Portfolio Breakdown— AKO Capital

AKO Capital – Portfolio Breakdown

• Portfolio Value: $7.71 Billion
• Holdings: 26 stocks
• Top 5 Positions Weight: ~39% — moderately concentrated
• Activity: Trimmed tech, rotated into health care and consumer sectors, boosted select Europe-focused and data/analytics names

Portfolio-Level Themes

• Barbell Strategy: Balanced exposure to growth (MSFT, V, AMZN) and defensives (MMC, MCO, WAT)
• Europe Tilt: Notable allocations to Flutter (UK/IE), Ferrari (IT), Linde (Germany), and Canadian rail — cross-border exposure in play
• Tech Pruning: Significant trims to Accenture, Salesforce, and Intuit — the fund seems to be pulling back selectively on expensive software
• Health Care Rotation: Aggressively added to Illumina and Waters; trimmed Thermo — rotating within the sector instead of exiting
• Yield & Stability Preference: Likes sticky business models: exchanges, ratings, enterprise software, and insurers

Key Holdings

Alcon Inc. (ALC) – 8.73%

This is a firm conviction bet on aging demographics and medical stability. The fund increased its stake by 21%, signaling confidence in Alcon’s position as a leader in surgical and vision care. The business is built on recurring procedures, trusted technology, and a wide global footprint in ophthalmology. It's not just about growth — it's about predictability, low competition, and relevance in a world with aging eyes.

Visa Inc. (V) – 8.08%

A foundational compounder. Visa continues to dominate the global payments ecosystem, with high-margin licensing and a model built for digital acceleration. The fund added modestly here — a quiet reinforcement of a long-standing thesis: Visa thrives whether spending shifts online, offline, mobile, or cross-border. It’s not flashy anymore, but it still prints money every swipe of the way.

Flutter Entertainment (FLUT) – 7.42%

This looks like a major new position or a sizable scale-up. Flutter is a global online betting leader, best known for FanDuel in the U.S. and strong brands in the UK and Ireland. The fund appears to be buying into the long game: regulated markets, digital adoption, and normalization of sports betting. Rather than treating it like a speculative punt, this seems like a calculated call on a maturing, cash-rich industry.

Marsh & McLennan (MMC) – 6.72%

Marsh is what you buy when you want dependable, capital-light compounding. As a global insurance brokerage and risk advisory firm, it benefits from both tailwinds and turmoil. Pricing power, embedded client relationships, and low capital intensity make it one of the most defensive business models around. The fund’s position here acts like an anchor — unexciting but essential.

GE Aerospace (GE) – 6.40%

Trimmed slightly, but still a top position. GE Aerospace is no longer the old conglomerate mess — it's now a focused aviation player with exposure to both defense and commercial recovery. The fund’s move to reduce looks more like disciplined rebalancing after strong gains rather than a shift in thesis. This is a long-cycle story riding a multi-year rebound in global air travel and rearmament trends.

Microsoft (MSFT) – 6.09%

A modest add here — nearly 5% more — says the fund is staying the course. Microsoft continues to sit at the intersection of enterprise software, cloud computing, and now AI integration. Azure’s momentum, strong pricing power, and the stickiness of Office and Windows ecosystems make this a modern-day utility with growth optionality. It’s the reliable workhorse in the digital stack.

Intercontinental Exchange (ICE) – 5.20%

This is a toll road on capital markets. ICE runs exchanges, clearing houses, and financial data platforms — and it monetizes all of them with recurring fees. While the fund trimmed the position by about 4%, that likely reflects portfolio balancing rather than doubt. ICE is still a bet on global trading volumes and the ongoing need for data infrastructure.

Accenture (ACN) – 5.01%

The fund pared back its stake by 5.5% — potentially reacting to macro drag on consulting budgets or shifting enterprise priorities. Still, Accenture remains deeply embedded in large-scale corporate transformation. From cloud migration to IT outsourcing, it touches nearly every modern enterprise initiative. The cut seems more about near-term caution than a full-scale exit.

Moody’s Corp. (MCO) – 5.00%

Trimmed by over 6%, but still held in size. Moody’s benefits no matter what happens with rates — through credit ratings in issuance-heavy markets and its analytics platforms during risk-off periods. It’s the kind of monopoly you don’t trade aggressively unless there’s an outsized valuation. The fund’s move likely locks in profit without abandoning a strong long-term name.

