Skye Global Management LP

Skye Global Management's Q1 2026 13F is a $5.00B (down from $5.42B, -7.7%) 47-position concentrated book built around a convex-outcome, mega-cap-anchor philosophy. Amazon (AMZN) is the portfolio's defining position at 40.6% ($2.03B, +8.6% shares) -- by itself larger than every other position combined. The Q1 2026 delta was extremely active: 19 increased, 15 decreased, 10 new opens, 10 sold, 3 unchanged, 57 total changes. The signature adds: Visa surged +69.0% in shares to $287M (+$90M); iShares Core Equity ETF (IEFA? No, CUSIP 464287902 is iShares Core MSCI EAFE ETF) was a new $96.5M opening; Ferguson Enterprises increased +59.1% to $49.5M (+$20M); Spotify increased +213% in shares to $25.6M; DoorDash increased +4.2%; Netflix increased +32.1%; Workday (WDAY, $6.8M) was a new opening. The biggest reductions: Amazon's second share class (AMZN-preferred, CUSIP 023135906) crashed -97.7% (-$247M to $5.2M) -- effectively liquidated; Casey's General Stores fell -91.5% (-$47.4M to $6.0M); Kenvue fell -76.7% (-$45M to $14M); Primo Brands fell -83.7%; Colgate fell -48.6%; Boeing was SOLD ($8.3M → $0); Meta was SOLD ($70M → $0); Procter & Gamble was SOLD ($26M → $0); Linde was SOLD ($10.7M → $0); Citigroup was SOLD ($3.7M → $0); Bank of America was SOLD ($2.7M → $0); Restaurant Brands was SOLD ($2.2M → $0); Vail Resorts was SOLD ($1.4M → $0). The -7.7% AUM decline reflects mark-to-market on the concentrated Amazon anchor, with GE Aerospace, Vulcan, and other cyclical names also declining. The 76.00 whaleScore on $5.00B reflects AUM. The portfolio's identity is a convex-outcome concentrated long book: mega-cap technology (Amazon mega-anchor, Microsoft, Alphabet), payments (Visa), financial-data (S&P Global, Moody's), materials-and-waste (Martin Marietta, Vulcan, Waste Connections), industrials (Canadian Pacific, Union Pacific, Ferguson, Danaher), healthcare (Thermo Fisher, Kenvue), and consumer-discretionary (Hilton, Netflix, Sherwin-Williams, Caseys). The Q1 2026 delta is best read as: Skye Global executed a moderate de-risking rotation in Q1 2026 -- dramatically increasing conviction in payment-processing (Visa +69%), expanding its passive/core ETF sleeve (iShares EAFE $96M new), doubling down on beneficiaries of the AI/cloud-and-energy transition (Spotify +213%, Netflix +32%, DoorDash +4.2%, Workday new, Toast new, ZoomInfo new), while slashing its secondary Amazon share class (-98%), liquidating financials-and-consumer cyclicals that had drifted from thesis (Casey's -91%, Primo -84%, Boeing SOLD, Meta SOLD, Procter & Gamble SOLD), and trimming names that were no longer the highest-conviction use of capital. The post-Q1 $5.00B book retains its Amazon-mega-anchor-and-convex-outcome identity but is slightly less cyclical and more payments-and-technology weighted than Q4.