Breaking down the stocks Hamilton Helmer (Strategy Capital) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Strategy Capital's 13F filed on November 13, 2025.
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)
Q3 '25 13F filed with SEC
Holdings in Q3 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| AXON | Axon Enterprise | 20.5% | Trimmed (-0%) | $309.72M |
| SHOP | Shopify | 17.9% | Trimmed (-0%) | $271.25M |
| NET | Cloudflare | 16.5% | Trimmed (-0%) | $249.55M |
| AMZN | Amazon | 11.1% | Trimmed (-7%) | $168.37M |
| META | Meta | 8.0% | Trimmed (-0%) | $121.52M |
| DDOG | Datadog | 7.6% | Trimmed (-0%) | $115.1M |
| TSM | Taiwan Semiconductor | 7.0% | Trimmed (-0%) | $105.49M |
| CRWD | CrowdStrike Holdings | 5.0% | NEW | $75.86M |
| MNDY | Monday.com | 3.2% | Trimmed (-0%) | $48.07M |
| TSLA | Tesla | 3.1% | Trimmed (-34%) | $46.63M |
| MSFT | Microsoft | 0.0% | Exited | $-60.33M |
Current Investment Strategy
Hamilton Helmer's Strategy Capital maintained its highly concentrated approach in Q3 2025, applying the firm's proprietary "7 Powers" framework to identify technology companies with durable competitive advantages, while initiating a position in cybersecurity leader CrowdStrike Holdings and exiting Microsoft. The portfolio remained dominated by cloud infrastructure and enterprise software names including Axon Enterprise, Amazon, Datadog, and Shopify, reflecting Helmer's conviction in businesses that leverage scale economies, network effects, and counter-positioning to disrupt established markets.
New Investments
CrowdStrike Holdings CRWD
Hamilton Helmer bought $75.86M of CrowdStrike Holdings in Q3 2025. CrowdStrike demonstrated strong operational momentum through Q2 FY2026, achieving record net new ARR of $221 million and driving ending ARR to $4.66 billion, with reacceleration arriving a quarter ahead of expectations following mid-2024 operational disruptions. Total revenue reached $1.17 billion with 21% year-over-year growth, while non-GAAP net income improved to $237.4 million and free cash flow expanded to $284 million. Strong adoption of the Falcon Flex subscription model, exceeding 1,000 Flex customers, signals accelerating demand for cybersecurity consolidation as enterprises modernize security infrastructure and prepare for AI integration.
- ARR grew 16% sequentially to $4.66 billion from $4.02 billion, with year-over-year expansion moderating to 20% from 27%.
- Record Q2 free cash flow of $284 million increased 23% from $230.6 million in the comparable prior quarter, with cash and equivalents reaching $4.97 billion.
- Net new ARR accelerated 44% to record $221 million in Q2 FY2026 compared to $153 million, driven by Flex model adoption and customer deepening initiatives.
Added, Trimmed, and Exited
Added
Strategy Capital did not add to any existing positions during Q3 2025.
Trimmed
Hamilton Helmer trimmed all nine continuing positions, with the largest reductions in Amazon (AMZN) (down 60,032 shares) and Tesla (TSLA) (down 54,625 shares). Other trimmed positions included Shopify (SHOP), Cloudflare (NET), Datadog (DDOG), Axon Enterprise (AXON), Taiwan Semiconductor (TSM), Monday.com (MNDY), and Meta (META), though most of these represented minor position adjustments of less than 1% of holdings.
What it means: The broad-based trimming across both winners (Shopify up 28.5%, TSM up 23%) and underperformers (Monday.com down 38.6%, Axon down 13.5%) suggests Strategy Capital was raising capital systematically rather than making conviction-based decisions about individual holdings. This disciplined approach to portfolio rebalancing—combined with the substantial new CrowdStrike (CRWD) investment—indicates Helmer is funding new opportunities by proportionally reducing existing positions while maintaining exposure to his core themes of cloud infrastructure, e-commerce, and AI-enabling semiconductors.
Exited
Strategy Capital completely liquidated its $60.33 million position in Microsoft (MSFT), eliminating the firm's sole mega-cap software holding.
What it means: The full exit from Microsoft paired with the sizable entry into CrowdStrike ($75.86M) represents a clear rotation within enterprise software—moving from a mature, diversified technology conglomerate to a pure-play cybersecurity leader with superior growth characteristics. This shift aligns perfectly with Helmer's "7 Powers" framework, as CrowdStrike's network effects, switching costs, and platform consolidation strategy (evidenced by 1,000+ Falcon Flex customers) offer more compelling structural advantages than Microsoft's broader but slower-growing portfolio. The swap also concentrates the portfolio further into companies with clearer competitive moats and higher revenue growth rates.
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.
