Rheos Capital Works Inc.

Name: Rheos Capital Works Inc. 13F holdings, Q2 2025
Creator: Rheos Capital Works Inc.
Published: 2025-07-28

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

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 28, 2025), Rheos Capital Works Inc. reported 68 stock positions worth $1.7 billion. Its top holding was Netflix (NFLX) at 9.0% of the portfolio, followed by Advanced Micro Devices (AMD, 5.2%) and Ferrari (RACE, 4.6%). Compared with Q1 2025, it opened 15 new positions, sold out of 14, added to 14 and reduced 10. The biggest buy was a new position in Advanced Micro Devices (AMD) and the biggest sale an exit from Meta Platforms Class A (META).

Most Recent 13F: Q2 2026
Location: Tokyo, M0
CIK: 0001735445
Portfolio Value: $1.7B (Q2 2025)
SEC Filing: 0001099910-25-000198 ↗ filed Jul 28, 2025

Holdings Value

Holdings 68 stocks · $1.7B


NFLX Netflix Inc.	9.00%	116,800	$156.4M	Add +119.5%
AMD Advanced Micro Devices	5.22%	640,000	$90.8M	New
RACE Ferrari NV	4.56%	161,700	$79.4M	Add +14.1%
JOBY Joby Aviation Inc.	4.37%	7,205,000	$76.0M	Add +58.2%
UBER Uber Technologies Inc.	4.19%	780,000	$72.8M	Add +43.1%
AMZN Amazon.com Inc.	4.01%	317,800	$69.7M	Add +25.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO	3.57%	500,400	$62.1M	Add +26.6%
AVGO Broadcom Inc.	3.36%	212,000	$58.4M	Add +34.2%
MSFT Microsoft Corp.	3.27%	114,300	$56.9M	Add +11.7%
COST Costco Wholesale Corp.	2.85%	50,000	$49.5M	No change
SPOT Spotify Technology SA	2.74%	62,000	$47.6M	New
CRCL Circle Internet Group Inc.	2.61%	250,000	$45.3M	New
LYFT LYFT Inc. Class A	2.13%	2,350,000	$37.0M	New
TJX TJX Companies Inc. filed as TJX COS INC NEW	2.09%	293,600	$36.3M	Reduce -43.9%
BABA Alibaba Group Holding-SP ADR	2.01%	308,600	$35.0M	Add +14.9%
MNDY Monday.com Ltd.	1.90%	105,000	$33.0M	New
CNH CNH Industrial NV	1.78%	2,390,000	$31.0M	Add +17.7%
CSCO Cisco Systems Inc.	1.70%	425,000	$29.5M	Add +30.8%
ZS Zscaler Inc.	1.64%	91,000	$28.6M	New
HSY The Hershey Co.	1.47%	154,000	$25.6M	No change
OLLI Ollie's Bargain Outlet Holdi	1.46%	193,000	$25.4M	No change
STX Seagate Technology Holdings	1.37%	164,500	$23.7M	Reduce -50.4%
SNOW Snowflake Inc.	1.31%	102,000	$22.8M	New
TDG Transdigm Group Inc.	1.31%	15,000	$22.8M	No change
BA The Boeing Co.	1.28%	106,400	$22.3M	Add +88.7%
FICO Fair Isaac Corp.	1.27%	12,100	$22.1M	New
RTX RTX Corp.	1.27%	151,000	$22.0M	Reduce -30.1%
ARM Arm Holdings PLC-ADR	1.21%	130,000	$21.0M	New
MU Micron Technology Inc.	1.20%	169,000	$20.8M	No change
AAPL Apple Inc.	1.20%	101,500	$20.8M	Add +16.0%
TMO Thermo Fisher Scientific Inc.	1.19%	51,000	$20.7M	No change
KEY Keycorp	0.96%	960,000	$16.7M	No change
LHX L3HARRIS Technologies Inc.	0.96%	66,200	$16.6M	Reduce -1.6%
NVDA Nvidia Corp.	0.95%	105,000	$16.6M	New
DAR Darling Ingredients Inc.	0.93%	425,000	$16.1M	Reduce -15.0%
LMT Lockheed Martin Corp.	0.91%	34,200	$15.8M	No change
XYL Xylem Inc.	0.90%	120,900	$15.6M	No change
BKR Baker Hughes Co.	0.86%	390,000	$15.0M	No change
MDGL Madrigal Pharmaceuticals Inc.	0.75%	43,215	$13.1M	No change
MELI MercadoLibre Inc.	0.75%	5,000	$13.1M	New
SNPS Synopsys Inc.	0.71%	24,000	$12.3M	No change
GEV GE Vernova Inc.	0.70%	23,000	$12.2M	New
BX Blackstone Inc.	0.68%	79,500	$11.9M	Reduce -20.1%
PANW Palo Alto Networks Inc.	0.68%	57,700	$11.8M	Reduce -28.1%
A Agilent Technologies Inc.	0.67%	99,200	$11.7M	No change
AXP American Express Co.	0.67%	36,700	$11.7M	No change
WDC Western Digital Corp.	0.66%	180,000	$11.5M	New
LULU Lululemon Athletica Inc.	0.64%	46,500	$11.0M	Reduce -16.2%
SCI Service Corp. International	0.63%	135,000	$11.0M	No change
NTNX Nutanix Inc. Class A	0.62%	140,000	$10.7M	Add +6.1%
CRWD CrowdStrike Holdings Inc. Class A	0.59%	20,000	$10.2M	New
MP MP Materials Corp.	0.57%	300,000	$10.0M	New
ELV Elevance Health Inc.	0.56%	25,000	$9.7M	No change
TTEK Tetra Tech Inc.	0.56%	269,000	$9.7M	Reduce -60.7%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC	0.55%	89,000	$9.6M	No change
MEDP Medpace Holdings Inc.	0.53%	29,101	$9.1M	No change
BWA Borgwarner Inc.	0.50%	258,100	$8.6M	No change
INSP Inspire Medical Systems Inc.	0.39%	52,400	$6.8M	No change
HLI Houlihan Lokey Inc.	0.37%	35,400	$6.4M	Reduce -41.4%
GS Goldman Sachs Group Inc.	0.35%	8,500	$6.0M	No change
HCA HCA Healthcare Inc.	0.33%	15,000	$5.7M	No change
DHR Danaher Corp.	0.31%	27,500	$5.4M	No change
LW Lamb Weston Holdings Inc.	0.28%	93,000	$4.8M	No change
KHC The Kraft Heinz Co.	0.26%	177,000	$4.6M	No change
HUM Humana Inc.	0.21%	15,000	$3.7M	No change
ESAB Esab Corp.	0.19%	27,966	$3.4M	No change
CRNC Cerence Inc.	0.18%	300,000	$3.1M	No change
BRKR Bruker Corp.	0.11%	45,000	$1.9M	No change

