Heard Capital LLC

Hedge Fund • Long/Short

Heard Capital LLC is a Long/Short Hedge Fund based in Chicago, IL led by William Ellak Heard, managing $2.1B across 21 long positions as of Q3 2025 with 37% Technology concentration and 88% concentrated in top 10 holdings.

CEOWilliam Ellak Heard

Portfolio Value: $2.1B
Positions: 21
Top Holding: FICO at 10.86%
Last Reported: Q3 2025

Address1 North Wacker, Suite 3650, Chicago, IL, 60606, United States

Top Holdings

Largest long holdings in Heard Capital LLC's portfolio (88% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Fair Isaac FICO	Software - Application Technology	$223.8M	10.86%	+$67.1M Bought	0.62% 149.5K shares	Q4 2019 Held for 5y 11m
2 Lam Research LRCX	Semiconductors Technology	$212.3M	10.30%	-$22.4M Sold	0.13% 1.6M shares	Q4 2019 Held for 5y 11m
3 TransDigm Group TDG	Aerospace & Defense Industrials	$206.6M	10.02%	+$29.5M Bought	0.28% 156.7K shares	Q4 2019 Held for 5y 11m
4 American Tower AMT	REIT - Specialty Real Estate	$195.5M	9.48%	+$36.8M Bought	0.22% 1.0M shares	Q4 2019 Held for 5y 11m
5 Apollo Global Management APO	Asset Management - Global Financial Services	$194.4M	9.43%	+$24.5M Bought	0.26% 1.5M shares	Q1 2022 Held for 3y 8m
6 Palantir Technologies Inc. PLTR	Software - Infrastructure Technology	$188.4M	9.14%	+$37.2M Bought	0.04% 1.0M shares	Q4 2024 Held for 11 months
7 Blackstone BX	Asset Management Financial Services	$185.4M	9.00%	-$12.7M Sold	0.14% 1.1M shares	Q4 2019 Held for 5y 11m
8 AeroVironment AVAV	Aerospace & Defense Industrials	$153.2M	7.43%	-$21.0M Sold	0.97% 486.5K shares	Q3 2020 Held for 5y 2m
9 American Express AXP	Financial - Credit Services Financial Services	$143.4M	6.96%	+$15.2M Bought	0.06% 431.7K shares	Q1 2023 Held for 2y 8m
10 Elbit Systems ESLT	Aerospace & Defense Industrials	$110.0M	5.34%	+$10.4M Bought	0.47% 215.8K shares	Q4 2023 Held for 1y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Heard Capital LLC's latest filing

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Market Value

$2.1B

Prior: $1.9B

Q/Q Change

+7.68%

+$147.0M

Net Flows % of MV

+4.61%

Turnover Ratio

8.4%

New Purchases

0 stocks

Added To

7 stocks

+$220.6M

Sold Out Of

0 stocks

Reduced Holdings

6 stocks

-$125.7M

Increased Positions

Position	Shares Δ	Change
1 Fair Isaac FICO	+42.78%	104.7K → 149.5K +$67.1M
2 Palantir Technologies Inc. PLTR	+24.6%	829.0K → 1.0M +$37.2M
3 American Tower AMT	+23.16%	825.2K → 1.0M +$36.8M
4 TransDigm Group TDG	+16.67%	134.3K → 156.7K +$29.5M
5 Apollo Global Management APO	+14.41%	1.3M → 1.5M +$24.5M

Decreased Positions

Position	Shares Δ	Change
1 Adobe ADBE	-35.2%	457.3K → 296.4K −$56.8M
2 Moelis & Company MC	-17.79%	920.2K → 756.5K −$11.7M
3 AeroVironment AVAV	-12.04%	553.0K → 486.5K −$21.0M
4 Lam Research LRCX	-9.53%	1.8M → 1.6M −$22.4M
5 Blackstone BX	-6.41%	1.2M → 1.1M −$12.7M

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Analytics

Portfolio insights and performance metrics for Heard Capital LLC

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Sector Allocation

Technology

37.40%

Financial Services

28.10%

Industrials

22.80%

Real Estate

9.70%

Communication Services

1.90%

Consumer Cyclical

0.20%

Market Cap Distribution

Mega Cap (> $200B)

16.28%

Large Cap ($10B - $200B)

77.39%

Mid Cap ($2B - $10B)

2.62%

Small Cap ($300M - $2B)

3.68%

Nano Cap (< $50M)

0.04%

Portfolio Concentration

Top 10 Holdings %

87.96%

Top 20 Holdings %

99.97%

Top 50 Holdings %

100.0%

Top 100 Holdings %