Aperture Investors, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Aperture Investors, LLC reported 75 stock positions worth $657.8 million. Its top holding was Clean Harbors (CLH) at 4.3% of the portfolio, followed by Cyberark Software Ltd./Israel (CYBR, 4.2%) and Trex (TREX, 3.9%). Compared with Q4 2024, it opened 15 new positions, sold out of 11, added to 18 and reduced 26. The biggest buy was a new position in Aaon (AAON) and the biggest sale an exit from Descartes Systems Grp (DSGX).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001787596
- Portfolio Value
- $657.8M (Q1 2025)
- SEC Filing
- 0001172661-25-001988 ↗ filed May 15, 2025
Holdings Value
Holdings 75 stocks · $657.8M
| CLH Clean Harbors Inc. | 4.26% | 142,073 | $28.0M | Add +52.8% |
| CYBR Cyberark Software Ltd./Israel | 4.18% | 81,291 | $27.5M | Reduce -9.7% |
| TREX Trex Company Inc. | 3.88% | 439,811 | $25.6M | Add +16.3% |
| AAON Aaon Inc. | 3.83% | 322,765 | $25.2M | New |
| CAVA Cava Group Inc. | 3.57% | 271,569 | $23.5M | Add +6.7% |
| VXUS Vanguard Total Intl Stock | 3.50% | 371,181 | $23.1M | No change |
| VERX Vertex Inc. Class A | 3.43% | 644,215 | $22.6M | Add +1.8% |
| ACVA Acv Auctions Inc. Class A | 3.39% | 1,581,543 | $22.3M | Add +24.3% |
| SHAK Shake Shack Inc. Class A | 3.37% | 251,435 | $22.2M | Add +43.8% |
| RRX Regal Rexnord Corp. | 3.23% | 186,484 | $21.2M | Add +32.0% |
| HAYW Hayward Holdings Inc. | 3.06% | 1,443,785 | $20.1M | Add +28.7% |
| BC Brunswick Corp. | 2.79% | 340,565 | $18.3M | Add +2.0% |
| BROS Dutch Bros Inc. Class A | 2.74% | 291,916 | $18.0M | New |
| MKSI MKS Inc. filed as MKS INSTRS INC | 2.50% | 205,209 | $16.4M | Reduce -11.2% |
| PRMB Primo Brands Corp. | 2.44% | 452,722 | $16.1M | New |
| SN Sharkninja Inc. | 2.44% | 192,237 | $16.0M | Reduce -26.9% |
| DUOL Duolingo | 2.29% | 48,572 | $15.1M | Reduce -26.6% |
| PCOR Procore Technologies Inc. | 2.18% | 217,614 | $14.4M | Reduce -4.7% |
| WAY Waystar Holding Corp. | 2.15% | 377,875 | $14.1M | New |
| SPOT Spotify Technology SA | 2.15% | 25,658 | $14.1M | Reduce -38.5% |
| TSM Taiwan Semiconductor-SP ADR | 2.06% | 81,526 | $13.5M | Reduce -26.7% |
| VWO Vanguard Ftse Emerging Marke | 1.81% | 263,332 | $11.9M | No change |
| CRH CRH PLC | 1.67% | 124,845 | $11.0M | No change |
| RH RH | 1.61% | 45,247 | $10.6M | Add +15.8% |
| RBRK Rubrik Inc. Class A | 1.43% | 154,099 | $9.4M | Reduce -49.3% |
| NDAQ Nasdaq Inc. | 1.37% | 118,419 | $9.0M | Add +23.2% |
| FSS Federal Signal Corp. | 1.36% | 121,572 | $8.9M | Reduce -19.8% |
| SAIL Sailpoint Inc. | 1.30% | 457,616 | $8.6M | New |
| SONY Sony Group Corp. - SP ADR | 1.27% | 328,755 | $8.3M | No change |
| HDB HDFC Bank Ltd.-ADR | 1.00% | 99,116 | $6.6M | No change |
| BUR Burford Capital Ltd. | 0.99% | 494,174 | $6.5M | Reduce -21.0% |
| APG Api Group Corp. | 0.99% | 181,951 | $6.5M | Reduce -12.4% |
| AMZN Amazon.com Inc. | 0.95% | 33,008 | $6.3M | Add +15.3% |
