CIK: 0002011727
Total reported value
$272.5M
Reporting period: 2026-03-31 · Number of holdings: 15
Spinecap SAS disclosed 15 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $272.5M and a quarterly turnover rate of 44.4%.
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Spinecap SAS's disclosed holdings carry a Herfindahl concentration index of 0.092 — mathematically equivalent to about 11 equally-sized positions, close to its 15 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.64), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim GOOGL
-15.0% -$9.0M
Trim TMO
-0.7% -$6.4M
Add MA
+106.0% $16.1M
Trim DHR
-3.6% -$2.4M
Trim V
-4.0% -$2.0M
Trim SNPS
-2.0% -$2.0M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | APO | Apollo Global Management INC | Stock-Financials | 13.27% | -0.46% | +47.10% | |
| 2 | MA | Mastercard INC - A | Stock-Financials | 13.25% | +4.64% | +105.98% | |
| 3 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 12.54% | -4.90% | -0.74% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 11.74% | -5.88% | -15.00% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 11.50% | +11.50% | NEW | |
| 6 | KKR | Kkr & Co INC | Stock-Financials | 5.44% | +5.44% | NEW | |
| 7 | BX | Blackstone INC | Stock-Financials | 3.82% | -0.68% | +33.28% | |
| 8 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.68% | -1.30% | -4.18% | |
| 9 | BLK | Blackrock INC | Stock-Financials | 3.65% | -0.67% | +10.10% | |
| 10 | AVGO | Broadcom INC | Stock-Tech | 3.63% | -1.25% | -2.42% | |
| 11 | TDG | Transdigm Group INC | Stock-Industrials | 3.60% | -1.29% | -1.02% | |
| 12 | ICE | Intercontinental Exchange In | Stock-Financials | 3.52% | +3.52% | NEW | |
| 13 | V | Visa Inc-class A Shares | Stock-Financials | 3.47% | -1.45% | -4.00% | |
| 14 | SNPS | Synopsys INC | Stock-Tech | 3.44% | -1.44% | -2.03% | |
| 15 | DHR | Danaher CORP | Stock-Healthcare | 3.44% | -1.61% | -3.59% |
Performance for Q3 2026
-1.8%
Performance Last 4 Quarters
+48.6%
Based on 72% of reported portfolio value with available pricing
Spinecap SAS's most significant position changes for 2026-03-31: New buy: Microsoft CORP (MSFT); New buy: Kkr & Co INC (KKR); Sold out: United Rentals INC (URI); New buy: Intercontinental Exchange In (ICE); Trim: Alphabet Inc-cl A (GOOGL) — shares -15.00%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MA | Mastercard INC - A | +4.6% | +105.98% | Add |
| 2 | APO | Apollo Global Management INC | -0.5% | +47.10% | Add |
| 3 | BLK | Blackrock INC | -0.7% | +10.10% | Add |
| 4 | BX | Blackstone INC | -0.7% | +33.28% | Add |
| 5 | AVGO | Broadcom INC | -1.3% | -2.42% | Trim |
| 6 | TDG | Transdigm Group INC | -1.3% | -1.02% | Trim |
| 7 | AMZN | Amazon.com INC | -1.3% | -4.18% | Trim |
| 8 | SNPS | Synopsys INC | -1.4% | -2.03% | Trim |
| 9 | V | Visa Inc-class A Shares | -1.5% | -4.00% | Trim |
| 10 | DHR | Danaher CORP | -1.6% | -3.59% | Trim |
| 11 | TMO | Thermo Fisher Scientific INC | -4.9% | -0.74% | Trim |
| 12 | GOOGL | Alphabet Inc-cl A | -5.9% | -15.00% | Trim |
| 13 | MSFT | Microsoft CORP | — | NEW | New buy |
| 14 | KKR | Kkr & Co INC | — | NEW | New buy |
| 15 | URI | United Rentals INC | — | EXIT | Sold out |
| 16 | ICE | Intercontinental Exchange In | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-19 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2026-02-19 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2026-01-16 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
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