Rheos Capital Works Inc.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 24, 2025), Rheos Capital Works Inc. reported 97 stock positions worth $1.8 billion. Its top holding was Goldman Sachs (GS) at 8.1% of the portfolio, followed by Microsoft (MSFT, 3.8%) and Visa Class A (V, 3.5%). Compared with Q3 2024, it opened 10 new positions, sold out of 18, added to 29 and reduced 23. The biggest buy was Goldman Sachs (GS, shares +3%) and the biggest sale Cameco (CCJ, shares −69%).

Most Recent 13F
Q2 2026
Location
Tokyo, M0
CIK
0001735445
Portfolio Value
$1.8B (Q4 2024)
SEC Filing
0001099910-25-000049 ↗ filed Jan 24, 2025

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 Q3 2024 Q4 2024: $1.8B $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 97 stocks · $1.8B
GS Goldman Sachs Group Inc. 8.09% 255,000 $146.0M Add +2.6%
MSFT Microsoft Corp. 3.79% 162,300 $68.4M Add +0.6%
V Visa Inc. Class A 3.50% 200,000 $63.2M No change
AMZN Amazon.com Inc. 3.45% 283,800 $62.3M Add +5.6%
RACE Ferrari NV 3.34% 141,700 $60.2M Add +26.9%
NVDA Nvidia Corp. 2.72% 365,500 $49.1M Add +14.2%
C Citigroup Inc. 2.59% 663,500 $46.7M Add +21.0%
NFLX Netflix Inc. 2.08% 42,200 $37.6M Reduce -6.6%
MSI Motorola Solutions Inc. 2.04% 79,500 $36.7M No change
EMR Emerson Electric Co. 1.90% 276,100 $34.2M Reduce -18.1%
AXP American Express Co. 1.89% 115,200 $34.2M Add +16.7%
AVGO Broadcom Inc. 1.82% 142,000 $32.9M Add +97.2%
ARM Arm Holdings PLC-ADR 1.67% 244,900 $30.2M Add +29.6%
STX Seagate Technology Holdings 1.59% 331,500 $28.6M Add +2.5%
WMT Walmart Inc. 1.53% 306,400 $27.7M No change
AMAT Applied Materials Inc. 1.53% 170,100 $27.7M Add +2.7%
HDB HDFC Bank Ltd.-ADR 1.53% 432,000 $27.6M No change
TTEK Tetra Tech Inc. 1.51% 684,000 $27.3M No change
TMO Thermo Fisher Scientific Inc. 1.47% 51,000 $26.5M Add +19.4%
CSCO Cisco Systems Inc. 1.46% 445,000 $26.3M No change
HSY The Hershey Co. 1.45% 154,000 $26.1M No change
UBER Uber Technologies Inc. 1.42% 425,000 $25.6M No change
OLLI Ollie's Bargain Outlet Holdi 1.39% 228,000 $25.0M Add +115.1%
SNPS Synopsys Inc. 1.32% 49,000 $23.8M Add +22.5%
QCOM Qualcomm Inc. 1.28% 150,000 $23.0M Reduce -39.9%
META Meta Platforms Inc. Class A 1.22% 37,500 $22.0M New
COST Costco Wholesale Corp. 1.20% 23,600 $21.6M No change
LULU Lululemon Athletica Inc. 1.18% 55,500 $21.2M Add +258.1%
CROX Crocs Inc. 1.17% 192,200 $21.1M Add +30.6%
LLY Eli Lilly & Co. 1.16% 27,000 $20.8M No change
PANW Palo Alto Networks Inc. 1.09% 108,200 $19.7M Add +74.5%
SPOT Spotify Technology SA 1.09% 44,000 $19.7M Reduce -40.1%
JOBY Joby Aviation Inc. 1.08% 2,405,000 $19.6M Add +17.0%
MDB Mongodb Inc. 1.06% 82,000 $19.1M Add +22.4%
NEE Nextera Energy Inc. 1.05% 265,000 $19.0M Reduce -20.9%
BX Blackstone Inc. 1.01% 106,000 $18.3M Add +2.9%
RTX RTX Corp. 1.00% 156,000 $18.1M Reduce -45.8%
MDGL Madrigal Pharmaceuticals Inc. 0.96% 56,215 $17.3M Reduce -43.3%
DELL Dell Technologies -C 0.96% 150,000 $17.3M Reduce -25.0%
DAR Darling Ingredients Inc. 0.93% 500,000 $16.8M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.92% 149,400 $16.6M Reduce -15.1%
AAPL Apple Inc. 0.90% 64,500 $16.2M Reduce -27.5%
MMYT Makemytrip Ltd. 0.84% 135,000 $15.2M Add +237.5%
XYL Xylem Inc. 0.78% 120,900 $14.0M No change
CCJ Cameco Corp. 0.77% 270,000 $13.9M Reduce -68.6%
A Agilent Technologies Inc. 0.74% 99,200 $13.3M No change
CCI Crown Castle Inc. 0.73% 145,000 $13.2M No change
HLI Houlihan Lokey Inc. 0.71% 73,400 $12.7M Add +15.8%
KRUS Kura Sushi USA Inc. Class A 0.70% 139,000 $12.6M Reduce -31.9%
ANET Arista Networks Inc. 0.67% 110,000 $12.2M No change
EVR Evercore Inc. Class A 0.66% 43,000 $11.9M Add +16.2%
ARES Ares Management Corp. Class A 0.66% 66,800 $11.8M New
LMT Lockheed Martin Corp. 0.65% 24,200 $11.8M Reduce -50.7%
DHI D.R. Horton Inc. 0.64% 83,000 $11.6M No change
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 0.64% 129,000 $11.5M No change
GFS Globalfoundries Inc. 0.63% 263,000 $11.3M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.61% 250,000 $11.0M New
MU Micron Technology Inc. 0.60% 129,000 $10.9M Add +17.3%
SCI Service Corp. International 0.60% 135,000 $10.8M No change
LAZ Lazard Inc. 0.58% 205,000 $10.6M Add +17.1%
GOOG Alphabet Inc. Class C 0.58% 55,000 $10.5M Reduce -21.4%
KEY Keycorp 0.57% 600,000 $10.3M No change
TDG Transdigm Group Inc. 0.57% 8,100 $10.3M No change
NOW ServiceNow Inc. 0.56% 9,500 $10.1M New
NKE Nike Inc. Class B 0.55% 130,000 $9.8M No change
INSP Inspire Medical Systems Inc. 0.54% 52,400 $9.7M No change
CRM Salesforce Inc. 0.54% 29,000 $9.7M New
MEDP Medpace Holdings Inc. 0.54% 29,101 $9.7M No change
ETN Eaton Corp. PLC 0.53% 29,000 $9.6M Reduce -42.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.53% 78,600 $9.5M Reduce -13.3%
ON On Semiconductor 0.52% 149,500 $9.4M Add +14.6%
BWA Borgwarner Inc. 0.51% 287,100 $9.1M No change
BTU Peabody Energy Corp. 0.46% 399,500 $8.4M Reduce -31.1%
NTNX Nutanix Inc. Class A 0.45% 132,000 $8.1M Add +32.0%
LHX L3HARRIS Technologies Inc. 0.43% 37,300 $7.8M Reduce -44.1%
AKRO Akero Therapeutics Inc. 0.43% 276,000 $7.7M No change
LDOS Leidos Holdings Inc. 0.38% 48,000 $6.9M Reduce -46.1%
LW Lamb Weston Holdings Inc. 0.37% 100,000 $6.7M No change
DHR Danaher Corp. 0.35% 27,500 $6.3M No change
BL Blackline Inc. 0.34% 100,000 $6.1M New
HPE Hewlett Packard Enterprise 0.33% 280,000 $6.0M No change
TAP Molson Coors Beverage Co. Class B 0.32% 100,000 $5.7M No change
INTC Intel Corp. 0.31% 277,000 $5.6M Add +12.2%
APH Amphenol Corp. Class A 0.31% 79,700 $5.5M Add +17.2%
BA The Boeing Co. 0.26% 26,400 $4.7M Reduce -55.3%
GNRC Generac Holdings Inc. 0.26% 30,000 $4.7M No change
HCA HCA Healthcare Inc. 0.25% 15,000 $4.5M No change
GTLS Chart Industries Inc. 0.24% 22,500 $4.3M Reduce -38.4%
SKX Skechers USA Inc. Class A 0.22% 60,000 $4.0M New
HUM Humana Inc. 0.21% 15,000 $3.8M No change
ESAB Esab Corp. 0.21% 31,166 $3.7M Reduce -33.2%
ELV Elevance Health Inc. 0.20% 10,000 $3.7M No change
CASY Casey's General Stores Inc. 0.19% 8,600 $3.4M Reduce -69.9%
BRKR Bruker Corp. 0.16% 50,000 $2.9M No change
MCD McDonald's Corp. 0.11% 7,100 $2.1M New
AA Alcoa Corp. 0.11% 53,000 $2.0M New
BABA Alibaba Group Holding-SP ADR 0.05% 10,000 $848K New