| YUMC Yum China Holdings Inc. | 0.92% | 116,347 | $6.1M | No change |
| MDT Medtronic PLC | 0.87% | 63,686 | $5.7M | No change |
| VST Vistra Corp. | 0.87% | 48,496 | $5.7M | Add +0.3% |
| PTON Peloton Interactive Inc. Class A | 0.80% | 834,633 | $5.3M | New |
| MSFT Microsoft Corp. | 0.79% | 13,823 | $5.2M | Reduce -14.6% |
| MIR Mirion Technologies Inc. | 0.79% | 357,367 | $5.2M | Reduce -3.8% |
| OS Onestream Inc. | 0.77% | 236,118 | $5.0M | Reduce -71.8% |
| NVDA Nvidia Corp. | 0.75% | 45,459 | $4.9M | Reduce -54.2% |
| LIND Lindblad Expeditions Holding | 0.74% | 527,053 | $4.9M | Reduce -28.1% |
| SAP Sap SE-Sponsored ADR | 0.73% | 17,903 | $4.8M | No change |
| RDDT Reddit Inc. Class A | 0.71% | 44,499 | $4.7M | Reduce -72.9% |
| IBN Icici Bank Ltd.-Spon ADR | 0.69% | 143,575 | $4.5M | No change |
| BABA Alibaba Group Holding-SP ADR | 0.68% | 33,864 | $4.5M | Reduce -9.8% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.67% | 63,804 | $4.4M | Add +17.2% |
| WMB Williams Cos Inc. | 0.63% | 69,164 | $4.1M | New |
| MMM 3M Co. | 0.60% | 26,660 | $3.9M | Reduce -22.5% |
| CCI Crown Castle Inc. | 0.59% | 37,313 | $3.9M | New |
| RNW Renew Energy Global PLC-A | 0.54% | 604,807 | $3.6M | Add +18.7% |
| CCEP Coca-Cola Europacific Partne | 0.54% | 40,606 | $3.5M | Reduce -28.5% |
| SPGI S&P Global Inc. | 0.53% | 6,836 | $3.5M | Add +0.1% |
| ALC Alcon Inc. filed as ALCON AG | 0.52% | 35,820 | $3.4M | No change |
| LIN Linde PLC | 0.51% | 7,230 | $3.4M | No change |
| TW Tradeweb Markets Inc. Class A | 0.50% | 22,152 | $3.3M | Reduce -20.2% |
| KR Kroger Co. | 0.48% | 46,723 | $3.2M | Add +47.8% |
| XPO Xpo Inc. | 0.39% | 24,127 | $2.6M | Add +44.6% |
| CRM Salesforce Inc. | 0.38% | 9,338 | $2.5M | Reduce -36.1% |
| AZN Astrazeneca PLC-Spons ADR | 0.38% | 33,732 | $2.5M | No change |
| NFLX Netflix Inc. | 0.30% | 2,118 | $2.0M | New |
| IP International Paper Co. | 0.30% | 36,538 | $1.9M | No change |
| EXE Expand Energy Corp. | 0.29% | 17,310 | $1.9M | New |
| RXO Rxo Inc. | 0.29% | 99,561 | $1.9M | Reduce -66.9% |
| FCX Freeport-McMoran Inc. | 0.28% | 48,260 | $1.8M | Reduce -25.0% |
| ENTG Entegris Inc. | 0.27% | 20,018 | $1.8M | New |
| FLUT Flutter Entertainment PLC-Di | 0.26% | 7,763 | $1.7M | No change |
| UAL United Airlines Holdings Inc. | 0.24% | 23,056 | $1.6M | Reduce -17.5% |
| META Meta Platforms Inc. Class A | 0.24% | 2,752 | $1.6M | No change |
| MEOH Methanex Corp. | 0.21% | 40,124 | $1.4M | Reduce -0.5% |
| ECG Everus Construction Group | 0.20% | 36,297 | $1.3M | New |
| TTAM Titan America SA | 0.16% | 77,931 | $1.1M | New |
| PAL Proficient Auto Logistics Inc. | 0.14% | 111,573 | $934K | New |
| IHG Intercontinental Hotels-ADR | 0.14% | 8,204 | $899K | No change |
| PHIN Phinia Inc. | 0.13% | 19,404 | $823K | New |
Options reported separately and not counted above: HYG puts ($72.6M), EWZ calls ($25.9M), RDDT calls ($21.5M), ET calls ($5.0M).
