Rheos Capital Works Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 22, 2025), Rheos Capital Works Inc. reported 62 stock positions worth $1.8 billion. Its top holding was Ferrari (RACE) at 5.8% of the portfolio, followed by Boeing (BA, 5.3%) and Amazon.com (AMZN, 5.1%). Compared with Q2 2025, it opened 13 new positions, sold out of 19, added to 19 and reduced 16. The biggest buy was Boeing (BA, shares +310%) and the biggest sale Netflix (NFLX, shares −94%).
- Most Recent 13F
- Q2 2026
- Location
- Tokyo, M0
- CIK
- 0001735445
- Portfolio Value
- $1.8B (Q3 2025)
- SEC Filing
- 0001099910-25-000235 ↗ filed Oct 22, 2025
Holdings Value
Holdings 62 stocks · $1.8B
| RACE Ferrari NV | 5.84% | 215,200 | $104.4M | Add +33.1% |
| BA The Boeing Co. | 5.27% | 436,400 | $94.2M | Add +310.1% |
| AMZN Amazon.com Inc. | 5.07% | 412,800 | $90.6M | Add +29.9% |
| DHI D.R. Horton Inc. | 3.89% | 410,000 | $69.5M | New |
| NVDA Nvidia Corp. | 3.82% | 366,300 | $68.3M | Add +248.9% |
| APP AppLovin Corp. Class A | 3.54% | 88,000 | $63.2M | New |
| MSFT Microsoft Corp. | 3.12% | 107,800 | $55.8M | Reduce -5.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 2.99% | 370,000 | $53.5M | Add +26.0% |
| SNOW Snowflake Inc. | 2.61% | 207,000 | $46.7M | Add +102.9% |
| UBER Uber Technologies Inc. | 2.47% | 450,000 | $44.1M | Reduce -42.3% |
| AMD Advanced Micro Devices | 2.44% | 270,000 | $43.7M | Reduce -57.8% |
| BIDU Baidu Inc. - Spon ADR | 2.37% | 322,000 | $42.4M | New |
| HSY The Hershey Co. | 2.34% | 224,000 | $41.9M | Add +45.5% |
| AAPL Apple Inc. | 2.29% | 160,500 | $40.9M | Add +58.1% |
| NTNX Nutanix Inc. Class A | 2.25% | 540,000 | $40.2M | Add +285.7% |
| CRCL Circle Internet Group Inc. | 2.24% | 302,000 | $40.0M | Add +20.8% |
| JOBY Joby Aviation Inc. | 2.21% | 2,445,000 | $39.5M | Reduce -66.1% |
| AVGO Broadcom Inc. | 2.16% | 117,000 | $38.6M | Reduce -44.8% |
| AVAV Aerovironment Inc. | 2.11% | 120,000 | $37.8M | New |
| CAT Caterpillar Inc. | 1.87% | 70,000 | $33.4M | New |
| LYFT LYFT Inc. Class A | 1.66% | 1,350,000 | $29.7M | Reduce -42.5% |
| LMT Lockheed Martin Corp. | 1.63% | 58,200 | $29.1M | Add +70.2% |
| SHOP Shopify Inc. Class A | 1.56% | 188,000 | $27.9M | New |
| OLLI Ollie's Bargain Outlet Holdi | 1.53% | 213,000 | $27.3M | Add +10.4% |
| CNH CNH Industrial NV | 1.45% | 2,390,000 | $25.9M | No change |
| RCL Royal Caribbean Cruises Ltd. | 1.45% | 80,000 | $25.9M | New |
| GOOG Alphabet Inc. Class C | 1.43% | 105,000 | $25.6M | New |
| TMO Thermo Fisher Scientific Inc. | 1.38% | 51,000 | $24.7M | No change |
| GS Goldman Sachs Group Inc. | 1.36% | 30,500 | $24.3M | Add +258.8% |
| TER Teradyne Inc. | 1.35% | 175,000 | $24.1M | New |
| WDC Western Digital Corp. | 1.34% | 200,000 | $24.0M | Add +11.1% |
| ZS Zscaler Inc. | 1.32% | 79,000 | $23.7M | Reduce -13.2% |
