Voyager Global Management LP

2. Key Holdings

The portfolio is dominated by a "top-heavy" structure, with the four largest positions accounting for approximately 75% of the total value.

• ALPHABET INC (GOOGL): Despite a reduction in stake, GOOGL remains the largest holding at 21.13% ($425.43M). The firm reduced its exposure by 42.1% (shedding $107.67M), yet it remains the core anchor of the portfolio.
• NVIDIA CORPORATION (NVDA): NVDA is the second-largest position at 19.93% ($401.15M). Notably, the share count (2.15M) remained unchanged, suggesting that the firm is holding steady on its AI semiconductor exposure despite the overall portfolio shrinking.
• VISA INC (V): Visa saw the most aggressive accumulation among top-tier holdings, with the position size growing by 73.2% (+$150.06M). It now represents 18.65% of the portfolio ($375.52M), indicating a strong bullish tilt on the payments sector.
• BOOKING HOLDINGS INC (BKNG): The industrials allocation is almost entirely concentrated in BKNG, which makes up 15.29% ($307.76M). The firm increased this stake by 42.5%, adding $76.19M.