Portfolio Sells Q3 2024 → Q4 2024
CCJ Cameco Corp. Reduce -68.6% 0.77% −1.37
TLN Talen Energy Corp. Sold out 0.00% −0.96
QCOM Qualcomm Inc. Reduce -39.9% 1.28% −0.94
ORLY O'reilly Automotive Inc. Sold out 0.00% −0.92
LMT Lockheed Martin Corp. Reduce -50.7% 0.65% −0.85
RTX RTX Corp. Reduce -45.8% 1.00% −0.82
CEG Constellation Energy Sold out 0.00% −0.76
MKL Markel Group Inc. Sold out 0.00% −0.61
AMD Advanced Micro Devices Sold out 0.00% −0.60
OPCH Option Care Health Inc. Sold out 0.00% −0.58
AMRC Ameresco Inc. Class A Sold out 0.00% −0.57
ONON On Holding AG Class A Sold out 0.00% −0.55
COIN Coinbase Global Inc. Class A Sold out 0.00% −0.55
ROST Ross Stores Inc. Sold out 0.00% −0.55
ULTA Ulta Beauty Inc. Sold out 0.00% −0.54
NEE Nextera Energy Inc. Reduce -20.9% 1.05% −0.42
LHX L3HARRIS Technologies Inc. Reduce -44.1% 0.43% −0.39
LDOS Leidos Holdings Inc. Reduce -46.1% 0.38% −0.37
CASY Casey's General Stores Inc. Reduce -69.9% 0.19% −0.37
BTU Peabody Energy Corp. Reduce -31.1% 0.46% −0.34
ETN Eaton Corp. PLC Reduce -42.0% 0.53% −0.33
SPOT Spotify Technology SA Reduce -40.1% 1.09% −0.32
KNSL Kinsale Capital Group Inc. Sold out 0.00% −0.32
VST Vistra Corp. Sold out 0.00% −0.31
ISRG Intuitive Surgical Inc. Sold out 0.00% −0.31
BTI British American Tob-SP ADR Sold out 0.00% −0.29
DELL Dell Technologies -C Reduce -25.0% 0.96% −0.28
SMR Nuscale Power Corp. Sold out 0.00% −0.27
WOLF Wolfspeed Inc. Sold out 0.00% −0.22
BA The Boeing Co. Reduce -55.3% 0.26% −0.21
AAPL Apple Inc. Reduce -27.5% 0.90% −0.19
KRUS Kura Sushi USA Inc. Class A Reduce -31.9% 0.70% −0.16
MDGL Madrigal Pharmaceuticals Inc. Reduce -43.3% 0.96% −0.14
ESAB Esab Corp. Reduce -33.2% 0.21% −0.05
ALTR Altair Engineering Inc. Class A Sold out 0.00% −0.04
GOOG Alphabet Inc. Class C Reduce -21.4% 0.58% −0.03
TJX TJX Companies Inc. Reduce -13.3% 0.53% −0.03
EMR Emerson Electric Co. Reduce -18.1% 1.90% −0.03
GTLS Chart Industries Inc. Reduce -38.4% 0.24% +0.00
DIS The Walt Disney Co. Reduce -15.1% 0.92% +0.04
NFLX Netflix Inc. Reduce -6.6% 2.08% +0.41

