SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Rheos Capital Works Inc.

CIK 0001735445 · 1-11-1, MARUNOUCHI CHIYODA-KU, TOKYO, M0, 100-6227 · 81-3-6266-0124

Reported Value
$1.8B
Q3 2025
Positions
62
Filings on Record
29
2019–present window
Filed
Oct 22, 2025
original filing

Summary

Rheos Capital Works Inc. reported $1.8B in U.S.-listed holdings across 62 positions for Q3 2025.

Its largest position, RACE, represents 5.8% of the portfolio.

Compared with Q2 2025, the fund opened 13 new positions and exited 19.

Portfolio Metrics

Turnover
+40.6%
vs prior filed quarter
Top-10 Concentration
+38.6%
share of reported value
Largest Position
+5.8%
Ferrari N V
New / Exited
13 / 19
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q1 ’19: $822MQ1 ’19Q2 ’19: $747MQ3 ’19: $879MQ4 ’19: $971MQ1 ’20: $943MQ1 ’20Q2 ’20: $1.4BQ3 ’20: $1.2BQ4 ’20: $1.4BQ1 ’21: $1.5BQ1 ’21Q2 ’21: $2.0BQ3 ’21: $1.9BQ4 ’21: $2.3BQ1 ’22: $2.1BQ1 ’22Q2 ’22: $1.3BQ3 ’22: $1.5BQ4 ’22: $1.7BQ1 ’23: $1.8BQ1 ’23Q2 ’23: $1.9BQ3 ’23: $1.7BQ4 ’23: $1.8BQ1 ’24: $2.1BQ1 ’24Q2 ’24: $1.9BQ3 ’24: $1.9BQ4 ’24: $1.8BQ1 ’25: $1.2BQ1 ’25Q2 ’25: $1.7BQ3 ’25: $1.8BQ4 ’25: $1.6BQ1 ’26: $1.5BQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 96.4%ADR: 3.6%
  • Common Stock · 96.4% · $1.7B
  • ADR · 3.6% · $64M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
DHID R HORTON INCNEW+410.0K410.0K+$69M$69M
APPAPPLOVIN CORPNEW+88.0K88.0K+$63M$63M
BIDUBAIDU INCNEW+322.0K322.0K+$42M$42M
AVAVAEROVIRONMENT INCNEW+120.0K120.0K+$38M$38M
CATCATERPILLAR INCNEW+70.0K70.0K+$33M$33M
SHOPSHOPIFY INCNEW+188.0K188.0K+$28M$28M
RCLROYAL CARIBBEAN GROUPNEW+80.0K80.0K+$26M$26M
GOOGALPHABET INCNEW+105.0K105.0K+$26M$26M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2025

