Rheos Capital Works Inc.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 16, 2024), Rheos Capital Works Inc. reported 105 stock positions worth $1.9 billion. Its top holding was Goldman Sachs (GS) at 6.4% of the portfolio, followed by Microsoft (MSFT, 3.6%) and Visa Class A (V, 2.9%). Compared with Q2 2024, it opened 19 new positions, sold out of 12, added to 29 and reduced 25. The biggest buy was Goldman Sachs (GS, shares +265%) and the biggest sale Nvidia (NVDA, shares −66%).

Most Recent 13F
Q2 2026
Location
Tokyo, M0
CIK
0001735445
Portfolio Value
$1.9B (Q3 2024)
SEC Filing
0001099910-24-000348 ↗ filed Oct 16, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $2.1B Q1 2024 Q2 2024: $1.9B Q2 2024 Q3 2024: $1.9B $1.9B Q3 2024 Q4 2024: $1.8B Q4 2024 Q1 2025: $1.2B Q1 2025 Q2 2025: $1.7B Q2 2025 Q3 2025: $1.8B Q3 2025 Q4 2025: $1.6B Q4 2025 Q1 2026: $1.5B Q1 2026 Q2 2026: $1.8B Q2 2026

Holdings 105 stocks · $1.9B
GS Goldman Sachs Group Inc. 6.42% 248,500 $123.0M Add +265.4%
MSFT Microsoft Corp. 3.62% 161,300 $69.4M Reduce -29.7%
V Visa Inc. Class A 2.87% 200,000 $55.0M Add +31.4%
RACE Ferrari NV 2.74% 111,700 $52.5M Add +30.3%
AMZN Amazon.com Inc. 2.61% 268,800 $50.1M Reduce -15.7%
QCOM Qualcomm Inc. 2.21% 249,400 $42.4M Reduce -50.1%
CCJ Cameco Corp. 2.14% 860,000 $41.1M Reduce -31.8%
NVDA Nvidia Corp. 2.03% 320,000 $38.9M Reduce -65.6%
EMR Emerson Electric Co. 1.92% 337,100 $36.9M No change
MSI Motorola Solutions Inc. 1.86% 79,500 $35.7M No change
STX Seagate Technology Holdings 1.85% 323,500 $35.4M No change
RTX RTX Corp. 1.82% 288,000 $34.9M Add +0.1%
C Citigroup Inc. 1.79% 548,500 $34.3M Add +19.0%
AMAT Applied Materials Inc. 1.75% 165,600 $33.5M Add +35.1%
TTEK Tetra Tech Inc. 1.68% 684,000 $32.3M No change
NFLX Netflix Inc. 1.67% 45,200 $32.1M Add +36.1%
UBER Uber Technologies Inc. 1.67% 425,000 $31.9M New
HSY The Hershey Co. 1.54% 154,000 $29.5M No change
LMT Lockheed Martin Corp. 1.50% 49,100 $28.7M Add +12.1%
NEE Nextera Energy Inc. 1.48% 335,000 $28.3M No change
SPOT Spotify Technology SA 1.41% 73,500 $27.1M Add +10.5%
HDB HDFC Bank Ltd.-ADR 1.41% 432,000 $27.0M Add +29.3%
ARM Arm Holdings PLC-ADR 1.41% 188,900 $27.0M Reduce -29.8%
AXP American Express Co. 1.40% 98,700 $26.8M Add +19.4%
TMO Thermo Fisher Scientific Inc. 1.38% 42,700 $26.4M No change
WMT Walmart Inc. 1.29% 306,400 $24.7M No change
LLY Eli Lilly & Co. 1.25% 27,000 $23.9M Reduce -56.0%
DELL Dell Technologies -C 1.24% 200,000 $23.7M New
CSCO Cisco Systems Inc. 1.24% 445,000 $23.7M New
CROX Crocs Inc. 1.11% 147,200 $21.3M Reduce -53.5%
MDGL Madrigal Pharmaceuticals Inc. 1.10% 99,215 $21.1M Reduce -10.0%
COST Costco Wholesale Corp. 1.09% 23,600 $20.9M Reduce -10.3%
AAPL Apple Inc. 1.08% 89,000 $20.7M New
SNPS Synopsys Inc. 1.06% 40,000 $20.3M New
DAR Darling Ingredients Inc. 0.97% 500,000 $18.6M No change
