Night Owl Capital Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Night Owl Capital Management, LLC reported 28 stock positions worth $800.0 million. Its top holding was Sap SE-Sponsored ADR (SAP) at 7.9% of the portfolio, followed by Aon Class A (AON, 7.9%) and Fiserv (FISV, 7.8%). Compared with Q4 2024, it added to 24 and reduced 1. The biggest buy was Unitedhealth (UNH, shares +39%) and the biggest sale Constellation Energy (CEG, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- GREENWICH, CT
- CIK
- 0001410833
- Portfolio Value
- $800.0M (Q1 2025)
- SEC Filing
- 0001410833-25-000005 ↗ filed May 15, 2025
Holdings Value
Holdings 28 stocks · $800.0M
| SAP Sap SE-Sponsored ADR | 7.91% | 235,848 | $63.3M | Add +3.6% |
| AON Aon PLC Class A | 7.91% | 158,553 | $63.3M | Add +3.9% |
| FISV Fiserv Inc. | 7.76% | 281,106 | $62.1M | Add +4.1% |
| AMZN Amazon.com Inc. | 7.57% | 318,336 | $60.6M | Add +2.6% |
| GOOG Alphabet Inc. Class C | 6.98% | 357,293 | $55.8M | Add +3.3% |
| MSFT Microsoft Corp. | 6.16% | 131,323 | $49.3M | Add +3.6% |
| UNH Unitedhealth Group Inc. | 5.50% | 83,996 | $44.0M | Add +39.3% |
| GEV GE Vernova Inc. | 4.66% | 122,181 | $37.3M | Add +4.2% |
| NFLX Netflix Inc. | 4.16% | 35,646 | $33.2M | Add +3.4% |
| UNP Union Pacific Corp. | 4.06% | 137,364 | $32.5M | Add +3.8% |
| V Visa Inc. Class A | 3.95% | 90,240 | $31.6M | Add +4.0% |
| UBER Uber Technologies Inc. | 3.87% | 425,347 | $31.0M | Add +3.9% |
| META Meta Platforms Inc. Class A | 3.79% | 52,601 | $30.3M | Add +3.9% |
| GE General Electric filed as GE AEROSPACE | 3.68% | 147,204 | $29.5M | Add +4.2% |
| MA Mastercard Inc. Class A | 3.50% | 51,076 | $28.0M | Add +4.0% |
| VST Vistra Corp. | 3.16% | 215,467 | $25.3M | Add +4.2% |
| TSM Taiwan Semiconductor-SP ADR | 3.13% | 151,056 | $25.1M | Add +4.1% |
| CEG Constellation Energy | 2.98% | 118,209 | $23.8M | Reduce -24.7% |
| LIN Linde PLC | 2.86% | 49,195 | $22.9M | Add +3.1% |
| AVGO Broadcom Inc. | 1.33% | 63,527 | $10.6M | Add +4.8% |
| HWM Howmet Aerospace Inc. | 1.25% | 77,366 | $10.0M | Add +4.5% |
| CRS Carpenter Technology | 1.12% | 49,332 | $8.9M | Add +4.8% |
| CSGP Costar Group Inc. | 1.03% | 103,841 | $8.2M | Add +2.2% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.98% | 85,539 | $7.8M | Add +44.1% |
| SGOV iShares 0-3 Month Treasury B | 0.45% | 35,411 | $3.6M | Add +43.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.10% | 1 | $798K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.07% | 1,000 | $533K | No change |
| GOOGL Alphabet Inc. Class A | 0.07% | 3,400 | $526K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| CEG Constellation Energy | Reduce -24.7% | 2.98% | −1.56 |
Portfolio Buys Q4 2024 → Q1 2025
| UNH Unitedhealth Group Inc. | Add +39.3% | 5.50% | +1.56 |
| AON Aon PLC Class A | Add +3.9% | 7.91% | +0.83 |
| UBER Uber Technologies Inc. | Add +3.9% | 3.87% | +0.68 |
| SAP Sap SE-Sponsored ADR | Add +3.6% | 7.91% | +0.67 |
| GE General Electric | Add +4.2% | 3.68% | +0.64 |
| FISV Fiserv Inc. | Add +4.1% | 7.76% | +0.59 |
| V Visa Inc. Class A | Add +4.0% | 3.95% | +0.41 |
| LIN Linde PLC | Add +3.1% | 2.86% | +0.28 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +44.1% | 0.98% | +0.28 |
| HWM Howmet Aerospace Inc. | Add +4.5% | 1.25% | +0.21 |
| NFLX Netflix Inc. | Add +3.4% | 4.16% | +0.19 |
| MA Mastercard Inc. Class A | Add +4.0% | 3.50% | +0.16 |
| UNP Union Pacific Corp. | Add +3.8% | 4.06% | +0.16 |
| SGOV iShares 0-3 Month Treasury B | Add +43.0% | 0.45% | +0.12 |
| CSGP Costar Group Inc. | Add +2.2% | 1.03% | +0.09 |
| CRS Carpenter Technology | Add +4.8% | 1.12% | +0.09 |
| META Meta Platforms Inc. Class A | Add +3.9% | 3.79% | −0.04 |
| GEV GE Vernova Inc. | Add +4.2% | 4.66% | −0.32 |
| AVGO Broadcom Inc. | Add +4.8% | 1.33% | −0.48 |
| VST Vistra Corp. | Add +4.2% | 3.16% | −0.52 |
| TSM Taiwan Semiconductor-SP ADR | Add +4.1% | 3.13% | −0.57 |
| MSFT Microsoft Corp. | Add +3.6% | 6.16% | −0.74 |
| AMZN Amazon.com Inc. | Add +2.6% | 7.57% | −1.22 |
| GOOG Alphabet Inc. Class C | Add +3.3% | 6.98% | −1.53 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 30 | $952.8M | GOOG, TSM, MSFT, AMZN, AMAT |
| Q1 2026 | 30 | $858.0M | GOOG, MSFT, GEV, AMZN, TSM |
| Q4 2025 | 29 | $912.4M | GOOG, MSFT, AMZN, SAP, GEV |
| Q3 2025 | 30 | $917.3M | GOOG, MSFT, SAP, AMZN, GEV |
| Q2 2025 | 31 | $864.8M | AMZN, SAP, MSFT, GOOG, GEV |
| Q1 2025 | 28 | $800.0M | SAP, AON, FISV, AMZN, GOOG |
| Q4 2024 | 28 | $774.2M | AMZN, GOOG, SAP, FISV, AON |
| Q3 2024 | 27 | $731.2M | AMZN, GOOG, MSFT, SAP, AON |
| Q2 2024 | 27 | $668.4M | GOOG, AMZN, MSFT, SAP, AON |
| Q1 2024 | 29 | $658.7M | AMZN, MSFT, GOOG, AON, SAP |