| MNDY Monday.com Ltd. | 1.30% | 120,000 | $23.2M | Add +14.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.28% | 200,400 | $22.9M | Reduce -60.0% |
| CSCO Cisco Systems Inc. | 1.24% | 325,000 | $22.2M | Reduce -23.5% |
| ARM Arm Holdings PLC-ADR | 1.18% | 149,600 | $21.2M | Add +15.1% |
| MELI MercadoLibre Inc. | 1.18% | 9,000 | $21.0M | Add +80.0% |
| META Meta Platforms Inc. Class A | 1.15% | 28,000 | $20.6M | New |
| MP MP Materials Corp. | 1.13% | 300,000 | $20.1M | No change |
| MDGL Madrigal Pharmaceuticals Inc. | 1.11% | 43,215 | $19.8M | No change |
| TDG Transdigm Group Inc. | 1.11% | 15,000 | $19.8M | No change |
| XYL Xylem Inc. | 1.00% | 120,900 | $17.8M | No change |
| BKR Baker Hughes Co. | 0.79% | 290,000 | $14.1M | Reduce -25.6% |
| BX Blackstone Inc. | 0.76% | 79,500 | $13.6M | No change |
| KLAC KLA Corp. | 0.72% | 12,000 | $12.9M | New |
| CRWD CrowdStrike Holdings Inc. Class A | 0.69% | 25,000 | $12.3M | Add +25.0% |
| AXP American Express Co. | 0.68% | 36,700 | $12.2M | No change |
| PANW Palo Alto Networks Inc. | 0.66% | 57,700 | $11.7M | No change |
| BWA Borgwarner Inc. | 0.63% | 258,100 | $11.3M | No change |
| RTX RTX Corp. | 0.62% | 66,000 | $11.0M | Reduce -56.3% |
| CLS Celestica Inc. | 0.55% | 40,000 | $9.9M | New |
| SPOT Spotify Technology SA | 0.51% | 13,000 | $9.1M | Reduce -79.0% |
| NFLX Netflix Inc. | 0.50% | 7,500 | $9.0M | Reduce -93.6% |
| CRNC Cerence Inc. | 0.42% | 600,000 | $7.5M | Add +100.0% |
| LHX L3HARRIS Technologies Inc. | 0.40% | 23,200 | $7.1M | Reduce -65.0% |
| SCI Service Corp. International | 0.40% | 85,000 | $7.1M | Reduce -37.0% |
| SNPS Synopsys Inc. | 0.33% | 12,000 | $5.9M | Reduce -50.0% |
| XP XP Inc. Class A | 0.32% | 300,000 | $5.6M | New |
| DHR Danaher Corp. | 0.31% | 27,500 | $5.5M | No change |
| KHC The Kraft Heinz Co. | 0.26% | 177,000 | $4.6M | No change |
| INSP Inspire Medical Systems Inc. | 0.22% | 52,400 | $3.9M | No change |
| ESAB Esab Corp. | 0.17% | 27,966 | $3.1M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| NFLX Netflix Inc. | Reduce -93.6% | 0.50% | −8.49 |
| COST Costco Wholesale Corp. | Sold out | 0.00% | −2.85 |
| AMD Advanced Micro Devices | Reduce -57.8% | 2.44% | −2.78 |
| DIS The Walt Disney Co. | Reduce -60.0% | 1.28% | −2.29 |
| SPOT Spotify Technology SA | Reduce -79.0% | 0.51% | −2.23 |
| JOBY Joby Aviation Inc. | Reduce -66.1% | 2.21% | −2.16 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −2.01 |
| UBER Uber Technologies Inc. | Reduce -42.3% | 2.47% | −1.72 |
| STX Seagate Technology Holdings | Sold out | 0.00% | −1.37 |
| FICO Fair Isaac Corp. | Sold out | 0.00% | −1.27 |
| AVGO Broadcom Inc. | Reduce -44.8% | 2.16% | −1.20 |
| MU Micron Technology Inc. | Sold out | 0.00% | −1.20 |
| KEY Keycorp | Sold out | 0.00% | −0.96 |
| DAR Darling Ingredients Inc. | Sold out | 0.00% | −0.93 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −0.70 |
| A Agilent Technologies Inc. | Sold out | 0.00% | −0.67 |