TLN Talen Energy Corp. 0.96% 103,000 $18.4M Add +19.8%
MDB Mongodb Inc. 0.94% 67,000 $18.1M No change
ORLY O'reilly Automotive Inc. 0.92% 15,300 $17.6M No change
CCI Crown Castle Inc. 0.90% 145,000 $17.2M New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.88% 175,900 $16.9M No change
ETN Eaton Corp. PLC 0.86% 50,000 $16.6M Add +233.3%
KRUS Kura Sushi USA Inc. Class A 0.86% 204,000 $16.4M Add +6.3%
XYL Xylem Inc. 0.85% 120,900 $16.3M No change
LHX L3HARRIS Technologies Inc. 0.83% 66,700 $15.9M Add +12.7%
DHI D.R. Horton Inc. 0.83% 83,000 $15.8M Add +84.4%
BX Blackstone Inc. 0.82% 103,000 $15.8M Add +25.6%
BTU Peabody Energy Corp. 0.80% 579,500 $15.4M No change
A Agilent Technologies Inc. 0.77% 99,200 $14.7M No change
CEG Constellation Energy 0.76% 56,000 $14.6M Reduce -39.1%
LDOS Leidos Holdings Inc. 0.76% 89,000 $14.5M Add +12.7%
AVGO Broadcom Inc. 0.65% 72,000 $12.4M Add +38.5%
MKL Markel Group Inc. 0.61% 7,500 $11.8M No change
GOOG Alphabet Inc. Class C 0.61% 70,000 $11.7M Reduce -79.4%
TDG Transdigm Group Inc. 0.60% 8,100 $11.6M New
NKE Nike Inc. Class B 0.60% 130,000 $11.5M New
AMD Advanced Micro Devices 0.60% 70,000 $11.5M New
MU Micron Technology Inc. 0.60% 110,000 $11.4M New
OPCH Option Care Health Inc. 0.58% 357,600 $11.2M No change
INSP Inspire Medical Systems Inc. 0.58% 52,400 $11.1M Reduce -34.0%
AMRC Ameresco Inc. Class A 0.57% 288,700 $11.0M Reduce -17.7%
CASY Casey's General Stores Inc. 0.56% 28,600 $10.7M Reduce -56.7%
SCI Service Corp. International 0.56% 135,000 $10.7M Reduce -25.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.56% 90,600 $10.6M Reduce -36.0%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 0.56% 129,000 $10.6M Reduce -43.7%
ONON On Holding AG Class A filed as ON HLDG AG 0.55% 212,000 $10.6M Reduce -55.5%
PANW Palo Alto Networks Inc. 0.55% 31,000 $10.6M Reduce -52.3%
GFS Globalfoundries Inc. 0.55% 263,000 $10.6M No change
ANET Arista Networks Inc. 0.55% 27,500 $10.6M Add +34.1%
COIN Coinbase Global Inc. Class A 0.55% 59,000 $10.5M Add +247.1%
ROST Ross Stores Inc. 0.55% 69,500 $10.5M Reduce -50.2%
ULTA Ulta Beauty Inc. 0.54% 26,800 $10.4M New
BWA Borgwarner Inc. 0.54% 287,100 $10.4M No change
JOBY Joby Aviation Inc. 0.54% 2,055,000 $10.3M No change
OLLI Ollie's Bargain Outlet Holdi 0.54% 106,000 $10.3M Reduce -41.8%
KEY Keycorp 0.52% 600,000 $10.1M Add +20.0%
HLI Houlihan Lokey Inc. 0.52% 63,400 $10.0M Add +65.1%
MEDP Medpace Holdings Inc. 0.51% 29,101 $9.7M Add +18.3%
ON On Semiconductor 0.49% 130,500 $9.5M Reduce -10.9%
EVR Evercore Inc. Class A 0.49% 37,000 $9.4M New
BA The Boeing Co. 0.47% 59,000 $9.0M New
LAZ Lazard Inc. 0.46% 175,000 $8.8M Add +118.8%
AKRO Akero Therapeutics Inc. 0.41% 276,000 $7.9M Add +27.8%
DHR Danaher Corp. 0.40% 27,500 $7.6M No change
LW Lamb Weston Holdings Inc. 0.34% 100,000 $6.5M No change
