Lecap Asset Management Ltd.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 27, 2026), Lecap Asset Management Ltd. reported 277 stock positions worth $251.1 million. Its top holding was Motorola Solutions (MSI) at 1.1% of the portfolio, followed by ServiceNow (NOW, 1.0%) and Vici Properties (VICI, 1.0%). Compared with Q3 2025, it opened 138 new positions, sold out of 127, added to 51 and reduced 88. The biggest buy was a new position in Motorola Solutions (MSI) and the biggest sale an exit from Texas Instruments (TXN).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001990849
Portfolio Value
$251.1M (Q4 2025)
SEC Filing
0001990849-26-000002 ↗ filed Jan 27, 2026

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 Q3 2025 Q4 2025: $251.1M $251.1M Q4 2025 Q1 2026: $265.9M Q1 2026 Q2 2026: $233.2M Q2 2026

Holdings 277 stocks · $251.1M
MSI Motorola Solutions Inc. 1.06% 6,922 $2.7M New
NOW ServiceNow Inc. 1.02% 16,706 $2.6M New
VICI Vici Properties Inc. filed as VICI PPTYS INC 1.01% 90,399 $2.5M Add +136.8%
PODD Insulet Corp. 1.01% 8,929 $2.5M New
OTIS Otis Worldwide Corp. 1.01% 29,055 $2.5M Add +7.2%
NVDA Nvidia Corp. 1.00% 13,418 $2.5M Reduce -17.9%
INVH Invitation Homes Inc. 0.97% 88,041 $2.4M Add +113.5%
VRSK Verisk Analytics Inc. 0.97% 10,912 $2.4M New
CART Maplebear Inc. 0.93% 51,918 $2.3M New
DXCM Dexcom Inc. 0.87% 33,086 $2.2M New
PHM Pultegroup Inc. 0.87% 18,619 $2.2M New
CHWY Chewy Inc. Class A 0.86% 65,368 $2.2M Add +215.6%
CMI Cummins Inc. 0.86% 4,217 $2.2M Add +78.7%
MEDP Medpace Holdings Inc. 0.85% 3,782 $2.1M New
CNC Centene Corp. 0.84% 51,460 $2.1M New
TOST Toast Inc. Class A 0.84% 59,123 $2.1M Add +206.7%
BBY Best Buy Co. Inc. 0.80% 30,164 $2.0M Reduce -0.4%
ARE Alexandria Real Estate Equit 0.80% 40,995 $2.0M New
ADP Automatic Data Processing 0.80% 7,799 $2.0M Add +66.8%
DECK Deckers Outdoor Corp. 0.79% 19,134 $2.0M Reduce -19.8%
ROST Ross Stores Inc. 0.78% 10,846 $2.0M Reduce -30.9%
WMT Walmart Inc. 0.77% 17,461 $1.9M Add +219.4%
TT Trane Technologies PLC 0.77% 4,991 $1.9M Add +64.7%
MKTX Marketaxess Holdings Inc. 0.76% 10,596 $1.9M Reduce -22.4%
ONON On Holding AG Class A filed as ON HLDG AG 0.76% 41,273 $1.9M Add +18.6%
AVGO Broadcom Inc. 0.76% 5,533 $1.9M Reduce -19.4%
HST Host Hotels & Resorts Inc. 0.76% 107,770 $1.9M Add +48.1%
ALL Allstate Corp. 0.76% 9,163 $1.9M Reduce -21.9%
ROK Rockwell Automation Inc. 0.75% 4,849 $1.9M Add +148.8%
CPRT Copart Inc. 0.75% 47,905 $1.9M Add +24.3%
CCI Crown Castle Inc. 0.73% 20,720 $1.8M Reduce -32.4%
ALGN Align Technology Inc. 0.72% 11,616 $1.8M New
MCHP Microchip Technology Inc. 0.72% 28,370 $1.8M Reduce -19.9%
MRSH Marsh & McLennan Cos 0.70% 9,521 $1.8M Reduce -35.0%
EG Everest Group Ltd. 0.70% 5,182 $1.8M Add +359.8%
