Night Owl Capital Management, LLC Long-Term Concentrated

Location: GREENWICH, CT

CIK: 0001410833 · Show all filings

Period: Q1 2026 (← Previous)

Filing Date: May 15, 2026

Total Value: $858M (100.0% shares, 0.0% debt)

Holdings (30)

New Positions (1)

AMAT APPLIED MATERIALS INC 1.1%

Value $9.75M Shares 28,525 Est. Cost $326.57 Unrealized 0.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	APPLIED MATERIALS INC	28,525	$9.75M	1.1%	$326.57	0.0%	COM	038222105

Increased Positions (2)

BIL SPDR BLOOMBERG 1-3 MONTH T-BIL 2.7%

Value $23.41M (+12.7%) Shares 255,441 (+12.4%) Est. Cost $91.63 Unrealized —

SGOV ISHARES 0-3 MONTH TREASURY BON 0.7%

Value $6.143M (+5.3%) Shares 61,026 (+5.0%) Est. Cost $100.65 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BIL	SPDR BLOOMBERG 1-3 MONTH T-BIL	255,441 (+12.4%)	$23.41M (+12.7%)	2.7%	$91.63	—	TR UNIT	78468R663
SGOV	ISHARES 0-3 MONTH TREASURY BON	61,026 (+5.0%)	$6.143M (+5.3%)	0.7%	$100.65	—	TR UNIT	46436E718

Decreased Positions (1)

GEV GE VERNOVA 6.6%

Value $56.25M (-4.8%) Shares 64,446 (-28.7%) Est. Cost $221.23 Unrealized +233.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GEV	GE VERNOVA	64,446 (-28.7%)	$56.25M (-4.8%)	6.6%	$221.23	+233.1%	COM	36828A101

Unchanged Positions (26)

