M & L Capital Management Ltd In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 12, 2026), M & L Capital Management Ltd reported 25 stock positions worth $479.6 million . Its top holding was Nvidia (NVDA) at 45.5% of the portfolio, followed by Microsoft (MSFT, 15.1% ) and Broadcom (AVGO, 9.5% ). Compared with Q3 2025, it opened 7 new positions, sold out of 6, added to 6 and reduced 3. The biggest buy was a new position in Lumentum (LITE) and the biggest sale Arista Networks (ANET, shares −64% ).
Location LONDON, X0
CIK 0001927627
Portfolio Value $479.6M (Q4 2025) Holdings 25 stocks · $479.6M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 NVDA Nvidia Corp. 1,170,700 $218.3M No change MSFT Microsoft Corp. 150,200 $72.6M No change AVGO Broadcom Inc. 131,500 $45.5M No change SNPS Synopsys Inc. 44,550 $20.9M No change HOOD Robinhood Markets Inc. Class A 135,500 $15.3M No change LITE Lumentum Holdings Inc. 39,150 $14.4M New ROBO Robo Global Robotics and Aut filed as EXCHANGE TRADED CONCEPTS TRU 185,810 $12.9M Add +4.1% ANET Arista Networks Inc. 86,000 $11.3M Reduce -64.3% DELL Dell Technologies -C 88,300 $11.1M No change FWONK Liberty Media Corp. Class C 103,965 $10.2M Add +17.3% ISRG Intuitive Surgical Inc. 17,700 $10.0M No change CIEN Ciena Corp. 36,250 $8.5M Add +639.8% AMD Advanced Micro Devices 25,800 $5.5M Reduce -84.0% COHR Coherent Corp. 21,700 $4.0M New KRMN Karman Holdings Inc. 46,729 $3.4M Add +215.7% TKO Tko Group Holdings Inc. 14,250 $3.0M New CELH Celsius Holdings Inc. 53,400 $2.4M Add +41.3% VRT Vertiv Holdings Co. Class A 14,700 $2.4M New AVAV Aerovironment Inc. 9,400 $2.3M Add +4.4% PODD Insulet Corp. 5,630 $1.6M New GOOG Alphabet Inc. Class C 3,850 $1.2M No change XOVR Ershares Private-Public Cros 56,973 $1.1M New ICLN iShares Global Clean Energy 58,500 $961K New ARKX ARK Space & Defense Innovati 10,200 $296K Reduce -62.4% GRND Grindr Inc. 10,400 $141K No change
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ ANET Arista Networks Inc. Reduce -64.3% 2.35% −4.65 AMD Advanced Micro Devices Reduce -84.0% 1.15% −4.04 WDAY Workday Inc. Class A Sold out 0.00% −0.84 CRM Salesforce Inc. Sold out 0.00% −0.52 S Sentinelone Inc. Class A Sold out 0.00% −0.27 KVYO Klaviyo Inc. Class A Sold out 0.00% −0.14 ARKX ARK Space & Defense Innovati Reduce -62.4% 0.06% −0.09 EQIX Equinix Inc. Sold out 0.00% −0.05 MSI Motorola Solutions Inc. Sold out 0.00% −0.03
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ LITE Lumentum Holdings Inc. New 3.01% +3.01 CIEN Ciena Corp. Add +639.8% 1.77% +1.63 COHR Coherent Corp. New 0.84% +0.84 TKO Tko Group Holdings Inc. New 0.62% +0.62 KRMN Karman Holdings Inc. Add +215.7% 0.71% +0.50 VRT Vertiv Holdings Co. Class A New 0.50% +0.50 ROBO Robo Global Robotics and Aut Add +4.1% 2.69% +0.35 PODD Insulet Corp. New 0.33% +0.33 FWONK Liberty Media Corp. Class C Add +17.3% 2.14% +0.29 XOVR Ershares Private-Public Cros New 0.24% +0.24 ICLN iShares Global Clean Energy New 0.20% +0.20 CELH Celsius Holdings Inc. Add +41.3% 0.51% +0.08 AVAV Aerovironment Inc. Add +4.4% 0.47% −0.09
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ STATE STR SPDR S&P 500 ETF T put Sold out 1,050 $253Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 17 $369.8M AVGO, MU, LITE, SMH, MRVL Q1 2026 19 $406.7M NVDA, AVGO, LITE, CIEN, LRCX Q4 2025 25 $479.6M NVDA, MSFT, AVGO, SNPS, HOOD Q3 2025 24 $501.4M NVDA, MSFT, AVGO, ANET, AMD Q2 2025 21 $443.3M NVDA, MSFT, AVGO, ANET, AMD Q1 2025 18 $334.0M NVDA, MSFT, AVGO, AMD, SNPS Q4 2024 18 $409.2M NVDA, MSFT, ANET, AVGO, AMD