Alkeon Capital Management LLC
Reported US equity positions for Q1 2026 — $22.1B across 132 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $1.8B | 8.3% | 5,421,668 |
| GOOGL Alphabet Inc. | $1.5B | 6.6% | 5,058,618 |
| META Meta Platforms, Inc. | $1.2B | 5.6% | 2,145,399 |
| AMZN Amazon.com, Inc. | $1.2B | 5.5% | 5,808,299 |
| KLAC KLA Corporation | $855.3M | 3.9% | 580,915 |
| LRCX Lam Research Corporation | $833.4M | 3.8% | 3,900,456 |
| TER Teradyne, Inc. | $827.0M | 3.7% | 2,789,510 |
| QQQ Invesco QQQ Trust, Series 1 | $765.2M | 3.5% | 1,325,777 |
| ADI Analog Devices, Inc. | $657.6M | 3.0% | 2,067,083 |
| VRT Vertiv Holdings, LLC Class A | $626.9M | 2.8% | 2,501,980 |
| SNPS Synopsys, Inc. | $622.2M | 2.8% | 1,569,348 |
| APH Amphenol Corporation | $583.5M | 2.6% | 4,617,948 |
| EXPE Expedia Group, Inc. | $571.5M | 2.6% | 2,475,276 |
| CDNS Cadence Design Systems, Inc. | $450.9M | 2.0% | 1,622,874 |
| TJX The TJX Companies, Inc. | $447.2M | 2.0% | 2,799,971 |
| MSFT Microsoft Corporation | $444.6M | 2.0% | 1,201,176 |
| V Visa Inc. | $443.9M | 2.0% | 1,468,618 |
| MLM Martin Marietta Materials, Inc. | $440.0M | 2.0% | 747,351 |
| VMC Vulcan Materials Company (Holding Company) | $402.6M | 1.8% | 1,478,646 |
| MA Mastercard Incorporated | $389.0M | 1.8% | 778,465 |
| CEG Constellation Energy Corporation - Common Stock When-Issued | $383.9M | 1.7% | 1,374,739 |
| VST Vistra Corp. | $382.8M | 1.7% | 2,546,357 |
| ETR Entergy Corporation | $373.7M | 1.7% | 3,326,012 |
| BWXT BWX Technologies, Inc. | $355.7M | 1.6% | 1,739,348 |
| MELI MercadoLibre, Inc. | $312.1M | 1.4% | 180,499 |
| CG The Carlyle Group Inc. | $287.5M | 1.3% | 5,941,316 |
| ICE Intercontinental Exchange Inc. | $283.2M | 1.3% | 1,800,310 |
| SOLS Solstice Advanced Matls INC | $279.4M | 1.3% | 3,668,020 |
| UBER Uber Technologies, Inc. | $277.7M | 1.3% | 3,861,005 |
| RTX RTX Corporation | $241.1M | 1.1% | 1,250,000 |
| N07059210 Asml Hldg Nv | $238.8M | 1.1% | 180,825 |
| TWLO Twilio Inc. Class A | $231.5M | 1.0% | 1,840,000 |
| EQIX Equinix, Inc. | $229.2M | 1.0% | 233,775 |
| PWR Quanta Services, Inc. | $220.1M | 1.0% | 400,983 |
| G25508105 Crh PLC | $215.5M | 1.0% | 2,050,000 |
| GE GE Aerospace | $198.6M | 0.9% | 700,000 |
| DASH DoorDash, Inc. | $177.7M | 0.8% | 1,183,210 |
| BURL Burlington Stores, Inc. | $177.3M | 0.8% | 545,000 |
| TDG Transdigm Group Incorporated | $172.8M | 0.8% | 149,078 |
| CP Canadian Pacific Kansas City Limited | $157.6M | 0.7% | 2,004,000 |
| NI NiSource Inc | $157.0M | 0.7% | 3,365,500 |
| SSNC SS&C Technologies Holdings, Inc. | $119.3M | 0.5% | 1,764,916 |
| ROST Ross Stores, Inc. | $102.4M | 0.5% | 472,635 |
| TTMI TTM Technologies, Inc. | $102.3M | 0.5% | 1,050,000 |
| SOXX iShares PHLX SOX Semiconductor Sector Index Fund | $102.1M | 0.5% | 310,700 |
| SHW The Sherwin-Williams Company | $98.3M | 0.4% | 306,735 |
| EDU New Oriental Education & Technology Group, Inc. Sponsored ADR… | $97.9M | 0.4% | 1,727,986 |
| SPGI S&P Global Inc. | $81.0M | 0.4% | 190,416 |
| NVDA NVIDIA Corporation | $74.9M | 0.3% | 429,459 |
| YMM Full Truck Alliance Co. Ltd. American Preferred | $73.9M | 0.3% | 8,898,535 |