MSFT MICROSOFT CORP COM 7.5%

Value $64.07M Shares 173,081 Est. Cost $192.44 Unrealized +125.8%

SAP SAP SE SPON ADR 5.0%

Value $42.63M Shares 249,017 Est. Cost $151.50 Unrealized —

GOOG ALPHABET INC CAP STK CL C 10.9%

Value $93.73M Shares 326,750 Est. Cost $118.28 Unrealized +173.6%

WWD WOODWARD 5.2%

Value $44.82M Shares 125,228 Est. Cost $220.34 Unrealized +60.3%

META META PLATFORMS INC CL A 5.4%

Value $46.74M Shares 81,695 Est. Cost $540.86 Unrealized +21.2%

TSM TAIWAN SEMICONDUCTOR MFG CO SP 6.3%

Value $54.28M Shares 160,601 Est. Cost $131.47 Unrealized —

AMZN AMAZON COM INC COM 6.4%

Value $55.12M Shares 264,647 Est. Cost $132.59 Unrealized +71.1%

V VISA INC COM CL A 3.4%

Value $28.95M Shares 95,796 Est. Cost $112.80 Unrealized +191.8%

CRS CARPENTER TECHNOLOGY 2.4%

Value $20.66M Shares 52,417 Est. Cost $174.95 Unrealized +99.7%

GWRE GUIDEWIRE SOFTWARE 1.4%

Value $12.18M Shares 81,448 Est. Cost $214.97 Unrealized -30.1%

LIN LINDE PLC 3.0%

Value $25.76M Shares 51,966 Est. Cost $425.50 Unrealized +8.1%

MA MASTERCARD INC CL A 3.2%

Value $27.08M Shares 54,203 Est. Cost $160.54 Unrealized +235.8%

GE GE AEROSPACE 5.1%

Value $44.14M Shares 155,550 Est. Cost $129.40 Unrealized +145.9%

AON AON PLC REGISTERED SHS CL A 4.1%

Value $35.34M Shares 109,488 Est. Cost $300.52 Unrealized +11.8%

CSGP COSTAR GROUP INC COM 0.5%

Value $4.407M Shares 109,244 Est. Cost $80.18 Unrealized -29.0%

GEHC GE HEALTHCARE TECHNOLOGIES INC 2.3%

Value $19.83M Shares 278,558 Est. Cost $77.91 Unrealized +5.6%

SPOT SPOTIFY TECHNOLOGY SA 1.8%

Value $15.06M Shares 31,064 Est. Cost $673.96 Unrealized -26.2%

CEG CONSTELLATION ENERGY 1.2%

Value $10.19M Shares 36,473 Est. Cost $153.92 Unrealized +95.7%

UNP UNION PACIFIC CORP. 5.3%

Value $45.12M Shares 185,981 Est. Cost $218.62 Unrealized +11.3%

AVGO BROADCOM 2.4%

Value $20.86M Shares 67,401 Est. Cost $162.81 Unrealized +105.3%

HWM HOWMET AEROSPACE 2.2%

Value $18.95M Shares 82,226 Est. Cost $112.58 Unrealized +101.2%

— MERCADOLIBRE 0.8%

Value $6.883M Shares 3,981 Est. Cost $2601.19 Unrealized —

NFLX NETFLIX INC COM 2.7%

Value $23.49M Shares 244,334 Est. Cost $100.84 Unrealized -16.9%

GOOGL ALPHABET INC. CL A 0.1%

Value $978K Shares 3,400 Est. Cost $110.35 Unrealized +193.0%

BRK/A BERKSHIRE HATHAWAY INC CL A 0.1%

Value $718K Shares 1 Est. Cost $275226.66 Unrealized +169.0%

BRK/B BERKSHIRE HATHAWAY INC CL B 0.1%

Value $479K Shares 1,000 Est. Cost $207.14 Unrealized +138.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP COM	173,081	$64.07M	7.5%	$192.44	+125.8%	COM	594918104
SAP	SAP SE SPON ADR	249,017	$42.63M	5.0%	$151.50	—	COM	803054204
GOOG	ALPHABET INC CAP STK CL C	326,750	$93.73M	10.9%	$118.28	+173.6%	COM	02079K107
WWD	WOODWARD	125,228	$44.82M	5.2%	$220.34	+60.3%	COM	980745103
META	META PLATFORMS INC CL A	81,695	$46.74M	5.4%	$540.86	+21.2%	COM	30303M102
TSM	TAIWAN SEMICONDUCTOR MFG CO SP	160,601	$54.28M	6.3%	$131.47	—	COM	874039100
AMZN	AMAZON COM INC COM	264,647	$55.12M	6.4%	$132.59	+71.1%	COM	023135106
V	VISA INC COM CL A	95,796	$28.95M	3.4%	$112.80	+191.8%	COM	92826C839
CRS	CARPENTER TECHNOLOGY	52,417	$20.66M	2.4%	$174.95	+99.7%	COM	144285103
GWRE	GUIDEWIRE SOFTWARE	81,448	$12.18M	1.4%	$214.97	-30.1%	COM	40171V100
LIN	LINDE PLC	51,966	$25.76M	3.0%	$425.50	+8.1%	COM	G54950103
MA	MASTERCARD INC CL A	54,203	$27.08M	3.2%	$160.54	+235.8%	COM	57636Q104
GE	GE AEROSPACE	155,550	$44.14M	5.1%	$129.40	+145.9%	COM	369604301
AON	AON PLC REGISTERED SHS CL A	109,488	$35.34M	4.1%	$300.52	+11.8%	COM	G0403H108
CSGP	COSTAR GROUP INC COM	109,244	$4.407M	0.5%	$80.18	-29.0%	COM	22160N109
GEHC	GE HEALTHCARE TECHNOLOGIES INC	278,558	$19.83M	2.3%	$77.91	+5.6%	COM	36266G107
SPOT	SPOTIFY TECHNOLOGY SA	31,064	$15.06M	1.8%	$673.96	-26.2%	COM	L8681T102
CEG	CONSTELLATION ENERGY	36,473	$10.19M	1.2%	$153.92	+95.7%	COM	21037T109
UNP	UNION PACIFIC CORP.	185,981	$45.12M	5.3%	$218.62	+11.3%	COM	907818108
AVGO	BROADCOM	67,401	$20.86M	2.4%	$162.81	+105.3%	COM	11135F101
HWM	HOWMET AEROSPACE	82,226	$18.95M	2.2%	$112.58	+101.2%	COM	443201108
—	MERCADOLIBRE	3,981	$6.883M	0.8%	$2601.19	—	COM	58733r102
NFLX	NETFLIX INC COM	244,334	$23.49M	2.7%	$100.84	-16.9%	COM	64110L106
GOOGL	ALPHABET INC. CL A	3,400	$978K	0.1%	$110.35	+193.0%	COM	02079K305
BRK/A	BERKSHIRE HATHAWAY INC CL A	1	$718K	0.1%	$275226.66	+169.0%	COM	084670108
BRK/B	BERKSHIRE HATHAWAY INC CL B	1,000	$479K	0.1%	$207.14	+138.2%	COM	084670702