Rheos Capital Works Inc.

Name: Rheos Capital Works Inc. 13F holdings, Q1 2024
Creator: Rheos Capital Works Inc.
Published: 2024-04-11

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 11, 2024), Rheos Capital Works Inc. reported 97 stock positions worth $2.1 billion. Its top holding was Microsoft (MSFT) at 8.0% of the portfolio, followed by Nvidia (NVDA, 6.9%) and Qualcomm (QCOM, 4.6%). Compared with Q4 2023, it opened 16 new positions, sold out of 9, added to 29 and reduced 29. The biggest buy was Eli Lilly (LLY, shares +33%) and the biggest sale Microsoft (MSFT, shares −18%).

Most Recent 13F: Q2 2026
Location: Tokyo, M0
CIK: 0001735445
Portfolio Value: $2.1B (Q1 2024)
SEC Filing: 0001099910-24-000181 ↗ filed Apr 11, 2024

Holdings Value

Holdings 97 stocks · $2.1B


MSFT Microsoft Corp.	8.01%	397,800	$167.4M	Reduce -17.9%
NVDA Nvidia Corp.	6.94%	160,500	$145.0M	Reduce -18.0%
QCOM Qualcomm Inc.	4.56%	562,400	$95.2M	Reduce -2.7%
LLY Eli Lilly & Co.	4.21%	113,000	$87.9M	Add +32.9%
RACE Ferrari NV	3.90%	186,700	$81.4M	Reduce -18.2%
AMZN Amazon.com Inc.	2.95%	341,800	$61.7M	Add +11.3%
CCJ Cameco Corp.	2.82%	1,360,000	$58.9M	Reduce -4.3%
CEG Constellation Energy	2.08%	235,000	$43.4M	Add +53.6%
V Visa Inc. Class A	2.03%	152,200	$42.5M	Add +229.4%
VRT Vertiv Holdings Co. Class A	2.03%	520,000	$42.5M	Add +131.1%
AXP American Express Co.	2.01%	184,700	$42.1M	Add +55.2%
EMR Emerson Electric Co.	1.83%	337,100	$38.2M	No change
MSI Motorola Solutions Inc.	1.72%	101,500	$36.0M	Add +17.3%
AAPL Apple Inc.	1.71%	208,200	$35.7M	Add +105.7%
GE General Electric	1.54%	183,400	$32.2M	Add +119.9%
ARM Arm Holdings PLC-ADR	1.54%	256,900	$32.1M	Add +48.1%
PANW Palo Alto Networks Inc.	1.52%	112,000	$31.8M	Reduce -29.1%
HSY The Hershey Co.	1.42%	152,900	$29.7M	No change
MDGL Madrigal Pharmaceuticals Inc.	1.41%	110,215	$29.4M	New
GOOG Alphabet Inc. Class C	1.38%	190,000	$28.9M	Add +1800.0%
STX Seagate Technology Holdings	1.22%	273,500	$25.4M	Add +47.8%
TTEK Tetra Tech Inc.	1.21%	136,800	$25.3M	Add +17.1%
MDB Mongodb Inc.	1.15%	67,000	$24.0M	Add +91.4%
CROX Crocs Inc.	1.09%	158,000	$22.7M	New
EQIX Equinix Inc.	1.07%	27,200	$22.4M	Add +22.5%
AVGO Broadcom Inc.	1.03%	16,300	$21.6M	Add +44.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO	1.03%	175,900	$21.5M	Add +41.3%
NEE Nextera Energy Inc.	1.02%	335,000	$21.4M	New
RTX RTX Corp.	0.99%	212,800	$20.8M	Add +28.7%
DELL Dell Technologies -C	0.92%	168,000	$19.2M	Reduce -34.1%
NFLX Netflix Inc.	0.92%	31,500	$19.1M	Reduce -47.5%
BILL Bill Holdings Inc.	0.84%	256,500	$17.6M	Add +11.8%
ORLY O'reilly Automotive Inc.	0.83%	15,300	$17.3M	Reduce -19.9%
ROP Roper Technologies Inc.	0.82%	30,500	$17.1M	No change
INSP Inspire Medical Systems Inc.	0.82%	79,400	$17.1M	Add +25.8%
MU Micron Technology Inc.	0.76%	134,800	$15.9M	Reduce -53.0%
XYL Xylem Inc.	0.75%	120,900	$15.6M	Add +28.8%
CASY Casey's General Stores Inc.	0.75%	49,000	$15.6M	New
COST Costco Wholesale Corp.	0.73%	20,800	$15.2M	Add +32.5%
AMAT Applied Materials Inc.	0.72%	72,600	$15.0M	Reduce -45.9%
CBOE Cboe Global Markets Inc.	0.72%	81,400	$15.0M	Reduce -56.6%
CME Cme Group Inc.	0.71%	68,800	$14.8M	Reduce -43.5%