62 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1RACEFERRARI N Vhistory →COM5.84%$104M215.2K
2BABOEING COhistory →COM5.27%$94M436.4K
3AMZNAMAZON COM INChistory →COM5.07%$91M412.8K
4DHID R HORTON INChistory →COM3.89%$69M410.0K
5NVDANVIDIA CORPORATIONhistory →COM3.82%$68M366.3K
6APPAPPLOVIN CORPhistory →CL A3.54%$63M88.0K
7MSFTMICROSOFT CORPhistory →COM3.12%$56M107.8K
8TJXTJX COS INC NEWhistory →COM2.99%$53M370.0K
9SNOWSNOWFLAKE INChistory →CL A2.61%$47M207.0K
10UBERUBER TECHNOLOGIES INChistory →COM2.47%$44M450.0K
11AMDADVANCED MICRO DEVICES INChistory →COM2.44%$44M270.0K
12BIDUBAIDU INChistory →SPONSORED ADR2.37%$42M322.0K
13HSYHERSHEY COhistory →COM2.34%$42M224.0K
14AAPLAPPLE INChistory →COM2.29%$41M160.5K
15NTNXNUTANIX INChistory →CL A2.25%$40M540.0K
16CRCLCIRCLE INTERNET GROUP INChistory →CL A2.24%$40M302.0K
17JOBYJOBY AVIATION INChistory →COM2.21%$39M2.44M
18AVGOBROADCOM INChistory →COM2.16%$39M117.0K
19AVAVAEROVIRONMENT INChistory →COM2.11%$38M120.0K
20CATCATERPILLAR INChistory →COM1.87%$33M70.0K
21LYFTLYFT INChistory →CL A1.66%$30M1.35M
22LMTLOCKHEED MARTIN CORPhistory →COM1.63%$29M58.2K
23SHOPSHOPIFY INChistory →CL A1.56%$28M188.0K
24OLLIOLLIES BARGAIN OUTLET HLDGShistory →COM1.53%$27M213.0K
25CNHCNH INDL N Vhistory →CL A1.45%$26M2.39M
26RCLROYAL CARIBBEAN GROUPhistory →COM1.45%$26M80.0K
27GOOGALPHABET INChistory →CL C1.43%$26M105.0K
28TMOTHERMO FISHER SCIENTIFIC INChistory →COM1.38%$25M51.0K
29GSGOLDMAN SACHS GROUP INChistory →COM1.36%$24M30.5K
30TERTERADYNE INChistory →COM1.35%$24M175.0K
31WDCWESTERN DIGITAL CORPhistory →COM1.34%$24M200.0K
32ZSZSCALER INChistory →COM1.32%$24M79.0K
33MNDYMONDAY COM LTDhistory →COM1.30%$23M120.0K
34DISDISNEY WALT COhistory →COM1.28%$23M200.4K
35CSCOCISCO SYS INChistory →COM1.24%$22M325.0K
36ARMARM HOLDINGS PLChistory →COM1.18%$21M149.6K
37MELIMERCADOLIBRE INChistory →COM1.18%$21M9.0K
38METAMETA PLATFORMS INChistory →CL A1.15%$21M28.0K
39MPMP MATERIALS CORPhistory →COM1.13%$20M300.0K
40MDGLMADRIGAL PHARMACEUTICALS INChistory →COM1.11%$20M43.2K
41TDGTRANSDIGM GROUP INChistory →COM1.11%$20M15.0K
42XYLXYLEM INChistory →COM1.00%$18M120.9K
43BKRBAKER HUGHES COMPANYhistory →CL A0.79%$14M290.0K
44BXBLACKSTONE INChistory →COM0.76%$14M79.5K
45KLACKLA CORPhistory →COM0.72%$13M12.0K
46CRWDCROWDSTRIKE HLDGS INChistory →CL A0.69%$12M25.0K
47AXPAMERICAN EXPRESS COhistory →COM0.68%$12M36.7K
48PANWPALO ALTO NETWORKS INChistory →COM0.66%$12M57.7K
49BWABORGWARNER INChistory →COM0.63%$11M258.1K
50RTXRTX CORPORATIONhistory →COM0.62%$11M66.0K
51CLSCELESTICA INCCOM0.55%$10M40.0K
52SPOTSPOTIFY TECHNOLOGY S ACOM0.51%$9M13.0K
53NFLXNETFLIX INCCOM0.50%$9M7.5K
54CRNCCERENCE INCCOM0.42%$7M600.0K
55LHXL3HARRIS TECHNOLOGIES INCCOM0.40%$7M23.2K
56SCISERVICE CORP INTLCOM0.40%$7M85.0K
57SNPSSYNOPSYS INCCOM0.33%$6M12.0K
58XPXP INCCL A0.32%$6M300.0K
59DHRDANAHER CORPORATIONCOM0.31%$5M27.5K
60KHCKRAFT HEINZ COCOM0.26%$5M177.0K
61INSPINSPIRE MED SYS INCCOM0.22%$4M52.4K
62ESABESAB CORPORATIONCOM0.17%$3M28.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$1.5B73May 8, 202613F-HRchanges · EDGAR ↗
Q4 2025$1.6B67Jan 21, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.8B62Oct 22, 202513F-HRchanges · EDGAR ↗
Q2 2025$1.7B68Jul 28, 202513F-HRchanges · EDGAR ↗
Q1 2025$1.2B67Apr 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.8B97Jan 24, 202513F-HRchanges · EDGAR ↗
Q3 2024$1.9B105Oct 16, 202413F-HRchanges · EDGAR ↗
Q2 2024$1.9B98Jul 24, 202413F-HRchanges · EDGAR ↗
Q1 2024$2.1B97Apr 11, 202413F-HRchanges · EDGAR ↗
Q4 2023$1.8B90Jan 16, 202413F-HRchanges · EDGAR ↗
Q3 2023$1.7B121Oct 17, 202313F-HRchanges · EDGAR ↗
Q2 2023$1.9B96Aug 2, 202313F-HRchanges · EDGAR ↗
Q1 2023$1.8B106May 3, 202313F-HRchanges · EDGAR ↗
Q4 2022$1.7B133Feb 2, 202313F-HRchanges · EDGAR ↗
Q3 2022$1.5B145Nov 9, 202213F-HRchanges · EDGAR ↗
Q2 2022$1.3B136Jul 29, 202213F-HRchanges · EDGAR ↗
Q1 2022$2.1B137May 2, 202213F-HRchanges · EDGAR ↗
Q4 2021$2.3B138Jan 21, 202213F-HRchanges · EDGAR ↗
Q3 2021$1.9B109Oct 21, 202113F-HRchanges · EDGAR ↗
Q2 2021$2.0B100Jul 26, 202113F-HRchanges · EDGAR ↗
Q1 2021$1.5B85Apr 26, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.4B78Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.2B71Oct 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.4B67Aug 7, 202013F-HRchanges · EDGAR ↗
Q1 2020$943M61Apr 20, 202013F-HRchanges · EDGAR ↗
Q4 2019$971M52Feb 3, 202013F-HRchanges · EDGAR ↗
Q3 2019$879M14Oct 4, 201913F-HRchanges · EDGAR ↗
Q2 2019$747M12Jul 23, 201913F-HRchanges · EDGAR ↗
Q1 2019$822M14May 6, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.