Breaking down the stocks Hamilton Helmer (Strategy Capital) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Strategy Capital's 13F filed on May 14, 2026.
Who are Hamilton Helmer and Strategy Capital?
Strategy Capital is a focused investment firm founded by Hamilton Helmer, author of the influential business strategy book 7 Powers. The firm maintains a highly concentrated portfolio of select growth businesses with sustainable competitive advantages. Helmer's investment approach centers on identifying companies utilizing distinctive strategic frameworks to disrupt markets and capture substantial market share.
Strategycapital.com
Wikipedia on Hamilton Helmer
7 Powers (Book)
Q1 '26 13F filed with SEC
Holdings in Q1 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| NET | Cloudflare | 19.2% | Added (+9%) | $234.94B |
| SHOP | Shopify | 16.0% | Added (+1%) | $195.72B |
| AXON | Axon Enterprise | 13.8% | Added (+3%) | $168.98B |
| AMZN | Amazon | 11.8% | Added (+1%) | $144.37B |
| TSM | Taiwan Semiconductor | 9.4% | Added (+1%) | $115.37B |
| DDOG | Datadog | 7.1% | Added (+1%) | $86.26B |
| META | Meta | 7.0% | Added (+1%) | $85.57B |
| NU | Nu Holdings | 5.0% | Added (+3%) | $61.57B |
| CRWD | CrowdStrike Holdings | 4.6% | Added (+3%) | $55.68B |
| ALAB | Astera Labs | 3.2% | NEW | $38.61B |
| TSLA | Tesla | 2.9% | Added (+3%) | $35.93B |
| MNDY | Monday.com | 0.0% | Exited | $-32.82B |
Current Investment Strategy
Strategy Capital, the concentrated long-only equity fund co-founded by Hamilton Helmer—author of the influential *7 Powers* framework—runs a tightly focused portfolio of roughly a dozen technology and growth companies selected for their durable, defensible competitive advantages using Helmer's proprietary Power Dynamics model. In Q1 2026, the firm deepened its conviction in AI infrastructure by initiating a new position in Astera Labs, a semiconductor connectivity provider riding surging demand for rack-scale AI buildout, while exiting Monday.com, reflecting a continued rotation toward holdings—including Shopify, Axon Enterprise, Cloudflare, Amazon, and Taiwan Semiconductor—where Helmer sees the most structurally entrenched market positions whose future earning power he believes remains underappreciated by the broader market.
New Investments
Astera Labs ALAB
Hamilton Helmer bought $38.61B of Astera Labs in Q1 2026. Astera Labs reported strong quarterly results in early May 2026 with revenue guidance of $286-297 million, exceeding market expectations of approximately $260 million, demonstrating continued momentum in semiconductor interconnect solutions. Despite the operational outperformance, the stock experienced a near-term pullback on valuation concerns, though the company's 61.5% market capitalization growth and robust non-GAAP gross margins of 75.7% underscore the strength of the underlying business. With analyst consensus at Strong Buy and an average price target of $194.71 representing 94.91% upside potential, institutional investors view current valuations as presenting an attractive entry point for long-term positioned capital.
- Revenue guidance of $286-297M beat market expectations by approximately 10-15%.
- Non-GAAP gross margins at 75.7% reflect strong operational efficiency and pricing power.
- 12-month analyst price target of $194.71 represents 94.91% upside from recent trading levels.
Added, Trimmed, and Exited
Added
Strategy Capital added to all ten of its existing positions in Q1 2026, with the largest additions going to Nu Holdings (NU) (+120,127 shares) and Cloudflare (NET) (+96,518 shares), followed by smaller but consistent increases across Shopify (SHOP), Axon Enterprise (AXON), Datadog (DDOG), Amazon (AMZN), CrowdStrike Holdings (CRWD), Taiwan Semiconductor (TSM), Tesla (TSLA), and Meta (META).
What it means: The across-the-board additions signal strong conviction from Hamilton Helmer in his existing thesis, rather than a rotation. The heaviest buying in Nu Holdings (NU) and Cloudflare (NET) — both of which saw their share prices under pressure during the quarter — suggests Strategy Capital was taking advantage of weakness to build positions in high-conviction names at more attractive prices. The uniformity of additions across the entire portfolio is notable; it reads less like selective stock-picking and more like a deliberate decision to increase overall market exposure into the Q1 2026 selloff, doubling down on a concentrated portfolio of compounding growth businesses.
Trimmed
Strategy Capital did not trim any existing positions during Q1 2026.
Exited
Strategy Capital fully exited its position in Monday.com (MNDY), liquidating 222,388 shares valued at approximately $32.82B at the time of the prior filing.
What it means: The complete exit from Monday.com (MNDY) is the sharpest signal in this quarter's filing. While Monday.com (MNDY) is a high-quality SaaS business, it may no longer fit Hamilton Helmer's framework of durable, defensible competitive moats — particularly as the work-management software space faces intensifying competition and AI-driven commoditization of core workflows. The capital freed from this exit likely funded the new position in Astera Labs (ALAB), suggesting a deliberate rotation from application-layer software toward semiconductor infrastructure — a layer of the AI stack that Strategy Capital may now view as having stronger and more durable strategic positioning.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