Portfolio Sells Q4 2024 → Q1 2025
| DSGX The Descartes Systems Grp | Sold out | 0.00% | −2.92 |
| RDDT Reddit Inc. Class A | Reduce -72.9% | 0.71% | −2.76 |
| OS Onestream Inc. | Reduce -71.8% | 0.77% | −2.32 |
| NTRA Natera Inc. | Sold out | 0.00% | −1.53 |
| ARHS Arhaus Inc. | Sold out | 0.00% | −1.43 |
| RACE Ferrari NV | Sold out | 0.00% | −1.21 |
| STLA Stellantis NV | Sold out | 0.00% | −1.20 |
| RBRK Rubrik Inc. Class A | Reduce -49.3% | 1.43% | −1.14 |
| NVDA Nvidia Corp. | Reduce -54.2% | 0.75% | −0.97 |
| SN Sharkninja Inc. | Reduce -26.9% | 2.44% | −0.87 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -26.7% | 2.06% | −0.78 |
| RXO Rxo Inc. | Reduce -66.9% | 0.29% | −0.64 |
| MKSI MKS Inc. | Reduce -11.2% | 2.50% | −0.62 |
| AAPL Apple Inc. | Sold out | 0.00% | −0.53 |
| DUOL Duolingo | Reduce -26.6% | 2.29% | −0.48 |
| FSS Federal Signal Corp. | Reduce -19.8% | 1.36% | −0.45 |
| LIND Lindblad Expeditions Holding | Reduce -28.1% | 0.74% | −0.38 |
| FTAI Ftai Aviation Ltd. | Sold out | 0.00% | −0.36 |
| MTLS Materialise NV-ADR | Sold out | 0.00% | −0.35 |
| PLYA Playa Hotels & Resorts NV | Sold out | 0.00% | −0.34 |
| SPOT Spotify Technology SA | Reduce -38.5% | 2.15% | −0.26 |
| CRM Salesforce Inc. | Reduce -36.1% | 0.38% | −0.25 |
| DASH DoorDash Inc. Class A | Sold out | 0.00% | −0.24 |
| CEG Constellation Energy | Sold out | 0.00% | −0.22 |
| UAL United Airlines Holdings Inc. | Reduce -17.5% | 0.24% | −0.11 |
| MSFT Microsoft Corp. | Reduce -14.6% | 0.79% | −0.09 |
| MIR Mirion Technologies Inc. | Reduce -3.8% | 0.79% | −0.05 |
| MEOH Methanex Corp. | Reduce -0.5% | 0.21% | −0.05 |
| FCX Freeport-McMoran Inc. | Reduce -25.0% | 0.28% | −0.04 |
| BUR Burford Capital Ltd. | Reduce -21.0% | 0.99% | −0.04 |
| CCEP Coca-Cola Europacific Partne | Reduce -28.5% | 0.54% | −0.03 |
| PCOR Procore Technologies Inc. | Reduce -4.7% | 2.18% | −0.03 |
| MMM 3M Co. | Reduce -22.5% | 0.60% | +0.02 |
| APG Api Group Corp. | Reduce -12.4% | 0.99% | +0.02 |
| TW Tradeweb Markets Inc. Class A | Reduce -20.2% | 0.50% | +0.03 |
| BABA Alibaba Group Holding-SP ADR | Reduce -9.8% | 0.68% | +0.27 |
| CYBR Cyberark Software Ltd./Israel | Reduce -9.7% | 4.18% | +0.30 |
Portfolio Buys Q4 2024 → Q1 2025
| AAON Aaon Inc. | New | 3.83% | +3.83 |
| BROS Dutch Bros Inc. Class A | New | 2.74% | +2.74 |
| PRMB Primo Brands Corp. | New | 2.44% | +2.44 |
| WAY Waystar Holding Corp. | New | 2.15% | +2.15 |
| CLH Clean Harbors Inc. | Add +52.8% | 4.26% | +1.49 |
| SAIL Sailpoint Inc. | New | 1.30% | +1.30 |
| HAYW Hayward Holdings Inc. | Add +28.7% | 3.06% | +0.84 |