BSX Boston Scientific Corp. 0.70% 18,408 $1.8M New
CHD Church & Dwight Co. Inc. 0.70% 20,900 $1.8M New
PFG Principal Financial Group 0.69% 19,682 $1.7M Add +0.4%
MASI Masimo Corp. 0.68% 13,196 $1.7M New
ROP Roper Technologies Inc. 0.68% 3,822 $1.7M Add +17.4%
SWK Stanley Black & Decker Inc. 0.68% 22,830 $1.7M Reduce -8.4%
SAIA Saia Inc. 0.67% 5,182 $1.7M New
CACI Caci International Inc. Class A 0.67% 3,175 $1.7M New
DOC Healthpeak Properties Inc. 0.67% 104,887 $1.7M New
MU Micron Technology Inc. 0.67% 5,881 $1.7M Reduce -54.7%
LYFT LYFT Inc. Class A 0.67% 86,459 $1.7M Add +166.8%
UNM Unum Group 0.67% 21,573 $1.7M New
NDSN Nordson Corp. 0.67% 6,948 $1.7M New
EQH Equitable Holdings Inc. 0.66% 34,905 $1.7M Reduce -31.7%
HIG Hartford Insurance Group Inc. 0.66% 11,978 $1.7M Reduce -11.4%
TER Teradyne Inc. 0.65% 8,392 $1.6M Add +88.5%
A Agilent Technologies Inc. 0.62% 11,390 $1.5M New
VLTO Veralto Corp. 0.61% 15,378 $1.5M Add +48.7%
RDDT Reddit Inc. Class A 0.61% 6,609 $1.5M Add +90.9%
COHR Coherent Corp. 0.59% 8,064 $1.5M New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.59% 9,598 $1.5M Reduce -54.2%
PATH Uipath Inc. Class A 0.58% 89,542 $1.5M Reduce -29.4%
VRT Vertiv Holdings Co. Class A 0.58% 9,051 $1.5M Add +70.3%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.58% 23,070 $1.5M Add +50.7%
GDDY GoDaddy Inc. Class A 0.57% 11,569 $1.4M Reduce -35.9%
MDB Mongodb Inc. 0.57% 3,417 $1.4M Add +31.5%
ACM Aecom 0.56% 14,801 $1.4M New
SF Stifel Financial Corp. 0.55% 11,015 $1.4M Add +396.4%
SFM Sprouts Farmers Market Inc. 0.54% 17,038 $1.4M Reduce -35.3%
LLY Eli Lilly & Co. 0.54% 1,262 $1.4M Reduce -26.5%
GM General Motors Co. 0.54% 16,519 $1.3M New
COF Capital One Financial Corp. 0.51% 5,275 $1.3M Reduce -22.1%
USB US Bancorp 0.51% 23,901 $1.3M Reduce -23.1%
TW Tradeweb Markets Inc. Class A 0.51% 11,796 $1.3M Reduce -54.1%
CFG Citizens Financial Group 0.50% 21,341 $1.2M New
CUBE Cubesmart 0.50% 34,497 $1.2M Add +190.3%
GRMN Garmin Ltd. 0.49% 6,118 $1.2M New
IVZ Invesco Ltd. 0.48% 46,272 $1.2M Reduce -31.4%
ACGL Arch Capital Group Ltd. 0.48% 12,569 $1.2M Add +116.9%
AYI Acuity Inc. 0.48% 3,342 $1.2M Add +152.8%
GMED Globus Medical Inc. Class A 0.48% 13,778 $1.2M New
BFAM Bright Horizons Family Solut 0.47% 11,526 $1.2M Add +17.9%
TTEK Tetra Tech Inc. 0.46% 34,678 $1.2M Add +365.9%
AIT Applied Industrial Tech Inc. 0.46% 4,487 $1.2M Add +35.6%
FERG Ferguson Enterprises Inc. 0.46% 5,174 $1.2M Reduce -58.7%
FOX Fox Corp. Class B 0.46% 17,668 $1.1M Add +122.6%
ONTO Onto Innovation Inc. 0.46% 7,265 $1.1M Reduce -26.8%
BBWI Bath & Body Works Inc. 0.44% 55,460 $1.1M Reduce -4.4%
LOPE Grand Canyon Education Inc. 0.43% 6,536 $1.1M New
BRX Brixmor Property Group Inc. 0.43% 41,062 $1.1M New
