Night Owl Capital Management, LLC

CIK 1410833 · View on SEC EDGAR ↗

Portfolio value QoQ: +11.0% 13F does not disclose cash

Top 10 holdings weight64.00%

Top 25 holdings weight98.41%

Positions above 1%23

Effective number of positions19.0

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 8.73% Est. buys $79,087,199 · sells $108,985,363

Median holding: 6.0 quarters Tracked Q1 2025–Q2 2026 · 83.3% still held

New positions2

Increased22

Decreased4

Closed2

Portfolio value $952.8M #2,639 of 9,339 by 13F value · top 28.3%

Positions 30

As of June 30, 2026 Data as of Q2 2026

Performance vs S&P 500

Tracked Q1 2025–Q2 2026 +28.5%

S&P 500 total return (same window) +37.0%

Excess return -8.5%

Annualized: +22.2% · S&P 500: +28.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 99.1% · Options excluded: 0.0%

Sector breakdown

Technology 28.6%

Industrials 26.1%

Communication Services 15.9%

Financials 10.4%

Retail 6.7%

Healthcare 3.6%

Materials 2.9%

Utilities 0.6%

Real Estate 0.3%

Other/Unmapped 4.9%

Full portfolio 30 positions

					Streak
GOOG Alphabet Inc. - Class C Capital Stock	$90,571,552	9.51%	256,337	$-3,160,051	Down ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd.	$77,895,497	8.18%	163,108	$23,620,382	Up ×6
MSFT Microsoft Corporation - Common Stock	$65,443,565	6.87%	175,443	$1,374,352	Up ×6
AMZN Amazon.com, Inc. - Common Stock	$63,935,658	6.71%	268,254	$8,817,627	Up ×3
AMAT Applied Materials, Inc. - Common Stock	$63,701,361	6.69%	88,107	$53,951,801	Up ×1
GE GE Aerospace Common Stock	$59,019,815	6.19%	157,921	$14,879,392	Up ×6
WWD Woodward, Inc. - Common Stock	$54,190,420	5.69%	127,375	$9,368,814	Up ×4
UNP Union Pacific Corporation Common Stock	$51,456,416	5.40%	189,178	$6,333,706	Up ×4
META Meta Platforms, Inc. - Class A Common Stock	$46,818,412	4.91%	83,116	$78,252	Up ×6
AON Aon plc Class A Ordinary Shares (Ireland)	$36,810,452	3.86%	110,978	$1,469,760	Up ×4
V Visa Inc.	$33,264,865	3.49%	96,957	$4,311,580	Up ×6
CRS Carpenter Technology Corporation Common Stock	$32,824,524	3.45%	53,214	$12,164,363	Up ×6
BIL SPDR SERIES TRUST	$31,658,321	3.32%	345,464	$8,249,708	Up ×3
SAP SAP SE ADS	$29,103,365	3.05%	188,848	$-13,530,836	Down ×1
GEV GE Vernova Inc. Common Stock	$28,389,317	2.98%	24,164	$-27,865,596	Down ×2
MA Mastercard Incorporated Common Stock	$28,173,618	2.96%	54,855	$1,090,459	Up ×6
LIN Linde plc - Ordinary Shares	$27,373,566	2.87%	52,749	$1,610,902	Up ×6
AVGO Broadcom Inc. - Common Stock	$25,852,454	2.71%	68,438	$4,991,170	Up ×6
HWM Howmet Aerospace Inc. Common Stock	$22,443,088	2.36%	83,475	$3,493,284	Up ×6
GEHC GE HealthCare Technologies Inc. - Common Stock	$18,133,521	1.90%	283,292	$-1,694,237	Up ×2
SPOT Spotify Technology S.A. Ordinary Shares	$14,504,835	1.52%	31,592	$-558,409	Up ×4
NTRA Natera, Inc. - Common Stock	$11,198,398	1.18%	41,254		Up ×1
GWRE Guidewire Software, Inc. Common Stock	$10,191,616	1.07%	82,825	$-1,989,747	Up ×4
SGOV iShares Trust	$7,847,126	0.82%	77,949	$1,704,249	Up ×2
Unknown issuer (CUSIP: 58733r102)	$6,877,824	0.72%	4,052	$-5,405	Up ×4
CEG Constellation Energy Corporation - Common Stock When-Issued	$6,021,234	0.63%	24,243	$-4,163,851	Down ×1
TWST Twist Bioscience Corporation - Common Stock	$4,715,711	0.49%	45,837		Up ×1
CSGP CoStar Group, Inc. - Common Stock	$3,139,858	0.33%	110,871	$-1,267,033	Up ×6
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A	$748,850	0.08%	1	$30,710
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B	$500,390	0.05%	1,000	$21,190
No matches

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security	Value	% of portfolio	Streak
TSM	$77,895,497	8.18%	up ×6
MSFT	$65,443,565	6.87%	up ×6
AMZN	$63,935,658	6.71%	up ×3
GE	$59,019,815	6.19%	up ×6
WWD	$54,190,420	5.69%	up ×4
UNP	$51,456,416	5.40%	up ×4
META	$46,818,412	4.91%	up ×6
AON	$36,810,452	3.86%	up ×4
V	$33,264,865	3.49%	up ×6
CRS	$32,824,524	3.45%	up ×6
BIL	$31,658,321	3.32%	up ×3
MA	$28,173,618	2.96%	up ×6
LIN	$27,373,566	2.87%	up ×6
AVGO	$25,852,454	2.71%	up ×6
HWM	$22,443,088	2.36%	up ×6

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
NTRA	$11,198,398	41,254	1.18%
TWST	$4,715,711	45,837	0.49%

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
GEV	Trimmed	-40K	-$27.9M
TSM	Bought more	+3K	+$23.6M
GE	Bought more	+2K	+$14.9M
SAP	Trimmed	-60K	-$13.5M
CRS	Bought more	+797	+$12.2M
WWD	Bought more	+2K	+$9.4M
AMZN	Bought more	+4K	+$8.8M
BIL	Bought more	+90K	+$8.2M
UNP	Bought more	+3K	+$6.3M
AVGO	Bought more	+1K	+$5.0M

1 position hidden — reported move looks larger than the position itself (data completeness check)

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

Security	Quarter	Shares before	Value before	Price since exit
UNH	June 30, 2025	83,996	$43,992,907	34.0%
UBER	Dec. 31, 2025	441,903	$43,293,237	-18.4%
FISV	Sept. 30, 2025	155,630	$26,832,168	-61.3%
NFLX	June 30, 2026	244,334	$23,492,714	-7.8%
VST	Dec. 31, 2025	116,161	$22,758,263	-13.1%
GOOGL	June 30, 2026	3,400	$977,704	-10.4%