CIK: 0001904893
Total reported value
$14.2B
Reporting period: 2026-03-31 · Number of holdings: 44
PineStone Asset Management Inc. disclosed 44 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $14.2B and a quarterly turnover rate of 17.8%.
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PineStone Asset Management Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.060 — mathematically equivalent to about 17 equally-sized positions, well below its 44 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 1.29), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.9 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Trim MSFT
-2.2% -$356.8M
Trim HDB
-54.5% -$209.8M
Add CME
-0.7% $52.6M
Add TSM
-15.3% -$111.0M
Trim GOOGL
-10.0% -$310.8M
Add AMZN
+41.9% $69.0M
PineStone executes a disciplined mega-cap tech trim while rotating capital into semiconductor equipment, managing a highly diversified 44-name portfolio with strict position sizing. The fund actively reduces MSFT, GOOGL, and HDB exposure to fund new KLAC positioning, while letting TSM’s weight drift higher through price appreciation rather than share accumulation.
The portfolio embeds a clear regime shift from cloud/software valuations back into upstream hardware capex, explicitly betting that AI monetization flows first to fabrication infrastructure. The opposing thesis argues enterprise cloud migration remains structural, making these tech trims premature alpha leaks in a liquidity-rich environment.
Anchored to an extreme 100 contrarian score with low quarterly turnover, this book bleeds relative performance when mega-caps grind higher on earnings beats and the fund systematically cuts winners into strength.
This narrative is produced by AI from publicly available filings and describes past activity only — it is informational, not investment advice.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 12.56% | +0.76% | -15.34% | |
| 2 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 10.46% | -0.72% | -9.96% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 7.46% | -1.35% | -2.23% | |
| 4 | MCO | Moody's CORP | Stock-Financials | 7.21% | -0.33% | -1.09% | |
| 5 | MA | Mastercard INC - A | Stock-Financials | 6.36% | +0.34% | +6.67% | |
| 6 | AZO | Autozone INC | Stock-Consumer Disc | 6.10% | +0.42% | -4.58% | |
| 7 | CME | Cme Group INC | Stock-Financials | 5.39% | +0.95% | -0.72% | |
| 8 | TJX | Tjx Companies INC | Stock-Consumer Disc | 4.39% | +0.35% | -7.52% | |
| 9 | SHW | Sherwin-williams Co/the | Stock-Materials | 3.75% | +0.29% | -3.06% | |
| 10 | MSCI | Msci INC | Stock-Financials | 3.70% | +0.13% | -2.41% | |
| 11 | JNJ | Johnson & Johnson | Stock-Healthcare | 3.07% | +0.41% | -13.49% | |
| 12 | MTD | Mettler-toledo International | Stock-Healthcare | 2.86% | +0.06% | -0.09% | |
| 13 | PEP | Pepsico INC | Stock-Consumer Staples | 2.60% | +0.35% | -5.58% | |
| 14 | CARR | Carrier Global CORP | Stock-Industrials | 2.60% | +0.25% | -8.12% | |
| 15 | OTIS | Otis Worldwide CORP | Stock-Industrials | 2.43% | -0.11% | -3.98% | |
| 16 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.22% | +0.69% | +41.87% | |
| 17 | GGG | Graco INC | Stock-Industrials | 2.16% | +0.23% | -4.31% | |
