Rings Capital Management LLC Long-Term Concentrated

CIK: 0001771122 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $201,200 (100.0% shares, 0.0% debt)

Holdings (7)

New Positions (1)

STZ CONSTELLATION BRANDS INC 0.4%

Value ($000) $828 Shares 6,000 Est. Cost $136.84 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
STZ	CONSTELLATION BRANDS INC	6,000	$828	0.4%	$136.84	0.0%	CL A	21036P108

Exited Positions (1)

BABA ALIBABA GROUP HOLDINGS LTD 0.6%

Value ($000) $1,269 Shares 7,100 Est. Cost $107.31 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BABA	ALIBABA GROUP HOLDINGS LTD	7,100	$1,269	0.6%	$107.31	—	—	01609W102

Decreased Positions (1)

KMX CARMAX INC 18.2%

Value ($000) $36,669 (-23.9%) Shares 949,000 (-11.6%) Est. Cost $64.07 Unrealized -37.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KMX	CARMAX INC	949,000 (-11.6%)	$36,669 (-23.9%)	18.2%	$64.07	-37.6%	COM	143130102

Unchanged Positions (5)

MCO MOODYS CORP 30.5%

Value ($000) $61,302 Shares 120,000 Est. Cost $266.40 Unrealized +82.9%

CHKP CHECK POINT SOFTWARE TECHNOLOGY LT 14.8%

Value ($000) $29,690 Shares 160,000 Est. Cost $127.24 Unrealized +52.0%

MSFT MICROSOFT CORP 20.0%

Value ($000) $40,140 Shares 83,000 Est. Cost $100.00 Unrealized +400.6%

RTX RTX CORPORATION 15.0%

Value ($000) $30,261 Shares 165,000 Est. Cost $75.63 Unrealized +129.2%

HRB BLOCK H & R INC 1.1%

Value ($000) $2,310 Shares 53,000 Est. Cost $13.99 Unrealized +231.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MCO	MOODYS CORP	120,000	$61,302	30.5%	$266.40	+82.9%	COM	615369105
CHKP	CHECK POINT SOFTWARE TECHNOLOGY LT	160,000	$29,690	14.8%	$127.24	+52.0%	ORD	M22465104
MSFT	MICROSOFT CORP	83,000	$40,140	20.0%	$100.00	+400.6%	COM	594918104
RTX	RTX CORPORATION	165,000	$30,261	15.0%	$75.63	+129.2%	COM	75513E101
HRB	BLOCK H & R INC	53,000	$2,310	1.1%	$13.99	+231.7%	COM	093671105