Intuit (INTU) – 4.84%

One of the largest trims in the portfolio this quarter. The 6.5% reduction could point to concerns around consumer exposure, SaaS valuation risk, or just slowing adoption in QuickBooks and TurboTax segments. Intuit still holds strong product moats and pricing power, but the fund may be signaling a “wait-and-see” mode until growth clarity improves.

Booking Holdings (BKNG) – 4.31%

Trimmed slightly this quarter, but still a top-tier holding. Booking is the undisputed heavyweight in global online travel. It’s capital-light, fee-rich, and structurally advantaged through scale and network effects. The fund’s modest reduction likely reflects profit-taking after a strong post-COVID rally — not a change in long-term confidence. When travel booms, Booking doesn’t just ride the wave — it gets paid every step of the way.

Waters Corp. (WAT) – 4.24%

This quiet scientific instruments maker saw an 8.8% increase — a clear sign the fund sees value here. Waters operates in a niche but essential space: chromatography and lab testing for pharma and life sciences. It’s a durable business with sticky customers and pricing power. In a market distracted by AI and consumer names, this feels like a purposeful lean into quality industrials with compounding potential.

Copart Inc. (CPRT) – 4.18%

A 7.5% increase signals rising conviction. Copart is a digital salvage auction marketplace — an oddly beautiful business. It monetizes wrecked cars, runs an efficient logistics network, and benefits from both new and used vehicle supply constraints. This is the kind of overlooked moat the fund appears to love: capital-efficient, deeply embedded, and difficult to replicate at scale.

Fair Isaac Corp. (FICO) – 3.60%

Slight add to an already strong position. FICO owns the credit scoring system in the U.S. — literally. It’s a data monopoly in an era where predictive risk analytics are becoming core to everything from lending to insurance. The fund likely sees long-term runway here, especially as FICO evolves into a broader analytics platform beyond just its namesake score.

Amazon (AMZN) – 3.55%

Only a 2.1% increase, but that’s notable in context. Amazon’s retail engine is being repriced as investors refocus on margin and capital discipline. More importantly, AWS remains a dominant force in cloud infrastructure. This isn’t a chase-the-hype position; the fund likely values Amazon for its operating leverage and optionality — with AI, ads, and logistics all still unfolding.

Zoetis Inc. (ZTS) – 3.40%

Unchanged this quarter, which suggests the fund’s happy sitting tight. Zoetis is the gold standard in animal health, with premium pricing power and low cyclicality. It’s not exciting — and that’s probably the point. This position anchors the healthcare sleeve with a steady, cash-generative name that rarely disappoints.

Analog Devices (ADI) – 3.25%

No change, but its place in the top half signals quiet conviction. ADI makes signal-processing semis used across industrials, autos, and defense. It’s less hype-driven than AI chip names, but the fundamentals are rock-solid. The fund likely sees ADI as a diversified semiconductor pick that benefits from infrastructure and reshoring themes.

Ferrari (RACE) – 3.23%

Trimmed by 5.6%, which may just be timing. Ferrari is a luxury brand with unbelievable pricing power and a backlog that stretches years. Demand isn’t the issue — valuation might be. The fund likely loves the business but decided to de-risk a bit after strong price appreciation. Still a top 15 position — the engine’s still running.

Equifax (EFX) – 3.22%

Trimmed slightly. Equifax is another data compounder — like FICO, but broader in scope across employment and credit information. The fund seems to be balancing its exposure here, possibly preferring FICO’s stronger moat or simply rotating between analytics names based on risk/reward.

Thermo Fisher Scientific (TMO) – 2.15%

Down slightly — possibly part of a broader shift in health care tools, as the fund rotated into Waters and Illumina. Thermo is still best-in-class, with a wide moat in lab supplies and diagnostics, but the reduced size hints at valuation concerns or growth deceleration. Not an exit, but a reallocation.

🔄 Noteworthy Changes

What This Fund Seems To Believe

✅ Wants pricing power. From Visa to Moody’s to ICE — recurring, high-margin business models dominate.
✅ Prefers quality over hype. Even in tech, it’s Microsoft and Accenture — not flashy new names.
✅ Rotates within sectors. Instead of exiting themes, it reallocates — as seen in health care and analytics.
✅ Comfortable with global exposure. European consumer and infrastructure plays are sizable.
✅ Willing to trim strength. Many cuts look like disciplined risk management, not thesis breaks.