AKO Capital portfolio & holdings
AKO Capital
Historical clone performance and limitations
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.
A material reported change · Q2 2026
AKO Capital reduced reported AMZN shares by 34.0%.
Holdings as of Jun 30, 2026 · filed Aug 12, 2026. Position at period end: 6.3% of the reported portfolio. The filing does not reveal the trade date, price, or reason.
Latticework Follow
Follow AKO Capital
Email me only when a reviewed weekly edition contains a material new decision about AKO Capital: a new position, exit, or a large share-count change that also clears the size threshold. There may be quiet weeks.
Confirm by email. Manage or stop follows in one click. See our privacy notice.
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.
Manager evidence
18 material decisions, preserved in sequence.
See what AKO Capital bought, added, trimmed, or exited across eight quarters—plus disclosure lag, SEC sources, and observed outcomes versus SPY. No guru grade.
Open AKO Capital's decision evidence →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.
Similar portfolios
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001376879). Not investment advice.