Apple
AAPLHardware sold once, services billed monthly, and switching costs most companies can only envy.
NasdaqTechnology & digital
Three businesses that have turned a one-off purchase into a monthly one.
In short
Bellwether Holdings holds three listed technology businesses: Apple, Amazon and Netflix. All three are held for their recurring revenue — Apple's services, Amazon's AWS and Netflix's subscriptions — rather than for hardware sales, retail volume or the content slate.
Holdings
Amazon
AMZNRetail at the front, AWS at the back — two businesses that would each stand alone comfortably.
NasdaqNetflix
NFLXSubscription entertainment at global scale, now with an advertising tier layered on top.
Nasdaq| Holding | Ticker | Venue | Latest price | 52-week high | 52-week low |
|---|---|---|---|---|---|
| Apple | AAPL | Nasdaq | … | … | … |
| Amazon | AMZN | Nasdaq | … | … | … |
| Netflix | NFLX | Nasdaq | … | … | … |
Prices are delayed and indicative, last refreshed on load. They are shown for identification only and are not a valuation of the company's position.
Why this group is held
Held for the recurring half of each business — services, cloud and subscription — rather than for the hardware or the content slate.
Frequently asked questions
Which technology companies does Bellwether Holdings own?
Three, all listed on Nasdaq: Apple, Amazon and Netflix.
Why only three technology holdings?
Because the group is held for recurring revenue rather than for exposure to the sector. Apple's services, Amazon's AWS and Netflix's subscriptions each bill monthly, which is the characteristic Bellwether is buying — not the technology itself.
Is this portfolio an artificial intelligence investment?
No. Bellwether's stated position is that nothing in the core book is a bet on a technology that does not yet exist. Apple, Amazon and Netflix are held for revenue they already collect, and any AI benefit is incidental rather than the reason for the position.
Why hold Amazon for AWS rather than for retail?
Amazon Web Services generates a large share of the group's operating profit on far higher margins than retail. Bellwether treats Amazon as two businesses — a retailer at the front and an infrastructure provider at the back — and holds it for the second.