Breaking down the stocks Hamilton Helmer (Strategy Capital) bought, sold, and held in Q4 2025, including their holdings at the end of the quarter. All data sourced from Strategy Capital's 13F filed on February 13, 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)
Q4 '25 13F filed with SEC
Holdings in Q4 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SHOP | Shopify | 19.4% | Trimmed (-10%) | $263.28M |
| AXON | Axon Enterprise | 16.2% | Trimmed (-10%) | $219.64M |
| NET | Cloudflare | 15.2% | Trimmed (-10%) | $205.45M |
| AMZN | Amazon | 11.7% | Trimmed (-10%) | $158.59M |
| TSM | Taiwan Semiconductor | 7.6% | Trimmed (-10%) | $102.85M |
| DDOG | Datadog | 7.3% | Trimmed (-10%) | $98.5M |
| META | Meta | 7.2% | Trimmed (-10%) | $97.89M |
| NU | Nu Holdings | 5.1% | NEW | $69.71M |
| CRWD | CrowdStrike Holdings | 4.8% | Trimmed (-10%) | $64.99M |
| TSLA | Tesla | 3.1% | Trimmed (-10%) | $42.25M |
| MNDY | Monday.com | 2.4% | Trimmed (-10%) | $32.82M |
Current Investment Strategy
Hamilton Helmer's Strategy Capital runs an ultra-concentrated, long-only portfolio of roughly 10 high-conviction positions—spanning Axon Enterprise, Shopify, Cloudflare, Amazon, Meta Platforms, CrowdStrike, Netflix, Tesla, and Microsoft—selected through Helmer's proprietary "7 Powers" framework for identifying businesses with durable competitive advantages such as network effects, scale economies, and switching costs. The firm's Q4 2025 filing revealed a new stake in Latin American digital bank Nu Holdings, signaling a push into emerging-market fintech while maintaining its core tilt toward dominant technology and software platforms with low portfolio turnover and multi-year holding horizons.
New Investments
Nu Holdings NU
Hamilton Helmer bought $69.71M of Nu Holdings in Q4 2025. Nu Holdings demonstrated strong momentum in Q3 2025, with earnings per share of $0.17 beating consensus expectations of $0.15 by 13.33%, representing a recovery from Q2's miss and marking accelerating profitability growth. The company continues to outperform its banking peers with a trailing twelve-month return on equity of 30.1%, nearly triple the industry average of 11.5%, supported by record quarterly revenues exceeding $4 billion and a growing customer base of 127 million with an activity rate above 83%. Stock price appreciation of 46% over the past six months reflects investor confidence in management's vision of becoming an AI-first bank and analysts' expectations for 33.3% earnings growth in 2025 and 44.6% growth in 2026.
- EPS recovered to $0.17 in Q3 2025, beating expectations by 13.33% after missing in Q2.
- Return on equity of 30.1% significantly exceeds the banking industry average of 11.5%.
- Stock up 46% over six months with 35.8% and 30.8% projected revenue growth for 2025 and 2026 respectively.
Added, Trimmed, and Exited
Added
Strategy Capital did not add to any existing positions in Q4 2025. The only buy activity was the initiation of a brand-new position in Nu Holdings (NU), described separately above.
Trimmed
Hamilton Helmer trimmed all ten existing holdings by a uniform ~10.4%, reducing shares in Shopify (SHOP), Cloudflare (NET), Datadog (DDOG), Amazon (AMZN), Axon Enterprise (AXON), Taiwan Semiconductor (TSM), Monday.com (MNDY), Meta (META), CrowdStrike Holdings (CRWD), and Tesla (TSLA).
What it means: The across-the-board, proportionally equal trim strongly suggests this was not a conviction-driven reduction in any single name but rather a systematic rebalancing to fund the new ~$69.7M position in Nu Holdings (NU). By shaving roughly the same percentage from every holding, Helmer preserved the relative weighting of his existing portfolio while making room for a meaningful new bet. This disciplined approach is consistent with a concentrated portfolio manager who remains highly convicted in all his current names but sees a compelling new opportunity he wants to size meaningfully from the start. Notably, several of the trimmed positions—particularly Axon Enterprise (AXON) (-29.1% return) and Monday.com (MNDY) (-31.7% return)—experienced significant price declines during the quarter, meaning the value reduction was driven more by market drawdowns than by the trims themselves.
Exited
Strategy Capital did not fully exit any positions in Q4 2025, maintaining conviction across its entire portfolio.
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.
