Nutshell Asset Management Ltd In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Nutshell Asset Management Ltd reported 34 stock positions worth $182.5 million . Its top holding was Nvidia (NVDA) at 10.4% of the portfolio, followed by Mastercard Class A (MA, 8.6% ) and Amphenol Class A (APH, 8.5% ). Compared with Q4 2025, it opened 12 new positions, sold out of 12, added to 7 and reduced 14. The biggest buy was a new position in Arista Networks (ANET) and the biggest sale SS SPDR BB 1-3M T-Bill ETF (BIL, shares −94% ).
Location LONDON, X0
CIK 0002021442
Portfolio Value $182.5M (Q1 2026) Holdings 34 stocks · $182.5M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 NVDA Nvidia Corp. 109,329 $19.1M Reduce -13.0% MA Mastercard Inc. Class A 31,543 $15.8M Add +0.6% APH Amphenol Corp. Class A 122,218 $15.4M Add +20.7% MSFT Microsoft Corp. 38,868 $14.4M Add +39.7% ADBE Adobe Inc. 52,751 $12.8M Add +51.8% FTNT Fortinet Inc. 143,781 $11.7M Reduce -57.8% ANET Arista Networks Inc. 82,300 $10.1M New TSM Taiwan Semiconductor-SP ADR 25,780 $8.7M Reduce -32.8% TW Tradeweb Markets Inc. Class A 69,619 $8.2M Add +43.7% RMD Resmed Inc. 36,430 $8.2M New FICO Fair Isaac Corp. 5,150 $5.5M New AVGO Broadcom Inc. 15,000 $4.6M New MSCI MSCI Inc. 7,930 $4.3M Reduce -61.5% INTU Intuit Inc. 9,190 $4.0M Add +113.7% BKNG Booking Holdings Inc. 939 $4.0M Reduce -25.4% QLYS Qualys Inc. 40,644 $3.6M New ADP Automatic Data Processing 16,407 $3.3M Reduce -35.2% IDXX Idexx Laboratories Inc. 5,900 $3.3M New GOOGL Alphabet Inc. Class A 11,359 $3.3M Reduce -70.0% V Visa Inc. Class A 9,800 $3.0M Reduce -75.0% DPZ Domino's Pizza Inc. 8,000 $2.9M Add +17.6% FLOT iShares Floating Rate Bond E 40,026 $2.0M No change BIL SS SPDR BB 1-3M T-Bill ETF 22,106 $2.0M Reduce -93.5% ROL Rollins Inc. 37,000 $2.0M Reduce -21.3% AAPL Apple Inc. 4,676 $1.2M New MCO Moody's Corp. 2,630 $1.1M New ORLY O'reilly Automotive Inc. 11,912 $1.1M Reduce -80.9% AZO AutoZone Inc. 309 $1.0M Reduce -86.0% VRSK Verisk Analytics Inc. 5,400 $1.0M New CHKP Check Point Software Tech 7,144 $1.0M Reduce -76.7% VRSN Verisign Inc. 4,100 $1.0M Reduce -65.8% QQQ Invesco QQQ Trust Series 1 1,750 $1.0M New BRK.B Berkshire Hathaway Inc. Class B 2,100 $1.0M New VFLO Victoryshares Free Cash Flow 21,874 $864K New
Options reported separately and not counted above: INTU calls ($1.5M).
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ BIL SS SPDR BB 1-3M T-Bill ETF Reduce -93.5% 1.11% −9.97 V Visa Inc. Class A Reduce -75.0% 1.62% −3.29 FTNT Fortinet Inc. Reduce -57.8% 6.44% −3.21 PYPL PayPal Holdings Inc. Sold out 0.00% −2.47 GOOGL Alphabet Inc. Class A Reduce -70.0% 1.79% −2.44 ZTS Zoetis Inc. Sold out 0.00% −2.35 AZO AutoZone Inc. Reduce -86.0% 0.57% −2.09 MSCI MSCI Inc. Reduce -61.5% 2.34% −1.87 CHKP Check Point Software Tech Reduce -76.7% 0.56% −1.47 ORLY O'reilly Automotive Inc. Reduce -80.9% 0.60% −1.43 FDS Factset Research Systems Inc. Sold out 0.00% −1.34 XP XP Inc. Class A Sold out 0.00% −1.17 COKE Coca-Cola Consolidated Inc. Sold out 0.00% −1.04 MANH Manhattan Associates Inc. Sold out 0.00% −1.02 TXN Texas Instruments Inc. Sold out 0.00% −1.01 PAYX Paychex Inc. Sold out 0.00% −1.01 CALM Cal-Maine Foods Inc. Sold out 0.00% −1.01 KLAC KLA Corp. Sold out 0.00% −1.00 MTD Mettler-Toledo International Sold out 0.00% −0.99 AXP American Express Co. Sold out 0.00% −0.51 ADP Automatic Data Processing Reduce -35.2% 1.83% −0.49 VRSN Verisign Inc. Reduce -65.8% 0.56% −0.48 BKNG Booking Holdings Inc. Reduce -25.4% 2.17% −0.24 ROL Rollins Inc. Reduce -21.3% 1.08% +0.08 TSM Taiwan Semiconductor-SP ADR Reduce -32.8% 4.77% +0.62 NVDA Nvidia Corp. Reduce -13.0% 10.45% +2.09
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ ANET Arista Networks Inc. New 5.54% +5.54 RMD Resmed Inc. New 4.48% +4.48 APH Amphenol Corp. Class A Add +20.7% 8.46% +3.58 MSFT Microsoft Corp. Add +39.7% 7.88% +3.09 FICO Fair Isaac Corp. New 3.01% +3.01 ADBE Adobe Inc. Add +51.8% 7.02% +2.69 TW Tradeweb Markets Inc. Class A Add +43.7% 4.49% +2.63 AVGO Broadcom Inc. New 2.54% +2.54 MA Mastercard Inc. Class A Add +0.6% 8.63% +2.25 QLYS Qualys Inc. New 1.96% +1.96 IDXX Idexx Laboratories Inc. New 1.82% +1.82 INTU Intuit Inc. Add +113.7% 2.18% +1.16 AAPL Apple Inc. New 0.65% +0.65 MCO Moody's Corp. New 0.63% +0.63 DPZ Domino's Pizza Inc. Add +17.6% 1.57% +0.56 VRSK Verisk Analytics Inc. New 0.56% +0.56 QQQ Invesco QQQ Trust Series 1 New 0.55% +0.55 BRK.B Berkshire Hathaway Inc. Class B New 0.55% +0.55 VFLO Victoryshares Free Cash Flow New 0.47% +0.47
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ INTU Intuit Inc. call New 3,500 $1.5M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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