HCA HCA Healthcare Inc. 0.32% 15,000 $6.1M New
KNSL Kinsale Capital Group Inc. 0.32% 13,000 $6.1M Reduce -9.7%
VST Vistra Corp. 0.31% 50,000 $5.9M No change
NTNX Nutanix Inc. Class A 0.31% 100,000 $5.9M New
ISRG Intuitive Surgical Inc. 0.31% 12,000 $5.9M No change
INTC Intel Corp. 0.30% 247,000 $5.8M Add +13.8%
TAP Molson Coors Beverage Co. Class B 0.30% 100,000 $5.8M No change
HPE Hewlett Packard Enterprise 0.30% 280,000 $5.7M Reduce -68.9%
BTI British American Tob-SP ADR 0.29% 150,000 $5.5M No change
SMR Nuscale Power Corp. 0.27% 450,000 $5.2M No change
ELV Elevance Health Inc. 0.27% 10,000 $5.2M No change
ESAB Esab Corp. 0.26% 46,666 $5.0M No change
GNRC Generac Holdings Inc. 0.25% 30,000 $4.8M New
HUM Humana Inc. 0.25% 15,000 $4.8M No change
GTLS Chart Industries Inc. 0.24% 36,500 $4.5M No change
APH Amphenol Corp. Class A 0.23% 68,000 $4.4M No change
LULU Lululemon Athletica Inc. 0.22% 15,500 $4.2M Add +19.2%
WOLF Wolfspeed Inc. 0.22% 427,500 $4.1M Add +140.8%
MMYT Makemytrip Ltd. 0.19% 40,000 $3.7M New
BRKR Bruker Corp. 0.18% 50,000 $3.5M New
ALTR Altair Engineering Inc. Class A 0.04% 7,500 $716K New

Portfolio Sells Q2 2024 → Q3 2024
NVDA Nvidia Corp. Reduce -65.6% 2.03% −3.99
QCOM Qualcomm Inc. Reduce -50.1% 2.21% −3.00
GOOG Alphabet Inc. Class C Reduce -79.4% 0.61% −2.66
MSFT Microsoft Corp. Reduce -29.7% 3.62% −1.75
LLY Eli Lilly & Co. Reduce -56.0% 1.25% −1.66
CROX Crocs Inc. Reduce -53.5% 1.11% −1.31
CCJ Cameco Corp. Reduce -31.8% 2.14% −1.10
ARM Arm Holdings PLC-ADR Reduce -29.8% 1.41% −0.90
SNAP Snap Inc. Class A Sold out 0.00% −0.78
PCOR Procore Technologies Inc. Sold out 0.00% −0.77
CASY Casey's General Stores Inc. Reduce -56.7% 0.56% −0.76
HPE Hewlett Packard Enterprise Reduce -68.9% 0.30% −0.70
AMZN Amazon.com Inc. Reduce -15.7% 2.61% −0.61
PANW Palo Alto Networks Inc. Reduce -52.3% 0.55% −0.60
RCL Royal Caribbean Cruises Ltd. Sold out 0.00% −0.57
MDGL Madrigal Pharmaceuticals Inc. Reduce -10.0% 1.10% −0.52
ROST Ross Stores Inc. Reduce -50.2% 0.55% −0.52
BJ Bj's Wholesale Club Holdings Reduce -43.7% 0.56% −0.50
GEV GE Vernova Inc. Sold out 0.00% −0.47
TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −0.42
ONON On Holding AG Class A Reduce -55.5% 0.55% −0.41
OLLI Ollie's Bargain Outlet Holdi Reduce -41.8% 0.54% −0.40
EQIX Equinix Inc. Sold out 0.00% −0.40
VRT Vertiv Holdings Co. Class A Sold out 0.00% −0.38
ASML ASML Holding NV-NY Reg SHS Sold out 0.00% −0.38
TJX TJX Companies Inc. Reduce -36.0% 0.56% −0.26
CME Cme Group Inc. Sold out 0.00% −0.24
CBOE Cboe Global Markets Inc. Sold out 0.00% −0.24
CEG Constellation Energy Reduce -39.1% 0.76% −0.21
LSCC Lattice Semiconductor Corp. Sold out 0.00% −0.20
ACN Accenture PLC Class A Sold out 0.00% −0.16
SCI Service Corp. International Reduce -25.0% 0.56% −0.11
COST Costco Wholesale Corp. Reduce -10.3% 1.09% −0.08