| RTX RTX Corp. | Reduce -56.3% | 0.62% | −0.65 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −0.64 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.56 |
| LHX L3HARRIS Technologies Inc. | Reduce -65.0% | 0.40% | −0.56 |
| TTEK Tetra Tech Inc. | Sold out | 0.00% | −0.56 |
| BJ Bj's Wholesale Club Holdings | Sold out | 0.00% | −0.55 |
| MEDP Medpace Holdings Inc. | Sold out | 0.00% | −0.53 |
| LYFT LYFT Inc. Class A | Reduce -42.5% | 1.66% | −0.47 |
| CSCO Cisco Systems Inc. | Reduce -23.5% | 1.24% | −0.45 |
| SNPS Synopsys Inc. | Reduce -50.0% | 0.33% | −0.38 |
| HLI Houlihan Lokey Inc. | Sold out | 0.00% | −0.37 |
| HCA HCA Healthcare Inc. | Sold out | 0.00% | −0.33 |
| ZS Zscaler Inc. | Reduce -13.2% | 1.32% | −0.32 |
| LW Lamb Weston Holdings Inc. | Sold out | 0.00% | −0.28 |
| SCI Service Corp. International | Reduce -37.0% | 0.40% | −0.24 |
| HUM Humana Inc. | Sold out | 0.00% | −0.21 |
| MSFT Microsoft Corp. | Reduce -5.7% | 3.12% | −0.15 |
| BRKR Bruker Corp. | Sold out | 0.00% | −0.11 |
| BKR Baker Hughes Co. | Reduce -25.6% | 0.79% | −0.07 |
Portfolio Buys Q2 2025 → Q3 2025
| BA The Boeing Co. | Add +310.1% | 5.27% | +3.99 |
| DHI D.R. Horton Inc. | New | 3.89% | +3.89 |
| APP AppLovin Corp. Class A | New | 3.54% | +3.54 |
| NVDA Nvidia Corp. | Add +248.9% | 3.82% | +2.87 |
| BIDU Baidu Inc. - Spon ADR | New | 2.37% | +2.37 |
| AVAV Aerovironment Inc. | New | 2.11% | +2.11 |
| CAT Caterpillar Inc. | New | 1.87% | +1.87 |
| NTNX Nutanix Inc. Class A | Add +285.7% | 2.25% | +1.63 |
| SHOP Shopify Inc. Class A | New | 1.56% | +1.56 |
| RCL Royal Caribbean Cruises Ltd. | New | 1.45% | +1.45 |
| GOOG Alphabet Inc. Class C | New | 1.43% | +1.43 |
| TER Teradyne Inc. | New | 1.35% | +1.35 |
| SNOW Snowflake Inc. | Add +102.9% | 2.61% | +1.30 |
| RACE Ferrari NV | Add +33.1% | 5.84% | +1.28 |
| META Meta Platforms Inc. Class A | New | 1.15% | +1.15 |
| AAPL Apple Inc. | Add +58.1% | 2.29% | +1.09 |
| AMZN Amazon.com Inc. | Add +29.9% | 5.07% | +1.06 |
| GS Goldman Sachs Group Inc. | Add +258.8% | 1.36% | +1.01 |
| TJX TJX Companies Inc. | Add +26.0% | 2.99% | +0.91 |
| HSY The Hershey Co. | Add +45.5% | 2.34% | +0.87 |
| KLAC KLA Corp. | New | 0.72% | +0.72 |
| LMT Lockheed Martin Corp. | Add +70.2% | 1.63% | +0.71 |
| WDC Western Digital Corp. | Add +11.1% | 1.34% | +0.68 |
| CLS Celestica Inc. | New | 0.55% | +0.55 |
| MELI MercadoLibre Inc. | Add +80.0% | 1.18% | +0.43 |
| XP XP Inc. Class A | New | 0.32% | +0.32 |
| CRNC Cerence Inc. | Add +100.0% | 0.42% | +0.24 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +25.0% | 0.69% | +0.10 |
| OLLI Ollie's Bargain Outlet Holdi | Add +10.4% | 1.53% | +0.07 |
| ARM Arm Holdings PLC-ADR | Add +15.1% | 1.18% | −0.03 |
| CRCL Circle Internet Group Inc. | Add +20.8% | 2.24% | −0.37 |
| MNDY Monday.com Ltd. | Add +14.3% | 1.30% | −0.60 |
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 |