AKO Capital LLP 13F holdings and portfolio analysis

Directly following the baseline exposes an investor to a concentrated, market-beta portfolio led by a few dominant names and sectors. The baseline top holdings are FLUT 12.41%, V 9.36%, MSFT 9.16%, AMZN 7.44%, and MCO 6.99%, with top5 concentration at 45.36% and top10 at 74.66%. SectorWeights are led by Financials at 28.78%, Information Technology at 27.91%, and Consumer Discretionary at 24.11%, so almost 81% sits in just three sectors. In backtest terms, the portfolio produced annualizedReturn 14.32% with beta 1.00 and maxDrawdown -35.78%, which means equity-like market swings were not diversified away. It also carries 13F implementation lag risk noted in riskNotes, so investors are following disclosed holdings after reporting delays rather than live trades.

Three recent baseline periods summarize the trade-off well. In 2024-12-31, the baseline returned 0.39% versus benchmarkReturn -3.63%, producing +4.02% excess with only 15.99 turnover, which shows the portfolio can add value in difficult markets. But in 2025-03-31, it returned -1.68% against benchmarkReturn 9.22%, for -10.89% excess, illustrating how concentrated lagged replication can badly miss a strong market phase. In 2025-06-30, it returned -1.60% versus benchmarkReturn 4.20%, another -5.80% excess despite 20.03 turnover. The upside case appears in 2023-09-30, where optimizedReturn was 13.14% versus 10.11% for +3.03% excess. Together these periods explain the baseline profile: attractive long-run return, but uneven excess return and painful drawdown when leadership shifts.

A user should inspect concentration, recent reallocations, and drawdown behavior before accepting the baseline. First, concentration is high: top5 is 45.36% and top10 is 74.66% in the baseline backtest holdings. Second, the latest live snapshot shows meaningful adds to ALC (+3.69 pts), RACE (+2.83), ADI (+2.55), WAT (+2.39), MCO (+2.23), AMZN (+2.22), and V (+1.97), plus new positions in CSCO (5.97%) and CP (5.43%), while INTU was reduced by -5.06 pts and ZTS and CRM were exited. Third, inspect whether you can tolerate baseline maxDrawdown of -35.78%, downsideDeviation of 15.67, and recoveryDays of 106. Those three areas tell you whether the baseline’s positive 14.32% annualized return is acceptable given its concentration and lagged execution risk.