ASML ASML Holding NV-NY Reg SHS	0.70%	15,100	$14.7M	Reduce -46.8%
BTU Peabody Energy Corp.	0.67%	579,500	$14.1M	Add +189.8%
GFS Globalfoundries Inc.	0.66%	263,000	$13.7M	Reduce -19.3%
TSM Taiwan Semiconductor-SP ADR	0.63%	97,000	$13.2M	Reduce -58.3%
ISRG Intuitive Surgical Inc.	0.61%	32,000	$12.8M	No change
PCOR Procore Technologies Inc.	0.59%	150,000	$12.3M	New
LMT Lockheed Martin Corp.	0.58%	26,800	$12.2M	Reduce -14.4%
OPCH Option Care Health Inc.	0.57%	357,600	$12.0M	Add +9.8%
DAR Darling Ingredients Inc.	0.56%	250,000	$11.6M	No change
CCI Crown Castle Inc.	0.55%	109,000	$11.5M	Add +12.4%
SLG SL Green Realty Corp.	0.55%	209,000	$11.5M	No change
WMT Walmart Inc.	0.55%	191,400	$11.5M	Add +127.9%
MKL Markel Group Inc.	0.55%	7,500	$11.4M	No change
AMT American Tower Corp.	0.54%	57,600	$11.4M	Add +8.7%
ADBE Adobe Inc.	0.54%	22,500	$11.4M	New
JOBY Joby Aviation Inc.	0.53%	2,055,000	$11.0M	No change
A Agilent Technologies Inc.	0.52%	75,200	$10.9M	Add +9.9%
KRUS Kura Sushi USA Inc. Class A	0.52%	95,000	$10.9M	New
ANET Arista Networks Inc.	0.52%	37,500	$10.9M	Reduce -62.9%
BX Blackstone Inc.	0.52%	82,000	$10.8M	Reduce -26.8%
SCI Service Corp. International	0.52%	145,000	$10.8M	No change
LW Lamb Weston Holdings Inc.	0.51%	100,000	$10.7M	No change
ONON On Holding AG Class A filed as ON HLDG AG	0.51%	300,000	$10.6M	New
SPOT Spotify Technology SA	0.49%	39,000	$10.3M	Reduce -63.5%
EOG EOG Resources Inc.	0.49%	80,000	$10.2M	New
TTWO Take-Two Interactive Softwre	0.49%	68,800	$10.2M	Reduce -71.2%
OLLI Ollie's Bargain Outlet Holdi	0.48%	127,000	$10.1M	Add +92.4%
LHX L3HARRIS Technologies Inc.	0.48%	46,900	$10.0M	Reduce -20.4%
MEDP Medpace Holdings Inc.	0.48%	24,601	$9.9M	New
LDOS Leidos Holdings Inc.	0.47%	75,000	$9.8M	Reduce -55.6%
TMO Thermo Fisher Scientific Inc.	0.46%	16,500	$9.6M	New
INTC Intel Corp.	0.46%	217,000	$9.6M	Reduce -27.3%
DLR Digital Realty Trust Inc.	0.45%	65,000	$9.4M	New
VNO Vornado Realty Trust	0.44%	318,000	$9.1M	No change
BWA Borgwarner Inc.	0.43%	258,100	$9.0M	No change
ETN Eaton Corp. PLC	0.42%	28,000	$8.8M	No change
ACN Accenture PLC Class A	0.41%	25,000	$8.7M	New
KEY Keycorp	0.38%	500,000	$7.9M	No change
KNSL Kinsale Capital Group Inc.	0.36%	14,400	$7.6M	Reduce -51.0%
EXPO Exponent Inc.	0.34%	86,100	$7.1M	No change
AMRC Ameresco Inc. Class A	0.32%	275,700	$6.7M	No change
AMD Advanced Micro Devices	0.29%	34,100	$6.2M	Reduce -77.8%
ROST Ross Stores Inc.	0.29%	41,000	$6.0M	No change
GTLS Chart Industries Inc.	0.29%	36,500	$6.0M	No change
ROK Rockwell Automation Inc.	0.28%	20,000	$5.8M	No change
DHI D.R. Horton Inc.	0.28%	35,000	$5.8M	New
PWSC Powerschool Holdings Inc. Class A	0.26%	253,700	$5.4M	Reduce -47.3%
LSCC Lattice Semiconductor Corp.	0.25%	67,400	$5.3M	Reduce -39.9%
WOLF Wolfspeed Inc.	0.25%	177,500	$5.2M	Reduce -55.4%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.25%	51,000	$5.2M	No change
ESAB Esab Corp.	0.25%	46,666	$5.2M	No change
HDB HDFC Bank Ltd.-ADR	0.23%	87,000	$4.9M	New
DOCS Doximity Inc. Class A	0.22%	172,800	$4.7M	No change
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC	0.22%	61,000	$4.6M	No change
SMR Nuscale Power Corp.	0.06%	250,000	$1.3M	New

