Triple Frond Partners

Triple Frond's hyper-concentrated 12-position, $960M portfolio made one clean swap this quarter: exiting LRCX (Lam Research, previously 5.3%) and initiating MA (Mastercard) at a fully committed 9.1%—the sixth-largest position immediately upon entry. This is exactly the kind of high-conviction, no-half-measures positioning that defines this manager. The add to TRU (TransUnion, +48.4% to 5.9%) and META (+20.8% to 7.0%) deepened the digital-data and consumer-internet exposure, while the LRCX exit trims semiconductor equipment cyclicality from a book that still holds ASML at 16.3% as its anchor. The overall portfolio reads as a compounding-quality tech/fintech construct: ASML, MSFT, TDG, GOOG, AMZN, MA, META, TRU—eight names, no filler. Top-5 concentration at 63.6% across just 12 positions is extreme by any measure. The MA initiation is particularly notable given that both Thomas Russo (9.1%) and Valley Forge also hold it as a core position—a rare moment of consensus among otherwise idiosyncratic super-investors. Watch whether TRU continues to be scaled, as it would signal growing conviction in the data/analytics credit-bureau theme.