Foxhaven Asset Management, LP

Foxhaven Asset Management's $4.06B Q4 2025 13F is a concentrated global-internet and platform portfolio that replaced an ARK ETF position with seven outright large-cap platform names. Amazon is the new largest position at $589M and 14.5%, joined by Microsoft at $289M, DoorDash at $227M, Roblox at $206M, Netflix at $127M, NU Holdings at $114M, and Aurora Innovation at $45M. The fund sold its ARK Innovation ETF ($345M), Shopify ($156M), Wix ($122M), PayPal ($117M), and Booking Holdings ($61M) to fund the redeployment, while doubling down on MercadoLibre and Coupang. The net effect: a portfolio that had been a broad payments-and-commerce basket is now a tighter platform-and-content play, with technology companies representing more than half of assets.