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FG

Formula Growth Portfolio holdings

AUM $222M
1-Year Est. Return 27.84%
This Fund
S&P 500
This Quarter Est. Return
+7.12%
1 Year Est. Return
+27.84%
3 Year Est. Return
+65.65%
5 Year Est. Return
+39.07%
10 Year Est. Return
+165.6%
AUM
$260M
AUM Growth
-$21.5M
Cap. Flow
-$28.1M
Cap. Flow %
-10.81%
Top 10 Hldgs %
23.43%
Holding
151
New
29
Increased
8
Reduced
52
Closed
26

Top Buys

1
GDYN icon
Grid Dynamics Holdings
GDYN
+$2.84M
2
FSLR icon
First Solar
FSLR
+$2.32M
3
ORLA
Orla Mining
ORLA
+$2.21M
4
NSP icon
Insperity
NSP
+$1.87M
5
FOXF icon
Fox Factory Holding Corp
FOXF
+$1.77M

Top Sells

1
VCTR icon
Victory Capital Holdings
VCTR
+$2.87M
2
CCL icon
Carnival Corporation Ltd
CCL
+$2.76M
3
PHR icon
Phreesia
PHR
+$2.58M
4
CWAN
Clearwater Analytics
CWAN
+$2.25M
5
CECO icon
Ceco Environmental
CECO
+$1.87M

Sector Composition

1 Technology 31.23%
2 Industrials 21.61%
3 Consumer Discretionary 15.46%
4 Healthcare 14.93%
5 Financials 3.97%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EXFY icon
76
Expensify
EXFY
$171M
$1.36M 0.52%
900,000
-250,000
-22% -$396K
PD icon
77
PagerDuty
PD
$817M
$1.31M 0.51%
100,000
-40,000
-29% -$583K
TTEK icon
78
Tetra Tech
TTEK
$8.31B
$1.31M 0.5%
39,050
– –
KEX icon
79
Kirby Corp
KEX
$7.63B
$1.29M 0.5%
11,745
– –
LKQ icon
80
LKQ Corp
LKQ
$6.65B
$1.28M 0.49%
42,300
– –
PEN icon
81
Penumbra
PEN
$12.5B
$1.27M 0.49%
+4,100
New +$1.13M
VUZI icon
82
Vuzix
VUZI
$189M
$1.25M 0.48%
+330,000
New +$1.04M
LULU icon
83
lululemon athletica
LULU
$13.4B
$1.25M 0.48%
+6,000
New +$1.09M
XPEL icon
84
XPEL
XPEL
$1.24B
$1.23M 0.47%
+24,600
New +$1.03M
RDNT icon
85
RadNet
RDNT
$4.92B
$1.23M 0.47%
17,176
-21,013
-55% -$1.62M
WEX icon
86
WEX
WEX
$5.72B
$1.22M 0.47%
8,200
– –
VFC icon
87
VF Corp
VFC
$6.71B
$1.19M 0.46%
65,721
-3,792
-5% -$61.5K
WCC
88
WESCO International
WCC
$15.9B
$1.17M 0.45%
+4,800
New +$1.18M
ZIP icon
89
ZipRecruiter
ZIP
$323M
$1.17M 0.45%
300,000
+70,000
+30% +$315K
VCYT icon
90
Veracyte
VCYT
$4.68B
$1.14M 0.44%
27,000
– –
AGX icon
91
Argan
AGX
$7.41B
$1.11M 0.43%
3,540
-2,160
-38% -$686K
FIGS icon
92
FIGS
FIGS
$1.74B
$1.07M 0.41%
+94,500
New +$885K
DLB icon
93
Dolby
DLB
$4.7B
$1.02M 0.39%
15,900
– –
CVLT icon
94
Commault Systems
CVLT
$6.24B
$1M 0.39%
+8,000
New +$1.13M
EEFT icon
95
Euronet Worldwide
EEFT
$3.07B
$989K 0.38%
13,000
– –
VITL icon
96
Vital Farms
VITL
$584M
$958K 0.37%
+30,000
New +$1.06M
OKTA icon
97
Okta
OKTA
$26.5B
$951K 0.37%
11,000
-10,000
-48% -$873K
DXCM icon
98
DexCom
DXCM
$29.5B
$932K 0.36%
14,046
-23,487
-63% -$1.52M
VCEL icon
99
Vericel Corp
VCEL
$2.43B
$930K 0.36%
25,824
– –
PSN icon
100
Parsons
PSN
$6.07B
$927K 0.36%
+15,000
New +$1.17M
2 3
4
5 6

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MWM
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Formula Growth's Q4 2025 Portfolio in Review

As of Q4 2025, Formula Growth held 151 positions worth $260M, down 7.7% from $281M the previous quarter. Its ten largest holdings account for 23% of the portfolio.

Formula Growth withdrew a net $28.1M in Q4 2025, closing 26 positions and reducing 52 holdings. Its most notable exit was Carnival Corporation Ltd, an estimated $2.76M position sold in full.

By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 30% a quarter earlier, followed by Industrials and Consumer Discretionary.

Against the trend, Formula Growth opened a new position in Grid Dynamics Holdings worth $2.96M.

  • Formula Growth's largest Q4 2025 buy was Grid Dynamics Holdings: 328,330 shares worth $2.96M.
  • Formula Growth added most to Fox Factory Holding Corp in Q4 2025, an estimated $1.77M increase.
  • Formula Growth's biggest Q4 2025 reduction was Victory Capital Holdings, cutting an estimated $2.87M.
  • Formula Growth fully exited Carnival Corporation Ltd in Q4 2025, selling an estimated $2.76M.
  • Formula Growth's ten largest holdings make up 23% of its $260M portfolio in Q4 2025.
  • Formula Growth opened 29 new positions and closed 26 in Q4 2025.
  • Formula Growth's portfolio value fell 7.7% quarter-over-quarter to $260M.

Based on Formula Growth's 13F filing for Q4 2025, filed 13 Feb 2026.