AKO Capital
AKO Capital
AKO Capital (AKO Capital) discloses a $4.29B portfolio across 22 US-listed positions in the latest 13F filing (2026Q2, filed Aug 12, 2026). The largest holding is ALC at 15.2% of the book. The biggest move of the quarter: added 91% to the SUNB share count (position now $454M). Mechanically cloning this 13F returned 13.4%/yr over the past 9.5 years, versus 15.0%/yr for the S&P 500 across that identical 9.5-year window.
Holdings (22) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | ALC | 15.2% | $652M | |||
| 2 | SUNB | 10.6% | $454M | |||
| 3 | V | 7.9% | $338M | |||
| 4 | RACE | 7.7% | $329M | |||
| 5 | GE | 6.7% | $288M | |||
| 6 | AMZN | 6.3% | $272M | |||
| 7 | ADI | 5.7% | $245M | |||
| 8 | MSFT | 5.5% | $234M | |||
| 9 | CSCO | 5.4% | $232M | |||
| 10 | CP | 4.9% | $210M | |||
| 11 | MCO | 4.5% | $194M | |||
| 12 | APD | 3.8% | $162M | |||
| 13 | FICO | 2.9% | $124M | |||
| 14 | ICE | 2.9% | $124M | |||
| 15 | WMB | 2.6% | $110M | |||
| 16 | MA | 2.3% | $98M | |||
| 17 | WAT | 1.8% | $76M | |||
| 18 | CSL | 1.6% | $69M | |||
| 19 | LIN | 0.8% | $34M | |||
| 20 | EFX | 0.5% | $21M | |||
| 21 | CPRT | 0.4% | $19M | |||
| 22 | SYK | 0.2% | $6M |
- 1ALCport15.2%val$652MAlcon AGthis Q hold·29q
- 2SUNBport10.6%val$454MSunbelt Rentals Holdings Incthis Q +91%·2q
- 3Vport7.9%val$338MVisa Inc-class A Sharesthis Q hold·39q
- 4RACEport7.7%val$329MFerrari N Vthis Q hold·39q
- 5GEport6.7%val$288MGeneral Electricthis Q -23%·12q
- 6AMZNport6.3%val$272MAmazon.com Incthis Q -34%·9q
- 7ADIport5.7%val$245MAnalog Devices Incthis Q -40%·10q
- 8MSFTport5.5%val$234MMicrosoft Corpthis Q hold·16q
- 9CSCOport5.4%val$232MCisco Systems Incthis Q -35%·3q
- 10CPport4.9%val$210MCanadian Pacific Kansas Citythis Q hold·4q
- 11MCOport4.5%val$194MMoody's Corpthis Q hold·39q
- 12APDport3.8%val$162MAir Products & Chemicals Incthis Q +137%·2q
- 13FICOport2.9%val$124MFair Isaac Corpthis Q hold·39q
- 14ICEport2.9%val$124MIntercontinental Exchange INthis Q -46%·24q
- 15WMBport2.6%val$110MWilliams Cos Incthis Q hold·2q
- 16MAport2.3%val$98MMastercard Inc - Athis Q +22%·3q
- 17WATport1.8%val$76MWaters Corpthis Q -75%·12q
- 18CSLport1.6%val$69MCarlisle Cos Incthis Q hold·2q
- 19LINport0.8%val$34MLinde Plcthis Q -52%·13q
- 20EFXport0.5%val$21MEquifax Incthis Q -67%·22q
- 21CPRTport0.4%val$19MCopart Incthis Q +140%·14q
- 22SYKport0.2%val$6MStryker Corpthis Q -92%·2q
2026Q2 moves, by size (18)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| SUNB | Sunbelt Rentals Holdings Inc | ADD | 10.6% | +91% | $454M |
| AMZN | Amazon.com Inc | TRIM | 6.3% | -34% | $272M |
| GE | General Electric | TRIM | 6.7% | -23% | $288M |
| ADI | Analog Devices Inc | TRIM | 5.7% | -40% | $245M |
| ICE | Intercontinental Exchange IN | TRIM | 2.9% | -46% | $124M |
| CSCO | Cisco Systems Inc | TRIM | 5.4% | -35% | $232M |
| WAT | Waters Corp | TRIM | 1.8% | -75% | $76M |
| BKNG | Booking Holdings Inc | EXIT | 4.1% | -100% | $0 |
| APD | Air Products & Chemicals Inc | ADD | 3.8% | +137% | $162M |
| MA | Mastercard Inc - A | ADD | 2.3% | +22% | $98M |
| SYK | Stryker Corp | TRIM | 0.2% | -92% | $6M |
| EFX | Equifax Inc | TRIM | 0.5% | -67% | $21M |
| LIN | Linde Plc | TRIM | 0.8% | -52% | $34M |
| CRM | Salesforce Inc | EXIT | 1.3% | -100% | $0 |
| FLUT | Flutter Entmt Plc | EXIT | 1.0% | -100% | $0 |
| MRSH | Marsh & Mclennan Cos | EXIT | 0.9% | -100% | $0 |
| CPRT | Copart Inc | ADD | 0.4% | +140% | $19M |
| RELX | Relx Plc - Spon Adr | EXIT | <0.1% | -100% | $0 |
- ADDSUNB10.6%Sunbelt Rentals Holdings IncΔ +91%·$454M
- TRIMAMZN6.3%Amazon.com IncΔ -34%·$272M
- TRIMGE6.7%General ElectricΔ -23%·$288M
- TRIMADI5.7%Analog Devices IncΔ -40%·$245M
- TRIMICE2.9%Intercontinental Exchange INΔ -46%·$124M
- TRIMCSCO5.4%Cisco Systems IncΔ -35%·$232M
- TRIMWAT1.8%Waters CorpΔ -75%·$76M
- EXITBKNG4.1%Booking Holdings IncΔ -100%·$0
- ADDAPD3.8%Air Products & Chemicals IncΔ +137%·$162M
- ADDMA2.3%Mastercard Inc - AΔ +22%·$98M
- TRIMSYK0.2%Stryker CorpΔ -92%·$6M
- TRIMEFX0.5%Equifax IncΔ -67%·$21M
- TRIMLIN0.8%Linde PlcΔ -52%·$34M
- EXITCRM1.3%Salesforce IncΔ -100%·$0
- EXITFLUT1.0%Flutter Entmt PlcΔ -100%·$0
- EXITMRSH0.9%Marsh & Mclennan CosΔ -100%·$0
- ADDCPRT0.4%Copart IncΔ +140%·$19M