Portfolio Sells Q4 2023 → Q1 2024


MSFT Microsoft Corp.	Reduce -17.9%	8.01%	−2.05
TTWO Take-Two Interactive Softwre	Reduce -71.2%	0.49%	−1.63
WMB Williams Cos Inc.	Sold out	0.00%	−1.27
CBOE Cboe Global Markets Inc.	Reduce -56.6%	0.72%	−1.13
TXN Texas Instruments Inc.	Sold out	0.00%	−1.08
KMI Kinder Morgan Inc.	Sold out	0.00%	−1.05
PANW Palo Alto Networks Inc.	Reduce -29.1%	1.52%	−1.05
AMD Advanced Micro Devices	Reduce -77.8%	0.29%	−0.95
ANET Arista Networks Inc.	Reduce -62.9%	0.52%	−0.79
CME Cme Group Inc.	Reduce -43.5%	0.71%	−0.71
WOLF Wolfspeed Inc.	Reduce -55.4%	0.25%	−0.70
TSM Taiwan Semiconductor-SP ADR	Reduce -58.3%	0.63%	−0.70
NFLX Netflix Inc.	Reduce -47.5%	0.92%	−0.70
BA The Boeing Co.	Sold out	0.00%	−0.66
SPOT Spotify Technology SA	Reduce -63.5%	0.49%	−0.62
MU Micron Technology Inc.	Reduce -53.0%	0.76%	−0.59
CCJ Cameco Corp.	Reduce -4.3%	2.82%	−0.56
MCHP Microchip Technology Inc.	Sold out	0.00%	−0.55
CSCO Cisco Systems Inc.	Sold out	0.00%	−0.55
TER Teradyne Inc.	Sold out	0.00%	−0.54
LDOS Leidos Holdings Inc.	Reduce -55.6%	0.47%	−0.54
LNG Cheniere Energy Inc.	Sold out	0.00%	−0.49
ASML ASML Holding NV-NY Reg SHS	Reduce -46.8%	0.70%	−0.49
AMAT Applied Materials Inc.	Reduce -45.9%	0.72%	−0.49
GFS Globalfoundries Inc.	Reduce -19.3%	0.66%	−0.43
INTC Intel Corp.	Reduce -27.3%	0.46%	−0.37
RACE Ferrari NV	Reduce -18.2%	3.90%	−0.37
PWSC Powerschool Holdings Inc. Class A	Reduce -47.3%	0.26%	−0.37
BX Blackstone Inc.	Reduce -26.8%	0.52%	−0.29
LHX L3HARRIS Technologies Inc.	Reduce -20.4%	0.48%	−0.21
LMT Lockheed Martin Corp.	Reduce -14.4%	0.58%	−0.20
KNSL Kinsale Capital Group Inc.	Reduce -51.0%	0.36%	−0.18
ORLY O'reilly Automotive Inc.	Reduce -19.9%	0.83%	−0.18
LSCC Lattice Semiconductor Corp.	Reduce -39.9%	0.25%	−0.17
DELL Dell Technologies -C	Reduce -34.1%	0.92%	−0.16
BL Blackline Inc.	Sold out	0.00%	−0.15
QCOM Qualcomm Inc.	Reduce -2.7%	4.56%	−0.06
NVDA Nvidia Corp.	Reduce -18.0%	6.94%	+1.59

