Nicolai Tangen's March Portfolio: Tech Focus with High-Growth Bets
Nicolai Tangen's portfolio at AKO Capital as of March 31, 2026, shows a concentrated focus on Technology and select consumer stocks.
Key Holdings
The portfolio's largest position by value is Alcon AG (ALC), accounting for 13.62% of the holdings. Other significant allocations include Amazon (AMZN) at 7.06%, Visa (V) at 7.02%, Analog Devices (ADI) at 6.41%, Ferrari N.V. (RACE) at 6.08%, and Intercontinental Exchange (ICE) at 5.75%.
Portfolio Strategy and Sector Allocation
The portfolio demonstrates a clear bias towards the Technology sector, with major holdings in Analog Devices, Cisco Systems, and Microsoft. These companies, along with Visa and Waters Corporation, represent the core of the portfolio's allocation. Notably, the portfolio also includes exposure to Consumer Cyclical (Amazon) and Financial Services (Visa, ICE), indicating a diversification strategy that extends beyond Technology. The allocation to Industrials (GE Aerospace) and Healthcare (Waters Corporation) further diversifies the portfolio's sector exposure.
Recent Changes in Holdings
Several holdings show significant changes from the previous period. Ferrari N.V. (RACE) saw a substantial increase in both shares and percentage allocation (+46.38%), suggesting a recent addition or significant strengthening of this position. Conversely, Amazon (AMZN) and Visa (V) experienced notable decreases in both shares and percentage allocation (-4.25% and -25.11% respectively), indicating a reduction in these positions. Analog Devices (ADI) and GE Aerospace (GE) also saw significant reductions (-15.83% and -24.53% respectively). Cisco Systems (CSCO) stands out with a 100% increase in shares, effectively doubling its position in this period.
Investment Focus
The portfolio's structure points towards an investment strategy focused on established Technology companies alongside select high-growth or premium-name companies like Ferrari. The concentration in Technology is evident, but the inclusion of other sectors suggests a deliberate effort to balance risk. The simultaneous growth in Ferrari and reduction in Amazon and Visa might indicate a rotation towards luxury goods and away from broader e-commerce or payment processing stocks. The overall strategy appears to favor companies with strong fundamentals and potential for continued growth, though the significant changes in allocation highlight active management and responsiveness to market conditions.