Night Owl Capital Management, LLC

Q3 2025 13F-HR Holdings

Location
Greenwich, CT
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
30
Total value ($000)
$917,284
Net value change ($000)
+52,485 (6.1%)
New positions
0
Sold out positions
1
Turnover %
2.9%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/13/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
UNP 24,335 130.6%
GOOGL 21,579 38.4%
WWD 11,593 60.0%
SPOT 11,261 113.5%
TSM 8,647 24.5%
GEV 8,026 17.2%
META 7,829 19.5%
GE 6,957 17.8%
AVGO 3,749 20.8%
MSFT 3,639 5.0%
Top Reduces (Value $000, Stocks/ETFs)
FISV -26,832 -100.0%
AMZN -17,524 -23.6%
SAP -8,406 -11.4%
NFLX -3,049 -9.6%
BIL -1,772 -9.4%
CRS -1,463 -10.4%
V -987 -3.0%
MELI -973 -9.7%
SGOV -432 -6.7%
GWRE -289 -1.6%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type