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Gladstone Capital Management LLP

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13F filer, CIK 1353394, LONDON, United Kingdom

Gladstone Capital Management LLP reported $969,260,405 across 28 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 90.04% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001353394-26-000002

Period
2025-12-31
Reported value
$969M
Holdings
28
Top 10 weight
90.04%
New
7
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PWRnew+180,981$76.4M
SNOWadded+162,054$35.5M
ABNBnew+209,100$28.4M
ACGLadded+95,554$9.17M
APGadded+223,892$8.57M

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
PMreduced-406,531-$65.2M
AVGOreduced-76,846-$26.6M
ICEreduced-157,789-$25.6M
CBREreduced-62,359-$15.1M
XYZreduced-189,883-$12.4M

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.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001353394-26-000002, largest first. % of portfolio is the value over $969,260,405, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 872,849 shares; 2024Q4: 6,438 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 634,200 shares; 2025Q4: 595,957 shares 595,957$187M19.25%-38,243Timeline
RTXRTX CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 231,829 shares; 2025Q3: 609,068 shares; 2025Q4: 650,965 shares 650,965$119M12.32%+41,897Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 331,345 shares; 2024Q4: 244,635 shares; 2025Q1: 186,191 shares; 2025Q2: 184,434 shares; 2025Q3: 260,496 shares; 2025Q4: 238,707 shares 238,707$115M11.91%-21,789Timeline
APGAPI GROUP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,957,666 shares; 2025Q4: 2,181,558 shares 2,181,558$83.5M8.61%+223,892Timeline
PWRQUANTA SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 180,981 shares 180,981$76.4M7.88%newTimeline
AVGOBROADCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 59,200 shares; 2025Q1: 610 shares; 2025Q2: 610 shares; 2025Q3: 289,912 shares; 2025Q4: 213,066 shares 213,066$73.7M7.61%-76,846Timeline
ACGLARCH CAP GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 750,533 shares 750,533$72M7.43%+95,554Timeline
PMPHILIP MORRIS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 921,359 shares; 2024Q4: 883,473 shares; 2025Q1: 745,329 shares; 2025Q2: 727,159 shares; 2025Q3: 814,173 shares; 2025Q4: 407,642 shares 407,642$65.4M6.75%-406,531Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 131,300 shares; 2025Q1: 211,005 shares; 2025Q2: 142,894 shares; 2025Q3: 58,974 shares; 2025Q4: 58,974 shares 58,974$43.3M4.47%0Timeline
SNOWSNOWFLAKE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 416,311 shares; 2025Q2: 381,307 shares; 2025Q3: 6,948 shares; 2025Q4: 169,002 shares 169,002$37.1M3.82%+162,054Timeline
XYZBLOCK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 289,871 shares; 2024Q4: 987,806 shares; 2025Q1: 844,746 shares; 2025Q2: 774,305 shares; 2025Q3: 704,811 shares; 2025Q4: 514,928 shares 514,928$33.5M3.46%-189,883Timeline
ABNBAIRBNB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,000 shares; 2025Q2: 1,000 shares; 2025Q3: not reported; 2025Q4: 209,100 shares 209,100$28.4M2.93%newTimeline
CBRECBRE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 335,045 shares; 2025Q1: 206,791 shares; 2025Q2: 46,249 shares; 2025Q3: 140,456 shares; 2025Q4: 78,097 shares 78,097$18.9M1.95%-62,359Timeline
DASHDOORDASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 52,636 shares; 2025Q4: 31,397 shares 31,397$7.11M0.73%-21,239Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 17,860 shares 17,860$5.43M0.56%newTimeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 666 shares; 2024Q4: 390,046 shares; 2025Q1: 390,046 shares; 2025Q2: 458,333 shares; 2025Q3: 100 shares; 2025Q4: 3,000 shares 3,000$691K0.07%+2,900Timeline
LULULULULEMON ATHLETICA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,100 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 3,300 shares 3,300$686K0.07%newTimeline
FIGFIGMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 16,600 shares; 2025Q4: 17,081 shares 17,081$638K0.07%+481Timeline
GEGE AEROSPACEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 605,371 shares; 2024Q4: 445,442 shares; 2025Q1: 314,811 shares; 2025Q2: 232,471 shares; 2025Q3: 6,176 shares; 2025Q4: 1,548 shares 1,548$477K0.05%-4,628Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 488,231 shares; 2024Q4: 1,000 shares; 2025Q1: 1,000 shares; 2025Q2: 1,000 shares; 2025Q3: 1,000 shares; 2025Q4: 1,000 shares 1,000$186K0.02%0Timeline
TEAMATLASSIAN CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 900 shares; 2025Q4: 1,000 shares 1,000$162K0.02%+100Timeline
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 673,317 shares; 2024Q4: 1,000 shares; 2025Q1: 572,542 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 900 shares 900$132K0.01%newTimeline
ARMARM HOLDINGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 11,815 shares; 2025Q2: 1,000 shares; 2025Q3: 1,000 shares; 2025Q4: 1,000 shares 1,000$109K0.01%0Timeline
TSLATESLA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 193,102 shares; 2024Q4: 814 shares; 2025Q1: 100 shares; 2025Q2: 100 shares; 2025Q3: 100 shares; 2025Q4: 100 shares 100$45K<0.01%0Timeline
WINGWINGSTOP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 100 shares 100$23.8K<0.01%newTimeline
ICEINTERCONTINENTAL EXCHANGE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 290,116 shares; 2025Q1: 584,336 shares; 2025Q2: 613,854 shares; 2025Q3: 157,889 shares; 2025Q4: 100 shares 100$16.2K<0.01%-157,789Timeline
KEYKEYCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 698 shares; 2024Q4: 698 shares; 2025Q1: 698 shares; 2025Q2: 698 shares; 2025Q3: 698 shares; 2025Q4: 698 shares 698$14.4K<0.01%0Timeline
NKENIKE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 61,200 shares; 2024Q4: not reported; 2025Q1: 1,000 shares; 2025Q2: 1,000 shares; 2025Q3: not reported; 2025Q4: 4 shares 4$255<0.01%newTimeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
NOWSERVICENOW INC150$138Kshares
DEDEERE & CO100$45.7Kshares

How Q4 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 0001353394-26-000002 base2026-02-17acceptance time not in the bulk data set