Spinecap SAS
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 19, 2026), Spinecap SAS reported 13 stock positions worth $232.6 million. Its top holding was Alphabet Class A (GOOGL) at 17.6% of the portfolio, followed by Thermo Fisher Scientific (TMO, 17.4%) and Apollo Global Management (APO, 13.7%). Compared with Q3 2025, it opened 2 new positions, sold out of 2, added to 6 and reduced 4. The biggest buy was a new position in Visa Class A (V) and the biggest sale an exit from Lam Research (LRCX).
- Most Recent 13F
- Q2 2026
- Location
- PARIS, I0
- CIK
- 0002011727
- Portfolio Value
- $232.6M (Q4 2025)
- SEC Filing
- 0002011727-26-000004 ↗ filed Feb 19, 2026
Holdings Value
Holdings 13 stocks · $232.6M
| GOOGL Alphabet Inc. Class A | 17.62% | 130,922 | $41.0M | Reduce -16.1% |
| TMO Thermo Fisher Scientific Inc. | 17.44% | 70,028 | $40.6M | Reduce -4.7% |
| APO Apollo Global Management Inc. | 13.73% | 220,649 | $31.9M | Add +28.6% |
| MA Mastercard Inc. Class A | 8.61% | 35,087 | $20.0M | Add +99.9% |
| DHR Danaher Corp. | 5.05% | 51,267 | $11.7M | Reduce -2.6% |
| AMZN Amazon.com Inc. | 4.98% | 50,211 | $11.6M | Add +14.0% |
| V Visa Inc. Class A | 4.92% | 32,604 | $11.4M | New |
| TDG Transdigm Group Inc. | 4.89% | 8,553 | $11.4M | Add +16.8% |
| AVGO Broadcom Inc. | 4.88% | 32,789 | $11.3M | Add +3.7% |
| SNPS Synopsys Inc. | 4.88% | 24,157 | $11.3M | New |
| BX Blackstone Inc. | 4.50% | 67,928 | $10.5M | Add +4.4% |
| BLK BlackRock Inc. | 4.32% | 9,388 | $10.0M | No change |
| URI United Rentals Inc. | 4.19% | 12,029 | $9.7M | Reduce -6.0% |
Portfolio Sells Q3 2025 → Q4 2025
| LRCX Lam Research Corp. | Sold out | 0.00% | −15.62 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −4.77 |
| URI United Rentals Inc. | Reduce -6.0% | 4.19% | −1.19 |
| DHR Danaher Corp. | Reduce -2.6% | 5.05% | +0.45 |
| GOOGL Alphabet Inc. Class A | Reduce -16.1% | 17.62% | +0.93 |
| TMO Thermo Fisher Scientific Inc. | Reduce -4.7% | 17.44% | +1.76 |
Portfolio Buys Q3 2025 → Q4 2025
| V Visa Inc. Class A | New | 4.92% | +4.92 |
| SNPS Synopsys Inc. | New | 4.88% | +4.88 |
| MA Mastercard Inc. Class A | Add +99.9% | 8.61% | +4.22 |
| APO Apollo Global Management Inc. | Add +28.6% | 13.73% | +3.67 |
| AMZN Amazon.com Inc. | Add +14.0% | 4.98% | +0.72 |
| TDG Transdigm Group Inc. | Add +16.8% | 4.89% | +0.64 |
| AVGO Broadcom Inc. | Add +3.7% | 4.88% | +0.29 |
| BX Blackstone Inc. | Add +4.4% | 4.50% | −0.39 |