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Gladstone Capital Management LLP

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13F filer, CIK 1353394, LONDON, United Kingdom

Gladstone Capital Management LLP reported $915,471,053 across 23 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 94.98% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001353394-25-000018

Period
2025-09-30
Reported value
$915M
Holdings
23
Top 10 weight
94.98%
New
6
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GOOGLnew+634,200$154M
AVGOadded+289,302$95.4M
APGnew+1,957,666$67.3M
RTXadded+377,239$63.1M
MSFTadded+76,062$39.4M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
AMZNreduced-458,233-$101M
SNOWreduced-374,359-$84.4M
ICEreduced-455,965-$76.8M
GEreduced-226,295-$68.1M
DEreduced-147,229-$67.3M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001353394-25-000018, largest first. % of portfolio is the value over $915,471,053, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 872,849 shares; 2024Q4: 6,438 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 634,200 shares 634,200$154M16.84%newTimeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 331,345 shares; 2024Q4: 244,635 shares; 2025Q1: 186,191 shares; 2025Q2: 184,434 shares; 2025Q3: 260,496 shares 260,496$135M14.74%+76,062Timeline
PMPHILIP MORRIS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 921,359 shares; 2024Q4: 883,473 shares; 2025Q1: 745,329 shares; 2025Q2: 727,159 shares; 2025Q3: 814,173 shares 814,173$132M14.43%+87,014Timeline
RTXRTX CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 231,829 shares; 2025Q3: 609,068 shares 609,068$102M11.13%+377,239Timeline
AVGOBROADCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 59,200 shares; 2025Q1: 610 shares; 2025Q2: 610 shares; 2025Q3: 289,912 shares 289,912$95.6M10.45%+289,302Timeline
APGAPI GROUP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,957,666 shares 1,957,666$67.3M7.35%newTimeline
ACGLARCH CAP GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,247,310 shares; 2024Q4: 1,338,272 shares; 2025Q1: 1,263,448 shares; 2025Q2: 1,165,926 shares; 2025Q3: 654,979 shares 654,979$59.4M6.49%-510,947Timeline
XYZBLOCK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 289,871 shares; 2024Q4: 987,806 shares; 2025Q1: 844,746 shares; 2025Q2: 774,305 shares; 2025Q3: 704,811 shares 704,811$50.9M5.56%-69,494Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 131,300 shares; 2025Q1: 211,005 shares; 2025Q2: 142,894 shares; 2025Q3: 58,974 shares 58,974$43.3M4.73%-83,920Timeline
CBRECBRE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 335,045 shares; 2025Q1: 206,791 shares; 2025Q2: 46,249 shares; 2025Q3: 140,456 shares 140,456$29.9M3.26%+94,207Timeline
ICEINTERCONTINENTAL EXCHANGE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 290,116 shares; 2025Q1: 584,336 shares; 2025Q2: 613,854 shares; 2025Q3: 157,889 shares 157,889$26.6M2.91%-455,965Timeline
DASHDOORDASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 52,636 shares 52,636$14.3M1.56%newTimeline
GEGE AEROSPACEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 605,371 shares; 2024Q4: 445,442 shares; 2025Q1: 314,811 shares; 2025Q2: 232,471 shares; 2025Q3: 6,176 shares 6,176$1.86M0.2%-226,295Timeline
SNOWSNOWFLAKE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 416,311 shares; 2025Q2: 381,307 shares; 2025Q3: 6,948 shares 6,948$1.57M0.17%-374,359Timeline
FIGFIGMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 16,600 shares 16,600$861K0.09%newTimeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 488,231 shares; 2024Q4: 1,000 shares; 2025Q1: 1,000 shares; 2025Q2: 1,000 shares; 2025Q3: 1,000 shares 1,000$187K0.02%0Timeline
TEAMATLASSIAN CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 900 shares 900$144K0.02%newTimeline
ARMARM HOLDINGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 11,815 shares; 2025Q2: 1,000 shares; 2025Q3: 1,000 shares 1,000$141K0.02%0Timeline
NOWSERVICENOW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 150 shares 150$138K0.02%newTimeline
DEDEERE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 125,059 shares; 2025Q2: 147,329 shares; 2025Q3: 100 shares 100$45.7K<0.01%-147,229Timeline
TSLATESLA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 193,102 shares; 2024Q4: 814 shares; 2025Q1: 100 shares; 2025Q2: 100 shares; 2025Q3: 100 shares 100$44.5K<0.01%0Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 666 shares; 2024Q4: 390,046 shares; 2025Q1: 390,046 shares; 2025Q2: 458,333 shares; 2025Q3: 100 shares 100$22K<0.01%-458,233Timeline
KEYKEYCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 698 shares; 2024Q4: 698 shares; 2025Q1: 698 shares; 2025Q2: 698 shares; 2025Q3: 698 shares 698$13K<0.01%0Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
COINCOINBASE GLOBAL INC7,275$2.55Mshares
APPAPPLOVIN CORP1,000$350Kshares
WMTWALMART INC2,014$197Kshares
ABNBAIRBNB INC1,000$132Kshares
NKENIKE INC1,000$71Kshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001353394-25-000018 base2025-11-14acceptance time not in the bulk data set