# Nutshell Asset Management Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2021442. Source: https://holderbook.com/funds/2021442-nutshell-asset-management-ltd/

- Reported value: $299.8M
- Positions: 45
- Weight of the ten largest: 52.8%
- Filed: 2026-08-12

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/) | $22.9M | 114,692 | 7.7% | 7 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $21.8M | 106,413 | 7.3% | 7 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $19.8M | 41,440 | 6.6% | 7 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $18.1M | 251,591 | 6.0% | 1 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $13.4M | 35,880 | 4.5% | 7 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $13.3M | 86,641 | 4.4% | 7 |
| IDEXX LABS INC | [IDXX](https://holderbook.com/stocks/IDXX/) | $13.2M | 25,130 | 4.4% | 2 |
| APPLOVIN CORP | [APP](https://holderbook.com/stocks/APP/) | $13.2M | 25,530 | 4.4% | 1 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $12.0M | 45,914 | 4.0% | 3 |
| ROLLINS INC | [ROL](https://holderbook.com/stocks/ROL/) | $10.5M | 251,875 | 3.5% | 3 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $10.3M | 58,491 | 3.4% | 3 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $9.7M | 18,954 | 3.2% | 7 |
| MSCI INC | [MSCI](https://holderbook.com/stocks/MSCI/) | $9.5M | 17,011 | 3.2% | 7 |
| ISHARES TR | [FLOT](https://holderbook.com/stocks/FLOT/) | $7.6M | 148,126 | 2.5% | 7 |
| CBOE GLOBAL MKTS INC | [CBOE](https://holderbook.com/stocks/CBOE/) | $7.3M | 30,047 | 2.4% | 1 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $6.4M | 16,898 | 2.1% | 2 |
| TRADEWEB MKTS INC | [TW](https://holderbook.com/stocks/TW/) | $4.9M | 49,491 | 1.6% | 6 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $4.4M | 61,380 | 1.5% | 1 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $4.1M | 5,542 | 1.4% | 2 |
| BROWN & BROWN INC | [BRO](https://holderbook.com/stocks/BRO/) | $3.8M | 58,739 | 1.3% | 1 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $3.8M | 40,866 | 1.3% | 5 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $3.8M | 7,500 | 1.3% | 2 |
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $3.7M | 1,154 | 1.2% | 7 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $3.6M | 7,930 | 1.2% | 2 |
| VERISK ANALYTICS INC | [VRSK](https://holderbook.com/stocks/VRSK/) | $3.6M | 20,000 | 1.2% | 2 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $3.6M | 12,376 | 1.2% | 2 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $3.6M | 28,753 | 1.2% | 1 |
| DECKERS OUTDOOR CORP | [DECK](https://holderbook.com/stocks/DECK/) | $3.6M | 36,000 | 1.2% | 1 |
| DOMINOS PIZZA INC | [DPZ](https://holderbook.com/stocks/DPZ/) | $3.1M | 10,423 | 1.0% | 3 |
| FAIR ISAAC CORP | [FICO](https://holderbook.com/stocks/FICO/) | $3.1M | 2,562 | 1.0% | 2 |
| VERISIGN INC | [VRSN](https://holderbook.com/stocks/VRSN/) | $3.0M | 11,800 | 1.0% | 3 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $2.9M | 17,002 | 1.0% | 2 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $2.8M | 12,591 | 0.9% | 5 |
| VICTORY PORTFOLIOS II | [VFLO](https://holderbook.com/stocks/VFLO/) | $2.8M | 60,174 | 0.9% | 2 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $2.7M | 4,792 | 0.9% | 1 |
| MEDPACE HLDGS INC | [MEDP](https://holderbook.com/stocks/MEDP/) | $2.7M | 5,005 | 0.9% | 1 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $2.5M | 1,108 | 0.8% | 1 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $2.5M | 6,949 | 0.8% | 7 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $2.5M | 13,775 | 0.8% | 4 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $2.4M | 2,118 | 0.8% | 1 |
| LUMENTUM HLDGS INC | [LITE](https://holderbook.com/stocks/LITE/) | $2.4M | 2,849 | 0.8% | 1 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $2.4M | 3,827 | 0.8% | 1 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $2.4M | 17,460 | 0.8% | 1 |
| EXLSERVICE HLDGS INC | [EXLS](https://holderbook.com/stocks/EXLS/) | $2.3M | 90,847 | 0.8% | 1 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $2.0M | 22,106 | 0.7% | 5 |

## 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 | +14.4% | +14.8% | -0.4% | 99% |
| Q1 2026 | -7.3% | -4.6% | -2.7% | 100% |
| Q4 2025 | -0.9% | +2.4% | -3.3% | 100% |
| Q3 2025 | +8.0% | +7.8% | +0.1% | 100% |
| Q2 2025 | +18.0% | +10.5% | +7.5% | 100% |
| Q1 2025 | -3.6% | -4.6% | +0.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $299.8M | 45 |
| Q1 2026 | $184.1M | 34 |
| Q4 2025 | $280.5M | 34 |
| Q3 2025 | $209.6M | 26 |
| Q2 2025 | $168.0M | 24 |
| Q1 2025 | $191.8M | 25 |
| Q4 2024 | $158.3M | 30 |