Nicolai Tangen - Ako Capital Llp Portfolio Q2'2025: Top Holdings & Recent Changes
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Nicolai Tangen, the CEO of Ako Capital, continues to demonstrate why his London-based hedge fund is closely watched by global investors. His Q2 2025 portfolio reveals a disciplined, high-conviction approach, with nearly $8 billion deployed across a focused set of 25 positions. Tangen’s latest moves—aggressively adding to Flutter Entertainment and Alcon, while trimming General Electric and Visa—signal a nuanced shift toward companies with durable growth and competitive moats, even as he maintains core holdings in tech and financial services giants.
Portfolio Overview: Focused Conviction in a Volatile Market
Portfolio Highlights (Q2 2025): - Market Value: $7.92 billion - Top 10 Holdings: 68.3% of portfolio - Portfolio Size: 25 positions (down 1 from prior quarter) - Average Holding Period: 14 quarters (3.5 years) - Turnover: 4.0% (low, indicating patient capital)
Ako Capital’s portfolio remains a masterclass in concentration, with the top 10 positions accounting for over two-thirds of assets. This reflects Tangen’s philosophy of betting heavily on his best ideas, a hallmark of successful long-term investors. The low turnover rate underscores a patient, buy-and-hold mentality, even as the fund makes selective, high-conviction adjustments. The reduction in portfolio size suggests further focus, possibly pruning lower-conviction names to allocate more capital to winners.
Top Holdings Analysis: Growth, Quality, and Selective Rotation
Ako Capital’s portfolio is anchored by a mix of global growth leaders and niche market dominators. The most notable move this quarter was a 14.77% increase in Flutter Entertainment (10.7% of portfolio), the online betting giant, signaling strong conviction in the secular growth of digital gambling. Alcon 8.6% also saw a meaningful 8.40% addition, reflecting Tangen’s continued belief in the long-term tailwinds for eye care. Microsoft 8.0% remains a core holding, with a modest 1.75% increase, underscoring the fund’s faith in the tech titan’s cloud and AI-driven growth.
In contrast, Visa 7.4% was trimmed by 7.47%, possibly reflecting valuation concerns or a desire to reallocate to faster-growing opportunities. Intuit 6.7% saw a dramatic 21.59% increase, highlighting Tangen’s bullish stance on the financial software leader. General Electric 6.7% was reduced by 16.35%, a significant cut that may indicate fading enthusiasm for the industrial conglomerate’s turnaround story.
Other key positions include Moody’s 5.2%, which saw a negligible 0.10% addition, and Intercontinental Exchange 5.1%, trimmed by 3.98%. Booking Holdings 5.0% was also reduced by 4.09%, while Marsh & McLennan 4.9% saw a sharp 16.00% cut. These moves suggest a disciplined approach to portfolio management, with Tangen willing to take profits or reduce exposure when valuations or growth prospects change.
What the Portfolio Reveals
- Quality Over Quantity: Tangen’s portfolio is highly concentrated, with a clear preference for businesses with durable competitive advantages, strong cash flows, and global scale.
- Growth at a Reasonable Price: Additions to Flutter, Alcon, and Intuit highlight a focus on companies with visible growth runways, even if they command premium valuations.
- Sector Agnostic, but Tech-Heavy: While the portfolio spans healthcare, financial services, and consumer discretionary, technology remains a cornerstone, with Microsoft as a top holding.
- Active Risk Management: The fund is not afraid to trim winners (Visa, Booking) or exit positions (GE, Marsh & McLennan) when the risk-reward balance shifts.
- Low Turnover, Long-Term Mindset: An average holding period of 14 quarters reflects a patient, long-term investment horizon, reducing trading costs and tax drag.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Flutter Entertainment plc | $847.5M | 10.7% | Add 14.77% |
| Alcon Inc. | $681.5M | 8.6% | Add 8.40% |
| Microsoft Corporation | $633.0M | 8.0% | Add 1.75% |
| Visa Inc. | $583.5M | 7.4% | Reduce 7.47% |
| Intuit Inc. | $532.3M | 6.7% | Add 21.59% |
| General Electric Company | $531.0M | 6.7% | Reduce 16.35% |
| Moody’s Corp | $415.1M | 5.2% | Add 0.10% |
| Intercontinental Exchange | $402.1M | 5.1% | Reduce 3.98% |
| Booking Holdings Inc. | $400.1M | 5.0% | Reduce 4.09% |
| Marsh & McLennan Cos Inc | $389.7M | 4.9% | Reduce 16.00% |
This table underscores the fund’s high conviction in its top ideas, with Flutter, Alcon, and Microsoft collectively accounting for over a quarter of the portfolio. The active management of positions—adding to growth leaders while trimming or exiting slower-growth or fully valued names—demonstrates a dynamic, yet disciplined, investment process.
Investment Lessons from Nicolai Tangen’s Ako Capital
- Concentration Drives Outperformance: Tangen’s willingness to concentrate capital in his highest-conviction ideas has been a key driver of Ako’s long-term success.
- Patience Pays: An average holding period of 3.5 years reflects a focus on long-term business fundamentals, not short-term market noise.
- Dynamic Portfolio Management: Even with low turnover, the fund is not static—it actively adjusts position sizes based on changing fundamentals and valuations.
- Growth Matters, But So Does Quality: The portfolio tilts toward companies with both growth potential and durable competitive advantages, avoiding “value traps.”
- Risk Management is Paramount: Willingness to trim or exit positions, even in core holdings, helps protect capital during market shifts.
Looking Ahead: What Comes Next?
With a concentrated portfolio and ample dry powder (implied by the low turnover and selective additions), Ako Capital is well-positioned to capitalize on new opportunities. The fund’s recent moves suggest a continued focus on global growth leaders, particularly in tech, healthcare, and consumer discretionary. Investors should watch for further additions to Flutter, Alcon, and Intuit if their growth trajectories remain intact, as well as potential new positions in underappreciated sectors. The disciplined approach to trimming fully valued or slower-growth names also signals readiness to pivot as market conditions evolve.
FAQ about Nicolai Tangen’s Ako Capital Portfolio
Q: Why did Ako Capital add so aggressively to Flutter Entertainment and Alcon?
A: These additions reflect Tangen’s high conviction in the long-term growth prospects of online gambling and eye care, sectors with strong secular tailwinds and global scalability.
Q: Why reduce Visa and General Electric?
A: The trims to Visa and GE likely reflect valuation considerations and a desire to reallocate capital to faster-growing or more attractively valued opportunities.
Q: How concentrated is Ako Capital’s portfolio?
A: Extremely—the top 10 holdings make up 68.3% of the portfolio, demonstrating a high-conviction, best-ideas approach.
Q: How often does Ako Capital adjust its portfolio?
A: Turnover is just 4.0%, indicating a patient, long-term investment style with selective, high-conviction changes.
Q: How can I track Ako Capital’s portfolio changes?
A: ValueSense provides up-to-date analysis of Ako Capital’s 13F filings, with detailed breakdowns of holdings, changes, and portfolio metrics. Remember, 13F filings are reported with a 45-day lag, so the latest moves may not be immediately reflected in public data.
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