Portfolio Buys Q4 2023 → Q1 2024


LLY Eli Lilly & Co.	Add +32.9%	4.21%	+1.47
VRT Vertiv Holdings Co. Class A	Add +131.1%	2.03%	+1.44
MDGL Madrigal Pharmaceuticals Inc.	New	1.41%	+1.41
V Visa Inc. Class A	Add +229.4%	2.03%	+1.37
GOOG Alphabet Inc. Class C	Add +1800.0%	1.38%	+1.31
CEG Constellation Energy	Add +53.6%	2.08%	+1.09
CROX Crocs Inc.	New	1.09%	+1.09
NEE Nextera Energy Inc.	New	1.02%	+1.02
GE General Electric	Add +119.9%	1.54%	+0.95
ARM Arm Holdings PLC-ADR	Add +48.1%	1.54%	+0.82
AXP American Express Co.	Add +55.2%	2.01%	+0.78
CASY Casey's General Stores Inc.	New	0.75%	+0.75
AAPL Apple Inc.	Add +105.7%	1.71%	+0.63
PCOR Procore Technologies Inc.	New	0.59%	+0.59
ADBE Adobe Inc.	New	0.54%	+0.54
KRUS Kura Sushi USA Inc. Class A	New	0.52%	+0.52
ONON On Holding AG Class A	New	0.51%	+0.51
EOG EOG Resources Inc.	New	0.49%	+0.49
MEDP Medpace Holdings Inc.	New	0.48%	+0.48
TMO Thermo Fisher Scientific Inc.	New	0.46%	+0.46
DLR Digital Realty Trust Inc.	New	0.45%	+0.45
ACN Accenture PLC Class A	New	0.41%	+0.41
DIS The Walt Disney Co.	Add +41.3%	1.03%	+0.41
BTU Peabody Energy Corp.	Add +189.8%	0.67%	+0.40
AMZN Amazon.com Inc.	Add +11.3%	2.95%	+0.37
MDB Mongodb Inc.	Add +91.4%	1.15%	+0.36
STX Seagate Technology Holdings	Add +47.8%	1.22%	+0.35
AVGO Broadcom Inc.	Add +44.3%	1.03%	+0.34
WMT Walmart Inc.	Add +127.9%	0.55%	+0.31
DHI D.R. Horton Inc.	New	0.28%	+0.28
HDB HDFC Bank Ltd.-ADR	New	0.23%	+0.23
MSI Motorola Solutions Inc.	Add +17.3%	1.72%	+0.23
RTX RTX Corp.	Add +28.7%	0.99%	+0.23
OLLI Ollie's Bargain Outlet Holdi	Add +92.4%	0.48%	+0.21
COST Costco Wholesale Corp.	Add +32.5%	0.73%	+0.16
XYL Xylem Inc.	Add +28.8%	0.75%	+0.15
TTEK Tetra Tech Inc.	Add +17.1%	1.21%	+0.13
INSP Inspire Medical Systems Inc.	Add +25.8%	0.82%	+0.11
EQIX Equinix Inc.	Add +22.5%	1.07%	+0.09
SMR Nuscale Power Corp.	New	0.06%	+0.06
A Agilent Technologies Inc.	Add +9.9%	0.52%	−0.00
OPCH Option Care Health Inc.	Add +9.8%	0.57%	−0.03
CCI Crown Castle Inc.	Add +12.4%	0.55%	−0.06
AMT American Tower Corp.	Add +8.7%	0.54%	−0.09
BILL Bill Holdings Inc.	Add +11.8%	0.84%	−0.19

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	82	$1.8B	RACE, META, BJ, AMZN, INTC
Q1 2026	73	$1.5B	RACE, AMZN, BJ, CAT, NVDA
Q4 2025	67	$1.6B	META, RACE, AMAT, DHI, CAT
Q3 2025	62	$1.8B	RACE, BA, AMZN, DHI, NVDA
Q2 2025	68	$1.7B	NFLX, AMD, RACE, JOBY, UBER
Q1 2025	67	$1.2B	TJX, RACE, NFLX, AMZN, COST
Q4 2024	97	$1.8B	GS, MSFT, V, AMZN, RACE
Q3 2024	105	$1.9B	GS, MSFT, V, RACE, AMZN
Q2 2024	98	$1.9B	NVDA, MSFT, QCOM, GOOG, CCJ
Q1 2024	97	$2.1B	MSFT, NVDA, QCOM, LLY, RACE