Night Owl Capital Management, LLC Long-Term Concentrated

Location: Greenwich, CT

CIK: 0001410833 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 13, 2026

Total Value: $912M (100.0% shares, 0.0% debt)

Holdings (29)

GOOG ALPHABET INC CAP STK CL C 11.2%

Value $102M Shares 324,613 Est. Cost $118.28 Unrealized +142.1%

MSFT MICROSOFT CORP COM 9.1%

Value $83.15M Shares 171,942 Est. Cost $192.44 Unrealized +160.1%

AMZN AMAZON COM INC COM 6.6%

Value $60.68M Shares 262,874 Est. Cost $132.59 Unrealized +72.6%

SAP SAP SE SPON ADR 6.6%

Value $60.13M Shares 247,552 Est. Cost $151.50 Unrealized —

GEV GE VERNOVA 6.5%

Value $59.08M Shares 90,403 Est. Cost $221.23 Unrealized +175.3%

META META PLATFORMS INC CL A 5.9%

Value $53.55M Shares 81,123 Est. Cost $540.86 Unrealized +23.4%

TSM TAIWAN SEMICONDUCTOR MFG CO SP 5.3%

Value $48.5M Shares 159,593 Est. Cost $131.47 Unrealized —

GE GE AEROSPACE 5.2%

Value $47.62M Shares 154,584 Est. Cost $129.40 Unrealized +132.4%

UNP UNION PACIFIC CORP. 4.7%

Value $42.74M Shares 184,768 Est. Cost $218.62 Unrealized +4.0%

AON AON PLC REGISTERED SHS CL A 4.2%

Value $38.38M Shares 108,774 Est. Cost $300.52 Unrealized +16.2%

WWD WOODWARD 4.1%

Value $37.6M Shares 124,385 Est. Cost $220.34 Unrealized +24.7%

V VISA INC COM CL A 3.7%

Value $33.41M Shares 95,262 Est. Cost $112.80 Unrealized +201.8%

MA MASTERCARD INC CL A 3.4%

Value $30.77M Shares 53,902 Est. Cost $160.54 Unrealized +248.2%

AVGO BROADCOM 2.5%

Value $23.17M Shares 66,938 Est. Cost $162.81 Unrealized +119.3%

NFLX NETFLIX INC COM 2.5%

Value $22.76M Shares 242,732 Est. Cost $100.84 Unrealized +6.9%

GEHC GE HEALTHCARE TECHNOLOGIES INC 2.5%

Value $22.69M Shares 276,631 Est. Cost $77.91 Unrealized 0.0%

LIN LINDE PLC 2.4%

Value $22.02M Shares 51,644 Est. Cost $425.50 Unrealized +0.4%

BIL SPDR BLOOMBERG 1-3 MONTH T-BIL 2.3%

Value $20.76M Shares 227,208 Est. Cost $91.63 Unrealized —

SPOT SPOTIFY TECHNOLOGY SA 2.0%

Value $17.92M Shares 30,862 Est. Cost $673.96 Unrealized -7.2%

HWM HOWMET AEROSPACE 1.8%

Value $16.75M Shares 81,703 Est. Cost $112.58 Unrealized +76.8%

CRS CARPENTER TECHNOLOGY 1.8%

Value $16.4M Shares 52,084 Est. Cost $174.95 Unrealized +71.8%

GWRE GUIDEWIRE SOFTWARE 1.8%

Value $16.27M Shares 80,920 Est. Cost $214.97 Unrealized +2.9%

CEG CONSTELLATION ENERGY 1.4%

Value $12.79M Shares 36,212 Est. Cost $153.92 Unrealized +136.0%

— MERCADOLIBRE 0.9%

Value $7.958M Shares 3,951 Est. Cost $2601.19 Unrealized —

CSGP COSTAR GROUP INC COM 0.8%

Value $7.303M Shares 108,615 Est. Cost $80.18 Unrealized -11.7%

