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Spyglass Capital Management LLC

Q4 2025 · Filed 2026-02-17
Market Value
$1.9B
+6.2%
Holdings
26
-2
New Purchases
2
Added To
15
Closed
2
Reduced
7
Top 10 Concentration
51.9%
Turnover
15.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CVNA 3.99% 0.00% +3.99% $76M
CRDO 2.93% 0.00% +2.93% $56M
CDNS 4.44% 2.27% +2.18% $85M
FICO 4.39% 2.30% +2.08% $84M
AFRM 5.63% 4.08% +1.55% $107M
CSGP 5.56% 4.71% +0.85% $106M
DASH 3.21% 2.45% +0.76% $61M
NCNO 3.91% 3.24% +0.67% $75M
KNSL 4.04% 3.39% +0.65% $77M
ILMN 2.76% 2.23% +0.53% $53M
PCOR 4.12% 3.83% +0.29% $79M
APG 4.58% 4.32% +0.26% $88M
FOUR 5.60% 5.35% +0.25% $107M
GLBE 5.52% 5.38% +0.15% $105M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
EXAS 2.87% 6.47% -3.60% $55M
APP 4.26% 7.03% -2.77% $81M
MEDP 2.03% 4.32% -2.28% $39M
DUOL 2.64% 4.81% -2.17% $50M
SG 0.00% 1.80% -1.80% $0
ACVA 0.00% 1.72% -1.72% $0
SNOW 3.78% 4.70% -0.92% $72M
AAON 4.79% 5.56% -0.77% $91M
LOAR 3.22% 3.78% -0.56% $61M
HUBS 5.57% 5.86% -0.29% $106M
IOT 4.36% 4.56% -0.20% $83M
MDB 5.83% 5.87% -0.04% $111M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 17 $1.4B 71.0%
Mid Cap 6 $480M 25.1%
Small Cap 3 $75M 3.9%

Portfolio Analytics

Avg Market Cap
$28.8B
Median Market Cap
$15.9B
Avg P/E
71.7
Median P/E
55.4
Avg Dividend Yield
0.00%
Avg Beta
1.55
# Stocks
26
# ETFs / Funds
0

Top Holdings (26 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 MDB 5.83% 265,263 $111M $419.69 $6M -74,460 -21.9%
2 AFRM 5.63% 1,443,580 $107M $74.43 $34M +439,757 +43.8%
3 FOUR 5.60% 1,697,920 $107M $62.97 $11M +455,707 +36.7%
4 HUBS 5.57% 264,929 $106M $401.30 $954K +39,700 +17.6%
5 CSGP 5.56% 1,578,449 $106M $67.24 $22M +575,732 +57.4%
6 GLBE 5.52% 2,683,313 $105M $39.31 $9M -19,858 -0.7%
7 AAON 4.79% 1,198,921 $91M $76.25 -$8M +130,062 +12.2%
8 APG 4.58% 2,288,558 $88M $38.26 $10M +26,873 +1.2%
9 CDNS 4.44% 271,492 $85M $312.58 $44M +155,523 +134.1%
10 FICO 4.39% 49,539 $84M $1,690.62 $42M +21,866 +79.0%
11 IOT 4.36% 2,346,995 $83M $35.45 $1M +146,830 +6.7%
12 APP 4.26% 120,638 $81M $673.82 -$45M -55,279 -31.4%
13 PCOR 4.12% 1,081,343 $79M $72.74 $10M +137,455 +14.6%
14 KNSL 4.04% 197,186 $77M $391.12 $16M +53,801 +37.5%
15 CVNA 3.99% 180,668 $76M $422.02 +180,668 NEW
16 NCNO 3.91% 2,909,880 $75M $25.64 $16M +760,790 +35.4%
17 SNOW 3.78% 328,818 $72M $219.36 -$12M -45,691 -12.2%
18 LOAR 3.22% 904,131 $61M $68.00 -$6M +55,062 +6.5%
19 DASH 3.21% 270,570 $61M $226.48 $17M +108,868 +67.3%
20 CRDO 2.93% 388,860 $56M $143.89 +388,860 NEW
21 EXAS 2.87% 539,886 $55M $101.56 -$61M -1,585,549 -74.6%
22 ILMN 2.76% 401,533 $53M $131.16 $13M -20,617 -4.9%
23 DUOL 2.64% 286,873 $50M $175.50 -$36M +18,147 +6.8%
24 MEDP 2.03% 69,175 $39M $561.65 -$39M -81,707 -54.1%
25 ACVA —% -$31M -3,113,017 -100.0% SOLD
26 SG —% -$32M -4,056,570 -100.0% SOLD

New Positions

SymbolValue% Port
CVNA $76M 3.99%
CRDO $56M 2.93%

Sold Out Positions

SymbolValue% Port
ACVA —%
SG —%
View SEC EDGAR Filings for Spyglass Capital Management LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms