Rheos Capital Works Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 14, 2025), Rheos Capital Works Inc. reported 67 stock positions worth $1.2 billion. Its top holding was TJX Companies (TJX) at 5.2% of the portfolio, followed by Ferrari (RACE, 4.9%) and Netflix (NFLX, 4.0%). Compared with Q4 2024, it opened 5 new positions, sold out of 35, added to 20 and reduced 21. The biggest buy was TJX Companies (TJX, shares +566%) and the biggest sale Goldman Sachs (GS, shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- Tokyo, M0
- CIK
- 0001735445
- Portfolio Value
- $1.2B (Q1 2025)
- SEC Filing
- 0001099910-25-000127 ↗ filed Apr 14, 2025
Holdings Value
Holdings 67 stocks · $1.2B
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 5.19% | 523,600 | $63.8M | Add +566.2% |
| RACE Ferrari NV | 4.94% | 141,700 | $60.6M | No change |
| NFLX Netflix Inc. | 4.04% | 53,200 | $49.6M | Add +26.1% |
| AMZN Amazon.com Inc. | 3.94% | 254,300 | $48.4M | Reduce -10.4% |
| COST Costco Wholesale Corp. | 3.85% | 50,000 | $47.3M | Add +111.9% |
| UBER Uber Technologies Inc. | 3.23% | 545,000 | $39.7M | Add +28.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 3.18% | 395,400 | $39.0M | Add +164.7% |
| META Meta Platforms Inc. Class A | 3.17% | 67,500 | $38.9M | Add +80.0% |
| MSFT Microsoft Corp. | 3.13% | 102,300 | $38.4M | Reduce -37.0% |
| BABA Alibaba Group Holding-SP ADR | 2.89% | 268,600 | $35.5M | Add +2586.0% |
| RTX RTX Corp. | 2.33% | 216,000 | $28.6M | Add +38.5% |
| STX Seagate Technology Holdings | 2.29% | 331,500 | $28.2M | No change |
| JOBY Joby Aviation Inc. | 2.23% | 4,555,000 | $27.4M | Add +89.4% |
| EMR Emerson Electric Co. | 2.22% | 248,100 | $27.2M | Reduce -10.1% |
| AVGO Broadcom Inc. | 2.15% | 158,000 | $26.5M | Add +11.3% |
| HSY The Hershey Co. | 2.15% | 154,000 | $26.3M | No change |
| TMO Thermo Fisher Scientific Inc. | 2.07% | 51,000 | $25.4M | No change |
| CNH CNH Industrial NV | 2.03% | 2,030,000 | $24.9M | New |
| HDB HDFC Bank Ltd.-ADR | 1.99% | 367,000 | $24.4M | Reduce -15.1% |
| INTC Intel Corp. | 1.86% | 1,007,000 | $22.9M | Add +263.5% |
| OLLI Ollie's Bargain Outlet Holdi | 1.83% | 193,000 | $22.5M | Reduce -15.3% |
| TDG Transdigm Group Inc. | 1.69% | 15,000 | $20.7M | Add +85.2% |
| CSCO Cisco Systems Inc. | 1.63% | 325,000 | $20.1M | Reduce -27.0% |
| TTEK Tetra Tech Inc. | 1.63% | 684,000 | $20.0M | No change |
| AAPL Apple Inc. | 1.58% | 87,500 | $19.4M | Add +35.7% |
| BKR Baker Hughes Co. | 1.40% | 390,000 | $17.1M | New |
| LULU Lululemon Athletica Inc. | 1.28% | 55,500 | $15.7M | No change |
| DAR Darling Ingredients Inc. | 1.27% | 500,000 | $15.6M | No change |
| KEY Keycorp | 1.25% | 960,000 | $15.3M | Add +60.0% |
| LMT Lockheed Martin Corp. | 1.24% | 34,200 | $15.3M | Add +41.3% |
| CCI Crown Castle Inc. | 1.23% | 145,000 | $15.1M | No change |
| MU Micron Technology Inc. | 1.20% | 169,000 | $14.7M | Add +31.0% |
| XYL Xylem Inc. | 1.18% | 120,900 | $14.4M | No change |
| MDGL Madrigal Pharmaceuticals Inc. | 1.17% | 43,215 | $14.3M | Reduce -23.1% |
| LHX L3HARRIS Technologies Inc. | 1.15% | 67,300 | $14.1M | Add +80.4% |
| BX Blackstone Inc. | 1.13% | 99,500 | $13.9M | Reduce -6.1% |
| PANW Palo Alto Networks Inc. | 1.11% | 80,200 | $13.7M | Reduce -25.9% |
| A Agilent Technologies Inc. | 0.94% | 99,200 | $11.6M | No change |
| AKRO Akero Therapeutics Inc. | 0.91% | 276,000 | $11.2M | No change |
| ELV Elevance Health Inc. | 0.89% | 25,000 | $10.9M | Add +150.0% |
| SCI Service Corp. International | 0.88% | 135,000 | $10.8M | No change |
| C Citigroup Inc. | 0.85% | 146,500 | $10.4M | Reduce -77.9% |
| SNPS Synopsys Inc. | 0.84% | 24,000 | $10.3M | Reduce -51.0% |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.83% | 89,000 | $10.2M | Reduce -31.0% |
| AXP American Express Co. | 0.80% | 36,700 | $9.9M | Reduce -68.1% |
| HLI Houlihan Lokey Inc. | 0.79% | 60,400 | $9.8M | Reduce -17.7% |
| BA The Boeing Co. | 0.78% | 56,400 | $9.6M | Add +113.6% |
| NTNX Nutanix Inc. Class A | 0.75% | 132,000 | $9.2M | No change |
| BAH Booz Allen Hamilton Holdings | 0.72% | 85,000 | $8.9M | New |
| MEDP Medpace Holdings Inc. | 0.72% | 29,101 | $8.9M | No change |
| ARES Ares Management Corp. Class A | 0.71% | 59,800 | $8.8M | Reduce -10.5% |
| ANET Arista Networks Inc. | 0.69% | 110,000 | $8.5M | No change |
| INSP Inspire Medical Systems Inc. | 0.68% | 52,400 | $8.3M | No change |
| ON On Semiconductor | 0.66% | 199,500 | $8.1M | Add +33.4% |
| NOW ServiceNow Inc. | 0.62% | 9,500 | $7.6M | No change |
| BWA Borgwarner Inc. | 0.60% | 258,100 | $7.4M | Reduce -10.1% |
| DHR Danaher Corp. | 0.46% | 27,500 | $5.6M | No change |
| KHC The Kraft Heinz Co. | 0.44% | 177,000 | $5.4M | New |
| HCA HCA Healthcare Inc. | 0.42% | 15,000 | $5.2M | No change |
| LW Lamb Weston Holdings Inc. | 0.40% | 93,000 | $5.0M | Reduce -7.0% |
| BL Blackline Inc. | 0.39% | 100,000 | $4.8M | No change |
| GS Goldman Sachs Group Inc. | 0.38% | 8,500 | $4.6M | Reduce -96.7% |
| HUM Humana Inc. | 0.32% | 15,000 | $4.0M | No change |
| ESAB Esab Corp. | 0.27% | 27,966 | $3.3M | Reduce -10.3% |
| CRNC Cerence Inc. | 0.19% | 300,000 | $2.4M | New |
| BRKR Bruker Corp. | 0.15% | 45,000 | $1.9M | Reduce -10.0% |
| KRUS Kura Sushi USA Inc. Class A | 0.04% | 9,740 | $499K | Reduce -93.0% |
Portfolio Sells Q4 2024 → Q1 2025
| GS Goldman Sachs Group Inc. | Reduce -96.7% | 0.38% | −7.71 |
| V Visa Inc. Class A | Sold out | 0.00% | −3.50 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −2.72 |
| MSI Motorola Solutions Inc. | Sold out | 0.00% | −2.04 |
| C Citigroup Inc. | Reduce -77.9% | 0.85% | −1.74 |
| ARM Arm Holdings PLC-ADR | Sold out | 0.00% | −1.67 |
| WMT Walmart Inc. | Sold out | 0.00% | −1.53 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −1.53 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −1.28 |
| CROX Crocs Inc. | Sold out | 0.00% | −1.17 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −1.16 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −1.09 |
| AXP American Express Co. | Reduce -68.1% | 0.80% | −1.09 |
| MDB Mongodb Inc. | Sold out | 0.00% | −1.06 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −1.05 |
| DELL Dell Technologies -C | Sold out | 0.00% | −0.96 |
| MMYT Makemytrip Ltd. | Sold out | 0.00% | −0.84 |
| CCJ Cameco Corp. | Sold out | 0.00% | −0.77 |
| MSFT Microsoft Corp. | Reduce -37.0% | 3.13% | −0.66 |
| EVR Evercore Inc. Class A | Sold out | 0.00% | −0.66 |
| KRUS Kura Sushi USA Inc. Class A | Reduce -93.0% | 0.04% | −0.66 |
| DHI D.R. Horton Inc. | Sold out | 0.00% | −0.64 |
| GFS Globalfoundries Inc. | Sold out | 0.00% | −0.63 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.61 |
| LAZ Lazard Inc. | Sold out | 0.00% | −0.58 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.58 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.55 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.54 |
| ETN Eaton Corp. PLC | Sold out | 0.00% | −0.53 |
| SNPS Synopsys Inc. | Reduce -51.0% | 0.84% | −0.48 |
| BTU Peabody Energy Corp. | Sold out | 0.00% | −0.46 |
| LDOS Leidos Holdings Inc. | Sold out | 0.00% | −0.38 |
| HPE Hewlett Packard Enterprise | Sold out | 0.00% | −0.33 |
| TAP Molson Coors Beverage Co. Class B | Sold out | 0.00% | −0.32 |
| APH Amphenol Corp. Class A | Sold out | 0.00% | −0.31 |
| GNRC Generac Holdings Inc. | Sold out | 0.00% | −0.26 |
| GTLS Chart Industries Inc. | Sold out | 0.00% | −0.24 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.22 |
| CASY Casey's General Stores Inc. | Sold out | 0.00% | −0.19 |
| MCD McDonald's Corp. | Sold out | 0.00% | −0.11 |
| AA Alcoa Corp. | Sold out | 0.00% | −0.11 |
| BRKR Bruker Corp. | Reduce -10.0% | 0.15% | −0.01 |
| PANW Palo Alto Networks Inc. | Reduce -25.9% | 1.11% | +0.02 |
| LW Lamb Weston Holdings Inc. | Reduce -7.0% | 0.40% | +0.03 |
| ESAB Esab Corp. | Reduce -10.3% | 0.27% | +0.06 |
| ARES Ares Management Corp. Class A | Reduce -10.5% | 0.71% | +0.06 |
| HLI Houlihan Lokey Inc. | Reduce -17.7% | 0.79% | +0.09 |
| BWA Borgwarner Inc. | Reduce -10.1% | 0.60% | +0.10 |
| BX Blackstone Inc. | Reduce -6.1% | 1.13% | +0.12 |
| CSCO Cisco Systems Inc. | Reduce -27.0% | 1.63% | +0.17 |
Portfolio Buys Q4 2024 → Q1 2025
| TJX TJX Companies Inc. | Add +566.2% | 5.19% | +4.67 |
| BABA Alibaba Group Holding-SP ADR | Add +2586.0% | 2.89% | +2.85 |
| COST Costco Wholesale Corp. | Add +111.9% | 3.85% | +2.65 |
| DIS The Walt Disney Co. | Add +164.7% | 3.18% | +2.26 |
| CNH CNH Industrial NV | New | 2.03% | +2.03 |
| NFLX Netflix Inc. | Add +26.1% | 4.04% | +1.96 |
| META Meta Platforms Inc. Class A | Add +80.0% | 3.17% | +1.95 |
| UBER Uber Technologies Inc. | Add +28.2% | 3.23% | +1.81 |
| INTC Intel Corp. | Add +263.5% | 1.86% | +1.55 |
| BKR Baker Hughes Co. | New | 1.40% | +1.40 |
| RTX RTX Corp. | Add +38.5% | 2.33% | +1.33 |
| JOBY Joby Aviation Inc. | Add +89.4% | 2.23% | +1.15 |
| TDG Transdigm Group Inc. | Add +85.2% | 1.69% | +1.12 |
| BAH Booz Allen Hamilton Holdings | New | 0.72% | +0.72 |
| LHX L3HARRIS Technologies Inc. | Add +80.4% | 1.15% | +0.71 |
| AAPL Apple Inc. | Add +35.7% | 1.58% | +0.69 |
| ELV Elevance Health Inc. | Add +150.0% | 0.89% | +0.68 |
| KEY Keycorp | Add +60.0% | 1.25% | +0.68 |
| MU Micron Technology Inc. | Add +31.0% | 1.20% | +0.59 |
| LMT Lockheed Martin Corp. | Add +41.3% | 1.24% | +0.59 |
| BA The Boeing Co. | Add +113.6% | 0.78% | +0.52 |
| KHC The Kraft Heinz Co. | New | 0.44% | +0.44 |
| AVGO Broadcom Inc. | Add +11.3% | 2.15% | +0.33 |
| CRNC Cerence Inc. | New | 0.19% | +0.19 |
| ON On Semiconductor | Add +33.4% | 0.66% | +0.14 |
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 |