# Franchise Capital Ltd

> Institutional holdings reported to the SEC as of Q3 2025 on Form 13F. CIK 1859388. Source: https://holderbook.com/funds/1859388-franchise-capital-ltd/

- Reported value: $229.8M
- Positions: 30
- Weight of the ten largest: 96.4%
- Filed: 2025-10-28

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 |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $68.1M | 365,060 | 29.6% | 11 |
| PDD HOLDINGS INC | [PDD](https://holderbook.com/stocks/PDD/) | $66.3M | 501,460 | 28.8% | 19 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $33.4M | 119,580 | 14.5% | 3 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $17.8M | 24,300 | 7.8% | 7 |
| LUCKIN COFFEE INC | [LKNCY](https://holderbook.com/stocks/LKNCY/) | $16.0M | 421,321 | 7.0% | 12 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $6.5M | 26,500 | 2.8% | 1 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $5.7M | 12,815 | 2.5% | 5 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $2.7M | 8,290 | 1.2% | 1 |
| CHAGEE HLDGS LTD | [CHA](https://holderbook.com/stocks/CHA/) | $2.6M | 157,457 | 1.1% | 2 |
| CREDO TECHNOLOGY GROUP HOLDI | [CRDO](https://holderbook.com/stocks/CRDO/) | $2.4M | 16,800 | 1.1% | 1 |
| ROBLOX CORP | [RBLX](https://holderbook.com/stocks/RBLX/) | $2.1M | 15,140 | 0.9% | 2 |
| YUANBAO INC | [YB](https://holderbook.com/stocks/YB/) | $1.3M | 66,666 | 0.6% | 2 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $857.4K | 4,700 | 0.4% | 1 |
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $762.5K | 4,266 | 0.3% | 1 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $760.7K | 5,119 | 0.3% | 1 |
| ISHARES BITCOIN TRUST ETF | [IBIT](https://holderbook.com/stocks/IBIT/) | $259.5K | 3,993 | 0.1% | 4 |
| ISHARES ETHEREUM TR | [ETHA](https://holderbook.com/stocks/ETHA/) | $222.1K | 7,050 | 0.1% | 1 |
| VENTAS INC | [VTR](https://holderbook.com/stocks/VTR/) | $222.0K | 3,172 | 0.1% | 3 |
| DIGITAL RLTY TR INC | [DLR](https://holderbook.com/stocks/DLR/) | $219.2K | 1,268 | 0.1% | 3 |
| PULTE GROUP INC | [PHM](https://holderbook.com/stocks/PHM/) | $216.7K | 1,640 | 0.1% | 2 |
| EQUINIX INC | [EQIX](https://holderbook.com/stocks/EQIX/) | $209.1K | 267 | 0.1% | 3 |
| HOST HOTELS & RESORTS INC | [HST](https://holderbook.com/stocks/HST/) | $193.9K | 11,395 | 0.1% | 3 |
| AMERICAN HEALTHCARE REIT INC | [AHR](https://holderbook.com/stocks/AHR/) | $183.8K | 4,375 | 0.1% | 3 |
| D R HORTON INC | [DHI](https://holderbook.com/stocks/DHI/) | $182.5K | 1,077 | 0.1% | 3 |
| CIRCLE INTERNET GROUP INC | [CRCL](https://holderbook.com/stocks/CRCL/) | $115.3K | 870 | 0.1% | 2 |
| WELLTOWER INC | [WELL](https://holderbook.com/stocks/WELL/) | $101.4K | 569 | 0.0% | 3 |
| KE HLDGS INC | [BEKE](https://holderbook.com/stocks/BEKE/) | $76.0K | 4,000 | 0.0% | 1 |
| VICI PPTYS INC | [VICI](https://holderbook.com/stocks/VICI/) | $74.9K | 2,296 | 0.0% | 3 |
| NVR INC | [NVR](https://holderbook.com/stocks/NVR/) | $56.2K | 7 | 0.0% | 3 |
| IRON MTN INC DEL | [IRM](https://holderbook.com/stocks/IRM/) | $46.4K | 455 | 0.0% | 3 |

## 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 |
|---|---|---|---|---|
| Q3 2025 | +16.1% | +7.8% | +8.3% | 100% |
| Q2 2025 | +19.0% | +10.5% | +8.6% | 106% |
| Q1 2025 | -2.4% | -4.6% | +2.2% | 100% |
| Q4 2024 | -6.4% | +2.1% | -8.5% | 100% |
| Q3 2024 | +0.1% | +5.4% | -5.3% | 100% |
| Q2 2024 | +12.1% | +4.0% | +8.1% | 100% |
| Q1 2024 | +17.1% | +10.0% | +7.0% | 100% |
| Q4 2023 | +16.6% | +11.2% | +5.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2025 | $229.8M | 30 |
| Q2 2025 | $191.7M | 24 |
| Q1 2025 | $167.9M | 20 |
| Q4 2024 | $215.7M | 16 |
| Q3 2024 | $277.4M | 10 |
| Q2 2024 | $413.5M | 9 |
| Q1 2024 | $537.7M | 16 |
| Q4 2023 | $763.9M | 16 |
| Q3 2023 | $279.4M | 19 |
| Q2 2023 | $319.4M | 13 |
| Q1 2023 | $383.5M | 20 |
| Q4 2022 | $326.1M | 15 |