Gladstone Capital Management LLP

RIA/Wealth

Gladstone Capital Management LLP is a RIA/Wealth based in Richmond, VA led by Bonnie Mills Smallwood, managing $915.5M across 23 long positions as of Q3 2025 with 31% Technology concentration, 95% concentrated in top 10 holdings, and 17% allocation to GOOGL.

PartnerBonnie Mills Smallwood

Portfolio Value: $915.5M
Positions: 23
Top Holding: GOOGL at 16.84%
Last Reported: Q3 2025

Address4120 W. Broad Street, Richmond, VA, 23230, United States

Top Holdings

Largest long holdings in Gladstone Capital Management LLP's portfolio (95% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$154.2M	16.84%	+$154.2M Bought	0.01% 634.2K shares	Q3 2025 Held for 2 months
2 Microsoft MSFT	Software - Infrastructure Technology	$134.9M	14.74%	+$39.4M Bought	0.00% 260.5K shares	Q3 2019 Held for 6y 2m
3 Philip Morris International PM	Tobacco Consumer Defensive	$132.1M	14.43%	+$14.1M Bought	0.05% 814.2K shares	Q3 2024 Held for 1y 2m
4 Raytheon Technologies RTX	Aerospace & Defense Industrials	$101.9M	11.13%	+$63.1M Bought	0.05% 609.1K shares	Q2 2025 Held for 5 months
5 Broadcom Inc. AVGO	Semiconductors Technology	$95.6M	10.45%	+$95.4M Bought	0.01% 289.9K shares	Q4 2024 Held for 11 months
6 APi Group APG	Engineering & Construction Industrials	$67.3M	7.35%	+$67.3M New	0.47% 2.0M shares	Q3 2025 Held for 2 months
7 Arch Capital Group ACGL	Insurance - Diversified Financial Services	$59.4M	6.49%	-$46.4M Sold	0.18% 655.0K shares	Q1 2023 Held for 2y 8m
8 Block XYZ	Software - Infrastructure Technology	$50.9M	5.56%	-$5.0M Sold	0.12% 704.8K shares	Q3 2016 Held for 9y 2m
9 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$43.3M	4.73%	-$61.6M Sold	0.00% 59.0K shares	Q4 2024 Held for 11 months
10 CBRE Group CBRE	Real Estate - Services Real Estate	$29.9M	3.26%	+$20.0M Bought	0.05% 140.5K shares	Q4 2024 Held for 11 months

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Gladstone Capital Management LLP's latest filing

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GthenC

Market Value

$915.5M

Prior: $969.2M

Q/Q Change

-5.54%

-$53.7M

Net Flows % of MV

-21.71%

Turnover Ratio

36.36%

New Purchases

5 stocks

$82.7M

Added To

5 stocks

+$232.1M

Sold Out Of

5 stocks

$3.3M

Reduced Holdings

8 stocks

-$510.3M

Increased Positions

Position	Shares Δ	Change
1 APi Group APG	New	0 → 2.0M +$67.3M
2 DoorDash DASH	New	0 → 52.6K +$14.3M
3 Figma FIG	New	0 → 16.6K +$861.0K
4 Atlassian TEAM	New	0 → 900.0 +$143.7K
5 ServiceNow NOW	New	0 → 150.0 +$138.0K

Decreased Positions

Position	Shares Δ	Change
1 Coinbase Global, Inc. COIN	Sold	7.3K → 0 −$2.5M
2 Applovin Corporation APP	Sold	1.0K → 0 −$350.1K
3 Walmart WMT	Sold	2.0K → 0 −$196.9K
4 Airbnb ABNB	Sold	1.0K → 0 −$132.3K
5 Nike NKE	Sold	1.0K → 0 −$71.0K