GCQ FUNDS MANAGEMENT PTY Ltd

2. Key Holdings

The portfolio is dominated by large-cap, high-quality growth companies with strong competitive moats.

• Uber Technologies, Inc. (UBER): This is the largest position, comprising 31.41% of the portfolio ($129.79M). The firm increased its stake by 32.3% during the quarter, adding $36.36 million. This significant accumulation indicates strong confidence in Uber’s operational leverage and market position within the transportation and delivery sectors.
• MSCI Inc. (MSCI): The second-largest holding at 23.23% ($95.99M). Notably, this was the most aggressively increased position during the quarter, with a 52.5% rise in value ($32.00M added). This suggests a bullish view on the structural growth of global index investing and ESG integration.
• Visa Inc. (V) & Mastercard Incorporated (MA): The duopoly of global payments forms a core part of the strategy. Together, they represent 27.70% of the portfolio. Both positions saw substantial increases, with Visa rising 38.1% and Mastercard 27.6%. This reflects a bet on the continued digitization of payments and the resilience of transaction-based revenue models.
• Communication Services (GOOGL & META): These positions saw diverging actions. While Meta remains a stable holding (reduced slightly by 3.4%), Alphabet was aggressively cut by 61.1%, reducing its value by $31.45 million. This reduction suggests a rotation out of Alphabet relative to other holdings, potentially due to valuation concerns or specific competitive anxieties.
• Ferrari N.V: A smaller, unique position representing 2.70% of the portfolio, which was increased by 27.3%. This adds a luxury goods/consumer discretionary tilt to the portfolio, likely serving as a hedge against inflation or a play on ultra-high-net-worth spending.