13F Insight
DOSSIER · 13F-HR · Q2 2026

Technology Crossover Management XI, Ltd.

$533M in tracked AUM across 2 positions as of Q2 2026.

TC
CIK 0001977402 · last filed Jun 30, 2026
Total AUM
$533M
as of Q2 2026
Holdings
2
—
positions
Whale Score
75
75
strong
Activity
—
no data
changes this Q
AI Analysis · Q2 2026
Comprehensive Analysis of SEC 13F Filing: Technology Crossover Management XI, Ltd.
1. Portfolio Overview

Technology Crossover Management XI, Ltd. presents a highly concentrated and specialized investment portfolio as of the reporting period ended September 30, 2025. The firm manages approximately $878.15 million in assets across a mere two holdings, signaling a high-conviction strategy that prioritizes selectivity over broad diversification. The portfolio saw a significant reduction in val...

2. Key Holdings

The portfolio is dominated by two distinct positions, with the vast majority of capital allocated to Spotify Technologies, S.A.

  • Spotify Technologies, S.A. (SPOT): This is the cornerstone holding, representing a massive 79.49% of the total portfolio value, or approximately $698 million. The position consists of 1.00 million shares and remained unchanged during the quarter. This overwhelming allocation suggests that the firm views Spotify as a core, long-term holding with significant upside potential or strategic value.
  • Zillow Group, Inc. (Z): The second holding, classified within the technology sector, accounts for the remaining 20.51% of the portfolio, valued at $180.15 million. This position comprises 2.34 million shares and also remained unchanged in share count during the quarter. While smaller than the Spotify allocation, it remains a significant stake that likely provides exposure to the digital real estate sector.
Analysis generated by 13F Insight from SEC Form 13F filing data · Q2 2026. Methodology

Quarter at a glance — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
L8681T102
Spotify Technologies, S.A.
$459M1.0M86.2%02
Z
Zillow Group, Inc.
$74M2.3M13.8%

Filing history

2026Q2Jun 30
$533M▼ 8.4%
2 positionsView →2026Q1Mar 31
$582M▼ 21.4%
2 positionsView →2025Q4Dec 31
$740M▼ 15.7%
2 positionsView →2025Q3Sep 30
$878M▼ 16.6%
2 positionsView →2025Q2Jun 30
$1.1B▲ 20.5%
3 positionsLocked2025Q1Mar 31
$874M▲ 1.0%
2 positionsLocked2024Q4Dec 31
$865M▲ 17.4%
3 positionsLocked2024Q3Sep 30
$737M▲ 22.4%
3 positionsLocked2024Q2Jun 30
$602M▲ 36.0%
3 positionsLocked2024Q1Mar 31
$443M▲ 44.2%
2 positionsLocked2023Q4Dec 31
$307M▲ 9.4%
2 positionsLocked2023Q3Sep 30
$281M▲ 83.6%
2 positionsLocked
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