Ampersand Capital Group, L.P.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Ampersand Capital Group, L.P. reported 7 stock positions worth $201.0 million. Its top holding was MercadoLibre (MELI) at 19.6% of the portfolio, followed by Global-E Online (GLBE, 18.3%) and PTC (PTC, 16.0%). Compared with Q1 2025, it added to 5 and reduced 1. The biggest buy was Global-E Online (GLBE, shares +61%) and the biggest sale Axon Enterprise (AXON, shares −26%).

Most Recent 13F
Q2 2026
Location
BURLINGAME, CA
CIK
0002059671
Portfolio Value
$201.0M (Q2 2025)
SEC Filing
0001771179-25-000009 ↗ filed Aug 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q4 2024: $149.3M Q4 2024 Q1 2025: $144.9M Q1 2025 Q2 2025: $201.0M $201.0M Q2 2025 Q3 2025: $222.0M Q3 2025 Q4 2025: $224.3M Q4 2025 Q1 2026: $182.8M Q1 2026 Q2 2026: $221.7M Q2 2026

Holdings 7 stocks · $201.0M
MELI MercadoLibre Inc. 19.62% 15,091 $39.4M No change
GLBE Global-E Online Ltd. 18.31% 1,097,125 $36.8M Add +60.6%
PTC PTC Inc. 16.04% 187,055 $32.2M Add +24.8%
DASH DoorDash Inc. Class A 15.63% 127,418 $31.4M Add +9.4%
SHOP Shopify Inc. Class A 10.60% 184,763 $21.3M Add +5.6%
BKNG Booking Holdings Inc. 10.23% 3,550 $20.6M Add +22.4%
AXON Axon Enterprise Inc. 9.57% 23,227 $19.2M Reduce -25.9%

Portfolio Sells Q1 2025 → Q2 2025
AXON Axon Enterprise Inc. Reduce -25.9% 9.57% −1.81

Portfolio Buys Q1 2025 → Q2 2025
GLBE Global-E Online Ltd. Add +60.6% 18.31% +1.49
BKNG Booking Holdings Inc. Add +22.4% 10.23% +1.00
DASH DoorDash Inc. Class A Add +9.4% 15.63% +0.94
PTC PTC Inc. Add +24.8% 16.04% +0.00
SHOP Shopify Inc. Class A Add +5.6% 10.60% −0.93

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 7$221.7MGLBE, MELI, DASH, AXON, SHOP
Q1 2026 7$182.8MGLBE, MELI, PTC, SHOP, DASH
Q4 2025 7$224.3MGLBE, MELI, PTC, SHOP, DASH
Q3 2025 7$222.0MGLBE, MELI, PTC, DASH, SHOP
Q2 2025 7$201.0MMELI, GLBE, PTC, DASH, SHOP
Q1 2025 7$144.9MMELI, GLBE, PTC, DASH, SHOP
Q4 2024 7$149.3MGLBE, BKNG, MELI, DASH, AXON