# Gladstone Capital Management LLP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1353394. Source: https://holderbook.com/funds/1353394-gladstone-capital-management-llp/

- Reported value: $1.0B
- Positions: 40
- Weight of the ten largest: 88.6%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $179.8M | 503,113 | 17.8% | 4 |
| QUANTA SVCS INC | [PWR](https://holderbook.com/stocks/PWR/) | $129.8M | 180,244 | 12.8% | 3 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $95.2M | 277,412 | 9.4% | 2 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $94.1M | 496,055 | 9.3% | 5 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $90.6M | 501,070 | 9.0% | 8 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $81.1M | 169,817 | 8.0% | 3 |
| AFLAC INC | [AFL](https://holderbook.com/stocks/AFL/) | $70.9M | 604,852 | 7.0% | 1 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $61.1M | 397,555 | 6.0% | 1 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $48.1M | 188,501 | 4.8% | 2 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $45.2M | 19,900 | 4.5% | 1 |
| API GROUP CORP | [APG](https://holderbook.com/stocks/APG/) | $39.1M | 922,659 | 3.9% | 4 |
| ARCH CAP GROUP LTD | [ACGL](https://holderbook.com/stocks/ACGL/) | $29.8M | 306,665 | 2.9% | 14 |
| SNOWFLAKE INC | [SNOW](https://holderbook.com/stocks/SNOW/) | $16.5M | 64,948 | 1.6% | 6 |
| BLOCK INC | [XYZ](https://holderbook.com/stocks/XYZ/) | $8.6M | 112,828 | 0.8% | 40 |
| ASTERA LABS INC | [ALAB](https://holderbook.com/stocks/ALAB/) | $3.5M | 7,200 | 0.3% | 1 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $3.2M | 14,640 | 0.3% | 1 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $3.2M | 4,360 | 0.3% | 1 |
| DYCOM INDS INC | [DY](https://holderbook.com/stocks/DY/) | $3.1M | 6,040 | 0.3% | 1 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $1.7M | 3,230 | 0.2% | 2 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $975.8K | 2,611 | 0.1% | 10 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $895.3K | 2,370 | 0.1% | 7 |
| ARM HOLDINGS PLC | [ARM](https://holderbook.com/stocks/ARM/) | $744.6K | 2,100 | 0.1% | 6 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $675.2K | 1,810 | 0.1% | 28 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $591.3K | 3,200 | 0.1% | 1 |
| AIRBNB INC | [ABNB](https://holderbook.com/stocks/ABNB/) | $509.0K | 3,557 | 0.1% | 3 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $285.8K | 2,047 | 0.0% | 1 |
| FIGMA INC | [FIG](https://holderbook.com/stocks/FIG/) | $259.4K | 14,342 | 0.0% | 4 |
| COMFORT SYS USA INC | [FIX](https://holderbook.com/stocks/FIX/) | $257.7K | 130 | 0.0% | 1 |
| DELL TECHNOLOGIES INC | [DELL](https://holderbook.com/stocks/DELL/) | $195.0K | 452 | 0.0% | 1 |
| DOORDASH INC | [DASH](https://holderbook.com/stocks/DASH/) | $184.5K | 1,000 | 0.0% | 4 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $170.4K | 400 | 0.0% | 1 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $145.9K | 729 | 0.0% | 13 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $123.1K | 1,000 | 0.0% | 7 |
| LUMENTUM HLDGS INC | [LITE](https://holderbook.com/stocks/LITE/) | $85.8K | 100 | 0.0% | 2 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $57.8K | 1,000 | 0.0% | 2 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $42.1K | 100 | 0.0% | 8 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $23.8K | 100 | 0.0% | 10 |
| WINGSTOP INC | [WING](https://holderbook.com/stocks/WING/) | $17.3K | 100 | 0.0% | 3 |
| KEYCORP | [KEY](https://holderbook.com/stocks/KEY/) | $16.1K | 698 | 0.0% | 8 |
| DIGITALOCEAN HLDGS INC | [DOCN](https://holderbook.com/stocks/DOCN/) | $15.7K | 100 | 0.0% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +21.7% | +14.8% | +6.9% | 100% |
| Q1 2026 | -4.1% | -4.6% | +0.5% | 99% |
| Q4 2025 | +5.1% | +2.4% | +2.8% | 99% |
| Q3 2025 | -0.8% | +7.8% | -8.7% | 100% |
| Q2 2025 | +15.5% | +10.5% | +5.0% | 99% |
| Q1 2025 | -3.9% | -4.6% | +0.7% | 100% |
| Q4 2024 | +0.8% | +2.1% | -1.3% | 100% |
| Q3 2024 | +5.1% | +5.4% | -0.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.0B | 40 |
| Q1 2026 | $995.9M | 32 |
| Q4 2025 | $969.3M | 28 |
| Q3 2025 | $915.5M | 23 |
| Q2 2025 | $969.2M | 22 |
| Q1 2025 | $971.2M | 24 |
| Q4 2024 | $1.2B | 28 |
| Q3 2024 | $1.2B | 22 |
| Q2 2024 | $1.1B | 18 |
| Q1 2024 | $1.0B | 19 |
| Q4 2023 | $853.4M | 14 |
| Q3 2023 | $979.3M | 15 |