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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
+3.54%
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
$1B
AUM Growth
-$52.4M
Cap. Flow
-$37.7M
Cap. Flow %
-3.77%
Top 10 Hldgs %
47.38%
Holding
61
New
14
Increased
8
Reduced
21
Closed
5

Top Buys

Rank Stock Value
1
PLTR icon
Palantir
PLTR
+$18.1M
2
MOD icon
Modine Manufacturing
MOD
+$14.9M
3
MDB icon
MongoDB
MDB
+$14.6M
4
NOVT icon
Novanta
NOVT
+$14.2M
5
FSLR icon
First Solar
FSLR
+$12.6M

Top Sells

Rank Stock Value
1
CSGP icon
CoStar Group
CSGP
+$46.4M
2
TWLO icon
Twilio
TWLO
+$20M
3
META icon
Meta Platforms (Facebook)
META
+$13.4M
4
FFIV icon
F5
FFIV
+$12.9M
5
MRNA icon
Moderna
MRNA
+$12.9M

Sector Composition

Rank Sector Weight
1 Technology 49.03%
2 Industrials 20.34%
3 Energy 11.8%
4 Consumer Discretionary 6.6%
5 Communication Services 5.55%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NVDA icon
1
NVIDIA
NVDA
$5.01T
$112M 11.18%
600,000
– –
CCJ icon
2
Cameco
CCJ
$38.3B
$91.5M 9.14%
1,000,000
– –
AMZN icon
3
Amazon
AMZN
$2.5T
$46.2M 4.61%
200,000
– –
HEI icon
4
HEICO Corp
HEI
$48.9B
$45.3M 4.52%
140,000
– –
NOVT icon
5
Novanta
NOVT
$5.04B
$44.6M 4.46%
375,000
+125,000
+50% +$14.2M
HEI.A icon
6
HEICO Corp Class A
HEI.A
$35.4B
$31.6M 3.15%
125,000
– –
TSM icon
7
TSMC
TSM
$2.09T
$30.4M 3.04%
100,000
-20,000
-17% -$5.87M
META icon
8
Meta Platforms (Facebook)
META
$1.51T
$26.4M 2.64%
40,000
-20,000
-33% -$13.4M
TRMB icon
9
Trimble
TRMB
$12.3B
$23.5M 2.35%
300,000
– –
ADI icon
10
Analog Devices
ADI
$181B
$23.1M 2.3%
85,000
-15,000
-15% -$3.77M
MCHP icon
11
Microchip Technology
MCHP
$42.8B
$22.3M 2.23%
350,000
+50,000
+17% +$3.08M
WCN
12
Waste Connections
WCN
$42.8B
$21M 2.1%
120,000
-30,000
-20% -$5.18M
SHOP icon
13
Shopify
SHOP
$148B
$20.9M 2.09%
130,000
– –
FNV icon
14
Franco-Nevada
FNV
$41.4B
$20.7M 2.07%
100,000
-50,000
-33% -$10.1M
CLH icon
15
Clean Harbors
CLH
$16.1B
$18.8M 1.87%
80,000
-30,000
-27% -$6.85M
AMSC icon
16
American Superconductor
AMSC
$1.48B
$17.8M 1.78%
619,900
-70,100
-10% -$3.03M
PLTR icon
17
Palantir
PLTR
$295B
$17.8M 1.78%
+100,000
New +$18.1M
GLW icon
18
Corning
GLW
$126B
$17.5M 1.75%
200,000
-40,000
-17% -$3.45M
BWXT icon
19
BWX Technologies
BWXT
$16B
$17.3M 1.73%
100,000
-25,000
-20% -$4.69M
MDB icon
20
MongoDB
MDB
$24B
$16.8M 1.68%
+40,000
New +$14.6M
KOPN icon
21
Kopin
KOPN
$663M
$16.4M 1.64%
7,000,000
+2,000,000
+40% +$5.78M
EQT icon
22
EQT Corp
EQT
$33.2B
$16.1M 1.61%
300,000
-150,000
-33% -$8.43M
GOOGL icon
23
Alphabet (Google) Class A
GOOGL
$3.91T
$15.7M 1.56%
50,000
– –
MSFT icon
24
Microsoft
MSFT
$2.84T
$14.5M 1.45%
30,000
+20,000
+200% +$10M
TER icon
25
Teradyne
TER
$54.8B
$13.5M 1.35%
70,000
– –
1
2 3

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HBCM
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Telemark Asset Management's Q4 2025 Portfolio in Review

As of Q4 2025, Telemark Asset Management held 61 positions worth $1B, down 5% from $1.05B the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Telemark Asset Management withdrew a net $37.7M in Q4 2025, closing 5 positions and reducing 21 holdings. Its most notable exit was CoStar Group, an estimated $46.4M position sold in full.

By sector, the portfolio is most concentrated in Technology at 49% of assets, up from 40% a quarter earlier, followed by Industrials and Energy.

Against the trend, Telemark Asset Management opened a new position in Palantir worth $17.8M.

  • Telemark Asset Management's largest Q4 2025 buy was Palantir: 100,000 shares worth $17.8M.
  • Telemark Asset Management added most to Novanta in Q4 2025, an estimated $14.2M increase.
  • Telemark Asset Management's biggest Q4 2025 reduction was Meta Platforms (Facebook), cutting an estimated $13.4M.
  • Telemark Asset Management fully exited CoStar Group in Q4 2025, selling an estimated $46.4M.
  • Telemark Asset Management's ten largest holdings make up 47% of its $1B portfolio in Q4 2025.
  • Telemark Asset Management opened 14 new positions and closed 5 in Q4 2025.
  • Telemark Asset Management's portfolio value fell 5% quarter-over-quarter to $1B.

Based on Telemark Asset Management's 13F filing for Q4 2025, filed 11 Feb 2026.