| 18 | CPRT | Copart INC | Stock-Industrials | 1.95% | -0.12% | -1.96% | |
| 19 | ADI | Analog Devices INC | Stock-Tech | 1.84% | +0.35% | -6.84% | |
| 20 | SPGI | S&p Global INC | Stock-Financials | 1.59% | -0.42% | -13.77% | |
| 21 | HLT | Hilton Worldwide Holdings In | Stock-Consumer Disc | 1.57% | +0.15% | -7.07% | |
| 22 | UNH | Unitedhealth Group INC | Stock-Healthcare | 1.54% | -0.15% | -2.04% | |
| 23 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 1.44% | +0.05% | -6.51% | |
| 24 | KLAC | Kla CORP | Stock-Tech | 1.11% | +1.11% | NEW | |
| 25 | CL | Colgate-palmolive Co | Stock-Consumer Staples | 0.93% | +0.15% | -2.49% | |
| 26 | SUNB | Sunbelt Rentals Holdings INC | Stock-Industrials | 0.67% | +0.67% | NEW | |
| 27 | HDB | Hdfc Bank Ltd-adr | Stock-Financials | 0.66% | -1.23% | -54.52% | |
| 28 | NKE | Nike INC -cl B | Stock-Consumer Disc | 0.65% | -0.09% | -5.70% | |
| 29 | FDS | Factset Research Systems INC | Stock-Financials | 0.59% | -0.15% | -6.07% | |
| 30 | FSS | Federal Signal CORP | Stock-Industrials | 0.02% | -0.11% | -87.50% | |
| 31 | HLI | Houlihan Lokey INC | Stock-Financials | 0.01% | -0.07% | -82.15% | |
| 32 | JBTM | Jbt Marel CORP | Stock-Industrials | 0.01% | -0.07% | -84.50% | |
| 33 | HAYW | Hayward Holdings INC | Stock-Other | 0.01% | -0.05% | -82.67% | |
| 34 | JKHY | Jack Henry & Associates INC | Stock-Tech | 0.01% | -0.06% | -85.71% | |
| 35 | MEDP | Medpace Holdings INC | Stock-Healthcare | 0.01% | -0.08% | -89.31% | |
| 36 | IPAR | Interparfums INC | Stock-Other | 0.01% | -0.05% | -87.64% | |
| 37 | DCI | Donaldson Co INC | Stock-Industrials | 0.01% | -0.07% | -89.79% | |
| 38 | EXPO | Exponent INC | Stock-Industrials | 0.01% | -0.05% | -87.82% | |
| 39 | FND | Floor & Decor Holdings Inc-a | Stock-Consumer Disc | 0.01% | -0.04% | -83.72% | |
| 40 | WDFC | Wd-40 Co | Stock-Materials | 0.01% | -0.04% | -87.99% | |
| 41 | WH | Wyndham Hotels & Resorts INC | Stock-Consumer Disc | 0.01% | -0.06% | -91.61% | |
| 42 | TREX | Trex Company INC | Stock-Industrials | 0.01% | -0.04% | -91.10% | |
| 43 | SSD | Simpson Manufacturing Co INC | Stock-Materials | — | -0.05% | -92.92% | |
| 44 | POWI | Power Integrations INC | Stock-Tech | — | -0.02% | -89.25% |
Performance for Q3 2026
-1.9%
Performance Last 4 Quarters
+6.3%
Based on 67% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 44 | $14.2B | 18 | |
| 2025-12-31 | 43 | $16.1B | 14 | |
| 2025-09-30 | 43 | $16.1B | 25 | |
| 2025-06-30 | 44 | $15.5B | 0 | |
| 2025-03-31 | 45 | $13.2B | 0 | |
| 2024-12-31 | 45 | $10.7B | 0 | |
| 2024-09-30 | 44 | $10.4B | 0 | |
| 2024-06-30 | 43 | $9.4B | 0 | |
| 2024-03-31 | 44 | $6.3B | 0 | |
| 2023-12-31 | 44 | $9.3B | 0 | |
| 2023-09-30 | 44 | $6.9B | 0 | |
| 2023-06-30 | 28 | $2.1B | 0 | |
| 2023-03-31 | 26 | $3.8B | 0 | |
| 2022-12-31 | 27 | $532.8M | 0 |
PineStone Asset Management Inc.'s most significant position changes for 2026-03-31: Sold out: Oracle CORP (ORCL); New buy: Kla CORP (KLAC); New buy: Sunbelt Rentals Holdings INC (SUNB); Trim: Microsoft CORP (MSFT) — shares -2.23%; Trim: Hdfc Bank Ltd-adr (HDB) — shares -54.52%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CME | Cme Group INC | +1% | -0.72% | Trim |
| 2 | TSM | Taiwan Semiconductor-sp Adr | +0.8% | -15.34% | Trim |
