Nicolai Tangen - AKO Capital 13F Activity & Position Changes (Q4 2025)

According to the SEC 13F filed on Feb 17, 2026, the AKO Capital portfolio showed several notable changes in holdings as of quarter-end Dec 31, 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 Q4 2025, the filing reported:

New Buys - Cisco Systems, Inc., Mastercard Incorporated

Increases - Analog Devices, Inc., Canadian Pacific Kansas City Li, Copart, Inc., Intercontinental Exchange Inc., Ferrari

Reductions - Alcon, Amazon.com, Inc., Booking Holdings Inc. Common St, Salesforce, Inc., Equifax, Inc., and 10 more

Complete Exits - Booz Allen Hamilton Holding Cor, Cadence Design Systems, Inc., Zoetis 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
Q4 2025	ADI Analog Devices, Inc.	Analog Devices, Inc.	Buy	+24,862	+2.0%	$338.46K	1,248,009
Q4 2025	ALC Alcon	Alcon	Sell	-287,664	-3.6%	$609.35K	7,686,700
Q4 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-70,430	-3.9%	$401.07K	1,737,603
Q4 2025	BAH Booz Allen Hamilton Holding Cor	Booz Allen Hamilton Holding Cor	Sell - Position Exit	-86,866	-100.0%	$0.00	-
Q4 2025	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Sell	-21,817	-33.8%	$229.21K	42,801
Q4 2025	CDNS Cadence Design Systems, Inc.	Cadence Design Systems, Inc.	Sell - Position Exit	-168,767	-100.0%	$0.00	-
Q4 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Buy	+2,157,801	+269.9%	$217.75K	2,957,361
Q4 2025	CPRT Copart, Inc.	Copart, Inc.	Buy	+482,889	+8.7%	$235.30K	6,010,134
Q4 2025	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-13,520	-4.1%	$82.81K	312,608
Q4 2025	CSCO Cisco Systems, Inc.	Cisco Systems, Inc.	Buy - Position Entry	+3,113,706	-	$239.85K	3,113,706
Q4 2025	EFX Equifax, Inc.	Equifax, Inc.	Sell	-172,393	-18.4%	$166.20K	765,955
Q4 2025	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-10,861	-8.8%	$190.68K	112,785
Q4 2025	FLUT Flutter Entertainment	Flutter Entertainment	Sell	-10,690	-0.3%	$669.89K	3,109,426
Q4 2025	GE GE Aerospace	GE Aerospace	Sell	-211,487	-16.0%	$341.73K	1,109,389
Q4 2025	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Buy	+184	+0.0%	$337.56K	2,084,185
Q4 2025	INTU Intuit Inc.	Intuit Inc.	Sell	-435,549	-64.6%	$158.24K	238,876
Q4 2025	LIN Linde	Linde	Sell	-65,609	-83.0%	$5.75K	13,476
Q4 2025	MA Mastercard Incorporated	Mastercard Incorporated	Buy - Position Entry	+100,109	-	$57.15K	100,109
Q4 2025	MCO Moody's Corporation	Moody's Corporation	Sell	-30,575	-4.0%	$376.28K	736,568
Q4 2025	MMC Marsh & McLennan Companies, Inc	Marsh & McLennan Companies, Inc	Sell	-314,893	-17.5%	$275.47K	1,484,860
Q4 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-48,281	-4.5%	$493.64K	1,020,715
Q4 2025	RACE Ferrari	Ferrari	Buy	+311,907	+49.3%	$351.54K	944,867
Q4 2025	V Visa Inc.	Visa Inc.	Sell	-146,890	-9.3%	$504.31K	1,437,967
Q4 2025	WAT Waters Corporation	Waters Corporation	Sell	-53,493	-6.6%	$286.19K	753,455
Q4 2025	ZTS Zoetis Inc.	Zoetis Inc.	Sell - Position Exit	-683,704	-100.0%	$0.00	-