OLLI Ollie's Bargain Outlet Holdi 0.43% 9,821 $1.1M New
EW Edwards Lifesciences Corp. 0.43% 12,564 $1.1M New
AMG Affiliated Managers Group 0.42% 3,685 $1.1M New
WMS Advanced Drainage Systems Inc. 0.42% 7,298 $1.1M Reduce -21.0%
CDNS Cadence Design SYS Inc. 0.42% 3,375 $1.1M New
ISRG Intuitive Surgical Inc. 0.42% 1,846 $1.0M New
SNDK Sandisk Corp. 0.41% 4,359 $1.0M Reduce -59.4%
FLS Flowserve Corp. 0.41% 14,908 $1.0M Reduce -56.0%
INSP Inspire Medical Systems Inc. 0.40% 11,010 $1.0M New
JAZZ Jazz Pharmaceuticals PLC 0.40% 5,946 $1.0M Reduce -5.9%
FND Floor & Decor Holdings Inc. Class A 0.40% 16,590 $1.0M New
FNF Fidelity National Financial 0.40% 18,490 $1.0M Add +31.7%
CGNX Cognex Corp. 0.40% 27,920 $1.0M Reduce -15.0%
DVA Davita Inc. 0.40% 8,731 $992K New
SITE Siteone Landscape Supply Inc. 0.39% 7,927 $987K Reduce -12.7%

Show all 277 holdings

Portfolio Sells Q3 2025 → Q4 2025
TXN Texas Instruments Inc. Sold out 0.00% −0.99
CL Colgate-Palmolive Co. Sold out 0.00% −0.99
BR Broadridge Financial Solutio Sold out 0.00% −0.94
QRVO Qorvo Inc. Sold out 0.00% −0.93
CRM Salesforce Inc. Sold out 0.00% −0.86
AIG American International Group Sold out 0.00% −0.82
IPG Interpublic Group of Cos Inc. Sold out 0.00% −0.82
NDAQ Nasdaq Inc. Sold out 0.00% −0.82
CB Chubb Ltd. Sold out 0.00% −0.76
SCHW Schwab (charles) Corp. Reduce -79.9% 0.24% −0.76
REXR Rexford Industrial Realty Inc. Sold out 0.00% −0.73
LITE Lumentum Holdings Inc. Sold out 0.00% −0.72
CIEN Ciena Corp. Sold out 0.00% −0.69
ZBRA Zebra Technologies Corp. Class A Sold out 0.00% −0.66
ORLY O'reilly Automotive Inc. Reduce -87.7% 0.09% −0.65
AMT American Tower Corp. Reduce -83.7% 0.13% −0.65
KNX Knight-Swift Transportation Sold out 0.00% −0.61
MCO Moody's Corp. Reduce -87.5% 0.11% −0.61
SPGI S&P Global Inc. Sold out 0.00% −0.60
TYL Tyler Technologies Inc. Sold out 0.00% −0.57
APH Amphenol Corp. Class A Sold out 0.00% −0.57
ETSY Etsy Inc. Sold out 0.00% −0.56
GLPI Gaming and Leisure Propertie Sold out 0.00% −0.56
BEN Franklin Templeton Inc. Sold out 0.00% −0.55
AMP Ameriprise Financial Inc. Reduce -80.2% 0.16% −0.55
MA Mastercard Inc. Class A Sold out 0.00% −0.53
REG Regency Centers Corp. Sold out 0.00% −0.53
ACN Accenture PLC Class A Sold out 0.00% −0.53
HON Honeywell International Inc. Sold out 0.00% −0.52
MLI Mueller Industries Inc. Sold out 0.00% −0.52
FERG Ferguson Enterprises Inc. Reduce -58.7% 0.46% −0.52
WDC Western Digital Corp. Reduce -75.8% 0.34% −0.52
MRK Merck & Co. Inc. Sold out 0.00% −0.52
NKE Nike Inc. Class B Sold out 0.00% −0.51
FIS Fidelity National Info Serv Sold out 0.00% −0.50
CMCSA Comcast Corp. Class A Sold out 0.00% −0.50
KEX Kirby Corp. Sold out 0.00% −0.50
PCTY Paylocity Holding Corp. Sold out 0.00% −0.50
