Nicolai Tangen - AKO Capital 13F Activity & Position Changes (Q3 2025)

As of Sep 30, 2025, the AKO Capital portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 13, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q3 2025, the filing reported:

New Buys - Canadian Pacific Kansas City Li

Increases - Alcon, Amazon.com, Inc., Cadence Design Systems, Inc., Copart, Inc., Equifax, Inc., and 3 more

Reductions - Analog Devices, Inc., Booz Allen Hamilton Holding Cor, Booking Holdings Inc. Common St, Salesforce, Inc., Fair Isaac Corporation, and 9 more

Complete Exits - Canadian National Railway Compa, Illumina, Inc., Thermo Fisher Scientific Inc

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	ADI Analog Devices, Inc.	Analog Devices, Inc.	Sell	-44,843	-3.5%	$300.53K	1,223,147
Q3 2025	ALC Alcon	Alcon	Buy	+260,958	+3.4%	$593.77K	7,974,364
Q3 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+347,385	+23.8%	$396.99K	1,808,033
Q3 2025	BAH Booz Allen Hamilton Holding Cor	Booz Allen Hamilton Holding Cor	Sell	-3,167	-3.5%	$8.68K	86,866
Q3 2025	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Sell	-4,489	-6.5%	$348.89K	64,618
Q3 2025	CDNS Cadence Design Systems, Inc.	Cadence Design Systems, Inc.	Buy	+36,960	+28.0%	$59.28K	168,767
Q3 2025	CNI Canadian National Railway Compa	Canadian National Railway Compa	Sell - Position Exit	-19,073	-100.0%	$0.00	-
Q3 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Buy - Position Entry	+799,560	-	$59.56K	799,560
Q3 2025	CPRT Copart, Inc.	Copart, Inc.	Buy	+186,270	+3.5%	$248.56K	5,527,245
Q3 2025	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-143,126	-30.5%	$77.29K	326,128
Q3 2025	EFX Equifax, Inc.	Equifax, Inc.	Buy	+26,528	+2.9%	$240.71K	938,348
Q3 2025	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-29,627	-19.3%	$185.04K	123,646
Q3 2025	FLUT Flutter Entertainment	Flutter Entertainment	Buy	+146,906	+4.9%	$796.70K	3,120,116
Q3 2025	GE GE Aerospace	GE Aerospace	Sell	-742,130	-36.0%	$397.35K	1,320,876
Q3 2025	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Sell	-107,656	-4.9%	$351.11K	2,084,001
Q3 2025	ILMN Illumina, Inc.	Illumina, Inc.	Sell - Position Exit	-533,954	-100.0%	$0.00	-
Q3 2025	INTU Intuit Inc.	Intuit Inc.	Sell	-1,358	-0.2%	$460.57K	674,425
Q3 2025	LIN Linde	Linde	Sell	-2,868	-3.5%	$37.56K	79,085
Q3 2025	MCO Moody's Corporation	Moody's Corporation	Sell	-60,411	-7.3%	$365.53K	767,143
Q3 2025	MMC Marsh & McLennan Companies, Inc	Marsh & McLennan Companies, Inc	Buy	+17,553	+1.0%	$362.70K	1,799,753
Q3 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-203,561	-16.0%	$553.69K	1,068,996
Q3 2025	RACE Ferrari	Ferrari	Sell	-13,146	-2.0%	$306.22K	632,960
Q3 2025	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell - Position Exit	-26,427	-100.0%	$0.00	-
Q3 2025	V Visa Inc.	Visa Inc.	Sell	-58,516	-3.6%	$541.04K	1,584,857
Q3 2025	WAT Waters Corporation	Waters Corporation	Buy	+19,602	+2.5%	$241.93K	806,948
Q3 2025	ZTS Zoetis Inc.	Zoetis Inc.	Sell	-827,222	-54.7%	$100.04K	683,704