Rheos Capital Works Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 21, 2026), Rheos Capital Works Inc. reported 67 stock positions worth $1.6 billion. Its top holding was Meta Platforms Class A (META) at 9.0% of the portfolio, followed by Ferrari (RACE, 5.5%) and Applied Materials (AMAT, 4.0%). Compared with Q3 2025, it opened 19 new positions, sold out of 14, added to 11 and reduced 22. The biggest buy was Meta Platforms Class A (META, shares +663%) and the biggest sale AppLovin Class A (APP, shares −94%).
- Most Recent 13F
- Q2 2026
- Location
- Tokyo, M0
- CIK
- 0001735445
- Portfolio Value
- $1.6B (Q4 2025)
- SEC Filing
- 0001099910-26-000042 ↗ filed Jan 21, 2026
Holdings Value
Holdings 67 stocks · $1.6B
| META Meta Platforms Inc. Class A | 9.03% | 213,500 | $140.9M | Add +662.5% |
| RACE Ferrari NV | 5.45% | 230,200 | $85.1M | Add +7.0% |
| AMAT Applied Materials Inc. | 3.95% | 240,000 | $61.7M | New |
| DHI D.R. Horton Inc. | 3.79% | 410,000 | $59.1M | No change |
| CAT Caterpillar Inc. | 3.56% | 97,000 | $55.6M | Add +38.6% |
| NVDA Nvidia Corp. | 3.36% | 281,300 | $52.5M | Reduce -23.2% |
| JOBY Joby Aviation Inc. | 3.00% | 3,545,000 | $46.8M | Add +45.0% |
| BIDU Baidu Inc. - Spon ADR | 2.95% | 352,000 | $46.0M | Add +9.3% |
| BA The Boeing Co. | 2.94% | 211,400 | $45.9M | Reduce -51.6% |
| GOOG Alphabet Inc. Class C | 2.72% | 135,000 | $42.4M | Add +28.6% |
| MSFT Microsoft Corp. | 2.64% | 85,300 | $41.3M | Reduce -20.9% |
| TSLA Tesla Inc. | 2.45% | 85,000 | $38.2M | New |
| AVGO Broadcom Inc. | 2.38% | 107,500 | $37.2M | Reduce -8.1% |
| UBER Uber Technologies Inc. | 2.36% | 450,000 | $36.8M | No change |
| AAPL Apple Inc. | 2.34% | 134,500 | $36.6M | Reduce -16.2% |
| AVAV Aerovironment Inc. | 2.17% | 140,000 | $33.9M | Add +16.7% |
| TMO Thermo Fisher Scientific Inc. | 1.89% | 51,000 | $29.6M | No change |
| SNOW Snowflake Inc. | 1.84% | 131,000 | $28.7M | Reduce -36.7% |
| AMZN Amazon.com Inc. | 1.82% | 122,800 | $28.3M | Reduce -70.3% |
| NTNX Nutanix Inc. Class A | 1.56% | 470,000 | $24.3M | Reduce -13.0% |
| OLLI Ollie's Bargain Outlet Holdi | 1.50% | 213,000 | $23.3M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.46% | 200,400 | $22.8M | No change |
| HSY The Hershey Co. | 1.45% | 124,000 | $22.6M | Reduce -44.6% |
| WDC Western Digital Corp. | 1.44% | 130,000 | $22.4M | Reduce -35.0% |
| SHOP Shopify Inc. Class A | 1.42% | 138,000 | $22.2M | Reduce -26.6% |
| LMT Lockheed Martin Corp. | 1.34% | 43,200 | $20.9M | Reduce -25.8% |
| HOOD Robinhood Markets Inc. Class A | 1.27% | 175,000 | $19.8M | New |
| ARM Arm Holdings PLC-ADR | 1.26% | 179,600 | $19.6M | Add +20.1% |
| STX Seagate Technology Holdings | 1.24% | 70,000 | $19.3M | New |
| AMD Advanced Micro Devices | 1.21% | 88,000 | $18.8M | Reduce -67.4% |
| Pfizer Inc. | 1.20% | 750,000 | $18.7M | New |
| MELI MercadoLibre Inc. | 1.16% | 9,000 | $18.1M | No change |
| ZS Zscaler Inc. | 1.14% | 79,000 | $17.8M | No change |
