SurgoCap Partners
SurgoCap Partners, managed by veteran investor Helena Boucher, oversees approximately $2.99 billion in assets under management. Boucher, known for her strategic value-driven investment approach, focuses on identifying undervalued stocks with potential for significant long-term growth. The firm maintains a concentrated portfolio, emphasizing quality over quantity in its selections.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings β not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares β not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with β₯$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 14 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| CRS | $471.8M | 15.75% | $393.97 | $593.34 | +50.6% | 15.8% | |
| GOOG | $427.1M | 14.26% | $286.69 | $365.23 | +27.4% | 14.3% | |
| TSM | $374.5M | 12.50% | $337.16 | $431.11 | +27.9% | 12.5% | |
| LPLA | $307.1M | 10.25% | $300.51 | $307.30 | +2.3% | 10.3% | |
| MCK | $301.8M | 10.08% | $865.36 | $800.95 | -7.4% | 10.1% | |
| MDLN | $270.3M | 9.03% | $44.50 | $42.92 | -3.5% | 9.0% | |
| NVDA | $175.8M | 5.87% | $174.40 | $196.46 | +12.7% | 5.9% | |
| ISRG | $153.5M | 5.13% | $460.99 | $425.68 | -7.7% | 5.1% | |
| NU | $141.8M | 4.73% | $14.37 | $13.65 | -5.0% | 4.7% | |
| GLW | $116.7M | 3.90% | $135.76 | $184.04 | +35.6% | 3.9% | |
| V | $87.2M | 2.91% | $301.61 | $351.31 | +16.5% | 2.9% | |
| NIQ | $66.6M | 2.22% | $11.37 | $10.88 | -4.3% | 2.2% | |
| SHOP | $61.2M | 2.04% | $118.62 | $123.03 | +3.7% | 2.0% | |
| FIG | $39.5M | 1.32% | $21.14 | $22.72 | +7.5% | 1.3% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (3)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| MDLN | $270.3M | -3.5% | |
| GLW | $116.7M | +35.6% | |
| V | $87.2M | +16.5% |
Exited Positions (6)
| Ticker | Issuer | Notional |
|---|---|---|
| BX | $319.7M | |
| BSX | $244.0M | |
| AVGO | $231.9M | |
| HLT | $144.7M | |
| GWRE | $144.6M | |
| AWI | $72.0M |
Increased (6)
| Ticker | Issuer | Notional | Shares Ξ | Since Filing |
|---|---|---|---|---|
| NVDA | $59.7M | +61.9% | +12.7% | |
| SHOP | $5.1M | +48.1% | +3.7% | |
| ISRG | $4.7M | +26.7% | -7.7% | |
| GOOG | $34.7M | +19.1% | +27.4% | |
| CRS | $108.9M | +3.8% | +50.6% | |
| LPLA | $-48.3M | +2.6% | +2.3% |
Trimmed (3)
| Ticker | Issuer | Notional | Shares Ξ | Since Filing |
|---|---|---|---|---|
| MCK | $-42.1M | -16.8% | -7.4% | |
| NU | $-34.3M | -6.2% | -5.0% | |
| TSM | $37.3M | -0.1% | +27.9% |
Quarter Activity
During the quarter, SurgoCap Partners initiated significant new positions in MDLN, GLW, and V, with the largest investment being $270 million in MDLN. The fund exited several major holdings, including BX, BSX, and AVGO, where the exit from BX was the largest at $320 million. Additionally, there was a notable increase in their NVDA position by $62 million, while the largest reduction was in MCK by $17 million.
AI Commentary
<p>SurgoCap Partners' portfolio showcases a strong conviction in diverse sectors, with significant investments in technology and healthcare. The top holdings include Carpenter Technology Corp (CRS) with a 15.8% portfolio weight, Alphabet Inc (GOOG) at 14.3%, and Taiwan Semiconductor Manufacturing (TSM) at 12.5%. Notably, the fund holds substantial stakes in LPL Financial Holdings Inc (LPLA) and McKesson Corp (MCK), emphasizing a blend of financial services and healthcare. The recent addition of Medline Inc (MDLN) and Corning Inc (GLW) further diversifies the portfolio, indicating a strategic expansion into healthcare supplies and specialty glass and ceramics, respectively.</p> <p>The recent portfolio adjustments signal a strategic shift in SurgoCap Partners' investment thesis. The closure of positions in Blackstone (BX), Boston Scientific (BSX), Broadcom (AVGO), Hilton Worldwide (HLT), and Guidewire Software (GWRE) suggests a move away from private equity, medical devices, semiconductors, hospitality, and software sectors. Conversely, the significant increases in NVIDIA Corporation (NVDA) and Shopify (SHOP) highlight a bullish stance on specific tech sub-sectors, particularly in AI and e-commerce. The new stakes in Visa (V) alongside the increase in Alphabet and Carpenter Technology suggest a growing confidence in digital payment solutions, online services, and advanced manufacturing sectors.</p>