| YUM Yum! Brands, Inc. | $72.4M | 0.3% | 465,603 |
| CTAS Cintas Corporation | $67.9M | 0.3% | 401,539 |
| BABA Alibaba Group Holding Limited American Preferred | $62.7M | 0.3% | 500,000 |
| ORIC Oric Pharmaceuticals, Inc. | $57.1M | 0.3% | 4,504,096 |
| DON WisdomTree U.S. MidCap Dividend Fund | $55.4M | 0.3% | 119,700 |
| LOW Lowe's Companies, Inc. | $50.5M | 0.2% | 213,594 |
| TLT iShares 20+ Year Treasury Bond ETF | $44.3M | 0.2% | 511,000 |
| MDGL Madrigal Pharmaceuticals, Inc. | $41.9M | 0.2% | 80,000 |
| NAVN Navan INC | $35.6M | 0.2% | 2,686,828 |
| G51502105 Johnson Controls Internation | $35.4M | 0.2% | 270,000 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| N07059210 Asml Hldg Nv | New | $238.8M | — | — |
| TTMI TTM Technologies, Inc. | New | $102.3M | — | — |
| BABA Alibaba Group Holding Limited American Preferred | New | $62.7M | — | — |
| AVGO Broadcom Inc. | New | $30.4M | — | — |
| DELL Dell Technologies Inc. Class C | Exit | — | $133.7M | -100% |
| CMI Cummins Inc. | Exit | — | $97.0M | -100% |
| SPY State Street SPDR S&P 500 ETF Trust | Exit | — | $89.7M | -100% |
| AMT American Tower Corporation (REIT) | Exit | — | $75.2M | -100% |
| IWM iShares Russell 2000 Index Fund | Exit | — | $44.2M | -100% |
| JD JD.com, Inc. | Exit | — | $42.2M | -100% |
| AGX Argan, Inc. | Exit | — | $34.1M | -100% |
| MDB MongoDB, Inc. | Exit | — | $21.0M | -100% |
| BEKE KE Holdings Inc American Preferred | Exit | — | $17.2M | -100% |
| ORCL Oracle Corporation | Exit | — | $9.7M | -100% |
| NOW ServiceNow, Inc. | Exit | — | $9.2M | -100% |
| K4F Onestream INC | Exit | — | $8.7M | -100% |
| GOOGL Alphabet Inc. | Trim | $1.5B | $1.8B | -13% |
| META Meta Platforms, Inc. | Add | $1.2B | $1.3B | +8% |
| KLAC KLA Corporation | Trim | $855.3M | $863.2M | -18% |
| LRCX Lam Research Corporation | Trim | $833.4M | $1.1B | -39% |
| TER Teradyne, Inc. | Add | $827.0M | $470.9M | +15% |
| QQQ Invesco QQQ Trust, Series 1 | Trim | $765.2M | $873.5M | -7% |
| ADI Analog Devices, Inc. | Add | $657.6M | $547.5M | +2% |
| VRT Vertiv Holdings, LLC Class A | Add | $626.9M | $324.5M | +25% |
| SNPS Synopsys, Inc. | Add | $622.2M | $471.3M | +56% |
| APH Amphenol Corporation | Add | $583.5M | $506.0M | +23% |
| MSFT Microsoft Corporation | Trim | $444.6M | $955.7M | -39% |
| VST Vistra Corp. | Add | $382.8M | $314.0M | +31% |
| ETR Entergy Corporation | Add | $373.7M | $252.9M | +22% |
| BWXT BWX Technologies, Inc. | Add | $355.7M | $273.2M | +10% |
| MELI MercadoLibre, Inc. | Trim | $312.1M | $484.4M | -25% |
| SOLS Solstice Advanced Matls INC | Add | $279.4M | $54.7M | +226% |
| UBER Uber Technologies, Inc. | Add | $277.7M | $274.6M | +15% |
| TWLO Twilio Inc. Class A | Add | $231.5M | $35.6M | +636% |
| PWR Quanta Services, Inc. | Trim | $220.1M | $211.4M | -20% |
| G25508105 Crh PLC | Add | $215.5M | $224.6M | +14% |
| BURL Burlington Stores, Inc. | Add | $177.3M | $151.6M | +4% |
| TDG Transdigm Group Incorporated | Trim | $172.8M | $220.2M | -10% |
| NI NiSource Inc | Add | $157.0M | $134.9M | +4% |
| SOXX iShares PHLX SOX Semiconductor Sector Index Fund | Add | $102.1M | $58.0M | +61% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.