Nutshell Asset Management Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Nutshell Asset Management Ltd reported 26 stock positions worth $209.6 million. Its top holding was SS SPDR BB 1-3M T-Bill ETF (BIL) at 14.9% of the portfolio, followed by Fortinet (FTNT, 9.5%) and Mastercard Class A (MA, 8.7%). Compared with Q2 2025, it opened 7 new positions, sold out of 5, added to 13 and reduced 5. The biggest buy was Automatic Data Processing (ADP, shares +417%) and the biggest sale AutoZone (AZO, shares −64%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0002021442
- Portfolio Value
- $209.6M (Q3 2025)
- SEC Filing
- 0002021442-25-000005 ↗ filed Nov 13, 2025
Holdings Value
Holdings 26 stocks · $209.6M
| BIL SS SPDR BB 1-3M T-Bill ETF | 14.88% | 340,000 | $31.2M | No change |
| FTNT Fortinet Inc. | 9.54% | 237,877 | $20.0M | Add +82.6% |
| MA Mastercard Inc. Class A | 8.67% | 31,945 | $18.2M | Add +107.9% |
| NVDA Nvidia Corp. | 7.23% | 81,283 | $15.2M | Add +44.5% |
| ADBE Adobe Inc. | 6.69% | 39,765 | $14.0M | Add +16.7% |
| GOOGL Alphabet Inc. Class A | 5.73% | 49,409 | $12.0M | Reduce -24.2% |
| ADP Automatic Data Processing | 5.43% | 38,791 | $11.4M | Add +417.2% |
| MSFT Microsoft Corp. | 4.88% | 19,770 | $10.2M | Add +61.8% |
| TW Tradeweb Markets Inc. Class A | 4.76% | 89,957 | $10.0M | Add +280.3% |
| MEDP Medpace Holdings Inc. | 4.59% | 18,712 | $9.6M | Reduce -54.3% |
| MSCI MSCI Inc. | 4.21% | 15,553 | $8.8M | Add +1.3% |
| V Visa Inc. Class A | 2.83% | 17,350 | $5.9M | Add +166.9% |
| TSM Taiwan Semiconductor-SP ADR | 2.48% | 18,584 | $5.2M | Reduce -53.7% |
| META Meta Platforms Inc. Class A | 2.43% | 6,945 | $5.1M | Add +98.4% |
| CPRT Copart Inc. | 1.94% | 90,275 | $4.1M | Add +41.0% |
| ACN Accenture PLC Class A | 1.68% | 14,250 | $3.5M | New |
| FISV Fiserv Inc. | 1.63% | 26,500 | $3.4M | Add +43.2% |
| CALM Cal-Maine Foods Inc. | 1.63% | 36,300 | $3.4M | New |
| BKNG Booking Holdings Inc. | 1.58% | 613 | $3.3M | New |
| AZO AutoZone Inc. | 1.51% | 736 | $3.2M | Reduce -64.5% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 1.41% | 19,800 | $2.9M | New |
| ORLY O'reilly Automotive Inc. | 1.04% | 20,200 | $2.2M | Reduce -3.8% |
| DECK Deckers Outdoor Corp. | 0.99% | 20,500 | $2.1M | New |
| FLOT iShares Floating Rate Bond E | 0.98% | 40,026 | $2.0M | Add +73.8% |
| CHKP Check Point Software Tech | 0.89% | 9,000 | $1.9M | New |
| AXP American Express Co. | 0.38% | 2,400 | $797K | New |
Portfolio Sells Q2 2025 → Q3 2025
| AZO AutoZone Inc. | Reduce -64.5% | 1.51% | −3.07 |
| MEDP Medpace Holdings Inc. | Reduce -54.3% | 4.59% | −3.06 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -53.7% | 2.48% | −2.94 |
| ANET Arista Networks Inc. | Sold out | 0.00% | −2.62 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −2.13 |
| IDXX Idexx Laboratories Inc. | Sold out | 0.00% | −1.99 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −1.84 |
| GOOGL Alphabet Inc. Class A | Reduce -24.2% | 5.73% | −1.11 |
| AMGN Amgen Inc. | Sold out | 0.00% | −1.10 |
| ORLY O'reilly Automotive Inc. | Reduce -3.8% | 1.04% | −0.09 |
Portfolio Buys Q2 2025 → Q3 2025
| ADP Automatic Data Processing | Add +417.2% | 5.43% | +4.05 |
| MA Mastercard Inc. Class A | Add +107.9% | 8.67% | +3.53 |
| TW Tradeweb Markets Inc. Class A | Add +280.3% | 4.76% | +2.70 |
| NVDA Nvidia Corp. | Add +44.5% | 7.23% | +1.95 |
| ACN Accenture PLC Class A | New | 1.68% | +1.68 |
| CALM Cal-Maine Foods Inc. | New | 1.63% | +1.63 |
| BKNG Booking Holdings Inc. | New | 1.58% | +1.58 |
| V Visa Inc. Class A | Add +166.9% | 2.83% | +1.45 |
| JKHY Jack Henry & Associates Inc. | New | 1.41% | +1.41 |
| FTNT Fortinet Inc. | Add +82.6% | 9.54% | +1.35 |
| MSFT Microsoft Corp. | Add +61.8% | 4.88% | +1.27 |
| DECK Deckers Outdoor Corp. | New | 0.99% | +0.99 |
| META Meta Platforms Inc. Class A | Add +98.4% | 2.43% | +0.90 |
| CHKP Check Point Software Tech | New | 0.89% | +0.89 |
| AXP American Express Co. | New | 0.38% | +0.38 |
| FLOT iShares Floating Rate Bond E | Add +73.8% | 0.98% | +0.28 |
| CPRT Copart Inc. | Add +41.0% | 1.94% | +0.07 |
| FISV Fiserv Inc. | Add +43.2% | 1.63% | −0.27 |
| MSCI MSCI Inc. | Add +1.3% | 4.21% | −1.06 |
| ADBE Adobe Inc. | Add +16.7% | 6.69% | −1.15 |
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 |