Nutshell Asset Management Ltd
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Nutshell Asset Management Ltd reported 24 stock positions worth $168.0 million. Its top holding was SS SPDR BB 1-3M T-Bill ETF (BIL) at 18.6% of the portfolio, followed by Fortinet (FTNT, 8.2%) and Adobe (ADBE, 7.8%). Compared with Q1 2025, it opened 8 new positions, sold out of 9, added to 4 and reduced 12. The biggest buy was a new position in SS SPDR BB 1-3M T-Bill ETF (BIL) and the biggest sale an exit from Broadcom (AVGO).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0002021442
- Portfolio Value
- $168.0M (Q2 2025)
- SEC Filing
- 0002021442-25-000003 ↗ filed Aug 12, 2025
Holdings Value
Holdings 24 stocks · $168.0M
| BIL SS SPDR BB 1-3M T-Bill ETF | 18.56% | 340,000 | $31.2M | New |
| FTNT Fortinet Inc. | 8.20% | 130,254 | $13.8M | Reduce -13.0% |
| ADBE Adobe Inc. | 7.84% | 34,065 | $13.2M | Reduce -36.1% |
| MEDP Medpace Holdings Inc. | 7.64% | 40,929 | $12.8M | New |
| GOOGL Alphabet Inc. Class A | 6.84% | 65,214 | $11.5M | Reduce -25.4% |
| TSM Taiwan Semiconductor-SP ADR | 5.41% | 40,165 | $9.1M | Add +50.2% |
| NVDA Nvidia Corp. | 5.29% | 56,255 | $8.9M | Reduce -27.6% |
| MSCI MSCI Inc. | 5.27% | 15,356 | $8.9M | Reduce -15.8% |
| MA Mastercard Inc. Class A | 5.14% | 15,366 | $8.6M | Reduce -11.5% |
| AZO AutoZone Inc. | 4.58% | 2,072 | $7.7M | Add +13.0% |
| MSFT Microsoft Corp. | 3.62% | 12,220 | $6.1M | Reduce -75.1% |
| ANET Arista Networks Inc. | 2.62% | 43,000 | $4.4M | Reduce -56.9% |
| PYPL PayPal Holdings Inc. | 2.13% | 48,100 | $3.6M | Reduce -16.4% |
| TW Tradeweb Markets Inc. Class A | 2.06% | 23,655 | $3.5M | Add +39.1% |
| IDXX Idexx Laboratories Inc. | 1.99% | 6,223 | $3.3M | Reduce -38.4% |
| FISV Fiserv Inc. | 1.90% | 18,500 | $3.2M | New |
| CPRT Copart Inc. | 1.87% | 64,000 | $3.1M | New |
| LULU Lululemon Athletica Inc. | 1.84% | 13,000 | $3.1M | New |
| META Meta Platforms Inc. Class A | 1.54% | 3,500 | $2.6M | Reduce -81.6% |
| ADP Automatic Data Processing | 1.38% | 7,500 | $2.3M | New |
| V Visa Inc. Class A | 1.37% | 6,500 | $2.3M | Add +35.4% |
| ORLY O'reilly Automotive Inc. | 1.13% | 21,000 | $1.9M | New |
| AMGN Amgen Inc. | 1.10% | 6,600 | $1.8M | New |
| FLOT iShares Floating Rate Bond E | 0.70% | 23,026 | $1.2M | Reduce -90.2% |
Portfolio Sells Q1 2025 → Q2 2025
| AVGO Broadcom Inc. | Sold out | 0.00% | −6.41 |
| MSFT Microsoft Corp. | Reduce -75.1% | 3.62% | −5.97 |
| FLOT iShares Floating Rate Bond E | Reduce -90.2% | 0.70% | −5.54 |
| META Meta Platforms Inc. Class A | Reduce -81.6% | 1.54% | −4.17 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −4.14 |
| ADBE Adobe Inc. | Reduce -36.1% | 7.84% | −2.82 |
| MTD Mettler-Toledo International | Sold out | 0.00% | −2.35 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −2.15 |
| LRCX Lam Research Corp. | Sold out | 0.00% | −2.12 |
| QLYS Qualys Inc. | Sold out | 0.00% | −2.00 |
| RMD Resmed Inc. | Sold out | 0.00% | −1.64 |
| ANET Arista Networks Inc. | Reduce -56.9% | 2.62% | −1.41 |
| MELI MercadoLibre Inc. | Sold out | 0.00% | −0.69 |
| APH Amphenol Corp. Class A | Sold out | 0.00% | −0.65 |
| IDXX Idexx Laboratories Inc. | Reduce -38.4% | 1.99% | −0.23 |
| GOOGL Alphabet Inc. Class A | Reduce -25.4% | 6.84% | −0.21 |
| MSCI MSCI Inc. | Reduce -15.8% | 5.27% | −0.10 |
| PYPL PayPal Holdings Inc. | Reduce -16.4% | 2.13% | +0.17 |
| MA Mastercard Inc. Class A | Reduce -11.5% | 5.14% | +0.18 |
| FTNT Fortinet Inc. | Reduce -13.0% | 8.20% | +0.68 |
| NVDA Nvidia Corp. | Reduce -27.6% | 5.29% | +0.90 |
Portfolio Buys Q1 2025 → Q2 2025
| BIL SS SPDR BB 1-3M T-Bill ETF | New | 18.56% | +18.56 |
| MEDP Medpace Holdings Inc. | New | 7.64% | +7.64 |
| TSM Taiwan Semiconductor-SP ADR | Add +50.2% | 5.41% | +3.10 |
| FISV Fiserv Inc. | New | 1.90% | +1.90 |
| CPRT Copart Inc. | New | 1.87% | +1.87 |
| LULU Lululemon Athletica Inc. | New | 1.84% | +1.84 |
| ADP Automatic Data Processing | New | 1.38% | +1.38 |
| ORLY O'reilly Automotive Inc. | New | 1.13% | +1.13 |
| AMGN Amgen Inc. | New | 1.10% | +1.10 |
| AZO AutoZone Inc. | Add +13.0% | 4.58% | +0.93 |
| TW Tradeweb Markets Inc. Class A | Add +39.1% | 2.06% | +0.75 |
| V Visa Inc. Class A | Add +35.4% | 1.37% | +0.50 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 45 | $299.8M | NVDA, ADBE, TSM, ZTS, MSFT |
| Q1 2026 | 34 | $182.5M | NVDA, MA, APH, MSFT, ADBE |
| Q4 2025 | 34 | $280.5M | BIL, FTNT, NVDA, MA, V |
| Q3 2025 | 26 | $209.6M | BIL, FTNT, MA, NVDA, ADBE |
| Q2 2025 | 24 | $168.0M | BIL, FTNT, ADBE, MEDP, GOOGL |
| Q1 2025 | 25 | $191.8M | ADBE, MSFT, FTNT, GOOGL, AVGO |
| Q4 2024 | 30 | $158.3M | MSFT, ADBE, GOOGL, FTNT, MSCI |