GC
Gladstone Capital Management LLP Holdings Report (Q2 2026) — 13F Stock Portfolio
Gladstone Capital Management LLPCIK: 0001353394
Momentum followerQuality / disciplined sizingSector-focused
Total reported value
$1.0B
Reporting period: 2026-06-30 · Number of holdings: 40
Gladstone Capital Management LLP disclosed 40 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $1.0B and a quarterly turnover rate of 52.6%.
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Personality snowflake
- Concentration
- 38.3
- Portfolio Stability
- 52.65
- Momentum
- 100
- Sector conviction
- 65.83
- Diversification
- 80
- Sizing Uniformity
- 82.96
Gladstone Capital Management LLP's disclosed holdings carry a Herfindahl concentration index of 0.096 — mathematically equivalent to about 10 equally-sized positions, well below its 40 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.70), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim MSFT
-99.3% -$94.8M
New buy AFL
New buy FTNT
New buy SNDK
Trim DOCN
-100.0% -$42.6M
Trim APG
-50.0% -$35.7M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 17.79% | -0.25% | -19.47% | |
| 2 | PWR | Quanta Services Inc | Stock-Industrials | 12.84% | +0.26% | -21.04% | |
| 3 | V | Visa Inc-class A Shares | Stock-Financials | 9.42% | +2.50% | +21.67% | |
| 4 | RTX | Rtx CORP | Stock-Industrials | 9.31% | -2.36% | -17.66% | |
| 5 | PM | Philip Morris International | Stock-Consumer Staples | 8.97% | +2.26% | +23.94% | |
| 6 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 8.02% | +0.70% | -21.26% | |
| 7 | AFL | Aflac Inc | Stock-Financials | 7.02% | +7.02% | NEW | |
| 8 | FTNT | Fortinet Inc | Stock-Tech | 6.04% | +6.04% | NEW | |
| 9 | GLW | Corning Inc | Stock-Tech | 4.76% | -0.11% | -47.19% | |
| 10 | SNDK | Sandisk CORP | Stock-Tech | 4.48% | +4.48% | NEW | |
| 11 | APG | Api Group CORP | Stock-Industrials | 3.87% | -3.64% | -50.02% | |
| 12 | ACGL | Arch Capital Group Ltd. | Stock-Financials | 2.94% | -1.71% | -36.41% | |
| 13 | SNOW | Snowflake Inc | Stock-Tech | 1.64% | +1.62% | +4206.90% | |
| 14 | XYZ | Block Inc | Stock-Financials | 0.85% | -0.31% | -41.39% | |
| 15 | ALAB | Astera Labs Inc | Stock-Tech | 0.34% | +0.34% | NEW | |
| 16 | PGR | Progressive CORP | Stock-Financials | 0.32% | +0.32% | NEW | |
| 17 | AMAT | Applied Materials Inc | Stock-Tech | 0.31% | +0.31% | NEW | |
| 18 | DY | Dycom Industries Inc | Stock-Industrials | 0.30% | +0.30% | NEW | |
| 19 | LIN | Linde plc | Stock-Materials | 0.17% | -0.26% | -62.44% | |
| 20 | GE | General Electric | Stock-Industrials | 0.10% | -0.36% | -83.98% | |
| 21 | AVGO | Broadcom Inc | Stock-Tech | 0.09% | -1.96% | -96.40% | |
| 22 | ARM | Arm Holdings Plc-adr | Stock-Tech | 0.07% | +0.05% | +110.00% | |
| 23 | MSFT | Microsoft CORP | Stock-Tech | 0.07% | -9.51% | -99.30% | |
| 24 | QCOM | Qualcomm Inc | Stock-Tech | 0.06% | +0.06% | NEW | |
| 25 | ABNB | Airbnb Inc-class A | Stock-Consumer Disc | 0.05% | — | — | |
| 26 | INTC | Intel CORP | Stock-Tech | 0.03% | +0.03% | NEW | |
| 27 | FIG | Figma Inc-cl A | Stock-Other | 0.03% | -0.01% | -16.04% | |
| 28 | FIX | Comfort Systems USA Inc | Stock-Industrials | 0.03% | +0.03% | NEW | |
| 29 | DELL | Dell Technologies -c | Stock-Tech | 0.02% | +0.02% | NEW | |
| 30 | DASH | Doordash Inc - A | Stock-Consumer Disc | 0.02% | — | — | |
| 31 | ETN | Eaton Corporation plc | Stock-Industrials | 0.02% | +0.02% | NEW | |
| 32 | NVDA | Nvidia CORP | Stock-Tech | 0.01% | — | — | |
| 33 | ICE | Intercontinental Exchange In | Stock-Financials | 0.01% | -0.12% | -87.95% | |
| 34 | LITE | Lumentum Holdings Inc | Stock-Tech | 0.01% | — | — | |
