Night Owl Capital Management, LLC Long-Term Concentrated

Location: Greenwich, CT

CIK: 0001410833 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 14, 2025

Total Value: $917M (100.0% shares, 0.0% debt)

Holdings (30)

GOOG ALPHABET INC CAP STK CL C 8.5%

Value $77.76M Shares 319,270 Share Price $243.55 * Est. Cost/Share $115.47 Unrealized @ Report Date +81.8%

MSFT MICROSOFT CORP COM 8.4%

Value $76.76M Shares 148,206 Share Price $517.95 Est. Cost/Share $143.09 Unrealized @ Report Date +255.5%

SAP SAP SE SPON ADR 7.1%

Value $65.48M Shares 245,058 Share Price $267.21 Est. Cost/Share $150.57 Unrealized @ Report Date —

AMZN AMAZON COM INC COM 6.2%

Value $56.76M Shares 258,499 Share Price $219.57 * Est. Cost/Share $130.96 Unrealized @ Report Date +72.8%

GEV GE VERNOVA 6.0%

Value $54.72M Shares 88,990 Share Price $614.90 Est. Cost/Share $215.07 Unrealized @ Report Date +181.5%

META META PLATFORMS INC CL A 5.2%

Value $47.89M Shares 65,217 Share Price $734.38 Est. Cost/Share $510.01 Unrealized @ Report Date +45.7%

GE GE AEROSPACE 5.0%

Value $45.99M Shares 152,871 Share Price $300.82 * Est. Cost/Share $127.48 Unrealized @ Report Date +113.9%

TSM TAIWAN SEMICONDUCTOR MFG CO SP 4.8%

Value $43.94M Shares 157,311 Share Price $279.29 Est. Cost/Share $128.97 Unrealized @ Report Date —

UBER UBER TECHNOLOGIES 4.7%

Value $43.29M Shares 441,903 Share Price $97.97 * Est. Cost/Share $45.24 Unrealized @ Report Date +106.7%

UNP UNION PACIFIC CORP. 4.7%

Value $42.97M Shares 181,793 Share Price $236.37 * Est. Cost/Share $218.48 Unrealized @ Report Date +2.1%

AON AON PLC REGISTERED SHS CL A 4.2%

Value $38.16M Shares 107,023 Share Price $356.58 Est. Cost/Share $299.72 Unrealized @ Report Date +20.6%

V VISA INC COM CL A 3.5%

Value $32.04M Shares 93,860 Share Price $341.38 Est. Cost/Share $109.40 Unrealized @ Report Date +215.5%

WWD WOODWARD 3.4%

Value $30.92M Shares 122,367 Share Price $252.71 Est. Cost/Share $219.44 Unrealized @ Report Date +12.9%

MA MASTERCARD INC CL A 3.3%

Value $30.21M Shares 53,118 Share Price $568.81 Est. Cost/Share $154.66 Unrealized @ Report Date +270.8%

NFLX NETFLIX INC COM 3.1%

Value $28.64M Shares 23,888 Share Price $1198.92 * Est. Cost/Share $36.94 Unrealized @ Report Date +230.4%

LIN LINDE PLC 2.6%

Value $24.27M Shares 51,088 Share Price $475.00 Est. Cost/Share $425.48 Unrealized @ Report Date +10.6%

VST VISTRA CORP 2.5%

Value $22.76M Shares 116,161 Share Price $195.92 Est. Cost/Share $56.73 Unrealized @ Report Date +248.4%

AVGO BROADCOM 2.4%

Value $21.8M Shares 66,065 Share Price $329.91 * Est. Cost/Share $160.24 Unrealized @ Report Date +90.8%

CEG CONSTELLATION ENERGY 2.4%

Value $21.64M Shares 65,775 Share Price $329.07 * Est. Cost/Share $153.92 Unrealized @ Report Date +109.3%

SPOT SPOTIFY TECHNOLOGY SA 2.3%

Value $21.19M Shares 30,352 Share Price $698.00 Est. Cost/Share $674.78 Unrealized @ Report Date +3.6%

GWRE GUIDEWIRE SOFTWARE 2.0%

Value $18.3M Shares 79,596 Share Price $229.86 Est. Cost/Share $214.86 Unrealized @ Report Date +5.8%

BIL SPDR BLOOMBERG 1-3 MONTH T-BIL 1.9%

Value $17.11M Shares 186,441 Share Price $91.75 Est. Cost/Share $91.69 Unrealized @ Report Date —

HWM HOWMET AEROSPACE 1.7%

Value $15.8M Shares 80,499 Share Price $196.23 * Est. Cost/Share $111.29 Unrealized @ Report Date +63.6%

CRS CARPENTER TECHNOLOGY 1.4%

Value $12.6M Shares 51,321 Share Price $245.54 * Est. Cost/Share $173.08 Unrealized @ Report Date +47.5%

CSGP COSTAR GROUP INC COM 1.0%

Value $9.088M Shares 107,711 Share Price $84.37 * Est. Cost/Share $80.18 Unrealized @ Report Date +10.2%

— MERCADOLIBRE 1.0%

Value $9.084M Shares 3,887 Share Price $2336.94 Est. Cost/Share $2610.85 Unrealized @ Report Date —

