Triple Frond Partners LLC

Bought Mastercard, sold out of Lam Research. Portfolio up 0% to $963K.

$963K portfolio12 holdingstop 10 = 93%filed 2026-05-15

1Asml Holding N V16.31%
$157K - 119K shares+12K
2MSFTMicrosoft Corp13.55%
$130K - 353K shares-
3TDGTransdigm Group Inc12.82%
$123K - 107K shares+3K
4GOOGAlphabet Inc10.53%
$101K - 353K shares-
5AMZNAmazon.com Inc10.35%
$100K - 479K shares-
6MAMastercard Inc9.11%
$88K - 175K sharesNEW
7METAMeta Platforms Inc6.99%
$67K - 118K shares+20K
8TRUTransunion Com5.88%
$57K - 818K shares+267K
9ILMNIllumina Inc Com3.92%
$38K - 306K shares-68K
10LYVLive Nation Entertainment 3.72%
$36K - 235K shares-21K
11CHTRCharter Communications Inc3.45%
$33K - 154K shares-
12CCCCCC Intelligent Solution H3.37%
$32K - 5.4M shares+608K

#	Stock
1	Asml Holding N V	16.31%	$157K	119K	+12K
2	MSFTMicrosoft Corp	13.55%	$130K	353K	-
3	TDGTransdigm Group Inc	12.82%	$123K	107K	+3K
4	GOOGAlphabet Inc	10.53%	$101K	353K	-
5	AMZNAmazon.com Inc	10.35%	$100K	479K	-
6	MAMastercard Inc	9.11%	$88K	175K	NEW
7	METAMeta Platforms Inc	6.99%	$67K	118K	+20K
8	TRUTransunion Com	5.88%	$57K	818K	+267K
9	ILMNIllumina Inc Com	3.92%	$38K	306K	-68K
10	LYVLive Nation Entertainment	3.72%	$36K	235K	-21K
11	CHTRCharter Communications Inc	3.45%	$33K	154K	-
12	CCCCCC Intelligent Solution H	3.37%	$32K	5.4M	+608K

What a 13F does not show

Filed up to 45 days after the quarter ends, so this is Q1 2026, not today. US-listed shares and some options only. No short bets, cash, bonds, or foreign listings.