Kensico Capital Management 13F Portfolio

Kensico's biggest new dollars did not go into another mega-cap platform. They went into Taiwan Semiconductor ($85.7M), McKesson ($75.3M), Toast ($46.2M), ICON plc ($32.7M), IQVIA ($31.9M), and VSE Corp ($27.3M). The through-line is not a single sector; it is a preference for specialized infrastructure—chips, drug distribution, clinical research, restaurant software, and defense services.

• Taiwan Semiconductor: the foundry tollbooth for AI and advanced computing, added at an average cost that already shows a 7.5% gain.
• McKesson: drug distribution cash flows and healthcare logistics, a new 1.29% position.
• ICON plc and IQVIA: clinical-research and healthcare-data services, two small but related bets on pharma R&D outsourcing.
• Toast: restaurant software and payments, a 0.79% position that extends Kensico's interest in vertical software.
• VSE Corp: defense and government services, a 0.47% position that fits the fund's aerospace/industrial comfort zone.
• Morningstar: the largest percentage add, up 110.4% to 0.76%, adding data and analytics exposure.
• ICE: up 19.7% to 1.81%, leaning into exchange and data infrastructure.

These are not random small caps. They are narrow, cash-generative tollbooths in healthcare, chips, and workflow software, and the fund is paying up for them only at small weights relative to the core.

Kensico's sells were mostly funding trades. The largest dollar trim was AppLovin, down 3.1% in share count for an estimated $52.2M reduction, but the position still sits at 28.12% of the book. That is a trim, not a thesis change. Sea Ltd was the sharpest percentage cut, down 46.8% for a $34.4M reduction, leaving a 0.67% stub. Amazon was cut 8.8% for $22.4M, reducing consumer-discretionary exposure.

• AppLovin: still the largest holding at 28.12%; the trim looks like risk management after a 156.0% gain versus average cost.
• Sea Ltd: down 46.8% and now 0.67%; Kensico is cutting emerging-market consumer internet risk.
• Amazon: down 8.8% and 4.0%; a modest reduction in mega-cap retail and cloud exposure.
• Fair Isaac: down 3.0% and 7.65%; a small trim after a 20.3% gain versus average cost.
• S&P Global: down 5.1% and 0.75%; the position is below cost by 14.6%, so this looks like cooling conviction.
• Visa and Tradeweb: both down 0.3%; rounding-error trims, not meaningful sells.

The pattern is clear: Kensico is harvesting small amounts from older winners and one emerging-market loser to finance new healthcare and semiconductor positions. It is not liquidating its core.

At first glance, the sector map says technology is flat at 43.56%, industrials slipped to 23.44%, and real estate is 13.22%. That is misleading. The real estate sleeve is Fair Isaac and Visa—credit analytics and payment rails, not property. Cheniere is filed under utilities but is energy infrastructure. VSE is filed under consumer discretionary but is defense services. The real shift is smaller and more specific.

• Adtech and AI platforms: 39.95% now, down from 42.60% as AppLovin was trimmed and Alphabet/Microsoft stayed unchanged.
• Aerospace and industrial: 23.91% now, down from 24.44%, with Howmet unchanged and VSE added.
• Payments, credit data, and exchanges: 20.13% now, down from 20.59%, with ICE and Morningstar added but Visa, Fair Isaac, Tradeweb, and S&P Global trimmed.
• Consumer internet and travel: 8.26% now, down from 9.36%, as Amazon and Sea were cut.
• Healthcare, semis, and new software bets: 6.01% now, up from 1.21%, the only real expansion.
• Energy infrastructure: 1.74% now, down from 1.82%, with Cheniere unchanged.

Net: Kensico is not rotating out of technology; it is redistributing within a concentrated book. The new money is going to healthcare and semiconductor tollbooths, funded by trims in consumer internet and a few data/payments names.

Kensico's 3-year annualized return of 32.1% and 5-year annualized return of 20.3% give it credibility to run a concentrated book. The next test is whether the new healthcare and semiconductor positions are seeds or hedges. If Taiwan Semiconductor, McKesson, ICON, IQVIA, and Toast grow, the fund could gradually reduce its dependence on AppLovin and Howmet without abandoning them. If they stall, they are small enough to cut.

Watch three things: whether AppLovin stays above 28% or gets trimmed again, whether the healthcare cluster grows beyond 2.4%, and whether the semiconductor sleeve adds to Taiwan Semiconductor or Intel. The fund's top 10 concentration of 86.1% means every new position is a deliberate allocation away from the core. For now, the message is confidence in the core plus curiosity about adjacent tollbooths—not a defensive retreat.

Because 13F data lags, these are quarter-end 2026-Q2 positions, not today's live portfolio. The next filing will show whether Kensico's new satellites were just pilots or the start of a broader second leg.