TW Tradeweb Markets Inc. Class A Reduce -54.1% 0.51% −0.49
SYF Synchrony Financial Sold out 0.00% −0.48
TPG TPG Inc. Sold out 0.00% −0.47
TJX TJX Companies Inc. Reduce -54.2% 0.59% −0.47
CDW CDW Corp. Reduce -81.7% 0.10% −0.46
ADI Analog Devices Inc. Sold out 0.00% −0.46
ZM Zoom Communications Inc. Reduce -67.5% 0.29% −0.46
SFM Sprouts Farmers Market Inc. Reduce -35.3% 0.54% −0.45
MSFT Microsoft Corp. Sold out 0.00% −0.45
MAS Masco Corp. Sold out 0.00% −0.45
IEX Idex Corp. Sold out 0.00% −0.44
VNO Vornado Realty Trust Sold out 0.00% −0.42

Portfolio Buys Q3 2025 → Q4 2025
MSI Motorola Solutions Inc. New 1.06% +1.06
NOW ServiceNow Inc. New 1.02% +1.02
PODD Insulet Corp. New 1.01% +1.01
VRSK Verisk Analytics Inc. New 0.97% +0.97
CART Maplebear Inc. New 0.93% +0.93
DXCM Dexcom Inc. New 0.87% +0.87
PHM Pultegroup Inc. New 0.87% +0.87
MEDP Medpace Holdings Inc. New 0.85% +0.85
CNC Centene Corp. New 0.84% +0.84
ARE Alexandria Real Estate Equit New 0.80% +0.80
ALGN Align Technology Inc. New 0.72% +0.72
BSX Boston Scientific Corp. New 0.70% +0.70
CHD Church & Dwight Co. Inc. New 0.70% +0.70
MASI Masimo Corp. New 0.68% +0.68
SAIA Saia Inc. New 0.67% +0.67
CACI Caci International Inc. Class A New 0.67% +0.67
DOC Healthpeak Properties Inc. New 0.67% +0.67
UNM Unum Group New 0.67% +0.67
NDSN Nordson Corp. New 0.67% +0.67
A Agilent Technologies Inc. New 0.62% +0.62
COHR Coherent Corp. New 0.59% +0.59
TOST Toast Inc. Class A Add +206.7% 0.84% +0.59
VICI Vici Properties Inc. Add +136.8% 1.01% +0.58
WMT Walmart Inc. Add +219.4% 0.77% +0.58
CHWY Chewy Inc. Class A Add +215.6% 0.86% +0.57
EG Everest Group Ltd. Add +359.8% 0.70% +0.56
ACM Aecom New 0.56% +0.56
INVH Invitation Homes Inc. Add +113.5% 0.97% +0.55
GM General Motors Co. New 0.54% +0.54
ROK Rockwell Automation Inc. Add +148.8% 0.75% +0.51
CMI Cummins Inc. Add +78.7% 0.86% +0.51
CFG Citizens Financial Group New 0.50% +0.50
GRMN Garmin Ltd. New 0.49% +0.49
GMED Globus Medical Inc. Class A New 0.48% +0.48
SF Stifel Financial Corp. Add +396.4% 0.55% +0.46
TER Teradyne Inc. Add +88.5% 0.65% +0.43
LOPE Grand Canyon Education Inc. New 0.43% +0.43
BRX Brixmor Property Group Inc. New 0.43% +0.43
OLLI Ollie's Bargain Outlet Holdi New 0.43% +0.43
EW Edwards Lifesciences Corp. New 0.43% +0.43
AMG Affiliated Managers Group New 0.42% +0.42
CDNS Cadence Design SYS Inc. New 0.42% +0.42
LYFT LYFT Inc. Class A Add +166.8% 0.67% +0.42
ISRG Intuitive Surgical Inc. New 0.42% +0.42
INSP Inspire Medical Systems Inc. New 0.40% +0.40
FND Floor & Decor Holdings Inc. Class A New 0.40% +0.40
DVA Davita Inc. New 0.40% +0.40
BLK BlackRock Inc. New 0.38% +0.38
NVR NVR Inc. New 0.38% +0.38
TTEK Tetra Tech Inc. Add +365.9% 0.46% +0.38

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