We break down the stocks Hamilton Helmer (Strategy Capital) bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from Strategy Capital's 13F filed on August 13, 2024.
Who are Hamilton Helmer and Strategy Capital?
Strategy Capital is a focused investment firm founded by Hamilton Helmer, author of the influential business strategy book 7 Powers. The firm maintains a highly concentrated portfolio of select growth businesses with sustainable competitive advantages. Helmer's investment approach centers on identifying companies utilizing distinctive strategic frameworks to disrupt markets and capture substantial market share.
Strategycapital.com
Wikipedia on Hamilton Helmer
7 Powers (Book)
Portfolio Changes in Q2 2024
New positions
Strategy Capital initiated a new position in Taiwan Semiconductor (TSM), purchasing 354,060 shares valued at $61.5 million.
Bought
Strategy Capital added to several existing positions, with the largest increases in Axon Enterprise (AXON) (+90,078 shares), Meta (META) (+28,294 shares), and Shopify (SHOP) (+10,648 shares), while also modestly increasing holdings in Amazon (AMZN), Monday.com (MNDY), and Tesla (TSLA).
Sold
Strategy Capital significantly trimmed positions in Datadog (DDOG) (-390,116 shares) and Cloudflare (NET) (-265,266 shares), while also reducing its stake in CrowdStrike Holdings (CRWD) (-41,610 shares).
New Investments in Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| TSM | Taiwan Semiconductor | 100.0% | NEW | $61.54M |
Taiwan Semiconductor TSM
Hamilton Helmer bought $61.54M of Taiwan Semiconductor in Q2 2024. Taiwan Semiconductor reported Q1 2025 revenue of $25.53 billion, up 35.3% YoY but down 5.1% sequentially, with strong AI chip demand driving a Q2 revenue guidance of $28.4-$29.2 billion (exceeding estimates by $1.58 billion). Despite recent tariff concerns, the company maintains 58.8% gross margins and reaffirmed its mid-20s% annual revenue growth target. Shares remain volatile in 2025 (-24% YTD) despite beating Q1 EPS estimates by 5.4%.
- 60.4% YoY EPS growth to NT$13.94 ($2.12 per ADR) in Q1, fueled by 73% revenue from advanced 7nm+ nodes.
- Q2 revenue guidance of $28.4-29.2B implies 11-14% sequential growth, outpacing consensus by 4.8-7.7%.
- Maintained industry-leading 58.8% gross margin despite 3nm production ramp-up costs.
Holdings at the end of Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| CRWD | CrowdStrike Holdings | 17.0% | Trimmed (-8%) | $173.33M |
| AMZN | Amazon | 16.3% | Added (+1%) | $166.05M |
| META | Meta | 12.3% | Added (+13%) | $125.41M |
| SHOP | Shopify | 10.8% | Added (+1%) | $109.78M |
| AXON | Axon Enterprise | 10.5% | Added (+33%) | $106.84M |
| DDOG | Datadog | 9.5% | Trimmed (-34%) | $97.08M |
| NET | Cloudflare | 9.0% | Trimmed (-19%) | $91.58M |
| TSM | Taiwan Semiconductor | 6.0% | NEW | $61.54M |
| MNDY | Monday.com | 5.6% | Added (+1%) | $57.24M |
| TSLA | Tesla | 2.9% | Added (+1%) | $29.4M |
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