ON On Semiconductor Reduce -10.9% 0.49% −0.03
INSP Inspire Medical Systems Inc. Reduce -34.0% 0.58% +0.02
KNSL Kinsale Capital Group Inc. Reduce -9.7% 0.32% +0.03
AMRC Ameresco Inc. Class A Reduce -17.7% 0.57% +0.04

Portfolio Buys Q2 2024 → Q3 2024
GS Goldman Sachs Group Inc. Add +265.4% 6.42% +4.81
UBER Uber Technologies Inc. New 1.67% +1.67
DELL Dell Technologies -C New 1.24% +1.24
CSCO Cisco Systems Inc. New 1.24% +1.24
AAPL Apple Inc. New 1.08% +1.08
SNPS Synopsys Inc. New 1.06% +1.06
RACE Ferrari NV Add +30.3% 2.74% +0.91
CCI Crown Castle Inc. New 0.90% +0.90
V Visa Inc. Class A Add +31.4% 2.87% +0.78
ETN Eaton Corp. PLC Add +233.3% 0.86% +0.62
TDG Transdigm Group Inc. New 0.60% +0.60
NKE Nike Inc. Class B New 0.60% +0.60
AMD Advanced Micro Devices New 0.60% +0.60
MU Micron Technology Inc. New 0.60% +0.60
ULTA Ulta Beauty Inc. New 0.54% +0.54
NFLX Netflix Inc. Add +36.1% 1.67% +0.50
DHI D.R. Horton Inc. Add +84.4% 0.83% +0.49
EVR Evercore Inc. Class A New 0.49% +0.49
BA The Boeing Co. New 0.47% +0.47
TLN Talen Energy Corp. Add +19.8% 0.96% +0.46
LMT Lockheed Martin Corp. Add +12.1% 1.50% +0.43
AXP American Express Co. Add +19.4% 1.40% +0.39
COIN Coinbase Global Inc. Class A Add +247.1% 0.55% +0.35
SPOT Spotify Technology SA Add +10.5% 1.41% +0.32
HCA HCA Healthcare Inc. New 0.32% +0.32
NTNX Nutanix Inc. Class A New 0.31% +0.31
RTX RTX Corp. Add +0.1% 1.82% +0.31
LAZ Lazard Inc. Add +118.8% 0.46% +0.30
BX Blackstone Inc. Add +25.6% 0.82% +0.29
HDB HDFC Bank Ltd.-ADR Add +29.3% 1.41% +0.28
C Citigroup Inc. Add +19.0% 1.79% +0.26
HLI Houlihan Lokey Inc. Add +65.1% 0.52% +0.25
GNRC Generac Holdings Inc. New 0.25% +0.25
AMAT Applied Materials Inc. Add +35.1% 1.75% +0.23
KRUS Kura Sushi USA Inc. Class A Add +6.3% 0.86% +0.22
AVGO Broadcom Inc. Add +38.5% 0.65% +0.21
MMYT Makemytrip Ltd. New 0.19% +0.19
BRKR Bruker Corp. New 0.18% +0.18
ANET Arista Networks Inc. Add +34.1% 0.55% +0.17
LDOS Leidos Holdings Inc. Add +12.7% 0.76% +0.15
KEY Keycorp Add +20.0% 0.52% +0.15
AKRO Akero Therapeutics Inc. Add +27.8% 0.41% +0.15
LHX L3HARRIS Technologies Inc. Add +12.7% 0.83% +0.13
ALTR Altair Engineering Inc. Class A New 0.04% +0.04
LULU Lululemon Athletica Inc. Add +19.2% 0.22% +0.02
WOLF Wolfspeed Inc. Add +140.8% 0.22% +0.00
MEDP Medpace Holdings Inc. Add +18.3% 0.51% −0.02
INTC Intel Corp. Add +13.8% 0.30% −0.05

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 82$1.8BRACE, META, BJ, AMZN, INTC
Q1 2026 73$1.5BRACE, AMZN, BJ, CAT, NVDA
Q4 2025 67$1.6BMETA, RACE, AMAT, DHI, CAT
Q3 2025 62$1.8BRACE, BA, AMZN, DHI, NVDA
Q2 2025 68$1.7BNFLX, AMD, RACE, JOBY, UBER
Q1 2025 67$1.2BTJX, RACE, NFLX, AMZN, COST
Q4 2024 97$1.8BGS, MSFT, V, AMZN, RACE
Q3 2024 105$1.9BGS, MSFT, V, RACE, AMZN
Q2 2024 98$1.9BNVDA, MSFT, QCOM, GOOG, CCJ
Q1 2024 97$2.1BMSFT, NVDA, QCOM, LLY, RACE