AKO Capital
AKO Capital
AKO Capital (AKO Capital) discloses a $5.11B portfolio across 27 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is ALC at 13.6% of the book. The biggest move of the quarter: added 21% to the ALC share count (position now $696M). Latticework's clone backtest puts this 13F book at -1.6%/yr vs SPY over 9.3 years.
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.
2026Q1 brief
AKO Capital's $5.1B portfolio saw meaningful activity in 2026Q1, with ALC (Alcon) extended to a dominant 13.6% top position (+21%), reinforcing a high-conviction medtech anchor as the rest of the book reshuffled. Six new positions were initiated, with SUNB (4.1%) and WMB (2.5%) the most meaningful — a U.S. natural gas pipeline operator sitting alongside a solar/utilities name, hinting at a broadening energy infrastructure theme. LIN is the quarter's most dramatic move: shares were added by a staggering +899%, lifting it to 1.3% — effectively a new position built in one quarter, likely a structured entry on industrial gas thesis. On the trim side, FLUT (-84%), MRSH (-82%), CPRT (-95%), and INTU (fully exited) represent aggressive pruning of smaller, lower-conviction slots, while MSFT (-28%) and MCO (-31%) saw partial reductions despite remaining in the book. V (7.0%) and AMZN (7.1%) hold as co-second-largest positions. Watch whether LIN and SUNB get scaled into top-10 weights next quarter, which would confirm a deliberate tilt toward industrial/energy infrastructure.
AI-generated. Not investment advice.
In the news
all news →- AKO Capital and Citadel reinforce their short positions in Técnicas Reunidas, Viscofan and CellnexDemócrata ·
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Holdings (27) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | ALC | 13.6% | $696M | |||
| 2 | AMZN | 7.1% | $361M | |||
| 3 | V | 7.0% | $359M | |||
| 4 | ADI | 6.4% | $328M | |||
| 5 | RACE | 6.1% | $311M | |||
| 6 | ICE | 5.8% | $294M | |||
| 7 | GE | 5.5% | $283M | |||
| 8 | MSFT | 5.3% | $272M | |||
| 9 | WAT | 4.8% | $243M | |||
| 10 | CSCO | 4.6% | $236M | |||
| 11 | MCO | 4.4% | $223M | |||
| 12 | CP | 4.2% | $216M | |||
| 13 | BKNG | 4.1% | $210M | |||
| 14 | SUNB | 4.1% | $207M | |||
| 15 | FICO | 2.7% | $136M | |||
| 16 | WMB | 2.5% | $129M | |||
| 17 | SYK | 1.6% | $82M | |||
| 18 | MA | 1.5% | $78M | |||
| 19 | EFX | 1.4% | $73M | |||
| 20 | APD | 1.3% | $68M | |||
| 21 | CSL | 1.3% | $67M | |||
| 22 | LIN | 1.3% | $67M | |||
| 23 | CRM | 1.3% | $66M | |||
| 24 | FLUT | 1.0% | $50M | |||
| 25 | MRSH | 0.9% | $45M | |||
| 26 | CPRT | 0.2% | $9M | |||
| 27 | RELX | <0.1% | $777K |
- 1ALCport13.6%val$696MAlcon AGthis Q +21%·28q
- 2AMZNport7.1%val$361MAmazon.com Incthis Q hold·8q
- 3Vport7.0%val$359MVisa Inc-class A Sharesthis Q hold·38q
- 4ADIport6.4%val$328MAnalog Devices Incthis Q hold·9q
- 5RACEport6.1%val$311MFerrari N Vthis Q hold·38q
- 6ICEport5.8%val$294MIntercontinental Exchange INthis Q hold·23q
- 7GEport5.5%val$283MGeneral Electricthis Q hold·11q
- 8MSFTport5.3%val$272MMicrosoft Corpthis Q -28%·15q
- 9WATport4.8%val$243MWaters Corpthis Q hold·11q
- 10CSCOport4.6%val$236MCisco Systems Incthis Q hold·2q
