Night Owl Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Night Owl Capital Management, LLC reported 31 stock positions worth $864.8 million. Its top holding was Amazon.com (AMZN) at 8.6% of the portfolio, followed by Sap SE-Sponsored ADR (SAP, 8.5%) and Microsoft (MSFT, 8.5%). Compared with Q1 2025, it opened 4 new positions, sold out of 1, added to 16 and reduced 8. The biggest buy was Microsoft (MSFT, shares +12%) and the biggest sale an exit from Unitedhealth (UNH).
- Most Recent 13F
- Q2 2026
- Location
- GREENWICH, CT
- CIK
- 0001410833
- Portfolio Value
- $864.8M (Q2 2025)
- SEC Filing
- 0001410833-25-000006 ↗ filed Aug 14, 2025
Holdings Value
Holdings 31 stocks · $864.8M
| AMZN Amazon.com Inc. | 8.59% | 338,588 | $74.3M | Add +6.4% |
| SAP Sap SE-Sponsored ADR | 8.54% | 242,973 | $73.9M | Add +3.0% |
| MSFT Microsoft Corp. | 8.46% | 147,011 | $73.1M | Add +11.9% |
| GOOG Alphabet Inc. Class C | 6.50% | 316,696 | $56.2M | Reduce -11.4% |
| GEV GE Vernova Inc. | 5.40% | 88,243 | $46.7M | Reduce -27.8% |
| UBER Uber Technologies Inc. | 4.73% | 438,323 | $40.9M | Add +3.0% |
| META Meta Platforms Inc. Class A | 4.63% | 54,282 | $40.1M | Add +3.2% |
| GE General Electric filed as GE AEROSPACE | 4.51% | 151,639 | $39.0M | Add +3.0% |
| AON Aon PLC Class A | 4.38% | 106,085 | $37.8M | Reduce -33.1% |
| TSM Taiwan Semiconductor-SP ADR | 4.08% | 155,804 | $35.3M | Add +3.1% |
| V Visa Inc. Class A | 3.82% | 93,028 | $33.0M | Add +3.1% |
| NFLX Netflix Inc. | 3.66% | 23,664 | $31.7M | Reduce -33.6% |
| MA Mastercard Inc. Class A | 3.42% | 52,694 | $29.6M | Add +3.2% |
| FISV Fiserv Inc. | 3.10% | 155,630 | $26.8M | Reduce -44.6% |
| LIN Linde PLC | 2.75% | 50,664 | $23.8M | Add +3.0% |
| VST Vistra Corp. | 2.58% | 115,037 | $22.3M | Reduce -46.6% |
| CEG Constellation Energy | 2.43% | 65,134 | $21.0M | Reduce -44.9% |
| WWD Woodward Inc. | 2.24% | 78,871 | $19.3M | New |
| BIL SS SPDR BB 1-3M T-Bill ETF | 2.18% | 205,795 | $18.9M | Add +140.6% |
| UNP Union Pacific Corp. | 2.15% | 80,994 | $18.6M | Reduce -41.0% |
| GWRE Guidewire Software Inc. | 2.15% | 78,935 | $18.6M | New |
| AVGO Broadcom Inc. | 2.09% | 65,472 | $18.0M | Add +3.1% |
| HWM Howmet Aerospace Inc. | 1.72% | 79,818 | $14.9M | Add +3.2% |
| CRS Carpenter Technology | 1.63% | 50,886 | $14.1M | Add +3.1% |
| MELI MercadoLibre Inc. | 1.16% | 3,848 | $10.1M | New |
| SPOT Spotify Technology SA | 1.15% | 12,934 | $9.9M | New |
| CSGP Costar Group Inc. | 0.99% | 106,893 | $8.6M | Add +2.9% |
| SGOV iShares 0-3 Month Treasury B | 0.75% | 64,241 | $6.5M | Add +81.4% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.08% | 1 | $729K | No change |
| GOOGL Alphabet Inc. Class A | 0.07% | 3,400 | $599K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.06% | 1,000 | $486K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −5.50 |
| FISV Fiserv Inc. | Reduce -44.6% | 3.10% | −4.66 |
| AON Aon PLC Class A | Reduce -33.1% | 4.38% | −3.53 |
| UNP Union Pacific Corp. | Reduce -41.0% | 2.15% | −1.90 |
| VST Vistra Corp. | Reduce -46.6% | 2.58% | −0.59 |
| CEG Constellation Energy | Reduce -44.9% | 2.43% | −0.55 |
| NFLX Netflix Inc. | Reduce -33.6% | 3.66% | −0.49 |
| GOOG Alphabet Inc. Class C | Reduce -11.4% | 6.50% | −0.48 |
| GEV GE Vernova Inc. | Reduce -27.8% | 5.40% | +0.74 |
Portfolio Buys Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Add +11.9% | 8.46% | +2.29 |
| WWD Woodward Inc. | New | 2.24% | +2.24 |
| GWRE Guidewire Software Inc. | New | 2.15% | +2.15 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +140.6% | 2.18% | +1.20 |
| MELI MercadoLibre Inc. | New | 1.16% | +1.16 |
| SPOT Spotify Technology SA | New | 1.15% | +1.15 |
| AMZN Amazon.com Inc. | Add +6.4% | 8.59% | +1.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +3.1% | 4.08% | +0.95 |
| UBER Uber Technologies Inc. | Add +3.0% | 4.73% | +0.85 |
| META Meta Platforms Inc. Class A | Add +3.2% | 4.63% | +0.84 |
| GE General Electric | Add +3.0% | 4.51% | +0.83 |
| AVGO Broadcom Inc. | Add +3.1% | 2.09% | +0.76 |
| SAP Sap SE-Sponsored ADR | Add +3.0% | 8.54% | +0.63 |
| CRS Carpenter Technology | Add +3.1% | 1.63% | +0.51 |
| HWM Howmet Aerospace Inc. | Add +3.2% | 1.72% | +0.46 |
| SGOV iShares 0-3 Month Treasury B | Add +81.4% | 0.75% | +0.30 |
| CSGP Costar Group Inc. | Add +2.9% | 0.99% | −0.03 |
| MA Mastercard Inc. Class A | Add +3.2% | 3.42% | −0.08 |
| LIN Linde PLC | Add +3.0% | 2.75% | −0.11 |
| V Visa Inc. Class A | Add +3.1% | 3.82% | −0.13 |
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 |