Wealth Manager Doubles Down on Adobe, According to Recent SEC Filing
Key Points
Increased Adobe position by 31,050 shares as of Sept. 30, 2025
Post-trade Adobe stake: 124,108 shares valued at $43.78 million as of Sept. 30, 2025
Adobe becomes the fund’s largest holding, accounting for 15.91% of AUM as of Sept. 30, 2025
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On Oct. 9, 2025, Amiral Gestion disclosed a buy of 31,050 shares of Adobe (NASDAQ:ADBE), an estimated $10.95 million trade based on the average price for the quarter, according to SEC filings.
What Happened
According to an SEC filing dated Oct. 9, 2025, Amiral Gestion bought 31,050 shares of Adobe during the quarter. The fund’s total position in Adobe increased to 124,108 shares, worth $43.78 million as of Sept. 30, 2025.
What Else to Know
Amiral Gestion increased its Adobe stake, bringing the position to 15.91% of 13F AUM, the fund’s largest holding as of Sept. 30, 2025.
Top holdings after the filing:
- NASDAQ:ADBE: $43.78 million (15.9% of AUM) as of Sept. 30, 2025
- NASDAQ:MSFT: $39.70 million (14.4% of AUM) as of Sept. 30, 2025
- NASDAQ:PYPL: $28.14 million (10.2% of AUM) as of Sept. 30, 2025
- NYSE:EW: $21.99 million (8.0% of AUM) as of Sept. 30, 2025
- NASDAQ:META: $20.57 million (7.5% of AUM) as of Sept. 30, 2025
As of Oct. 8, 2025, Adobe shares were priced at $348.77, down 29.7% year-to-date through Oct. 8, 2025, underperforming the S&P 500 by 47.0 percentage points.
Adobe reported trailing twelve months revenue of $23.18 billion and net income of $6.96 billion for the twelve months ended Aug. 29, 2025.
The company’s five-year revenue compound annual growth rate (CAGR) stands at 14.0%.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close Oct. 8, 2025) | $348.77 |
| Market capitalization | $146.00 billion |
| Revenue (TTM) | $23.18 billion |
| Net income (TTM) | $6.96 billion |
Company Snapshot
Adobe generates revenue primarily through its Creative Cloud and Document Cloud subscription services, as well as its Digital Experience platform for enterprise customers.
The company employs a recurring-revenue business model, leveraging cloud-based software subscriptions and enterprise licensing agreements to drive predictable cash flows.
Adobe serves a diverse customer base, including individual content creators, businesses, marketers, educators, and large enterprises across multiple industries.
Adobe is a global leader in digital media and marketing software, recognized for its scalable cloud-based platforms. The company’s strategy centers on innovation in creative and document solutions, enabling customers to create, manage, and optimize digital content and experiences. Adobe’s strong market position is underpinned by its broad customer reach and its ability to deliver integrated solutions across creative, document, and experience management workflows.
Foolish Take
French wealth manager Amiral Gestion increased its stake in software giant Adobe by adding more than 31,000 shares in the quarter ending September 30, 2025. It total, the shares amount to a net addition of slightly less than $11 million and make Adobe the largest position in Amiral Gestion's portfolio.
For everyday investors, this is an institutional move worth noting. Amiral Gestion maintains a large portfolio worth over $275 million. It has now doubled down on Adobe, which now comprises more than 15% of its total holdings and is its largest overall position. Moreover, its portfolio is already heavily weighted to technology stocks, with four of its five largest holdings (Adobe, Microsoft, PayPal, and Meta Holdings) in the sector. Taken collectively, those four tech-focused holdings now account for about $132 million, or 48%, of Amiral Gestion's overall portfolio.
In any event, investors may want to exercise caution when it comes to Adobe stock. Shares of the company have sunk over the last year as concerns over the growth of generative AI have weighed on the company. However, for those who see a turnaround ahead for this software giant, Amiral Gestion's vote of confidence could could buoy the thesis that Adobe's stock is primed for a rebound.
Glossary
13F reportable assets under management (AUM): The portion of a fund's assets disclosed in quarterly SEC Form 13F filings.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Stake: The amount of ownership or investment a fund holds in a particular company.
Compound annual growth rate (CAGR): The average annual growth rate of a value over a specified period, accounting for compounding.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Filing: An official document submitted to a regulatory body, such as the SEC, disclosing financial or investment information.
Quarter: A three-month period used by companies and funds to report financial performance.
Position: The amount of a particular security or asset held by an investor or fund.
Holding: An investment owned by a fund or individual, typically referring to a specific security or asset.
Enterprise licensing agreements: Contracts allowing organizations to use software across many users or devices, often at negotiated rates.
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Jake Lerch has positions in PayPal. The Motley Fool has positions in and recommends Adobe, Edwards Lifesciences, Meta Platforms, Microsoft, and PayPal. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft, long January 2027 $42.50 calls on PayPal, short December 2025 $75 calls on PayPal, and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
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