13F filing recap · Q1 2025

What did Triple Frond Partners buy in Q1 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$739.95M

Positions

Estimated turnover

50.6%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Triple Frond Partners opened new positions in ASML Holding, Meta Platforms, and CCC Intelligent Solutions Holdings, while exiting Canadian Pacific Kansas City and Visa. The firm substantially increased its stakes in Microsoft and Lam Research, and added to TransDigm Group. It trimmed Alphabet, Amazon.com, and Moody’s.

New positions

ASMLAsml Holding N.v.$52.55Mreported value+79.3K shares METAMeta Platforms, Inc.$44.24Mreported value+76.8K shares CCCCcc Intelligent Solutions Holdings Inc.$21.81Mreported value+2.42M shares

Increased positions

MSFTMicrosoft Corporation$151.30Mreported value+124.6K shares+44.7%TDGTransdigm Group Incorporated$127.46Mreported value+12.4K shares+15.5%LRCXLam Research Corporation$51.37Mreported value+194.8K shares+38.1%

Reduced positions

GOOGAlphabet Inc.$101.38Mreported value-158.4K shares-19.6%AMZNAmazon.com Inc$92.69Mreported value-42.8K shares-8.1%MCOMoody’s Corporation$38.01Mreported value-23.0K shares-22.0%

Exited positions

VVisa Inc.$113.27Mprior reported value-358.4K shares-100.0%CPCanadian Pacific Kansas City Ltd/cn$29.26Mprior reported value-404.4K shares-100.0%