| 35 | MDLZ | Mondelez International Inc-a | Stock-Consumer Staples | 0.01% | — | — | |
| 36 | TSLA | Tesla Inc | Stock-Consumer Disc | — | — | — | |
| 37 | AMZN | Amazon.com Inc | Stock-Consumer Disc | — | — | — | |
| 38 | WING | Wingstop Inc | Stock-Consumer Disc | — | — | — | |
| 39 | KEY | Keycorp | Stock-Financials | — | — | — | |
| 40 | DOCN | Digitalocean Holdings Inc | Stock-Tech | — | -4.28% | -99.98% |
Portfolio Performance
Performance for Q3 2026
-2.2%
Performance Last 4 Quarters
+3.9%
- Stdev
- +15.1%
- Beta
- +0.96
- Alpha
- -1.9%
- Max Drawdown
- -9.3%
- Annualized Perf
- +17.6%
- Batting Avg vs S&P
- +50%
- Sortino
- +2.74
- Stutzer
- +0.35
- Treynor
- +0.18
- Sterling
- +1.1
- Calmar
- +1.89
- Information Ratio
- -0.31
- Tracking Error
- +8.4%
- Stdev Down
- +6.4%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +35.3%
- Worst 12 Months
- +3.9%
- Efficiency Ratio
- +0.52
- Sharpe
- +1.16
- Stdev Sectors
- +10.5%
- Skewness
- +0.75
- Kurtosis
- +0.61
- Upside Potential
- +4.56
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 40 | $1.0B | 53 | ||
| 2026 Q1 | 32 | $995.9M | 59 | ||
| 2025 Q4 | 28 | $969.3M | 42 | ||
| 2025 Q3 | 23 | $915.5M | 100 | ||
| 2025 Q2 | 22 | $969.2M | 0 | ||
| 2025 Q1 | 24 | $971.2M | 100 | ||
| 2024 Q4 | 28 | $1.2B | 0 | ||
| 2024 Q3 | 22 | $1.2B | 0 | ||
| 2024 Q2 | 18 | $1.1B | 0 | ||
| 2024 Q1 | 19 | $1.0B | 0 | ||
| 2023 Q4 | 14 | $853.4M | 0 | ||
| 2023 Q3 | 15 | $979.3M | 0 | ||
| 2023 Q2 | 16 | $907.2M | 0 | ||
| 2023 Q1 | 16 | $786.6M | 0 | ||
| 2022 Q4 | 14 | $773.5M | 0 | ||
| 2022 Q3 | 10 | $712.7M | 0 | ||
| 2022 Q2 | 14 | $1.2B | 0 | ||
| 2022 Q1 | 12 | $1.9B | 0 | ||
| 2021 Q4 | 17 | $2.2B | 0 | ||
| 2021 Q3 | 16 | $2.0B | 0 | ||
| 2021 Q2 | 15 | $1.8B | 100 | ||
| 2021 Q1 | 13 | $1.8B | 26 | ||
| 2020 Q4 | 11 | $1.8B | 100 | ||
| 2020 Q3 | 12 | $1.8B | 0 | ||
| 2020 Q2 | 12 | $1.3B | 41 | ||
| 2020 Q1 | 14 | $874.8M | 45 | ||
| 2019 Q4 | 14 | $798.6M | 67 | ||
| 2019 Q3 | 10 | $472.8M | 61 | ||
| 2019 Q2 | 11 | $357.7M | 69 | ||
| 2019 Q1 | 10 | $247.3M | 44 | ||
| 2018 Q4 | 10 | $207.6M | 74 | ||
| 2018 Q3 | 9 | $252.9M | 45 | ||
| 2018 Q2 | 11 | $212.5M | 44 | ||
| 2018 Q1 | 10 | $205.6M | 63 | ||
| 2017 Q4 | 12 | $173.2M | 60 | ||
| 2017 Q3 | 13 | $144.8M | 39 | ||
| 2017 Q2 | 12 | $113.3M | 47 | ||
| 2017 Q1 | 13 | $116.7M | 53 | ||
| 2016 Q4 | 15 | $101.9M | 54 | ||
| 2016 Q3 | 10 | $123.3M | 73 | ||
| 2016 Q2 | 13 | $106.0M | 61 | ||
| 2016 Q1 | 15 | $129.7M | 28 | ||
| 2015 Q4 | 15 | $146.9M | 0 |
Holding changes this quarter
Gladstone Capital Management LLP's most significant position changes for 2026-06-30: New buy: Aflac Inc (AFL); New buy: Fortinet Inc (FTNT); New buy: Sandisk CORP (SNDK); Sold out: L3harris Technologies Inc (LHX); New buy: Astera Labs Inc (ALAB).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AFL | Aflac Inc | +7% | NEW | New buy |
| 2 | FTNT | Fortinet Inc | +6% | NEW | New buy |
| 3 | SNDK | Sandisk CORP | +4.5% | NEW | New buy |
| 4 | V | Visa Inc-class A Shares | +2.5% | +21.67% | Add |
| 5 | PM | Philip Morris International | +2.3% | +23.94% | Add |
| 6 | SNOW | Snowflake Inc | +1.6% | +4206.90% | Add |
| 7 | TSM | Taiwan Semiconductor-sp Adr | +0.7% | -21.26% | Trim |
| 8 | ALAB | Astera Labs Inc | +0.3% | NEW | New buy |
| 9 | PGR | Progressive CORP | +0.3% | NEW | New buy |
| 10 | AMAT | Applied Materials Inc | +0.3% | NEW | New buy |
| 11 | DY | Dycom Industries Inc | +0.3% | NEW | New buy |
| 12 | PWR | Quanta Services Inc | +0.3% | -21.04% | Trim |
| 13 | QCOM | Qualcomm Inc | +0.1% | NEW | New buy |
| 14 | ARM | Arm Holdings Plc-adr | +0.1% | +110.00% | Add |
| 15 | INTC | Intel CORP | 0% | NEW | New buy |
