# Stuart McLaughlin — Triple Frond Partners

Portfolio USD 1,120,470,000 · 13 positions · 2026 Q2 · history from 2017 Q3.
Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/TFP

## Positions (2026 Q2)

| Ticker | Company | % of portfolio | Value | This quarter | Holders |
|---|---|---:|---:|---|---:|
| ASML | ASML Holding NV | 21% | USD 236,578,000 | hold |  |
| TDG | TransDigm Group Inc. | 13% | USD 141,921,000 | hold |  |
| MSFT | Microsoft Corp. | 12% | USD 131,491,000 | hold |  |
| AMZN | Amazon.com Inc. | 9.2% | USD 103,063,000 | -9.64% |  |
| GOOG | Alphabet Inc. CL C | 9.2% | USD 103,011,000 | -17.52% |  |
| MA | Mastercard Inc. | 8.0% | USD 90,122,000 | hold |  |
| META | Meta Platforms Inc. | 5.9% | USD 66,259,000 | hold |  |
| TRU | TransUnion | 5.3% | USD 58,998,000 | hold |  |
| DASH | DoorDash Inc. | 4.9% | USD 55,404,000 | new |  |
| SPGI | S&P Global Inc. | 4.2% | USD 47,527,000 | new |  |
| LYV | Live Nation Inc. | 3.2% | USD 36,304,000 | -15.55% |  |
| CCC | CCC Intelligent Solutions Hldgs Inc. | 2.5% | USD 27,931,000 | hold |  |
| CHTR | Charter Communications | 2.0% | USD 21,861,000 | hold |  |

## Moves this quarter (6)

- AMZN Amazon.com Inc.: -9.64% (USD 103,063,000)
- GOOG Alphabet Inc. CL C: -17.52% (USD 103,011,000)
- DASH DoorDash Inc.: new (USD 55,404,000)
- SPGI S&P Global Inc.: new (USD 47,527,000)
- ILMN Illumina Inc.: sold (USD 37,774,260)
- LYV Live Nation Inc.: -15.55% (USD 36,304,000)

## Portfolio value by quarter

- 2017 Q3: USD 824,655,228 (8 positions)
- 2017 Q4: USD 883,093,265 (8 positions)
- 2018 Q1: USD 890,022,423 (9 positions)
- 2018 Q2: USD 947,785,223 (10 positions)
- 2018 Q3: USD 962,013,510 (10 positions)
- 2018 Q4: USD 817,657,648 (10 positions)
- 2019 Q1: USD 865,555,901 (9 positions)
- 2019 Q2: USD 988,843,921 (9 positions)
- 2019 Q3: USD 1,043,863,798 (9 positions)
- 2019 Q4: USD 1,161,973,664 (9 positions)
- 2020 Q1: USD 897,482,837 (10 positions)
- 2020 Q2: USD 1,037,384,781 (9 positions)
- 2020 Q3: USD 1,178,532,891 (10 positions)
- 2020 Q4: USD 819,933,800 (9 positions)
- 2021 Q1: USD 806,386,795 (11 positions)
- 2021 Q2: USD 921,932,417 (11 positions)
- 2021 Q3: USD 916,949,487 (10 positions)
- 2021 Q4: USD 887,320,927 (10 positions)
- 2022 Q1: USD 807,761,461 (10 positions)
- 2022 Q2: USD 654,059,841 (9 positions)
- 2022 Q3: USD 567,733,318 (10 positions)
- 2022 Q4: USD 604,809,647 (9 positions)
- 2023 Q1: USD 685,429,783 (10 positions)
- 2023 Q2: USD 775,766,866 (10 positions)
- 2023 Q3: USD 788,280,731 (10 positions)
- 2023 Q4: USD 840,654,294 (10 positions)
- 2024 Q1: USD 878,557,971 (11 positions)
- 2024 Q2: USD 852,300,155 (11 positions)
- 2024 Q3: USD 772,778,017 (9 positions)
- 2024 Q4: USD 772,549,127 (9 positions)
- 2025 Q1: USD 739,873,502 (10 positions)
- 2025 Q2: USD 570,821,141 (10 positions)
- 2025 Q3: USD 917,877,776 (11 positions)
- 2025 Q4: USD 962,079,025 (12 positions)
- 2026 Q1: USD 962,896,312 (12 positions)
- 2026 Q2: USD 1,120,470,000 (13 positions)