Spinecap SAS Quant / Systematic

CIK: 0002011727 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 19, 2026

Total Value ($000): $232,612 (100.0% shares, 0.0% debt)

Holdings (13)

New Positions (2)

V VISA INC 4.9%

Value ($000) $11,435 Shares 32,604 Est. Cost $340.38 Unrealized 0.0%

SNPS SYNOPSYS INC 4.9%

Value ($000) $11,347 Shares 24,157 Est. Cost $444.23 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
V	VISA INC	32,604	$11,435	4.9%	$340.38	0.0%	COM CL A	92826C839
SNPS	SYNOPSYS INC	24,157	$11,347	4.9%	$444.23	0.0%	COM	871607107

Increased Positions (6)

MA MASTERCARD INC 8.6%

Value ($000) $20,030 (+100.7%) Shares 35,087 (+99.9%) Est. Cost $555.42 Unrealized +0.6%

APO APOLLO GLOBAL MGMT INC 13.7%

Value ($000) $31,941 (+39.7%) Shares 220,649 (+28.7%) Est. Cost $121.89 Unrealized +8.8%

AMZN AMAZON COM INC 5.0%

Value ($000) $11,590 (+19.8%) Shares 50,211 (+14.0%) Est. Cost $166.28 Unrealized +37.6%

TDG TRANSDIGM GROUP INC 4.9%

Value ($000) $11,374 (+17.9%) Shares 8,553 (+16.8%) Est. Cost $1357.02 Unrealized -3.4%

AVGO BROADCOM INC 4.9%

Value ($000) $11,348 (+8.8%) Shares 32,789 (+3.7%) Est. Cost $307.56 Unrealized +16.1%

BX BLACKSTONE INC 4.5%

Value ($000) $10,470 (-5.8%) Shares 67,928 (+4.4%) Est. Cost $135.80 Unrealized +11.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MA	MASTERCARD INC	35,087 (+99.9%)	$20,030 (+100.7%)	8.6%	$555.42	+0.6%	CL A	57636Q104
APO	APOLLO GLOBAL MGMT INC	220,649 (+28.7%)	$31,941 (+39.7%)	13.7%	$121.89	+8.8%	COM	03769M106
AMZN	AMAZON COM INC	50,211 (+14.0%)	$11,590 (+19.8%)	5.0%	$166.28	+37.6%	COM	023135106
TDG	TRANSDIGM GROUP INC	8,553 (+16.8%)	$11,374 (+17.9%)	4.9%	$1357.02	-3.4%	COM	893641100
AVGO	BROADCOM INC	32,789 (+3.7%)	$11,348 (+8.8%)	4.9%	$307.56	+16.1%	COM	11135F101
BX	BLACKSTONE INC	67,928 (+4.4%)	$10,470 (-5.8%)	4.5%	$135.80	+11.5%	COM	09260D107

Exited Positions (2)

LRCX LAM RESEARCH CORP 15.3%

Value ($000) $35,490 Shares 265,049 Est. Cost $78.86 Unrealized +97.0%

AMAT APPLIED MATLS INC 4.7%

Value ($000) $10,831 Shares 52,899 Est. Cost $157.45 Unrealized +52.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LRCX	LAM RESEARCH CORP	265,049	$35,490	15.3%	$78.86	+97.0%	—	512807306
AMAT	APPLIED MATLS INC	52,899	$10,831	4.7%	$157.45	+52.1%	—	038222105

Decreased Positions (4)

TMO THERMO FISHER SCIENTIFIC INC 17.4%

Value ($000) $40,578 (+13.9%) Shares 70,028 (-4.7%) Est. Cost $417.06 Unrealized +35.5%

GOOGL ALPHABET INC 17.6%

Value ($000) $40,979 (+8.1%) Shares 130,922 (-16.0%) Est. Cost $149.68 Unrealized +90.8%

URI UNITED RENTALS INC 4.2%

Value ($000) $9,735 (-20.3%) Shares 12,029 (-6.0%) Est. Cost $665.35 Unrealized +30.3%

DHR DANAHER CORP 5.0%

Value ($000) $11,736 (+12.5%) Shares 51,267 (-2.6%) Est. Cost $198.37 Unrealized +10.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TMO	THERMO FISHER SCIENTIFIC INC	70,028 (-4.7%)	$40,578 (+13.9%)	17.4%	$417.06	+35.5%	COM	883556102
GOOGL	ALPHABET INC	130,922 (-16.0%)	$40,979 (+8.1%)	17.6%	$149.68	+90.8%	CAP STK CL A	02079K305
URI	UNITED RENTALS INC	12,029 (-6.0%)	$9,735 (-20.3%)	4.2%	$665.35	+30.3%	COM	911363109
DHR	DANAHER CORP	51,267 (-2.6%)	$11,736 (+12.5%)	5.0%	$198.37	+10.7%	COM	235851102

Unchanged Positions (1)

BLK BLACKROCK INC 4.3%

Value ($000) $10,048 Shares 9,388 Est. Cost $933.09 Unrealized +16.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BLK	BLACKROCK INC	9,388	$10,048	4.3%	$933.09	+16.8%	COM	09290D101