CAT Rock Capital Management portfolio

What changed this quarter

13 positions with a change (4 added to, 2 trimmed, 7 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Meta Platforms−17.6 ppof portfolioSold out
  17.6% → —
• Joint Stock Company Kaspi.kz−7.3 ppof portfolioSold out
  7.3% → —
• PDD Holdings−7.0 ppof portfolioSold out
  7.0% → —
• Stride−3.6 ppof portfolioSold out
  3.6% → —
• TransDigm Group+37%more sharesIncreased
  8.3% → 19.6%
• Alphabet−3.2 ppof portfolioSold out
  3.2% → —
• Docebo−3.0 ppof portfolioSold out
  3.0% → —
• Microsoft−19%fewer sharesReduced
  14.3% → 17.4%
• Docusign−1.7 ppof portfolioSold out
  1.7% → —
• Ares Management+13%more sharesIncreased
  10.0% → 17.1%
• TKO Group Holdings+11%more sharesIncreased
  9.6% → 15.8%
• Msci+19%more sharesIncreased
  3.5% → 6.5%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• TransDigm GroupTDG19.6%Since Q1 2025 · 6 quartersDetails ▾
• First AdvantageFA17.7%Since Q4 2022 · 15 quartersDetails ▾
• MicrosoftMSFT17.4%Since Q1 2020 · 26 quartersDetails ▾
• ARES ManagementARES17.1%Since Q4 2025 · 3 quartersDetails ▾
• TKO Group HoldingsTKO15.8%Since Q3 2025 · 4 quartersDetails ▾
• MSCIMSCI6.5%Since Q2 2025 · 5 quartersDetails ▾
• Taiwan Semiconductor ManufacturingTSM5.9%Since Q3 2024 · 8 quartersDetails ▾

“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.