Hyperion Asset Management Ltd

Hyperion Asset Management's March 2026 filing documents the most active quarter in the fund's recent history — a decisive rotation away from enterprise software and data-analytics names at elevated valuations and toward consumer-facing technology and select healthcare names. The trims were severe and conviction-driven: Microsoft was reduced from $408M to $164M (shedding $244M), ServiceNow dropped from $237M to $38M (an 84% haircut), Nvidia fell from $360M to $224M ($136M reduction), Palantir was cut from $269M to $143M ($126M reduction), and Intuit was nearly eliminated — down from $143M to $39M ($104M reduction). The capital clearly redeployed elsewhere: Meta Platforms was the quarter's largest active add, rising from $195M to $324M (a $129M, 92% increase), while Alphabet Class A (GOOGL, $731M) and Class C (GOOG, $703M) together hold at 44.8% of the portfolio on essentially flat share counts. ASML (+$83M), Axon Enterprise (+$10M), and Crocs (+$20M) were also increased. Intuitive Surgical entered as a new $129M position (correcting a prior-quarter CUSIP data artifact — the prior filing showed the same position at $121M under a malformed CUSIP), making the real ISRF increment roughly $8M. Workday ($27M) was fully liquidated. The fund's overall AUM declined from $3.58B to $3.14B — a $441M drop that is substantially less than the $839M in cumulative technology trims, implying the portfolio absorbed meaningful mark-to-market losses in the sold positions before the reduction. The portfolio's remaining sector profile is Technology-dominant (32%), Communication Services (22%, mostly Alphabet), Consumer Cyclical (24%), and Financial Services (4%) — a structure consistent with a quality-growth mandate but with an altered internal composition that tilts more heavily toward consumer technology and away from enterprise B2B software.