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Spyglass Capital Management Portfolio holdings

AUM $1.41B
1-Year Est. Return 7.96%
This Fund
S&P 500
This Quarter Est. Return
+0.56%
1 Year Est. Return
+7.96%
3 Year Est. Return
+119.41%
5 Year Est. Return
+57.27%
10 Year Est. Return
–
AUM
$2B
AUM Growth
+$123M
Cap. Flow
+$133M
Cap. Flow %
6.64%
Top 10 Hldgs %
49.84%
Holding
27
New
2
Increased
16
Reduced
7
Closed
2

Top Buys

Rank Stock Value
1
CVNA icon
Carvana
CVNA
+$67.2M
2
CRDO icon
Credo Technology Group
CRDO
+$59.8M
3
CDNS icon
Cadence Design Systems
CDNS
+$50.7M
4
CSGP icon
CoStar Group
CSGP
+$40.8M
5
FICO icon
Fair Isaac
FICO
+$37.6M

Top Sells

Rank Stock Value
1
EXAS
Exact Sciences
EXAS
+$127M
2
MEDP icon
Medpace
MEDP
+$46.4M
3
APP icon
Applovin
APP
+$34.8M
4
SG icon
Sweetgreen
SG
+$32.4M
5
ACVA icon
ACV Auctions
ACVA
+$30.8M

Sector Composition

Rank Sector Weight
1 Technology 45.44%
2 Consumer Discretionary 12.16%
3 Industrials 12.03%
4 Healthcare 11.76%
5 Financials 9.24%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MDB icon
1
MongoDB
MDB
$27.1B
$111M 5.57%
265,263
-74,460
-22% -$27.1M
AFRM icon
2
Affirm
AFRM
$23.9B
$107M 5.38%
1,443,580
+439,757
+44% +$31.6M
FOUR icon
3
Shift4
FOUR
$4.2B
$107M 5.35%
1,697,920
+455,707
+37% +$32.2M
HUBS icon
4
HubSpot
HUBS
$12.2B
$106M 5.32%
264,929
+39,700
+18% +$16.4M
CSGP icon
5
CoStar Group
CSGP
$11.7B
$106M 5.31%
1,578,449
+575,732
+57% +$40.8M
GLBE icon
6
Global E Online
GLBE
$6.6B
$105M 5.28%
2,683,313
-19,858
-0.7% -$737K
AAON icon
7
Aaon
AAON
$7.3B
$91.4M 4.57%
1,198,921
+130,062
+12% +$12M
ASND icon
8
Ascendis Pharma A/S
ASND
$16B
$88.6M 4.43%
415,549
+26,902
+7% +$5.56M
APG icon
9
APi Group
APG
$17.1B
$87.6M 4.38%
2,288,558
+26,873
+1% +$994K
CDNS icon
10
Cadence Design Systems
CDNS
$93.6B
$84.9M 4.25%
271,492
+155,523
+134% +$50.7M
FICO icon
11
Fair Isaac
FICO
$24.3B
$83.8M 4.19%
49,539
+21,866
+79% +$37.6M
IOT icon
12
Samsara
IOT
$21.7B
$83.2M 4.16%
2,346,995
+146,830
+7% +$5.68M
APP icon
13
Applovin
APP
$133B
$81.3M 4.07%
120,638
-55,279
-31% -$34.8M
PCOR icon
14
Procore
PCOR
$8.26B
$78.7M 3.94%
1,081,343
+137,455
+15% +$10.2M
KNSL icon
15
Kinsale Capital Group
KNSL
$8.12B
$77.1M 3.86%
197,186
+53,801
+38% +$21.9M
CVNA icon
16
Carvana
CVNA
$68.6B
$76.2M 3.82%
+903,340
New +$67.2M
NCNO icon
17
nCino
NCNO
$2.02B
$74.6M 3.73%
2,909,880
+760,790
+35% +$19.3M
SNOW icon
18
Snowflake
SNOW
$102B
$72.1M 3.61%
328,818
-45,691
-12% -$11.2M
LOAR icon
19
Loar Holdings
LOAR
$6.41B
$61.5M 3.08%
904,131
+55,062
+6% +$4.01M
DASH icon
20
DoorDash
DASH
$85.5B
$61.3M 3.07%
270,570
+108,868
+67% +$25.5M
CRDO icon
21
Credo Technology Group
CRDO
$38.6B
$56M 2.8%
+388,860
New +$59.8M
EXAS
22
DELISTED
Exact Sciences
EXAS
$54.8M 2.74%
539,886
-1,585,549
-75% -$127M
ILMN icon
23
Illumina
ILMN
$31B
$52.7M 2.64%
401,533
-20,617
-5% -$2.42M
DUOL icon
24
Duolingo
DUOL
$6.28B
$50.3M 2.52%
286,873
+18,147
+7% +$4.28M
MEDP icon
25
Medpace
MEDP
$16.1B
$38.9M 1.94%
69,175
-81,707
-54% -$46.4M
1
2

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Spyglass Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Spyglass Capital Management held 27 positions worth $2B, up 6.6% from $1.88B the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Spyglass Capital Management deployed $133M of net new capital in Q4 2025, opening 2 new positions and adding to 16 existing holdings. Its largest new stake was Carvana: 903,340 shares worth $76.2M.

By sector, the portfolio is most concentrated in Technology at 45% of assets, up from 41% a quarter earlier, followed by Consumer Discretionary and Industrials.

On the sell side, the largest reduction was Exact Sciences, an estimated $127M trimmed.

  • Spyglass Capital Management's largest Q4 2025 buy was Carvana: 903,340 shares worth $76.2M.
  • Spyglass Capital Management added most to Cadence Design Systems in Q4 2025, an estimated $50.7M increase.
  • Spyglass Capital Management's biggest Q4 2025 reduction was Exact Sciences, cutting an estimated $127M.
  • Spyglass Capital Management fully exited Sweetgreen in Q4 2025, selling an estimated $32.4M.
  • Spyglass Capital Management's ten largest holdings make up 50% of its $2B portfolio in Q4 2025.
  • Spyglass Capital Management opened 2 new positions and closed 2 in Q4 2025.
  • Spyglass Capital Management's portfolio value rose 6.6% quarter-over-quarter to $2B.

Based on Spyglass Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.