13F filing recap · Q1 2026

What did Triple Frond Partners buy in Q1 2026?

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

Stock value

$962.89M

Positions

Estimated turnover

21.0%

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 Mastercard and exited Lam Research. The fund added to ASML Holding, Meta Platforms, and CCC Intelligent Solutions, and substantially increased its TransUnion stake. It also trimmed Illumina and slightly reduced Live Nation Entertainment.

New positions

MAMastercard Inc$87.68Mreported value+175.5K shares

Increased positions

ASMLAsml Holding N.v.$157.07Mreported value+12.1K shares+11.4%TDGTransdigm Group Incorporated$123.48Mreported value+2.6K shares+2.6%METAMeta Platforms, Inc.$67.30Mreported value+20.3K shares+20.8%TRUTransunion$56.59Mreported value+266.7K shares

Reduced positions

ILMNIllumina, Inc.$37.77Mreported value-67.7K shares-18.1%LYVLive Nation Entertainment, Inc.$35.80Mreported value-21.1K shares-8.2%

Exited positions

LRCXLam Research Corporation$50.56Mprior reported value-295.4K shares-100.0%