SGOV ISHARES 0-3 MONTH TREASURY BON 0.7%

Value $6.036M Shares 59,941 Share Price $100.70 Est. Cost/Share $100.65 Unrealized @ Report Date —

GOOGL ALPHABET INC. CL A 0.1%

Value $827K Shares 3,400 Share Price $243.10 * Est. Cost/Share $110.35 Unrealized @ Report Date +89.6%

BRK/A BERKSHIRE HATHAWAY INC CL A 0.1%

Value $754K Shares 1 Share Price $754200.00 * Est. Cost/Share $275226.66 Unrealized @ Report Date +164.1%

BRK/B BERKSHIRE HATHAWAY INC CL B 0.1%

Value $503K Shares 1,000 Share Price $502.74 * Est. Cost/Share $207.14 Unrealized @ Report Date +133.8%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GOOG	ALPHABET INC CAP STK CL C	319,270	$77.76M	8.5%	$243.55 *	$115.47	+81.8%	COM	02079K107
MSFT	MICROSOFT CORP COM	148,206	$76.76M	8.4%	$517.95	$143.09	+255.5%	COM	594918104
SAP	SAP SE SPON ADR	245,058	$65.48M	7.1%	$267.21	$150.57	—	COM	803054204
AMZN	AMAZON COM INC COM	258,499	$56.76M	6.2%	$219.57 *	$130.96	+72.8%	COM	023135106
GEV	GE VERNOVA	88,990	$54.72M	6.0%	$614.90	$215.07	+181.5%	COM	36828A101
META	META PLATFORMS INC CL A	65,217	$47.89M	5.2%	$734.38	$510.01	+45.7%	COM	30303M102
GE	GE AEROSPACE	152,871	$45.99M	5.0%	$300.82 *	$127.48	+113.9%	COM	369604301
TSM	TAIWAN SEMICONDUCTOR MFG CO SP	157,311	$43.94M	4.8%	$279.29	$128.97	—	COM	874039100
UBER	UBER TECHNOLOGIES	441,903	$43.29M	4.7%	$97.97 *	$45.24	+106.7%	COM	90353T100
UNP	UNION PACIFIC CORP.	181,793	$42.97M	4.7%	$236.37 *	$218.48	+2.1%	COM	907818108
AON	AON PLC REGISTERED SHS CL A	107,023	$38.16M	4.2%	$356.58	$299.72	+20.6%	COM	G0403H108
V	VISA INC COM CL A	93,860	$32.04M	3.5%	$341.38	$109.40	+215.5%	COM	92826C839
WWD	WOODWARD	122,367	$30.92M	3.4%	$252.71	$219.44	+12.9%	COM	980745103
MA	MASTERCARD INC CL A	53,118	$30.21M	3.3%	$568.81	$154.66	+270.8%	COM	57636Q104
NFLX	NETFLIX INC COM	23,888	$28.64M	3.1%	$1198.92 *	$36.94	+230.4%	COM	64110L106
LIN	LINDE PLC	51,088	$24.27M	2.6%	$475.00	$425.48	+10.6%	COM	G54950103
VST	VISTRA CORP	116,161	$22.76M	2.5%	$195.92	$56.73	+248.4%	COM	92840M102
AVGO	BROADCOM	66,065	$21.8M	2.4%	$329.91 *	$160.24	+90.8%	COM	11135F101
CEG	CONSTELLATION ENERGY	65,775	$21.64M	2.4%	$329.07 *	$153.92	+109.3%	COM	21037T109
SPOT	SPOTIFY TECHNOLOGY SA	30,352	$21.19M	2.3%	$698.00	$674.78	+3.6%	COM	L8681T102
GWRE	GUIDEWIRE SOFTWARE	79,596	$18.3M	2.0%	$229.86	$214.86	+5.8%	COM	40171V100
BIL	SPDR BLOOMBERG 1-3 MONTH T-BIL	186,441	$17.11M	1.9%	$91.75	$91.69	—	TR UNIT	78468R663
HWM	HOWMET AEROSPACE	80,499	$15.8M	1.7%	$196.23 *	$111.29	+63.6%	COM	443201108
CRS	CARPENTER TECHNOLOGY	51,321	$12.6M	1.4%	$245.54 *	$173.08	+47.5%	COM	144285103
CSGP	COSTAR GROUP INC COM	107,711	$9.088M	1.0%	$84.37 *	$80.18	+10.2%	COM	22160N109
—	MERCADOLIBRE	3,887	$9.084M	1.0%	$2336.94	$2610.85	—	COM	58733r102
SGOV	ISHARES 0-3 MONTH TREASURY BON	59,941	$6.036M	0.7%	$100.70	$100.65	—	TR UNIT	46436E718
GOOGL	ALPHABET INC. CL A	3,400	$827K	0.1%	$243.10 *	$110.35	+89.6%	COM	02079K305
BRK/A	BERKSHIRE HATHAWAY INC CL A	1	$754K	0.1%	$754200.00 *	$275226.66	+164.1%	COM	084670108
BRK/B	BERKSHIRE HATHAWAY INC CL B	1,000	$503K	0.1%	$502.74 *	$207.14	+133.8%	COM	084670702