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Heard Capital LLC
Heard Capital LLC is a Chicago-based hedge fund founded in 2011 by William E. Heard. The firm manages approximately $2 billion in assets as of January 2025 and has a focus on fundamental investment strategies across sectors including technology, media, telecommunications, financials, industrials, and energy. Heard Capital serves leading endowments, foundations, pension funds, and select family offices. The firm leverages a debate-driven, bottom-up investment methodology and is known for its concentrated, long-only and high-conviction portfolios managed by a small, focused investment team.
Investment Strategy
Heard Capital implements a multi-year, fundamental, and concentrated approach to public equities primarily within the technology, media, telecommunications, financial, and industrial sectors. The firm identifies companies with durable economic moats, sound capital allocation, and shareholder alignment—often those misunderstood by generalist market participants. Heard Capital uses a debate-driven investment process, leveraging sector expertise to map opportunity sets and execute rigorous diligence. Investment decisions are based on unit-based analysis and risk is continually managed at both position and portfolio levels, including data-centric, systematic monitoring. Positions are typically held for five years or more, with portfolios constructed to outperform market benchmarks over long time horizons.
Latest 13F Filing Activity
Heard Capital LLC filed their most recent 13F report on Jun 30, 2025 disclosing 21 equity positions with a total 13F market value of $2B. The fund increased holdings in Aerovironment Inc., Lam Research Corp., Palantir Technologies Inc. among other positions. Heard Capital LLC reduced exposure to Anterix Inc., Transdigm Group Inc., Blackrock Inc. among others.
Top Holdings
Equity Positions (21)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
T TDG | TRANSDIGM GROUP INC | 10.67% | $204.3M | 134,327 | $804.81 | $1520.64 | -$5.4M |
F FICO | FAIR ISAAC CORP | 10.00% | $191.4M | 104,724 | $942.80 | $1827.96 | +$15.7M |
A AMT | AMERICAN TOWER CORP NEW | 9.53% | $182.4M | 825,210 | $202.63 | $221.02 | +$8.0M |
A APO | APOLLO GLOBAL MGMT INC | 9.45% | $180.9M | 1,274,970 | $102.67 | $141.87 | +$27.9M |
A ADBE | ADOBE INC | 9.24% | $176.9M | 457,332 | $452.81 | $386.88 | +$26.8M |
Industry Allocation
Investment Team (2)
| Name | Role | Location | |
|---|---|---|---|
J Joe Lee | Partner | Venice, CA , United States | |
N Nicolas Couri | Analyst | Evanston, IL , United States |
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