| 3 | AMZN | Amazon.com INC | +0.7% | +41.87% | Add |
| 4 | AZO | Autozone INC | +0.4% | -4.58% | Trim |
| 5 | JNJ | Johnson & Johnson | +0.4% | -13.49% | Trim |
| 6 | TJX | Tjx Companies INC | +0.4% | -7.52% | Trim |
| 7 | ADI | Analog Devices INC | +0.4% | -6.84% | Trim |
| 8 | PEP | Pepsico INC | +0.4% | -5.58% | Trim |
| 9 | MA | Mastercard INC - A | +0.3% | +6.67% | Add |
| 10 | SHW | Sherwin-williams Co/the | +0.3% | -3.06% | Trim |
| 11 | CARR | Carrier Global CORP | +0.3% | -8.12% | Trim |
| 12 | GGG | Graco INC | +0.2% | -4.31% | Trim |
| 13 | CL | Colgate-palmolive Co | +0.2% | -2.49% | Trim |
| 14 | HLT | Hilton Worldwide Holdings In | +0.2% | -7.07% | Trim |
| 15 | MSCI | Msci INC | +0.1% | -2.41% | Trim |
| 16 | MTD | Mettler-toledo International | +0.1% | -0.09% | Trim |
| 17 | LOW | Lowe's Cos INC | +0.1% | -6.51% | Trim |
| 18 | POWI | Power Integrations INC | 0% | -89.25% | Trim |
| 19 | WDFC | Wd-40 Co | 0% | -87.99% | Trim |
| 20 | TREX | Trex Company INC | 0% | -91.10% | Trim |
| 21 | FND | Floor & Decor Holdings Inc-a | 0% | -83.72% | Trim |
| 22 | EXPO | Exponent INC | -0.1% | -87.82% | Trim |
| 23 | IPAR | Interparfums INC | -0.1% | -87.64% | Trim |
| 24 | HAYW | Hayward Holdings INC | -0.1% | -82.67% | Trim |
| 25 | SSD | Simpson Manufacturing Co INC | -0.1% | -92.92% | Trim |
| 26 | WH | Wyndham Hotels & Resorts INC | -0.1% | -91.61% | Trim |
| 27 | JKHY | Jack Henry & Associates INC | -0.1% | -85.71% | Trim |
| 28 | DCI | Donaldson Co INC | -0.1% | -89.79% | Trim |
| 29 | HLI | Houlihan Lokey INC | -0.1% | -82.15% | Trim |
| 30 | JBTM | Jbt Marel CORP | -0.1% | -84.50% | Trim |
| 31 | MEDP | Medpace Holdings INC | -0.1% | -89.31% | Trim |
| 32 | NKE | Nike INC -cl B | -0.1% | -5.70% | Trim |
| 33 | OTIS | Otis Worldwide CORP | -0.1% | -3.98% | Trim |
| 34 | FSS | Federal Signal CORP | -0.1% | -87.50% | Trim |
| 35 | CPRT | Copart INC | -0.1% | -1.96% | Trim |
| 36 | UNH | Unitedhealth Group INC | -0.2% | -2.04% | Trim |
| 37 | FDS | Factset Research Systems INC | -0.2% | -6.07% | Trim |
| 38 | MCO | Moody's CORP | -0.3% | -1.09% | Trim |
| 39 | SPGI | S&p Global INC | -0.4% | -13.77% | Trim |
| 40 | GOOGL | Alphabet Inc-cl A | -0.7% | -9.96% | Trim |
| 41 | HDB | Hdfc Bank Ltd-adr | -1.2% | -54.52% | Trim |
| 42 | MSFT | Microsoft CORP | -1.4% | -2.23% | Trim |
| 43 | ORCL | Oracle CORP | — | EXIT | Sold out |
| 44 | KLAC | Kla CORP | — | NEW | New buy |
| 45 | SUNB | Sunbelt Rentals Holdings INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-01 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-15 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-17 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-16 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-12 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-30 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-28 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-11-20 | Amendment | View on EDGAR |
| 2024-06-30 | 2024-07-16 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-16 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-07-14 | Amendment | View on EDGAR |
| 2023-03-31 | 2023-04-13 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
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