| PTON Peloton Interactive Inc. Class A | New | 0.80% | +0.80 |
| WMB Williams Cos Inc. | New | 0.63% | +0.63 |
| CCI Crown Castle Inc. | New | 0.59% | +0.59 |
| TREX Trex Company Inc. | Add +16.3% | 3.88% | +0.51 |
| SHAK Shake Shack Inc. Class A | Add +43.8% | 3.37% | +0.44 |
| NDAQ Nasdaq Inc. | Add +23.2% | 1.37% | +0.41 |
| RRX Regal Rexnord Corp. | Add +32.0% | 3.23% | +0.40 |
| NFLX Netflix Inc. | New | 0.30% | +0.30 |
| EXE Expand Energy Corp. | New | 0.29% | +0.29 |
| ENTG Entegris Inc. | New | 0.27% | +0.27 |
| KR Kroger Co. | Add +47.8% | 0.48% | +0.23 |
| ECG Everus Construction Group | New | 0.20% | +0.20 |
| TTAM Titan America SA | New | 0.16% | +0.16 |
| AMZN Amazon.com Inc. | Add +15.3% | 0.95% | +0.14 |
| PAL Proficient Auto Logistics Inc. | New | 0.14% | +0.14 |
| PHIN Phinia Inc. | New | 0.13% | +0.13 |
| XPO Xpo Inc. | Add +44.6% | 0.39% | +0.11 |
| RNW Renew Energy Global PLC-A | Add +18.7% | 0.54% | +0.09 |
| SPGI S&P Global Inc. | Add +0.1% | 0.53% | +0.09 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +17.2% | 0.67% | +0.07 |
| VST Vistra Corp. | Add +0.3% | 0.87% | +0.00 |
| BC Brunswick Corp. | Add +2.0% | 2.79% | −0.00 |
| CAVA Cava Group Inc. | Add +6.7% | 3.57% | −0.14 |
| ACVA Acv Auctions Inc. Class A | Add +24.3% | 3.39% | −0.16 |
| RH RH | Add +15.8% | 1.61% | −0.37 |
| VERX Vertex Inc. Class A | Add +1.8% | 3.43% | −0.93 |
Options Activity Q4 2024 → Q1 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | New | 920,000 | $72.6M |
| EWZ iShares MSCI Brazil ETF | call | New | 1,000,000 | $25.9M |
| RDDT Reddit Inc. Class A | call | New | 205,000 | $21.5M |
| C Citigroup Inc. | call | Sold out | 147,000 | $10.3Mbefore exit |
| GOOGL Alphabet Inc. Class A | call | Sold out | 31,500 | $6.0Mbefore exit |
| ET Energy Transfer LP | call | New | 268,300 | $5.0M |
| AMZN Amazon.com Inc. | call | Sold out | 15,000 | $3.3Mbefore exit |
| XLE SS Energy Select Sector | call | Sold out | 31,800 | $2.7Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 82 | $941.6M | SN, STRL, IDCC, SPXC, LIN |
| Q1 2026 | 87 | $791.3M | CAVA, LIN, ORA, IDCC, SITM |
| Q4 2025 | 80 | $716.3M | CAVA, BROS, ORA, VXUS, POWL |
| Q3 2025 | 79 | $719.9M | AAON, IDCC, STRL, AGX, MTN |
| Q2 2025 | 78 | $744.1M | CYBR, CAVA, SN, VERX, CLH |
| Q1 2025 | 75 | $657.8M | CLH, CYBR, TREX, AAON, CAVA |
| Q4 2024 | 71 | $773.9M | VERX, CYBR, CAVA, ACVA, RDDT |
| Q3 2024 | 74 | $787.4M | VERX, ACVA, TREX, CAVA, MKSI |
| Q2 2024 | 78 | $682.8M | CYBR, VERX, MKSI, TREX, CLH |
| Q1 2024 | 77 | $781.3M | LIN, CLH, CYBR, TREX, VERX |