| LRCX Lam Research Corp. | 1.09% | 99,500 | $17.0M | New |
| KLAC KLA Corp. | 1.09% | 14,000 | $17.0M | Add +16.7% |
| XYL Xylem Inc. | 1.06% | 120,900 | $16.5M | No change |
| MDGL Madrigal Pharmaceuticals Inc. | 0.98% | 26,215 | $15.3M | Reduce -39.3% |
| CNH CNH Industrial NV | 0.96% | 1,620,000 | $14.9M | Reduce -32.2% |
| GS Goldman Sachs Group Inc. | 0.87% | 15,500 | $13.6M | Reduce -49.2% |
| AXP American Express Co. | 0.87% | 36,700 | $13.6M | No change |
| BKR Baker Hughes Co. | 0.85% | 290,000 | $13.2M | No change |
| TER Teradyne Inc. | 0.78% | 63,000 | $12.2M | Reduce -64.0% |
| CSCO Cisco Systems Inc. | 0.77% | 155,000 | $11.9M | Reduce -52.3% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.75% | 25,000 | $11.7M | No change |
| TDG Transdigm Group Inc. | 0.72% | 8,500 | $11.3M | Reduce -43.3% |
| JPMorgan Chase & Co. | 0.72% | 35,000 | $11.3M | New |
| INSP Inspire Medical Systems Inc. | 0.69% | 117,400 | $10.8M | Add +124.0% |
| BX Blackstone Inc. | 0.68% | 68,500 | $10.6M | Reduce -13.8% |
| Honeywell International Inc. | 0.63% | 50,000 | $9.8M | New |
| ORCL Oracle Corp. | 0.62% | 50,000 | $9.7M | New |
| Centrus Energy Corp. | 0.62% | 40,000 | $9.7M | New |
| MP MP Materials Corp. | 0.60% | 185,000 | $9.3M | Reduce -38.3% |
| INTC Intel Corp. | 0.59% | 250,000 | $9.2M | New |
| BABA Alibaba Group Holding-SP ADR | 0.56% | 60,000 | $8.8M | New |
| XP XP Inc. Class A | 0.52% | 500,000 | $8.2M | Add +66.7% |
| NFLX Netflix Inc. | 0.45% | 75,000 | $7.0M | No change |
| CRNC Cerence Inc. | 0.41% | 600,000 | $6.4M | No change |
| DHR Danaher Corp. | 0.40% | 27,500 | $6.3M | No change |
| Birkenstock Holding PLC | 0.39% | 150,000 | $6.1M | New |
| SNPS Synopsys Inc. | 0.36% | 12,000 | $5.6M | No change |
| ACN Accenture PLC Class A | 0.34% | 20,000 | $5.4M | New |
| GE General Electric filed as GE AEROSPACE | 0.30% | 15,000 | $4.6M | New |
| ASML ASML Holding NV-NY Reg SHS | 0.28% | 4,100 | $4.4M | New |
| Solstice Advanced Materials Inc. | 0.27% | 87,500 | $4.3M | New |
| APP AppLovin Corp. Class A | 0.22% | 5,000 | $3.4M | Reduce -94.3% |
| Capri Holdings Limited | 0.16% | 100,000 | $2.4M | New |
| Archer Aviation Inc. | 0.10% | 200,000 | $1.5M | New |
Portfolio Sells Q3 2025 → Q4 2025
| APP AppLovin Corp. Class A | Reduce -94.3% | 0.22% | −3.32 |
| AMZN Amazon.com Inc. | Reduce -70.3% | 1.82% | −3.25 |
| TJX TJX Companies Inc. | Sold out | 0.00% | −2.99 |
| BA The Boeing Co. | Reduce -51.6% | 2.94% | −2.33 |
| CRCL Circle Internet Group Inc. | Sold out | 0.00% | −2.24 |
| LYFT LYFT Inc. Class A | Sold out | 0.00% | −1.66 |
| RCL Royal Caribbean Cruises Ltd. | Sold out | 0.00% | −1.45 |
| MNDY Monday.com Ltd. | Sold out | 0.00% | −1.30 |
| AMD Advanced Micro Devices | Reduce -67.4% | 1.21% | −1.24 |
| HSY The Hershey Co. | Reduce -44.6% | 1.45% | −0.90 |
| SNOW Snowflake Inc. | Reduce -36.7% | 1.84% | −0.77 |
| NTNX Nutanix Inc. Class A | Reduce -13.0% | 1.56% | −0.69 |
| PANW Palo Alto Networks Inc. | Sold out | 0.00% | −0.66 |
