Managers / Q4 2023 · view latest →
Rings Capital Management LLC
CIK 0001771122 · 5100 N. RAVENSWOOD AVENUE, SUITE 109, CHICAGO, IL, 60640 · 773-654-3526
Summary
Rings Capital Management LLC reported $165M in U.S.-listed holdings across 7 positions for Q4 2023.
The portfolio is heavily concentrated: DUT alone accounts for 28.4% of reported value.
Compared with Q3 2023, the fund opened 2 new positions and exited 0.
Portfolio Metrics
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. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 85.2% · $140M
- Other · 14.8% · $24M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2023 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| RTXRTX CORPORATION | NEW | +165.0K | 165.0K | +$14M | $14M |
| SILKUSDSILK RD MED INC | NEW | +860.0K | 860.0K | +$11M | $11M |
| KMXCARMAX INC | ADDED | +285.0K | 460.0K | +$13M | $35M |
| DUTMOODYS CORP | HELD | +0 | 120.0K | +$9M | $47M |
| MSFTMICROSOFT CORP | HELD | +0 | 83.0K | +$5M | $31M |
| CHECK POINT SOFTWARE TECHNOLOGY LT | HELD | +0 | 160.0K | +$3M | $24M |
| HRBBLOCK H & R INC | HELD | +0 | 53.0K | +$281,430 | $3M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2023
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | DUTMOODYS CORPhistory → | COM | 28.43% | $47M | 120.0K |
| 2 | KMXCARMAX INChistory → | COM | 21.42% | $35M | 460.0K |
| 3 | MSFTMICROSOFT CORPhistory → | COM | 18.94% | $31M | 83.0K |
| 4 | CHECK POINT SOFTWARE TECHNOLOGY LT | ORD | 14.83% | $24M | 160.0K |
| 5 | RTXRTX CORPORATIONhistory → | COM | 8.42% | $14M | 165.0K |
| 6 | SILKUSDSILK RD MED INChistory → | COM | 6.40% | $11M | 860.0K |
| 7 | HRBBLOCK H & R INChistory → | COM | 1.56% | $3M | 53.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $186M | 7 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $201M | 7 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $213M | 7 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $207M | 7 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $196M | 8 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $191M | 8 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $192M | 8 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $191M | 7 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $183M | 7 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $165M | 7 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $110M | 5 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $106M | 5 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $95M | 5 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $147M | 6 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $112M | 5 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $171M | 5 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $208M | 5 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $244M | 6 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $222M | 6 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $223M | 8 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $190M | 8 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $177M | 8 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $186M | 8 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $172M | 7 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $130M | 7 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $147M | 5 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $133M | 5 | Nov 7, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $130M | 6 | Aug 12, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $112M | 5 | May 15, 2019 | 13F-HR | changes · 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 ↗.