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TAM

Telemark Asset Management Portfolio holdings

AUM $1.08B
1-Year Est. Return 70.88%
This Fund
S&P 500
This Quarter Est. Return
+12.28%
1 Year Est. Return
+70.88%
3 Year Est. Return
+270.69%
5 Year Est. Return
+512.18%
10 Year Est. Return
+6,002.69%
AUM
$1.05B
AUM Growth
-$48.7M
Cap. Flow
-$129M
Cap. Flow %
-12.23%
Top 10 Hldgs %
48.89%
Holding
56
New
7
Increased
11
Reduced
6
Closed
9

Top Buys

Rank Stock Value
1
MRNA icon
Moderna
MRNA
+$13.9M
2
WGS icon
GeneDx Holdings
WGS
+$13.1M
3
NOVT icon
Novanta
NOVT
+$11.9M
4
TWLO icon
Twilio
TWLO
+$11.3M
5
FNV icon
Franco-Nevada
FNV
+$9.01M

Top Sells

Rank Stock Value
1
BA icon
Boeing
BA
+$21M
2
MT icon
ArcelorMittal
MT
+$12.6M
3
OSIS icon
OSI Systems
OSIS
+$11.2M
4
BILL icon
BILL Holdings
BILL
+$9.25M
5
ARM icon
Arm
ARM
+$7.28M

Sector Composition

Rank Sector Weight
1 Technology 39.89%
2 Industrials 24.97%
3 Energy 12.43%
4 Communication Services 5.34%
5 Materials 5.13%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NVDA icon
1
NVIDIA
NVDA
$5.01T
$112M 10.63%
600,000
– –
CCJ icon
2
Cameco
CCJ
$38.3B
$83.9M 7.96%
1,000,000
– –
CSGP icon
3
CoStar Group
CSGP
$11.3B
$46.4M 4.4%
550,000
– –
HEI icon
4
HEICO Corp
HEI
$48.9B
$45.2M 4.29%
140,000
– –
META icon
5
Meta Platforms (Facebook)
META
$1.51T
$44.1M 4.18%
60,000
– –
AMZN icon
6
Amazon
AMZN
$2.5T
$43.9M 4.17%
200,000
– –
AMSC icon
7
American Superconductor
AMSC
$1.48B
$41M 3.89%
690,000
– –
TSM icon
8
TSMC
TSM
$2.09T
$33.5M 3.18%
120,000
– –
FNV icon
9
Franco-Nevada
FNV
$41.4B
$33.4M 3.17%
150,000
+50,000
+50% +$9.01M
HEI.A icon
10
HEICO Corp Class A
HEI.A
$35.4B
$31.8M 3.01%
125,000
– –
WCN
11
Waste Connections
WCN
$42.8B
$26.4M 2.5%
150,000
– –
CLH icon
12
Clean Harbors
CLH
$16.1B
$25.5M 2.42%
110,000
– –
NOVT icon
13
Novanta
NOVT
$5.04B
$25M 2.38%
250,000
+100,000
+67% +$11.9M
GRMN
14
Garmin
GRMN
$46.9B
$24.6M 2.34%
100,000
– –
ADI icon
15
Analog Devices
ADI
$181B
$24.6M 2.33%
100,000
+20,000
+25% +$4.81M
TRMB icon
16
Trimble
TRMB
$12.3B
$24.5M 2.32%
300,000
– –
EQT icon
17
EQT Corp
EQT
$33.2B
$24.5M 2.32%
450,000
-50,000
-10% -$2.64M
BWXT icon
18
BWX Technologies
BWXT
$16B
$23M 2.19%
125,000
+25,000
+25% +$4.02M
RRC icon
19
Range Resources
RRC
$9.11B
$22.6M 2.14%
600,000
-100,000
-14% -$3.57M
AXON
20
Axon Enterprise
AXON
$40.5B
$21.5M 2.04%
30,000
– –
TWLO icon
21
Twilio
TWLO
$29.1B
$20M 1.9%
200,000
+100,000
+100% +$11.3M
GLW icon
22
Corning
GLW
$126B
$19.7M 1.87%
240,000
– –
SHOP icon
23
Shopify
SHOP
$148B
$19.3M 1.83%
130,000
+30,000
+30% +$4.07M
MCHP icon
24
Microchip Technology
MCHP
$42.8B
$19.3M 1.83%
300,000
+100,000
+50% +$6.78M
BV icon
25
BrightView Holdings
BV
$1.31B
$15.4M 1.46%
1,150,000
– –
1
2 3

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CIS
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HBCM
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ACP
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SI
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PWA
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Telemark Asset Management's Q3 2025 Portfolio in Review

As of Q3 2025, Telemark Asset Management held 56 positions worth $1.05B, down 4.4% from $1.1B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Telemark Asset Management withdrew a net $129M in Q3 2025, closing 9 positions and reducing 6 holdings. Its most notable exit was Boeing, an estimated $21M position sold in full.

By sector, the portfolio is most concentrated in Technology at 40% of assets, up from 32% a quarter earlier, followed by Industrials and Energy.

Against the trend, Telemark Asset Management opened a new position in Moderna worth $12.9M.

  • Telemark Asset Management's largest Q3 2025 buy was Moderna: 500,000 shares worth $12.9M.
  • Telemark Asset Management added most to Novanta in Q3 2025, an estimated $11.9M increase.
  • Telemark Asset Management's biggest Q3 2025 reduction was Arm, cutting an estimated $7.28M.
  • Telemark Asset Management fully exited Boeing in Q3 2025, selling an estimated $21M.
  • Telemark Asset Management's ten largest holdings make up 49% of its $1.05B portfolio in Q3 2025.
  • Telemark Asset Management opened 7 new positions and closed 9 in Q3 2025.
  • Telemark Asset Management's portfolio value fell 4.4% quarter-over-quarter to $1.05B.

Based on Telemark Asset Management's 13F filing for Q3 2025, filed 10 Nov 2025.