As of Q2 2025, Robert Karr’s Joho Capital portfolio demonstrates a concentrated growth-focused strategy with $709.9 million in total holdings across 9 positions. The portfolio shows strategic positioning in technology growth leaders, emerging consumer brands, and infrastructure plays. Notable changes include significant trimming of Adobe, new entry into Monday.com, and substantial increases in Taiwan Semiconductor holdings.

The portfolio shows clear sector concentration reflecting Karr’s growth investment philosophy:

Technology (59.04%) – Microsoft, Adobe, Taiwan Semiconductor, and Monday.com dominate the portfolio, representing nearly 60% of assets with focus on cloud computing, semiconductors, and software platforms.

Consumer Services (29.94%) – Dutch Bros and Uber represent significant consumer-facing businesses with different models: drive-thru coffee expansion and mobility/delivery platforms.

Infrastructure (12.21%) – Quanta Services provides pure-play exposure to electrical grid modernization and renewable energy infrastructure development.

Industrials (1.09%) – Amphenol offers connectivity solutions across multiple end markets including automotive and aerospace.

Consumer Staples (0.52%) – Procter & Gamble provides minimal defensive allocation.

Robert Karr’s Joho Capital portfolio reveals several consistent investment themes that drive the concentrated holdings strategy:

Digital Transformation Leaders – Heavy allocation to Microsoft and emerging software platforms like Monday.com reflects conviction in companies enabling business digitalization and productivity enhancement.

AI Infrastructure Beneficiaries – The substantial increase in Taiwan Semiconductor holdings aligns with artificial intelligence chip demand, while Microsoft benefits from AI integration across its product suite.

Emerging Consumer Brands – Dutch Bros represents investment in rapidly expanding regional brands with significant market opportunity, while Uber captures the sharing economy evolution.

Infrastructure Modernization – Quanta Services positioning reflects the multi-decade electrical grid upgrade cycle and renewable energy transition trends.

Robert Karr’s Q2 2025 portfolio demonstrates a high-conviction growth strategy with significant concentration in technology leaders and emerging market opportunities. The 38.97% allocation to Microsoft reflects exceptional confidence in the cloud computing and artificial intelligence megatrend, while the substantial Taiwan Semiconductor increase doubles down on AI chip demand.

The portfolio’s evolution shows active management through the major Adobe reduction and new Monday.com position, indicating willingness to rebalance based on changing fundamentals and valuations. Despite the concentrated nature with only 9 positions, the portfolio captures multiple growth themes including digital transformation, AI infrastructure, consumer brand expansion, and infrastructure modernization.

With $709.9 million in assets under management, Joho Capital’s focused approach reflects Karr’s strategy of making significant bets on companies with strong competitive positions and secular tailwinds. The portfolio positioning suggests preparation for continued growth in technology adoption, artificial intelligence deployment, and infrastructure modernization over the coming years.