# Spinecap SAS

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2011727. Source: https://holderbook.com/funds/2011727-spinecap-sas/

- Reported value: $334.7M
- Positions: 16
- Weight of the ten largest: 81.6%
- Filed: 2026-07-27

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 |
|---|---|---|---|---|---|
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $40.6M | 79,137 | 12.1% | 5 |
| APOLLO GLOBAL MGMT INC | [APO](https://holderbook.com/stocks/APO/) | $38.0M | 321,513 | 11.4% | 6 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $36.5M | 102,204 | 10.9% | 6 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $36.3M | 72,481 | 10.9% | 5 |
| SUNBELT RENTALS HOLDINGS INC | [SUNB](https://holderbook.com/stocks/SUNB/) | $35.6M | 476,262 | 10.6% | 1 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $32.4M | 86,879 | 9.7% | 2 |
| KKR & CO INC | [KKR](https://holderbook.com/stocks/KKR/) | $19.0M | 207,250 | 5.7% | 2 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $12.0M | 62,846 | 3.6% | 4 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $11.3M | 32,857 | 3.4% | 3 |
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $11.2M | 25,016 | 3.3% | 3 |
| TRANSDIGM GROUP INC | [TDG](https://holderbook.com/stocks/TDG/) | $10.9M | 8,189 | 3.3% | 4 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $10.8M | 28,541 | 3.2% | 4 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $10.4M | 88,740 | 3.1% | 5 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $10.3M | 43,353 | 3.1% | 6 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $9.7M | 10,047 | 2.9% | 5 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $9.6M | 77,981 | 2.9% | 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 | +6.4% | +14.8% | -8.4% | 100% |
| Q1 2026 | -14.3% | -4.6% | -9.6% | 100% |
| Q4 2025 | +13.8% | +2.4% | +11.4% | 100% |
| Q3 2025 | +20.7% | +7.8% | +12.9% | 100% |
| Q1 2024 | +18.2% | +10.0% | +8.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $334.7M | 16 |
| Q1 2026 | $272.5M | 15 |
| Q4 2025 | $232.6M | 13 |
| Q3 2025 | $227.2M | 13 |
| Q2 2025 | $192.2M | 12 |
| Q4 2023 | $53.0M | 7 |