- 11MCOport4.4%val$223MMoody's Corpthis Q -31%·38q
- 12CPport4.2%val$216MCanadian Pacific Kansas Citythis Q hold·3q
- 13BKNGport4.1%val$210MBooking Holdings Incthis Q hold·25q
- 14SUNBport4.1%val$207MSunbelt Rentals Holdings Incthis Q New·—1q
- 15FICOport2.7%val$136MFair Isaac Corpthis Q hold·38q
- 16WMBport2.5%val$129MWilliams Cos Incthis Q New·—1q
- 17SYKport1.6%val$82MStryker Corpthis Q New·—1q
- 18MAport1.5%val$78MMastercard Inc - Athis Q +55%·2q
- 19EFXport1.4%val$73MEquifax Incthis Q -47%·21q
- 20APDport1.3%val$68MAir Products & Chemicals Incthis Q New·—1q
- 21CSLport1.3%val$67MCarlisle Cos Incthis Q New·—1q
- 22LINport1.3%val$67MLinde Plcthis Q +899%·12q
- 23CRMport1.3%val$66MSalesforce Incthis Q hold·5q
- 24FLUTport1.0%val$50MFlutter Entmt Plcthis Q -84%·5q
- 25MRSHport0.9%val$45MMarsh & Mclennan Costhis Q -82%·12q
- 26CPRTport0.2%val$9MCopart Incthis Q -95%·13q
- 27RELXport<0.1%val$777KRelx Plc - Spon Adrthis Q New·—1q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| ALC | Alcon AG | ADD | 13.6% | +21% | $696M |
| FLUT | Flutter Entmt Plc | TRIM | 1.0% | -84% | $50M |
| MSFT | Microsoft Corp | TRIM | 5.3% | -28% | $272M |
| MCO | Moody's Corp | TRIM | 4.4% | -31% | $223M |
| MRSH | Marsh & Mclennan Cos | TRIM | 0.9% | -82% | $45M |
| SUNB | Sunbelt Rentals Holdings Inc | NEW | 4.1% | +100% | $207M |
| CPRT | Copart Inc | TRIM | 0.2% | -95% | $9M |
| WMB | Williams Cos Inc | NEW | 2.5% | +100% | $129M |
| EFX | Equifax Inc | TRIM | 1.4% | -47% | $73M |
| INTU | Intuit Inc | EXIT | 2.4% | -100% | $0 |
| SYK | Stryker Corp | NEW | 1.6% | +100% | $82M |
| MA | Mastercard Inc - A | ADD | 1.5% | +55% | $78M |
| APD | Air Products & Chemicals Inc | NEW | 1.3% | +100% | $68M |
| CSL | Carlisle Cos Inc | NEW | 1.3% | +100% | $67M |
| LIN | Linde Plc | ADD | 1.3% | +899% | $67M |
| RELX | Relx Plc - Spon Adr | NEW | <0.1% | +100% | $777K |
- ADDALC13.6%Alcon AGΔ +21%·$696M
- TRIMFLUT1.0%Flutter Entmt PlcΔ -84%·$50M
- TRIMMSFT5.3%Microsoft CorpΔ -28%·$272M
- TRIMMCO4.4%Moody's CorpΔ -31%·$223M
- TRIMMRSH0.9%Marsh & Mclennan CosΔ -82%·$45M
- NEWSUNB4.1%Sunbelt Rentals Holdings IncΔ +100%·$207M
- TRIMCPRT0.2%Copart IncΔ -95%·$9M
- NEWWMB2.5%Williams Cos IncΔ +100%·$129M
- TRIMEFX1.4%Equifax IncΔ -47%·$73M
- EXITINTU2.4%Intuit IncΔ -100%·$0
- NEWSYK1.6%Stryker CorpΔ +100%·$82M
- ADDMA1.5%Mastercard Inc - AΔ +55%·$78M
- NEWAPD1.3%Air Products & Chemicals IncΔ +100%·$68M
- NEWCSL1.3%Carlisle Cos IncΔ +100%·$67M
- ADDLIN1.3%Linde PlcΔ +899%·$67M
- NEWRELX<0.1%Relx Plc - Spon AdrΔ +100%·$777K
Frequently asked questions
- What stocks does AKO Capital own?
- As of 2026Q1, AKO Capital's 13F discloses 27 positions worth $5.11B. The top five holdings: ALC (13.6%), AMZN (7.1%), V (7.0%), ADI (6.4%), RACE (6.1%). 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 2026Q1, the filing shows 6 new positions and 3 additions to existing holdings. The largest positions touched by buying: ALC, SUNB, WMB, SYK, MA.
- How big is AKO Capital's portfolio?
- $5.11B across 27 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 40% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001376879). Not investment advice.