13F filing recap · Q3 2025

What did Triple Frond Partners buy in Q3 2025?

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

Stock value

$917.97M

Positions

Estimated turnover

28.9%

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 Illumina and Transunion while exiting Moody’s Corporation. The firm trimmed Alphabet, Transdigm Group, and Lam Research, with the Lam Research reduction standing out as substantial. It also added to Amazon and CCC Intelligent Solutions, and substantially increased its Asml Holding stake. Microsoft and Meta Platforms saw slight decreases.

New positions

ILMNIllumina, Inc.$37.09Mreported value+390.6K shares TRUTransunion$36.06Mreported value+430.5K shares

Increased positions

AMZNAmazon.com Inc$118.67Mreported value+53.3K shares+10.9%ASMLAsml Holding N.v.$107.91Mreported value+32.2K shares+40.6%CCCCcc Intelligent Solutions Holdings Inc.$33.38Mreported value+508.5K shares+16.1%

Reduced positions

MSFTMicrosoft Corporation$199.50Mreported value-17.9K shares-4.4%GOOGAlphabet Inc.$134.16Mreported value-98.0K shares-15.1%TDGTransdigm Group Incorporated$75.08Mreported value-16.8K shares-22.8%METAMeta Platforms, Inc.$74.65Mreported value-8.5K shares

Exited positions

MCOMoody’s Corporation$40.94Mprior reported value-81.6K shares-100.0%