Night Owl Capital Management, LLC

Q4 2025 13F-HR Holdings

Location
Greenwich, CT
Holdings as of
12/31/2025
Date filed
2/13/2026
Form type
13F-HR
Num holdings
29
Total value ($000)
$912,430
Net value change ($000)
-4,854 (-0.5%)
New positions
1
Sold out positions
2
Turnover %
9.7%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
GOOGL 24,106 31.0%
GEHC 22,689 NEW
WWD 6,681 21.6%
MSFT 6,391 8.3%
META 5,654 11.8%
TSM 4,564 10.4%
GEV 4,365 8.0%
AMZN 3,918 6.9%
CRS 3,797 30.1%
BIL 3,656 21.4%
Top Reduces (Value $000, Stocks/ETFs)
UBER -43,293 -100.0%
VST -22,758 -100.0%
CEG -8,852 -40.9%
NFLX -5,881 -20.5%
SAP -5,349 -8.2%
SPOT -3,264 -15.4%
LIN -2,247 -9.3%
GWRE -2,030 -11.1%
CSGP -1,785 -19.6%
MELI -1,126 -12.4%
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