| BWA Borgwarner Inc. | Sold out | 0.00% | −0.63 |
| RTX RTX Corp. | Sold out | 0.00% | −0.62 |
| TER Teradyne Inc. | Reduce -64.0% | 0.78% | −0.57 |
| CLS Celestica Inc. | Sold out | 0.00% | −0.55 |
| MP MP Materials Corp. | Reduce -38.3% | 0.60% | −0.53 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −0.51 |
| CNH CNH Industrial NV | Reduce -32.2% | 0.96% | −0.49 |
| GS Goldman Sachs Group Inc. | Reduce -49.2% | 0.87% | −0.49 |
| MSFT Microsoft Corp. | Reduce -20.9% | 2.64% | −0.48 |
| CSCO Cisco Systems Inc. | Reduce -52.3% | 0.77% | −0.48 |
| NVDA Nvidia Corp. | Reduce -23.2% | 3.36% | −0.46 |
| LHX L3HARRIS Technologies Inc. | Sold out | 0.00% | −0.40 |
| SCI Service Corp. International | Sold out | 0.00% | −0.40 |
| TDG Transdigm Group Inc. | Reduce -43.3% | 0.72% | −0.38 |
| LMT Lockheed Martin Corp. | Reduce -25.8% | 1.34% | −0.29 |
| KHC The Kraft Heinz Co. | Sold out | 0.00% | −0.26 |
| ESAB Esab Corp. | Sold out | 0.00% | −0.17 |
| SHOP Shopify Inc. Class A | Reduce -26.6% | 1.42% | −0.14 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -39.3% | 0.98% | −0.13 |
| BX Blackstone Inc. | Reduce -13.8% | 0.68% | −0.08 |
| AAPL Apple Inc. | Reduce -16.2% | 2.34% | +0.06 |
| WDC Western Digital Corp. | Reduce -35.0% | 1.44% | +0.09 |
| AVGO Broadcom Inc. | Reduce -8.1% | 2.38% | +0.23 |
Portfolio Buys Q3 2025 → Q4 2025
| META Meta Platforms Inc. Class A | Add +662.5% | 9.03% | +7.88 |
| AMAT Applied Materials Inc. | New | 3.95% | +3.95 |
| TSLA Tesla Inc. | New | 2.45% | +2.45 |
| CAT Caterpillar Inc. | Add +38.6% | 3.56% | +1.69 |
| GOOG Alphabet Inc. Class C | Add +28.6% | 2.72% | +1.28 |
| HOOD Robinhood Markets Inc. Class A | New | 1.27% | +1.27 |
| STX Seagate Technology Holdings | New | 1.24% | +1.24 |
| Pfizer Inc. | New | 1.20% | +1.20 |
| LRCX Lam Research Corp. | New | 1.09% | +1.09 |
| JOBY Joby Aviation Inc. | Add +45.0% | 3.00% | +0.79 |
| JPMorgan Chase & Co. | New | 0.72% | +0.72 |
| Honeywell International Inc. | New | 0.63% | +0.63 |
| ORCL Oracle Corp. | New | 0.62% | +0.62 |
| Centrus Energy Corp. | New | 0.62% | +0.62 |
| INTC Intel Corp. | New | 0.59% | +0.59 |
| BIDU Baidu Inc. - Spon ADR | Add +9.3% | 2.95% | +0.57 |
| BABA Alibaba Group Holding-SP ADR | New | 0.56% | +0.56 |
| INSP Inspire Medical Systems Inc. | Add +124.0% | 0.69% | +0.48 |
| Birkenstock Holding PLC | New | 0.39% | +0.39 |
| KLAC KLA Corp. | Add +16.7% | 1.09% | +0.37 |
| ACN Accenture PLC Class A | New | 0.34% | +0.34 |
| GE General Electric | New | 0.30% | +0.30 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.28% | +0.28 |
| Solstice Advanced Materials Inc. | New | 0.27% | +0.27 |
| XP XP Inc. Class A | Add +66.7% | 0.52% | +0.21 |
| Capri Holdings Limited | New | 0.16% | +0.16 |
| Archer Aviation Inc. | New | 0.10% | +0.10 |
| ARM Arm Holdings PLC-ADR | Add +20.1% | 1.26% | +0.07 |
| AVAV Aerovironment Inc. | Add +16.7% | 2.17% | +0.06 |
| RACE Ferrari NV | Add +7.0% | 5.45% | −0.39 |
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 |