Portfolio Buys Q3 2024 → Q4 2024
GS Goldman Sachs Group Inc. Add +2.6% 8.09% +1.67
META Meta Platforms Inc. Class A New 1.22% +1.22
AVGO Broadcom Inc. Add +97.2% 1.82% +1.18
LULU Lululemon Athletica Inc. Add +258.1% 1.18% +0.96
OLLI Ollie's Bargain Outlet Holdi Add +115.1% 1.39% +0.85
AMZN Amazon.com Inc. Add +5.6% 3.45% +0.84
C Citigroup Inc. Add +21.0% 2.59% +0.80
NVDA Nvidia Corp. Add +14.2% 2.72% +0.69
ARES Ares Management Corp. Class A New 0.66% +0.66
MMYT Makemytrip Ltd. Add +237.5% 0.84% +0.65
BAC Bank of America Corp. New 0.61% +0.61
RACE Ferrari NV Add +26.9% 3.34% +0.60
NOW ServiceNow Inc. New 0.56% +0.56
JOBY Joby Aviation Inc. Add +17.0% 1.08% +0.54
PANW Palo Alto Networks Inc. Add +74.5% 1.09% +0.54
CRM Salesforce Inc. New 0.54% +0.54
AXP American Express Co. Add +16.7% 1.89% +0.50
BL Blackline Inc. New 0.34% +0.34
ARM Arm Holdings PLC-ADR Add +29.6% 1.67% +0.27
SNPS Synopsys Inc. Add +22.5% 1.32% +0.26
SKX Skechers USA Inc. Class A New 0.22% +0.22
BX Blackstone Inc. Add +2.9% 1.01% +0.19
HLI Houlihan Lokey Inc. Add +15.8% 0.71% +0.18
EVR Evercore Inc. Class A Add +16.2% 0.66% +0.17
MSFT Microsoft Corp. Add +0.6% 3.79% +0.17
NTNX Nutanix Inc. Class A Add +32.0% 0.45% +0.14
LAZ Lazard Inc. Add +17.1% 0.58% +0.12
MCD McDonald's Corp. New 0.11% +0.11
MDB Mongodb Inc. Add +22.4% 1.06% +0.11
AA Alcoa Corp. New 0.11% +0.11
TMO Thermo Fisher Scientific Inc. Add +19.4% 1.47% +0.09
APH Amphenol Corp. Class A Add +17.2% 0.31% +0.08
CROX Crocs Inc. Add +30.6% 1.17% +0.05
BABA Alibaba Group Holding-SP ADR New 0.05% +0.05
ON On Semiconductor Add +14.6% 0.52% +0.03
MU Micron Technology Inc. Add +17.3% 0.60% +0.01
INTC Intel Corp. Add +12.2% 0.31% +0.01
AMAT Applied Materials Inc. Add +2.7% 1.53% −0.21
STX Seagate Technology Holdings Add +2.5% 1.59% −0.26

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