SGOV ISHARES 0-3 MONTH TREASURY BON 0.6%

Value $5.834M Shares 58,124 Est. Cost $100.65 Unrealized —

GOOGL ALPHABET INC. CL A 0.1%

Value $1.064M Shares 3,400 Est. Cost $110.35 Unrealized +158.8%

BRK/A BERKSHIRE HATHAWAY INC CL A 0.1%

Value $755K Shares 1 Est. Cost $275226.66 Unrealized +171.2%

BRK/B BERKSHIRE HATHAWAY INC CL B 0.1%

Value $503K Shares 1,000 Est. Cost $207.14 Unrealized +140.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC CAP STK CL C	324,613	$102M	11.2%	$118.28	+142.1%	COM	02079K107
MSFT	MICROSOFT CORP COM	171,942	$83.15M	9.1%	$192.44	+160.1%	COM	594918104
AMZN	AMAZON COM INC COM	262,874	$60.68M	6.6%	$132.59	+72.6%	COM	023135106
SAP	SAP SE SPON ADR	247,552	$60.13M	6.6%	$151.50	—	COM	803054204
GEV	GE VERNOVA	90,403	$59.08M	6.5%	$221.23	+175.3%	COM	36828A101
META	META PLATFORMS INC CL A	81,123	$53.55M	5.9%	$540.86	+23.4%	COM	30303M102
TSM	TAIWAN SEMICONDUCTOR MFG CO SP	159,593	$48.5M	5.3%	$131.47	—	COM	874039100
GE	GE AEROSPACE	154,584	$47.62M	5.2%	$129.40	+132.4%	COM	369604301
UNP	UNION PACIFIC CORP.	184,768	$42.74M	4.7%	$218.62	+4.0%	COM	907818108
AON	AON PLC REGISTERED SHS CL A	108,774	$38.38M	4.2%	$300.52	+16.2%	COM	G0403H108
WWD	WOODWARD	124,385	$37.6M	4.1%	$220.34	+24.7%	COM	980745103
V	VISA INC COM CL A	95,262	$33.41M	3.7%	$112.80	+201.8%	COM	92826C839
MA	MASTERCARD INC CL A	53,902	$30.77M	3.4%	$160.54	+248.2%	COM	57636Q104
AVGO	BROADCOM	66,938	$23.17M	2.5%	$162.81	+119.3%	COM	11135F101
NFLX	NETFLIX INC COM	242,732	$22.76M	2.5%	$100.84	+6.9%	COM	64110L106
GEHC	GE HEALTHCARE TECHNOLOGIES INC	276,631	$22.69M	2.5%	$77.91	0.0%	COM	36266G107
LIN	LINDE PLC	51,644	$22.02M	2.4%	$425.50	+0.4%	COM	G54950103
BIL	SPDR BLOOMBERG 1-3 MONTH T-BIL	227,208	$20.76M	2.3%	$91.63	—	TR UNIT	78468R663
SPOT	SPOTIFY TECHNOLOGY SA	30,862	$17.92M	2.0%	$673.96	-7.2%	COM	L8681T102
HWM	HOWMET AEROSPACE	81,703	$16.75M	1.8%	$112.58	+76.8%	COM	443201108
CRS	CARPENTER TECHNOLOGY	52,084	$16.4M	1.8%	$174.95	+71.8%	COM	144285103
GWRE	GUIDEWIRE SOFTWARE	80,920	$16.27M	1.8%	$214.97	+2.9%	COM	40171V100
CEG	CONSTELLATION ENERGY	36,212	$12.79M	1.4%	$153.92	+136.0%	COM	21037T109
—	MERCADOLIBRE	3,951	$7.958M	0.9%	$2601.19	—	COM	58733r102
CSGP	COSTAR GROUP INC COM	108,615	$7.303M	0.8%	$80.18	-11.7%	COM	22160N109
SGOV	ISHARES 0-3 MONTH TREASURY BON	58,124	$5.834M	0.6%	$100.65	—	TR UNIT	46436E718
GOOGL	ALPHABET INC. CL A	3,400	$1.064M	0.1%	$110.35	+158.8%	COM	02079K305
BRK/A	BERKSHIRE HATHAWAY INC CL A	1	$755K	0.1%	$275226.66	+171.2%	COM	084670108
BRK/B	BERKSHIRE HATHAWAY INC CL B	1,000	$503K	0.1%	$207.14	+140.2%	COM	084670702