Night Watch Investment Management

• Q2 2026 Update ↗ Night Watch added FUTU aggressively, initiated Booking.com and Adyen, and trimmed exposure to cyclical memory beneficiaries as AI-related valuations rose. The firm argues that Dutch employment-tax rules limit stock-based compensation at internationally oriented companies, while Watches of Switzerland is resuming its Rolex-led consolidation playbook after US tariff relief. Q2 2026 WOSG $2.1BADYEY $31BBKNG $121B +1

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