly & Co. 0.46% 1,717 $1.3M New
RNR Renaissancere Holdings Ltd. 0.45% 5,136 $1.3M Add +512.9%
MSFT Microsoft Corp. 0.45% 2,503 $1.3M Add +176.6%
MAS Masco Corp. 0.45% 18,233 $1.3M Add +36.7%
ONTO Onto Innovation Inc. 0.45% 9,928 $1.3M Reduce -39.6%
WMS Advanced Drainage Systems Inc. 0.45% 9,234 $1.3M New
TT Trane Technologies PLC 0.44% 3,030 $1.3M New
IEX Idex Corp. 0.44% 7,739 $1.3M Reduce -32.1%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.43% 38,184 $1.2M New
HST Host Hotels & Resorts Inc. 0.43% 72,787 $1.2M Reduce -56.6%
VNO Vornado Realty Trust 0.42% 30,093 $1.2M Add +28.4%
INVH Invitation Homes Inc. 0.42% 41,229 $1.2M Add +22.1%
OSK Oshkosh Corp. 0.42% 9,309 $1.2M New
SNDK Sandisk Corp. 0.42% 10,747 $1.2M Reduce -50.1%
FIX Comfort Systems USA Inc. 0.41% 1,439 $1.2M Reduce -23.2%

Show all 266 holdings

Portfolio Sells Q2 2025 → Q3 2025
TPR Tapestry Inc. Sold out 0.00% −1.04
TMUS T-Mobile US Inc. Sold out 0.00% −1.04
BSX Boston Scientific Corp. Sold out 0.00% −1.03
VRSK Verisk Analytics Inc. Sold out 0.00% −1.02
CNC Centene Corp. Sold out 0.00% −1.02
UBER Uber Technologies Inc. Sold out 0.00% −0.97
BX Blackstone Inc. Sold out 0.00% −0.95
DOV Dover Corp. Sold out 0.00% −0.92
MET Metlife Inc. Sold out 0.00% −0.92
TEAM Atlassian Corp. Class A Sold out 0.00% −0.89
ELV Elevance Health Inc. Sold out 0.00% −0.80
HAS Hasbro Inc. Sold out 0.00% −0.76
MTZ Mastec Inc. Sold out 0.00% −0.68
SPG Simon Property Group Inc. Sold out 0.00% −0.68
WSO Watsco Inc. Sold out 0.00% −0.68
DXCM Dexcom Inc. Sold out 0.00% −0.66
AOS Smith (a.o.) Corp. Sold out 0.00% −0.64
INTU Intuit Inc. Reduce -63.4% 0.29% −0.64
SEIC Sei Investments Company Sold out 0.00% −0.62
COO The Cooper Cos Inc. Sold out 0.00% −0.60
FBIN Fortune Brands Innovations I Sold out 0.00% −0.60
CDNS Cadence Design SYS Inc. Sold out 0.00% −0.59
OC Owens Corning Sold out 0.00% −0.57
GRMN Garmin Ltd. Sold out 0.00% −0.56
CRL Charles River Laboratories Sold out 0.00% −0.54
FTV Fortive Corp. Sold out 0.00% −0.53
CAR Avis Budget Group Inc. Sold out 0.00% −0.53
MNST Monster Beverage Corp. Sold out 0.00% −0.52
MA Mastercard Inc. Class A Reduce -48.5% 0.53% −0.51
ACGL Arch Capital Group Ltd. Reduce -72.6% 0.18% −0.50
UHS Universal Health Services-B Sold out 0.00% −0.48
HST Host Hotels & Resorts Inc. Reduce -56.6% 0.43% −0.48
ILMN Illumina Inc. Sold out 0.00% −0.48
EQIX Equinix Inc. Sold out 0.00% −0.44
WDAY Workday Inc. Class A Sold out 0.00% −0.44
BNY Bank of New York Mellon Corp. Sold out 0.00% −0.43
SWKS Skyworks Solutions Inc. Sold out 0.00% −0.43
USFD US Foods Holding Corp. Sold out 0.00% −0.42
CART Maplebear Inc. Sold out 0.00% −0.42
MDB Mongodb Inc. Reduce -72.3% 0.28% −0.42
VOYA Voya Financial Inc. Sold out 0.00% −0.40
PEN Penumbra Inc. Sold out 0.00% −0.39
GWRE Guidewire Software Inc. Sold out 0.00% −0.39
GOOG Alphabet Inc. Class C Sold out 0.00% −0.38
HRB H&R Block Inc. Sold out 0.00% −0.38
OLED Universal Display Corp. Sold out 0.00% −0.38
TTC Toro Co. Reduce -77.2% 0.12% −0.38
ACM Aecom Sold out 0.00% −0.38
AME Ametek Inc. Reduce -72.5% 0.15% −0.38
BRBR Bellring Brands Inc. Sold out 0.00% −0.37

