13F holdings as of 2025-12-31 · vs 2025-09-30 · long US-listed positions only
| # | Holding | Shares | Value | % of 13F | QoQ Δ | |
|---|---|---|---|---|---|---|
| 1 | ON HLDG AG | NEW | 11.3M | $525.8M | 65.2% | new |
| 2 | QSRRESTAURANT BRANDS INTL INC | NEW | 4.1M | $281.0M | 34.8% | new |
Source: SEC Form 13F. Values are as-of 2025-12-31 (quarter-end), not live. Percentages are of reported 13F value, not the fund’s full AUM (13F excludes shorts, cash, bonds, most non-US holdings).