- EXITRELX<0.1%Relx Plc - Spon AdrΔ -100%·$0
About AKO Capital
AKO Capital is a London-based long/short equity manager founded by Nicolai Tangen in 2005, running a concentrated global portfolio with a quality-growth tilt — the kind of book that emphasizes businesses with durable competitive advantages, high returns on capital, and visible earnings compounding. Tangen built AKO into a multi-billion-dollar franchise before departing in 2020 to lead Norges Bank Investment Management, Norway's sovereign wealth fund. The 13F reflects only the U.S. long equity sleeve: current top holdings include ALC, AMZN, V, ADI, and RACE, with the top five accounting for roughly 40% of disclosed assets — genuinely concentrated for a $5B book. Readers should note that the short book, derivatives, and non-U.S. positions (which have historically been meaningful for AKO) are invisible in the filing, so the 13F is a partial and potentially misleading picture of actual exposure. A clone backtest running 45-day lagged rebalancing has trailed SPY by roughly 1.6% annually over nine-plus years, consistent with the friction costs of mimicking a long/short strategy using only disclosed longs.
2026Q2 brief
AKO Capital's $4.29B, 22-position book underwent a notable rotation in 2026Q2, with the fund doubling down on SUNB (now 10.6% of the portfolio, +91%), nearly tripling its APD stake to 3.8%, and exiting BKNG (previously 4.1%) and CRM entirely. These moves suggest a deliberate pivot away from high-multiple U.S. internet/software names toward industrial and consumer-staples-adjacent compounders — consistent with AKO's quality-growth style but with a more defensive tilt. The firm also slashed ADI by 40%, ICE by 46%, and gutted WAT by 75%, collectively shedding significant tech and financial-data exposure. Meanwhile, ALC remains the anchor at 15.2%, and the top-5 concentration held steady at 48%. The simultaneous trim of AMZN (-34%) alongside the CRM exit reinforces a broad de-emphasis of U.S. tech, while RACE and GE retention signals continued conviction in premium industrials. Watch the next filing for whether SUNB approaches ALC-level concentration — if AKO keeps adding, it may be telegraphing a highest-conviction thesis in the portfolio.
AI-generated. Not investment advice.
Filing history
AKO Capital's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 22 | $4.29B |
| Q1 2026 — what changed → | 27 | $5.11B |
| Q4 2025 — what changed → | 22 | $6.57B |
| Q3 2025 — what changed → | 23 | $7.03B |
| Q2 2025 — what changed → | 25 | $7.92B |
| Q1 2025 — what changed → | 26 | $7.71B |
| Q4 2024 holdings | 27 | $7.24B |
| Q3 2024 holdings | 25 | $7.67B |
| Q2 2024 holdings | 26 | $7.28B |
| Q1 2024 holdings | 27 | $7.06B |
| Q4 2023 holdings | 29 | $7.03B |
| Q3 2023 holdings | 27 | $6.13B |
Values as disclosed at each quarter end. Older filings on EDGAR.
Multibaggers AKO Capital held
Stocks up 5x or more since AKO Capital first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- FICO22.4xFAIR ISAAC CORP38q straight · peak 6.5% · still holds
- URI19.0xUNITED RENTALS INC4q straight · peak 2.07%
- MSCI14.6xMSCI INC5q straight · peak 3.5%
- AMZN13.8xAMAZON.COM INC8q straight · peak 7.06% · still holds
- MSFT11.2xMICROSOFT CORP15q straight · peak 7.99% · still holds
- GOOG10.6xALPHABET INC-CL C25q straight · peak 5.98%
Six biggest of 19. Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not AKO Capital's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
Frequently asked questions
- What stocks does AKO Capital own?
- As of 2026Q2, AKO Capital's 13F discloses 22 positions worth $4.29B. The top five holdings: ALC (15.2%), SUNB (10.6%), V (7.9%), RACE (7.7%), GE (6.7%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did AKO Capital buy this quarter?
- In 2026Q2, the filing shows 0 new positions and 4 additions to existing holdings. The largest positions touched by buying: SUNB, APD, MA, CPRT.
- How big is AKO Capital's portfolio?
- $4.29B across 22 positions per the latest 13F (filed Aug 12, 2026). The top five holdings account for 48% of the disclosed book.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001376879). Not investment advice.