13F holdings as of 2026-03-31 · vs 2025-12-31 · long US-listed positions only
| # | Holding | Shares | Value | % of 13F | QoQ Δ | |
|---|---|---|---|---|---|---|
| 1 | ON HLDG AG | 11.3M | $384.8M | 55.8% | -$140.9M | |
| 2 | QSRRESTAURANT BRANDS INTL INC | 4.1M | $304.4M | 44.2% | +$23.4M |
Source: SEC Form 13F. Values are as-of 2026-03-31 (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).