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Night Owl Capital Management, LLC

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13F filer, CIK 1410833, GREENWICH, CT

Night Owl Capital Management, LLC reported $912,430,340 across 29 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 65.29% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001410833-26-000003

Period
2025-12-31
Reported value
$912M
Holdings
29
Top 10 weight
65.29%
New
1
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GEHCnew+276,631$22.7M
NFLXadded+218,844$20.5M
MSFTadded+23,736$11.5M
METAadded+15,906$10.5M
BILadded+40,767$3.73M

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
UBERexited-441,903-$43.3M
VSTexited-116,161-$22.8M
CEGreduced-29,563-$10.4M
SGOVreduced-1,817-$182K

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 0001410833-26-000003, largest first. % of portfolio is the value over $912,430,340, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 336,424 shares; 2024Q4: 345,817 shares; 2025Q1: 357,293 shares; 2025Q2: 316,696 shares; 2025Q3: 319,270 shares; 2025Q4: 324,613 shares 324,613$102M11.16%+5,343Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 123,346 shares; 2024Q4: 126,722 shares; 2025Q1: 131,323 shares; 2025Q2: 147,011 shares; 2025Q3: 148,206 shares; 2025Q4: 171,942 shares 171,942$83.2M9.11%+23,736Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 302,737 shares; 2024Q4: 310,268 shares; 2025Q1: 318,336 shares; 2025Q2: 338,588 shares; 2025Q3: 258,499 shares; 2025Q4: 262,874 shares 262,874$60.7M6.65%+4,375Timeline
SAPSAP SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 221,023 shares; 2024Q4: 227,670 shares; 2025Q1: 235,848 shares; 2025Q2: 242,973 shares; 2025Q3: 245,058 shares; 2025Q4: 247,552 shares 247,552$60.1M6.59%+2,494Timeline
GEVGE VERNOVA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 78,630 shares; 2024Q4: 117,211 shares; 2025Q1: 122,181 shares; 2025Q2: 88,243 shares; 2025Q3: 88,990 shares; 2025Q4: 90,403 shares 90,403$59.1M6.48%+1,413Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,954 shares; 2024Q4: 50,606 shares; 2025Q1: 52,601 shares; 2025Q2: 54,282 shares; 2025Q3: 65,217 shares; 2025Q4: 81,123 shares 81,123$53.5M5.87%+15,906Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 205,595 shares; 2024Q4: 145,088 shares; 2025Q1: 151,056 shares; 2025Q2: 155,804 shares; 2025Q3: 157,311 shares; 2025Q4: 159,593 shares 159,593$48.5M5.32%+2,282Timeline
GEGE AEROSPACEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 136,732 shares; 2024Q4: 141,303 shares; 2025Q1: 147,204 shares; 2025Q2: 151,639 shares; 2025Q3: 152,871 shares; 2025Q4: 154,584 shares 154,584$47.6M5.22%+1,713Timeline
UNPUNION PAC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 127,915 shares; 2024Q4: 132,386 shares; 2025Q1: 137,364 shares; 2025Q2: 80,994 shares; 2025Q3: 181,793 shares; 2025Q4: 184,768 shares 184,768$42.7M4.68%+2,975Timeline
AONAON PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 145,750 shares; 2024Q4: 152,650 shares; 2025Q1: 158,553 shares; 2025Q2: 106,085 shares; 2025Q3: 107,023 shares; 2025Q4: 108,774 shares 108,774$38.4M4.21%+1,751Timeline
WWDWOODWARD 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: 78,871 shares; 2025Q3: 122,367 shares; 2025Q4: 124,385 shares 124,385$37.6M4.12%+2,018Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 83,753 shares; 2024Q4: 86,765 shares; 2025Q1: 90,240 shares; 2025Q2: 93,028 shares; 2025Q3: 93,860 shares; 2025Q4: 95,262 shares 95,262$33.4M3.66%+1,402Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 47,338 shares; 2024Q4: 49,100 shares; 2025Q1: 51,076 shares; 2025Q2: 52,694 shares; 2025Q3: 53,118 shares; 2025Q4: 53,902 shares 53,902$30.8M3.37%+784Timeline
AVGOBROADCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 118,245 shares; 2024Q4: 60,591 shares; 2025Q1: 63,527 shares; 2025Q2: 65,472 shares; 2025Q3: 66,065 shares; 2025Q4: 66,938 shares 66,938$23.2M2.54%+873Timeline
NFLXNETFLIX INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 33,396 shares; 2024Q4: 34,468 shares; 2025Q1: 35,646 shares; 2025Q2: 23,664 shares; 2025Q3: 23,888 shares; 2025Q4: 242,732 shares 242,732$22.8M2.49%+218,844Timeline
GEHCGE HEALTHCARE TECHNOLOGIES IQuarterly 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: 276,631 shares 276,631$22.7M2.49%newTimeline
LINLINDE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,036 shares; 2024Q4: 47,721 shares; 2025Q1: 49,195 shares; 2025Q2: 50,664 shares; 2025Q3: 51,088 shares; 2025Q4: 51,644 shares 51,644$22M2.41%+556Timeline
BILSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,284 shares; 2024Q4: 59,373 shares; 2025Q1: 85,539 shares; 2025Q2: 205,795 shares; 2025Q3: 186,441 shares; 2025Q4: 227,208 shares 227,208$20.8M2.28%+40,767Timeline
SPOTSPOTIFY TECHNOLOGY S AQuarterly 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: 12,934 shares; 2025Q3: 30,352 shares; 2025Q4: 30,862 shares 30,862$17.9M1.96%+510Timeline
HWMHOWMET AEROSPACE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 74,011 shares; 2025Q1: 77,366 shares; 2025Q2: 79,818 shares; 2025Q3: 80,499 shares; 2025Q4: 81,703 shares 81,703$16.8M1.84%+1,204Timeline
CRSCARPENTER TECHNOLOGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 47,076 shares; 2025Q1: 49,332 shares; 2025Q2: 50,886 shares; 2025Q3: 51,321 shares; 2025Q4: 52,084 shares 52,084$16.4M1.8%+763Timeline
GWREGUIDEWIRE SOFTWARE 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: 78,935 shares; 2025Q3: 79,596 shares; 2025Q4: 80,920 shares 80,920$16.3M1.78%+1,324Timeline
CEGCONSTELLATION ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 186,199 shares; 2024Q4: 156,937 shares; 2025Q1: 118,209 shares; 2025Q2: 65,134 shares; 2025Q3: 65,775 shares; 2025Q4: 36,212 shares 36,212$12.8M1.4%-29,563Timeline
MELIMERCADOLIBRE 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: 3,848 shares; 2025Q3: 3,887 shares; 2025Q4: 3,951 shares 3,951$7.96M0.87%+64Timeline
CSGPCOSTAR GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 98,902 shares; 2024Q4: 101,649 shares; 2025Q1: 103,841 shares; 2025Q2: 106,893 shares; 2025Q3: 107,711 shares; 2025Q4: 108,615 shares 108,615$7.3M0.8%+904Timeline
SGOVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,766 shares; 2024Q4: 24,755 shares; 2025Q1: 35,411 shares; 2025Q2: 64,241 shares; 2025Q3: 59,941 shares; 2025Q4: 58,124 shares 58,124$5.83M0.64%-1,817Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,400 shares; 2024Q4: 3,400 shares; 2025Q1: 3,400 shares; 2025Q2: 3,400 shares; 2025Q3: 3,400 shares; 2025Q4: 3,400 shares 3,400$1.06M0.12%0Timeline
BRK-ABERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1 shares; 2024Q4: 1 shares; 2025Q1: 1 shares; 2025Q2: 1 shares; 2025Q3: 1 shares; 2025Q4: 1 shares 1$755K0.08%0Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000 shares; 2024Q4: 1,000 shares; 2025Q1: 1,000 shares; 2025Q2: 1,000 shares; 2025Q3: 1,000 shares; 2025Q4: 1,000 shares 1,000$503K0.06%0Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
UBERUBER TECHNOLOGIES INC441,903$43.3Mshares
VSTVISTRA CORP116,161$22.8Mshares

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 0001410833-26-000003 base2026-02-13acceptance time not in the bulk data set