Equal-WT
WhaleScore 2.0
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XN is based out of New York. XN is a hedge fund with 13 clients and discretionary assets under management (AUM) of $3,286,720,636 (Form ADV from 2024-11-25). Their last reported 13F filing for Q1 2025 included $2,199,436,591 in managed 13F securities
and a top 10 holdings concentration of 74.57%. XN's largest holding is TKO Group Holdings Inc with shares held of 2,600,613. Whalewisdom has at least 18 13F filings
Business Description
Based on the provided documents, the advisory business involves brokers providing capital introduction, talent introduction, marketing assistance, consulting with respect to technology, operations and equipment, commitment of capital, access to company management, and access to deal flow.
The documents also outline key sections related to the advisory business, including methods of analysis, investment strategies, risk of loss, disciplinary information, other financial industry activities and affiliations, code of ethics, brokerage practices, review of accounts, client referrals, and custody.
Investment Strategy
XN implements a global investment strategy with the flexibility to invest across public and private markets in securities, instruments, and other assets that are perceived to offer the highest risk-adjusted returns. XN focuses its research primarily on areas where it has deep domain expertise and generally invests in North America and Western Europe. XN does not generally pursue investments in balance sheet heavy financials, healthcare, energy, and materials. However, there are no sector or geographic limitations on XN’s investments, and it may invest in such sectors and geographic areas as it finds attractive over time. The strategy may also invest in equity and credit derivatives, convertibles, other fixed income instruments, credit facilities and other financial instruments permitted under the governing documents.
XN has broad and unfettered investment authority, and may trade in any type of security, issuer or group of related issuers, country, region and sector that it believes will help a Fund achieve its investment objectives. The strategies that XN may pursue for its Clients are not limited to the strategies described herein, and such strategies may change and evolve materially over time. XN has broad latitude with respect to the management of Client risk parameters and is subject neither to formal diversification policies limiting the portfolio investments of its Clients nor to formal leverage policies limiting the leverage to be used by XN on behalf of its Clients. XN opportunistically implements whatever strategies, risk management techniques and discretionary approaches, as well as such other investment tactics, it believes from time to time may be suited to prevailing market conditions, and may reallocate Client assets among.
Owners
- EULER NUMBER LLC - GENERAL PARTNER
- KAPADIA, GAURAV, KIRIT - FOUNDER & CHIEF EXECUTIVE OFFICER, LIMITED PARTNER
- BRONSTEIN, DAVID, BRIAN - PRESIDENT
- MASINO, KRISTEN, CARROLL - CHIEF FINANCIAL OFFICER
- O'GRADY, THOMAS, LOUGHLIN - GENERAL COUNSEL AND CHIEF COMPLIANCE OFFICER Click on the Ownership/Private Fund Data tab for more details.
Known Email Addresses
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Other Contact Information
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2025-03-31
Top Buys (13F)
Name | % Change |
---|---|
TSM Taiwan Semiconductor | 6.38% |
GEV GE Vernova Inc | 3.79% |
META Meta Platforms Inc | 3.72% |
SHW Sherwin-Williams Co | 2.88% |
SPOT Spotify Technology S | 2.81% |

2025-03-31
Top Sells (13F)
Name | % Change |
---|---|
PCOR Procore Technologies (CALL) | 9.63% |
VMC Vulcan Materials Co | 6.19% |
MSFT Microsoft Corporatio | 4.42% |
FND Floor & Decor Holdin | 2.42% |
KKR KKR & Co. Inc | 1.51% |

2025-03-31
13F Holdings Summary
Name | $ Change |
---|---|
TKO TKO Group Holdings I | 18.07% |
SHW Sherwin-Williams Co | 8.01% |
TRU TransUnion | 7.41% |
TSM Taiwan Semiconductor | 7.29% |
TOST Toast Inc | 7.22% |

2025-03-31
13F Activity
Market Value | $2.20b, Prior: $2.53b |
Inflows (Outflows) as % of Total MV | (-7.5352)% |
New Purchases | 5 stocks |
Added To | 8 stocks |
Sold out of | 10 stocks |
Reduced holdings in | 6 stocks |
Top 10 Holdings % | 74.57% |
Turnover %[1] | 51.72% |
Turnover Alt %[2] | 25.28% |
Time Held Top 20 | 4.5789 quarters |
Time Held Top 10 | 2.3 quarters |
Time Held All | 5.11 quarters |
[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.
[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2025-03-31
13F Sector Allocation Over Time
limited to past 4 quarters. Subscribe to see all available data

2025-03-31
Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2025-03-31