Jackson Square Buys 89,000 shares of HVAC Company AAON (Nasdaq: AAON) While Selling Nvidia
Key Points
Jackson Square added 88,516 shares of AAON, raising the position’s value by $9.16 million
The transaction represented a 2.93% increase relative to the fund’s reportable assets under management
Post-trade holding: 133,734 shares valued at $12.50 million
AAON now accounts for 5.05% of fund AUM, making it the fund’s 4th-largest holding
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On November 5, 2025, Jackson Square Partners, LLC disclosed a buy of 88,516 shares of AAON (NASDAQ:AAON), increasing its position by approximately $9.16 million for the quarter ended September 30, 2025.
What happened
According to a filing with the U.S. Securities and Exchange Commission dated November 5, 2025, Jackson Square Partners, LLC reported purchasing 88,516 additional shares of AAON during the quarter. The fund’s total stake in the company reached 133,734 shares, valued at $12.50 million. This increased AAON’s weight in the portfolio to 5.05% of reportable assets.
What else to know
The fund increased its exposure to AAON, which now comprises 5.1% of 13F reportable assets under management
Top holdings after the filing:
NASDAQ:NVDA: $19.22 million (7.8% of AUM) as of 2025-09-30
NASDAQ:MSFT: $18.05 million (7.3% of AUM) as of 2025-09-30
NASDAQ:GOOGL: $14.25 million (5.8% of AUM) as of 2025-09-30
NASDAQ:AAON: $12.50 million (5.1% of AUM) as of 2025-09-30
NASDAQ:CYBR: $12.10 million (4.9% of AUM) as of 2025-09-30
As of November 4, 2025, shares were priced at $89.93, down 19.7% over the past year, underperforming the S&P 500 by 38.62 percentage points
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.26 billion |
| Net Income (TTM) | $122.09 million |
| Dividend Yield | 0.41% |
| Price (as of market close 2025-11-04) | $89.93 |
Company Snapshot
AAON, Inc. manufactures and sells a diversified portfolio of commercial and industrial air conditioning and heating equipment, including rooftop units, chillers, air handling units, and data center cooling systems.
Primary customers include commercial clients in the retail, manufacturing, education, lodging, supermarket, data center, medical, and pharmaceutical sectors in the United States and Canada.
The company operates with an integrated manufacturing and sales model, generating revenue through the engineering, production, and direct sales of HVAC solutions. It leverages a network of independent representatives and an internal sales force.
Foolish take
When an investment firm dumps about $5 million in Nvidia stock and buys roughly $7.25 million in a commercial HVAC manufacturer instead, it's worth asking what's going on.
Jackson Square Partners has a very actively managed portfolio. In fact, of the 58 stock positions listed on its most recent 13F filing, not a single one remained unchanged during the quarter. The management team made far more sells (49) than buys (7). That suggests they may believe -- like many other analysts -- that the market is getting too frothy right now.
The fund's managers seemed especially bearish on semiconductor stocks this quarter. In addition to reducing their Nvidia position by 29,330 shares, they also made reductions to their holdings in chipmaker AMD, data center infrastructure company Vertiv, and semiconductor fabrication specialist ASML.
So why would a firm bearish on semiconductors and data centers increase its position in AAON, which has recently seen strong results driven by demand for data center cooling systems?
Well, unlike AMD, Vertiv, and ASML, which have all seen big year-to-date share price gains in 2025, AAON's shares are down 13.3% for the year, and they were down even further during Q3, when Jackson Square's purchases occurred.
This looks like a case of an investment firm that's worried about an overvalued stock market, so it moves money out of richly-valued stocks (perhaps doing some profit-taking in the process) and into stocks with more reasonable valuations.
Glossary
Form 13F: A quarterly report filed by institutional investment managers disclosing their equity holdings.
Assets Under Management (AUM): The total market value of investments managed by a fund or firm on behalf of clients.
Reportable Assets: Assets that must be disclosed in regulatory filings, such as those listed in Form 13F.
Position: The amount of a particular security or investment held by an investor or fund.
Exposure: The degree to which a portfolio is affected by changes in the value of a specific asset or sector.
Weight (Portfolio Weight): The percentage of a portfolio's total value allocated to a specific investment.
Dividend Yield: Annual dividends paid by a company as a percentage of its share price.
HVAC: Heating, Ventilation, and Air Conditioning; systems that regulate indoor climate and air quality.
Integrated Manufacturing: A business model where production processes are combined within a single company for efficiency and control.
Independent Representatives: Third-party agents or firms authorized to sell a company's products but not employed by the company.
TTM: The 12-month period ending with the most recent quarterly report.
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John Bromels has positions in ASML, Alphabet, Microsoft, and Nvidia. The Motley Fool has positions in and recommends ASML, Advanced Micro Devices, Alphabet, Microsoft, and Nvidia. The Motley Fool recommends Aaon and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
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