Nutshell Asset Management Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Nutshell Asset Management Ltd reported 34 stock positions worth $280.5 million. Its top holding was SS SPDR BB 1-3M T-Bill ETF (BIL) at 11.1% of the portfolio, followed by Fortinet (FTNT, 9.6%) and Nvidia (NVDA, 8.4%). Compared with Q3 2025, it opened 15 new positions, sold out of 7, added to 11 and reduced 6. The biggest buy was a new position in Amphenol Class A (APH) and the biggest sale an exit from Medpace (MEDP).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0002021442
- Portfolio Value
- $280.5M (Q4 2025)
- SEC Filing
- 0002021442-26-000003 ↗ filed Feb 13, 2026
Holdings Value
Holdings 34 stocks · $280.5M
| BIL SS SPDR BB 1-3M T-Bill ETF | 11.08% | 340,000 | $31.1M | No change |
| FTNT Fortinet Inc. | 9.65% | 340,705 | $27.1M | Add +43.2% |
| NVDA Nvidia Corp. | 8.35% | 125,613 | $23.4M | Add +54.5% |
| MA Mastercard Inc. Class A | 6.38% | 31,363 | $17.9M | Reduce -1.8% |
| V Visa Inc. Class A | 4.91% | 39,275 | $13.8M | Add +126.4% |
| APH Amphenol Corp. Class A | 4.88% | 101,242 | $13.7M | New |
| MSFT Microsoft Corp. | 4.80% | 27,820 | $13.5M | Add +40.7% |
| ADBE Adobe Inc. | 4.34% | 34,762 | $12.2M | Reduce -12.6% |
| GOOGL Alphabet Inc. Class A | 4.23% | 37,909 | $11.9M | Reduce -23.3% |
| MSCI MSCI Inc. | 4.21% | 20,608 | $11.8M | Add +32.5% |
| TSM Taiwan Semiconductor-SP ADR | 4.16% | 38,379 | $11.7M | Add +106.5% |
| AZO AutoZone Inc. | 2.66% | 2,203 | $7.5M | Add +199.3% |
| PYPL PayPal Holdings Inc. | 2.47% | 118,718 | $6.9M | New |
| BKNG Booking Holdings Inc. | 2.40% | 1,258 | $6.7M | Add +105.2% |
| ZTS Zoetis Inc. | 2.35% | 52,316 | $6.6M | New |
| ADP Automatic Data Processing | 2.32% | 25,307 | $6.5M | Reduce -34.8% |
| ORLY O'reilly Automotive Inc. | 2.03% | 62,415 | $5.7M | Add +209.0% |
| CHKP Check Point Software Tech | 2.03% | 30,633 | $5.7M | Add +240.4% |
| TW Tradeweb Markets Inc. Class A | 1.86% | 48,457 | $5.2M | Reduce -46.1% |
| FDS Factset Research Systems Inc. | 1.34% | 13,000 | $3.8M | New |
| XP XP Inc. Class A | 1.17% | 200,000 | $3.3M | New |
| VRSN Verisign Inc. | 1.04% | 12,000 | $2.9M | New |
| COKE Coca-Cola Consolidated Inc. | 1.04% | 19,000 | $2.9M | New |
| MANH Manhattan Associates Inc. | 1.02% | 16,500 | $2.9M | New |
| INTU Intuit Inc. | 1.02% | 4,300 | $2.8M | New |
| TXN Texas Instruments Inc. | 1.01% | 16,400 | $2.8M | New |
| PAYX Paychex Inc. | 1.01% | 25,300 | $2.8M | New |
| DPZ Domino's Pizza Inc. | 1.01% | 6,800 | $2.8M | New |
| CALM Cal-Maine Foods Inc. | 1.01% | 35,484 | $2.8M | Reduce -2.3% |
| ROL Rollins Inc. | 1.01% | 47,000 | $2.8M | New |
| KLAC KLA Corp. | 1.00% | 2,300 | $2.8M | New |
| MTD Mettler-Toledo International | 0.99% | 2,000 | $2.8M | New |
| FLOT iShares Floating Rate Bond E | 0.73% | 40,026 | $2.0M | No change |
| AXP American Express Co. | 0.51% | 3,900 | $1.4M | Add +62.5% |
Portfolio Sells Q3 2025 → Q4 2025
| MEDP Medpace Holdings Inc. | Sold out | 0.00% | −4.59 |
| ADP Automatic Data Processing | Reduce -34.8% | 2.32% | −3.11 |
| TW Tradeweb Markets Inc. Class A | Reduce -46.1% | 1.86% | −2.90 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −2.43 |
| ADBE Adobe Inc. | Reduce -12.6% | 4.34% | −2.35 |
| MA Mastercard Inc. Class A | Reduce -1.8% | 6.38% | −2.29 |
| CPRT Copart Inc. | Sold out | 0.00% | −1.94 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −1.68 |
| FISV Fiserv Inc. | Sold out | 0.00% | −1.63 |
| GOOGL Alphabet Inc. Class A | Reduce -23.3% | 4.23% | −1.50 |
| JKHY Jack Henry & Associates Inc. | Sold out | 0.00% | −1.41 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.99 |
| CALM Cal-Maine Foods Inc. | Reduce -2.3% | 1.01% | −0.62 |
Portfolio Buys Q3 2025 → Q4 2025
| APH Amphenol Corp. Class A | New | 4.88% | +4.88 |
| PYPL PayPal Holdings Inc. | New | 2.47% | +2.47 |
| ZTS Zoetis Inc. | New | 2.35% | +2.35 |
| V Visa Inc. Class A | Add +126.4% | 4.91% | +2.08 |
| TSM Taiwan Semiconductor-SP ADR | Add +106.5% | 4.16% | +1.68 |
| FDS Factset Research Systems Inc. | New | 1.34% | +1.34 |
| XP XP Inc. Class A | New | 1.17% | +1.17 |
| AZO AutoZone Inc. | Add +199.3% | 2.66% | +1.16 |
| CHKP Check Point Software Tech | Add +240.4% | 2.03% | +1.14 |
| NVDA Nvidia Corp. | Add +54.5% | 8.35% | +1.12 |
| VRSN Verisign Inc. | New | 1.04% | +1.04 |
| COKE Coca-Cola Consolidated Inc. | New | 1.04% | +1.04 |
| MANH Manhattan Associates Inc. | New | 1.02% | +1.02 |
| INTU Intuit Inc. | New | 1.02% | +1.02 |
| TXN Texas Instruments Inc. | New | 1.01% | +1.01 |
| PAYX Paychex Inc. | New | 1.01% | +1.01 |
| DPZ Domino's Pizza Inc. | New | 1.01% | +1.01 |
| ROL Rollins Inc. | New | 1.01% | +1.01 |
| KLAC KLA Corp. | New | 1.00% | +1.00 |
| MTD Mettler-Toledo International | New | 0.99% | +0.99 |
| ORLY O'reilly Automotive Inc. | Add +209.0% | 2.03% | +0.99 |
| BKNG Booking Holdings Inc. | Add +105.2% | 2.40% | +0.82 |
| AXP American Express Co. | Add +62.5% | 0.51% | +0.13 |
| FTNT Fortinet Inc. | Add +43.2% | 9.65% | +0.10 |
| MSCI MSCI Inc. | Add +32.5% | 4.21% | +0.01 |
| MSFT Microsoft Corp. | Add +40.7% | 4.80% | −0.09 |
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 |