Portfolio Buys Q2 2025 → Q3 2025
NVDA Nvidia Corp. New 1.06% +1.06
MRSH Marsh & McLennan Cos New 1.03% +1.03
SFM Sprouts Farmers Market Inc. New 1.00% +1.00
TW Tradeweb Markets Inc. Class A New 0.99% +0.99
TXN Texas Instruments Inc. New 0.99% +0.99
BR Broadridge Financial Solutio New 0.94% +0.94
QRVO Qorvo Inc. New 0.93% +0.93
FERG Ferguson Enterprises Inc. Add +517.9% 0.98% +0.82
AMT American Tower Corp. New 0.78% +0.78
CB Chubb Ltd. New 0.76% +0.76
GDDY GoDaddy Inc. Class A Add +1075.0% 0.86% +0.76
ORLY O'reilly Automotive Inc. New 0.74% +0.74
WDC Western Digital Corp. Add +236.6% 0.86% +0.72
MCO Moody's Corp. New 0.72% +0.72
AIG American International Group Add +624.1% 0.82% +0.70
CIEN Ciena Corp. New 0.69% +0.69
ZBRA Zebra Technologies Corp. Class A New 0.66% +0.66
DECK Deckers Outdoor Corp. Add +298.4% 0.84% +0.62
SPGI S&P Global Inc. New 0.60% +0.60
M Macy's Inc. New 0.58% +0.58
TYL Tyler Technologies Inc. New 0.57% +0.57
AVGO Broadcom Inc. Add +204.2% 0.79% +0.57
ROP Roper Technologies Inc. New 0.56% +0.56
ETSY Etsy Inc. New 0.56% +0.56
CDW CDW Corp. New 0.56% +0.56
BEN Franklin Templeton Inc. New 0.55% +0.55
EQH Equitable Holdings Inc. Add +189.9% 0.90% +0.55
IVZ Invesco Ltd. New 0.54% +0.54
ACN Accenture PLC Class A New 0.53% +0.53
MLI Mueller Industries Inc. New 0.52% +0.52
VMI Valmont Industries New 0.52% +0.52
ONON On Holding AG Class A New 0.51% +0.51
AMP Ameriprise Financial Inc. Add +286.7% 0.71% +0.51
NKE Nike Inc. Class B New 0.51% +0.51
FIS Fidelity National Info Serv New 0.50% +0.50
AMD Advanced Micro Devices New 0.49% +0.49
PATH Uipath Inc. Class A Add +426.9% 0.59% +0.48
TPG TPG Inc. New 0.47% +0.47
FHN First Horizon Corp. New 0.46% +0.46
ADI Analog Devices Inc. New 0.46% +0.46
LLY Eli Lilly & Co. New 0.46% +0.46
WMS Advanced Drainage Systems Inc. New 0.45% +0.45
TT Trane Technologies PLC New 0.44% +0.44
VICI Vici Properties Inc. New 0.43% +0.43
CMCSA Comcast Corp. Class A Add +649.0% 0.50% +0.42
OSK Oshkosh Corp. New 0.42% +0.42
BBY Best Buy Co. Inc. Add +90.9% 0.80% +0.42
DOCU Docusign Inc. New 0.41% +0.41
SJM The JM Smucker Co. New 0.40% +0.40
APH Amphenol Corp. Class A Add +171.4% 0.57% +0.40

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 254$233.2MGDDY, IR, KR, DHI, NTNX
Q1 2026 267$265.9MIBKR, TOL, SYY, MA, SSNC
Q4 2025 277$251.1MMSI, NOW, VICI, PODD, OTIS
Q3 2025 266$287.7MNVDA, TJX, CCI, MRSH, SCHW
Q2 2025 282$282.7MTPR, TMUS, MA, BSX, VRSK
Q1 2025 278$428.2MJBHT, A, HOLX, GEHC, KNX
Q4 2024 279$368.9MCDW, LDOS, SCHW, CTAS, HOLX
Q3 2024 297$463.1MVEEV, UNP, GWRE, ADBE, EFX
Q2 2024 301$463.0MODFL, MMM, DT, BDX, CSX
Q1 2024 281$480.4MKR, VRSK, CARR, DOV, INTU