Triple Frond Partners
Triple Frond Partners
Triple Frond Partners (Triple Frond Partners) discloses a $963M portfolio across 12 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is ASML at 16.3% of the book. The biggest move of the quarter: opened a new position in MA ($88M). Latticework's clone backtest puts this 13F book at +0.2%/yr vs SPY over 12.0 years.
About Triple Frond Partners
Triple Frond Partners runs a concentrated, long-biased equity book — 12 disclosed positions, with nearly two-thirds of the portfolio sitting in the top five names as of the most recent filing. The current lineup skews toward wide-moat compounders with durable pricing power: ASML's lithography monopoly, Transdigm's aftermarket aviation model, and scaled-platform businesses in Microsoft, Alphabet, and Amazon. That combination suggests a quality-growth orientation rather than deep statistical cheapness. What a reader should weigh carefully is the backtest: a latticework clone replicating disclosed positions with a 45-day lag produced roughly +0.2% annualized excess return over SPY across 12 years — essentially index-level performance when copied mechanically. That gap between a concentrated, high-conviction book and near-benchmark clone returns can reflect timing, position sizing shifts between filings, or activity in instruments — options, shorts, international listings — that never appear on a 13F at all.
2026Q1 brief
Triple Frond's hyper-concentrated $960M portfolio made one decisive move in 2026Q1: initiating MA as a new 9.1% position (~$87M), immediately the sixth-largest holding, confirming a payments-infrastructure conviction thesis alongside existing AMZN (10.4%), GOOG (10.5%), and META (7.0%). This is a meaningful portfolio addition — LRCX (5.3% prior weight) was exited entirely to fund it, representing a deliberate swap from semiconductor equipment into a capital-light payments compounder, arguably reducing cyclicality. TRU (TransUnion) was added +48.4% to 5.9%, signaling growing conviction in the data/analytics space, consistent with the existing ASML (16.3%) and TDG (12.8%) anchor positions. Triple Frond now runs just 12 positions with top-5 at 63.6%, making it one of the most concentrated portfolios among tracked super-investors — a posture that demands high batting average. The portfolio's character is clear: wide-moat technology infrastructure and global network effects. Watch whether TRU continues to scale toward the 8–10% tier, and whether MA is augmented to match the scale of GOOG and AMZN in the next filing.
AI-generated. Not investment advice.
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Holdings (12) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | ASML | 16.3% | $157M | |||
| 2 | MSFT | 13.6% | $130M | |||
| 3 | TDG | 12.8% | $123M | |||
| 4 | GOOG | 10.5% | $101M | |||
| 5 | AMZN | 10.3% | $100M | |||
| 6 | MA | 9.1% | $88M | |||
| 7 | META | 7.0% | $67M | |||
| 8 | TRU | 5.9% | $57M | |||
| 9 | ILMN | 3.9% | $38M | |||
| 10 | LYV | 3.7% | $36M | |||
| 11 | CHTR | 3.4% | $33M | |||
| 12 | CCC | 3.4% | $32M |
- 1ASMLport16.3%val$157MAsml Holding N Vthis Q hold·5q
- 2MSFTport13.6%val$130MMicrosoft Corpthis Q hold·23q
- 3TDGport12.8%val$123MTransdigm Group Incthis Q hold·40q
- 4GOOGport10.5%val$101MAlphabet Inc-cl Cthis Q hold·25q
- 5AMZNport10.3%val$100MAmazon.com Incthis Q hold·19q
- 6MAport9.1%val$88MMastercard Inc - Athis Q New·17q
- 7METAport7.0%val$67MMeta Platforms Inc-class Athis Q +21%·10q
- 8TRUport5.9%val$57MTransunionthis Q +48%·3q
- 9ILMNport3.9%val$38MIllumina Incthis Q hold·3q
- 10LYVport3.7%val$36MLive Nation Entertainment INthis Q hold·2q
- 11CHTRport3.4%val$33MCharter Communications Inc-athis Q hold·40q
- 12CCCport3.4%val$32MCcc Intelligent Solutions HOthis Q hold·5q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| MA | Mastercard Inc - A | NEW | 9.1% | +100% | $88M |
| META | Meta Platforms Inc-class A | ADD | 7.0% | +21% | $67M |
| TRU | Transunion | ADD | 5.9% | +48% | $57M |
| LRCX | Lam Research Corp | EXIT | 5.3% | -100% | $0 |
- NEWMA9.1%Mastercard Inc - AΔ +100%·$88M
- ADDMETA7.0%Meta Platforms Inc-class AΔ +21%·$67M
- ADDTRU5.9%TransunionΔ +48%·$57M
- EXITLRCX5.3%Lam Research CorpΔ -100%·$0
Frequently asked questions
- What stocks does Triple Frond Partners own?
- As of 2026Q1, Triple Frond Partners's 13F discloses 12 positions worth $963M. The top five holdings: ASML (16.3%), MSFT (13.6%), TDG (12.8%), GOOG (10.5%), AMZN (10.3%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Triple Frond Partners buy this quarter?
- In 2026Q1, the filing shows 1 new position and 2 additions to existing holdings. The largest positions touched by buying: MA, META, TRU.
- How big is Triple Frond Partners's portfolio?
- $963M across 12 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 64% of the disclosed book.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001454502). Not investment advice.