| 16 | FIX | Comfort Systems USA Inc | 0% | NEW | New buy |
| 17 | DELL | Dell Technologies -c | 0% | NEW | New buy |
| 18 | ETN | Eaton Corporation plc | 0% | NEW | New buy |
| 19 | ABNB | Airbnb Inc-class A | — | — | Unchanged |
| 20 | DASH | Doordash Inc - A | — | — | Unchanged |
| 21 | NVDA | Nvidia CORP | — | — | Unchanged |
| 22 | LITE | Lumentum Holdings Inc | — | — | Unchanged |
| 23 | TSLA | Tesla Inc | — | — | Unchanged |
| 24 | AMZN | Amazon.com Inc | — | — | Unchanged |
| 25 | KEY | Keycorp | — | — | Unchanged |
| 26 | WING | Wingstop Inc | — | — | Unchanged |
| 27 | NKE | Nike Inc -cl B | — | EXIT | Sold out |
| 28 | MDLZ | Mondelez International Inc-a | — | — | Unchanged |
| 29 | FIG | Figma Inc-cl A | 0% | -16.04% | Trim |
| 30 | CBRE | Cbre Group Inc - A | 0% | EXIT | Sold out |
| 31 | LULU | Lululemon Athletica Inc | -0.1% | EXIT | Sold out |
| 32 | GLW | Corning Inc | -0.1% | -47.19% | Trim |
| 33 | ICE | Intercontinental Exchange In | -0.1% | -87.95% | Trim |
| 34 | GOOGL | Alphabet Inc-cl A | -0.3% | -19.47% | Trim |
| 35 | LIN | Linde plc | -0.3% | -62.44% | Trim |
| 36 | XYZ | Block Inc | -0.3% | -41.39% | Trim |
| 37 | GE | General Electric | -0.4% | -83.98% | Trim |
| 38 | LHX | L3harris Technologies Inc | -1.4% | EXIT | Sold out |
| 39 | ACGL | Arch Capital Group Ltd. | -1.7% | -36.41% | Trim |
| 40 | AVGO | Broadcom Inc | -2% | -96.40% | Trim |
| 41 | RTX | Rtx CORP | -2.4% | -17.66% | Trim |
| 42 | APG | Api Group CORP | -3.6% | -50.02% | Trim |
| 43 | DOCN | Digitalocean Holdings Inc | -4.3% | -99.98% | Trim |
| 44 | MSFT | Microsoft CORP | -9.5% | -99.30% | Trim |
Filing History
FAQ
What is Gladstone Capital Management LLP and what type of investor is it?
Gladstone Capital Management LLP is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $1.0B, spread across 40 disclosed positions.
What are Gladstone Capital Management LLP's largest equity positions?
Based on the latest 13F filing, Gladstone Capital Management LLP's top holdings by market value are:
1. Alphabet Inc-cl A (GOOGL) — $179.8M (17.8%)
2. Quanta Services Inc (PWR) — $129.8M (12.8%)
3. Visa Inc-class A Shares (V) — $95.2M (9.4%)
4. Rtx CORP (RTX) — $94.1M (9.3%)
5. Philip Morris International (PM) — $90.6M (9.0%)
What changes did Gladstone Capital Management LLP make in its most recent portfolio filing?
In the latest reported quarter, Gladstone Capital Management LLP made 35 notable position adjustments: 12 new positions were initiated, 4 existing holdings were added to, 15 positions were partially reduced, and 4 were completely exited. The largest of these moves: New buy: Aflac Inc (AFL); New buy: Fortinet Inc (FTNT); New buy: Sandisk CORP (SNDK); Sold out: L3harris Technologies Inc (LHX); New buy: Astera Labs Inc (ALAB)
What sectors does Gladstone Capital Management LLP focus on?
Gladstone Capital Management LLP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Industrials: 26.5%
• Information Technology: 26.0%
• Financials: 20.6%
• Communication Services: 17.8%
• Consumer Staples: 9.0%
• Materials: 0.2%
Investment Profile
Gladstone Capital Management LLP returned an annualized 17.6% over the trailing 36 months — underperforming the S&P 500 by 1.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.96 (roughly in line with the market) and a 50% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active.
Its turnover score has risen from 0 to 53 over the past 4 quarters — a shift toward more active trading.
It has added to its TSM position over the past two quarters (+$75.7M, now $81.1M), while trimming MSFT over the same stretch (-$114.8M, still holding $675.2K).
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