13F filing recap · Q4 2025

What did Triple Frond Partners buy in Q4 2025?

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

Stock value

$962.17M

Positions

Estimated turnover

26.0%

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 a new position in Live Nation Entertainment. The firm substantially added to Transdigm Group and substantially trimmed Alphabet, while moderately reducing Amazon.com and Lam Research and moderately increasing Transunion and CCC Intelligent Solutions. It also made slight cuts to Microsoft, ASML, Meta Platforms, Illumina, and Charter Communications.

New positions

LYVLive Nation Entertainment, Inc.$36.46Mreported value+255.9K shares

Increased positions

TDGTransdigm Group Incorporated$138.16Mreported value+46.9K shares+82.4%TRUTransunion$47.26Mreported value+120.7K shares+28.0%CCCCcc Intelligent Solutions Holdings Inc.$38.20Mreported value+1.14M shares+31.1%

Reduced positions

MSFTMicrosoft Corporation$170.48Mreported value-32.7K shares-8.5%ASMLAsml Holding N.v.$114.24Mreported value-4.7K shares-4.2%GOOGAlphabet Inc.$110.92Mreported value-197.4K shares-35.8%AMZNAmazon.com Inc$110.45Mreported value-61.9K shares