In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), XN LP reported 22 stock positions worth $3.4 billion . Its top holding was Tko (TKO) at 16.0% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 7.3% ) and Sherwin-Williams (SHW, 6.4% ). Compared with Q2 2025, it opened 4 new positions, sold out of 2, added to 7 and reduced 9. The biggest buy was a new position in Union Pacific (UNP) and the biggest sale an exit from DoorDash Class A (DASH).
Location New York, NY
CIK 0001756558
Portfolio Value $3.4B (Q3 2025) Holdings 22 stocks · $3.4B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 TKO Tko Group Holdings Inc. 2,697,369 $544.8M Add +3.7% TSM Taiwan Semiconductor-SP ADR 882,755 $246.5M Reduce -4.9% SHW The Sherwin-Williams Co. 630,209 $218.2M Reduce -1.2% TOST Toast Inc. Class A 5,958,530 $217.5M Add +14.3% TRU Transunion 2,446,657 $205.0M Reduce -3.1% UNP Union Pacific Corp. 813,330 $192.2M New GE General Electric filed as GE AEROSPACE 569,227 $171.2M Reduce -10.5% PCOR Procore Technologies Inc. 2,311,550 $168.6M No change RDDT Reddit Inc. Class A 682,437 $157.0M Add +75.1% AMZN Amazon.com Inc. 703,384 $154.4M Add +5.2% SPOT Spotify Technology SA 221,114 $154.3M Add +70.3% FIG Figma Inc. Class A 2,702,130 $140.2M New FERG Ferguson Enterprises Inc. 503,477 $113.1M Add +91.2% WBD Warner Bros Discovery Inc. 5,614,725 $109.7M New CRH CRH PLC 879,676 $105.5M New NVDA Nvidia Corp. 560,331 $104.5M Add +16.6% CRM Salesforce Inc. 393,429 $93.2M Reduce -16.8% META Meta Platforms Inc. Class A 120,319 $88.4M Reduce -21.0% GOOG Alphabet Inc. Class C 316,285 $77.0M Reduce -34.7% AMAT Applied Materials Inc. 336,900 $69.0M Reduce -38.3% MNDY Monday.com Ltd. 198,314 $38.4M Reduce -51.6% JCI Johnson Controls Internation 286,853 $31.5M No change
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ DASH DoorDash Inc. Class A Sold out 0.00% −3.40 MNDY Monday.com Ltd. Reduce -51.6% 1.13% −3.37 CBRE CBRE Group Inc. Class A Sold out 0.00% −2.30 CRM Salesforce Inc. Reduce -16.8% 2.74% −1.76 TRU Transunion Reduce -3.1% 6.03% −1.73 AMAT Applied Materials Inc. Reduce -38.3% 2.03% −1.46 META Meta Platforms Inc. Class A Reduce -21.0% 2.60% −1.32 SHW The Sherwin-Williams Co. Reduce -1.2% 6.42% −1.23 GOOG Alphabet Inc. Class C Reduce -34.7% 2.27% −0.73 GE General Electric Reduce -10.5% 5.04% −0.68 TSM Taiwan Semiconductor-SP ADR Reduce -4.9% 7.25% −0.09
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ UNP Union Pacific Corp. New 5.65% +5.65 FIG Figma Inc. Class A New 4.12% +4.12 WBD Warner Bros Discovery Inc. New 3.22% +3.22 CRH CRH PLC New 3.10% +3.10 RDDT Reddit Inc. Class A Add +75.1% 4.62% +2.57 FERG Ferguson Enterprises Inc. Add +91.2% 3.33% +1.32 SPOT Spotify Technology SA Add +70.3% 4.54% +1.06 NVDA Nvidia Corp. Add +16.6% 3.07% +0.43 TKO Tko Group Holdings Inc. Add +3.7% 16.02% −0.49 AMZN Amazon.com Inc. Add +5.2% 4.54% −0.58 TOST Toast Inc. Class A Add +14.3% 6.40% −1.66
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ GE General Electric call Sold out 1,000,000 $257.4Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 27 $3.8B SPCX, TKO, SHW, TSM, GLW Q1 2026 23 $2.7B TKO, SOLS, TSM, SHW, TOST Q4 2025 26 $3.6B TKO, TOST, TSM, SHW, SPOT Q3 2025 22 $3.4B TKO, TSM, SHW, TOST, TRU Q2 2025 20 $2.9B TKO, TOST, TRU, SHW, TSM Q1 2025 19 $2.2B TKO, SHW, TRU, TSM, TOST Q4 2024 23 $2.3B TKO, PCOR, GE, TRU, TOST Q3 2024 21 $2.3B TKO, GE, TRU, VMC, AMAT Q2 2024 22 $2.1B TKO, PCOR, TRU, GE, GOOG Q1 2024 20 $2.0B GOOG, TKO, GE, WAB, ADBE