AKO Capital's Portfolio Shifts: Key Purchases and Sales in Q2 2026

As of June 30, 2026, investor Nicolai Tangen's portfolio at AKO Capital has undergone several significant changes during the most recent quarter. The detailed filing reveals shifts in holdings across different sectors and highlights specific areas of buying interest.

Overall Portfolio Changes

The portfolio held 21 distinct positions as of AKO Capital's reporting date on June 30, 2026. This indicates substantial turnover activity throughout the quarter.

Purchasing Focus: Technology and Industrials

The investor demonstrated a clear preference for acquiring shares during this period, particularly in the Technology sector. Notable purchases include:

• Analog Devices (ADI): The fund acquired significant stakes in Analog Devices Inc., increasing its position substantially.
• Copart International (CPRT): A new investment was made in Copart Inc., adding a small but noteworthy holding to the portfolio.

These additions suggest confidence in specific technology companies, although further analysis would be needed to determine if these are core holdings or tactical moves. The investor also showed interest outside Technology by acquiring shares in Air Products and Chemicals (APD), a company involved in the production of industrial gases.

Selling Activity: Reducing Exposure

Conversely, Nicolai Tangen's portfolio saw significant selling activity during this quarter. Several holdings were reduced considerably:

• Cisco Systems (CSCO): A major sale occurred in Cisco Systems Inc., reducing its stake by a large percentage.
• GE Aerospace: Shares of GE Inc. decreased significantly, indicating a substantial reduction or exit from this holding.
• Moodys Corporation (MCO): The investor sold shares in Moodys Corp., reducing its position meaningfully.

The selling pressure was also evident across other sectors:

• Microsoft (MSFT): A notable reduction happened with Microsoft Corp.
• VISA Inc. (V): The stake in Visa Inc. saw a significant decrease.

This indicates the investor's strategy involved not only buying but also strategically exiting or reducing positions that were likely part of the portfolio previously.

Focus on Industrials and Consumer Sectors

The investor maintained an active stance in the Industrials sector, both buying and selling. Key actions included:

• Selling GE Inc.: This was a significant reduction within the Industrials category.
• Selling Canadian Pacific (CP): Another notable decrease occurred in this railway company.

Meanwhile, purchases were noted for:

• Copart International (CPRT): A new addition to the Industrials sector.

Diversification and Sector Shifts

The portfolio's allocation shifted during this quarter, reflecting both buying and selling activities. The Technology sector saw a decrease in overall value but an increase due to specific buys like ADI and CPRT. Financial Services experienced reductions across multiple holdings (VISA, GE, Moodys). Basic Materials gained through the purchase of Air Products Chemicals.

Conclusion: Strategic Portfolio Management

In summary, Nicolai Tangen's portfolio at AKO Capital displayed significant activity during Q2 2026. The investor focused on acquiring shares in specific Technology companies (ADI) and adding a new Industrials position (CPRT). Simultaneously, there was substantial selling from core holdings like Cisco Systems (CSCO), GE Inc., VISA Inc. (V), and Moodys Corp. (MCO). This indicates a dynamic approach to portfolio management focused on rebalancing and adjusting exposures based on market movements or strategic decisions.