Portfolio Sells Q1 2025 → Q2 2025


META Meta Platforms Inc. Class A	Sold out	0.00%	−3.17
TJX TJX Companies Inc.	Reduce -43.9%	2.09%	−3.11
EMR Emerson Electric Co.	Sold out	0.00%	−2.22
HDB HDFC Bank Ltd.-ADR	Sold out	0.00%	−1.99
INTC Intel Corp.	Sold out	0.00%	−1.86
CCI Crown Castle Inc.	Sold out	0.00%	−1.23
TTEK Tetra Tech Inc.	Reduce -60.7%	0.56%	−1.07
RTX RTX Corp.	Reduce -30.1%	1.27%	−1.06
STX Seagate Technology Holdings	Reduce -50.4%	1.37%	−0.93
AKRO Akero Therapeutics Inc.	Sold out	0.00%	−0.91
C Citigroup Inc.	Sold out	0.00%	−0.85
BAH Booz Allen Hamilton Holdings	Sold out	0.00%	−0.72
ARES Ares Management Corp. Class A	Sold out	0.00%	−0.71
ANET Arista Networks Inc.	Sold out	0.00%	−0.69
ON On Semiconductor	Sold out	0.00%	−0.66
LULU Lululemon Athletica Inc.	Reduce -16.2%	0.64%	−0.64
NOW ServiceNow Inc.	Sold out	0.00%	−0.62
BX Blackstone Inc.	Reduce -20.1%	0.68%	−0.45
PANW Palo Alto Networks Inc.	Reduce -28.1%	0.68%	−0.44
HLI Houlihan Lokey Inc.	Reduce -41.4%	0.37%	−0.43
BL Blackline Inc.	Sold out	0.00%	−0.39
DAR Darling Ingredients Inc.	Reduce -15.0%	0.93%	−0.34
LHX L3HARRIS Technologies Inc.	Reduce -1.6%	0.96%	−0.19
KRUS Kura Sushi USA Inc. Class A	Sold out	0.00%	−0.04

Portfolio Buys Q1 2025 → Q2 2025


AMD Advanced Micro Devices	New	5.22%	+5.22
NFLX Netflix Inc.	Add +119.5%	9.00%	+4.96
SPOT Spotify Technology SA	New	2.74%	+2.74
CRCL Circle Internet Group Inc.	New	2.61%	+2.61
JOBY Joby Aviation Inc.	Add +58.2%	4.37%	+2.14
LYFT LYFT Inc. Class A	New	2.13%	+2.13
MNDY Monday.com Ltd.	New	1.90%	+1.90
ZS Zscaler Inc.	New	1.64%	+1.64
SNOW Snowflake Inc.	New	1.31%	+1.31
FICO Fair Isaac Corp.	New	1.27%	+1.27
ARM Arm Holdings PLC-ADR	New	1.21%	+1.21
AVGO Broadcom Inc.	Add +34.2%	3.36%	+1.21
NVDA Nvidia Corp.	New	0.95%	+0.95
UBER Uber Technologies Inc.	Add +43.1%	4.19%	+0.95
MELI MercadoLibre Inc.	New	0.75%	+0.75
GEV GE Vernova Inc.	New	0.70%	+0.70
WDC Western Digital Corp.	New	0.66%	+0.66
CRWD CrowdStrike Holdings Inc. Class A	New	0.59%	+0.59
MP MP Materials Corp.	New	0.57%	+0.57
BA The Boeing Co.	Add +88.7%	1.28%	+0.50
DIS The Walt Disney Co.	Add +26.6%	3.57%	+0.39
MSFT Microsoft Corp.	Add +11.7%	3.27%	+0.14
AMZN Amazon.com Inc.	Add +25.0%	4.01%	+0.07
CSCO Cisco Systems Inc.	Add +30.8%	1.70%	+0.06
NTNX Nutanix Inc. Class A	Add +6.1%	0.62%	−0.13
CNH CNH Industrial NV	Add +17.7%	1.78%	−0.25
RACE Ferrari NV	Add +14.1%	4.56%	−0.37
AAPL Apple Inc.	Add +16.0%	1.20%	−0.39
BABA Alibaba Group Holding-SP ADR	Add +14.9%	2.01%	−0.88

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