Aperture Investors, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Aperture Investors, LLC reported 80 stock positions worth $716.3 million. Its top holding was Cava (CAVA) at 4.2% of the portfolio, followed by Dutch Bros Class A (BROS, 3.7%) and Ormat Technologies (ORA, 3.6%). Compared with Q3 2025, it opened 16 new positions, sold out of 15, added to 21 and reduced 26. The biggest buy was a new position in Ormat Technologies (ORA) and the biggest sale an exit from Trex (TREX).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001787596
- Portfolio Value
- $716.3M (Q4 2025)
- SEC Filing
- 0001172661-26-000925 ↗ filed Feb 17, 2026
Holdings Value
Holdings 80 stocks · $716.3M
| CAVA Cava Group Inc. | 4.19% | 511,981 | $30.0M | Add +60.8% |
| BROS Dutch Bros Inc. Class A | 3.71% | 434,462 | $26.6M | Reduce -2.5% |
| ORA Ormat Technologies Inc. | 3.57% | 231,633 | $25.6M | New |
| VXUS Vanguard Total Intl Stock | 3.57% | 339,093 | $25.6M | No change |
| POWL Powell Industries Inc. | 3.41% | 76,693 | $24.4M | Reduce -0.9% |
| SPXC SPX Technologies Inc. | 3.39% | 121,406 | $24.3M | New |
| IDCC Interdigital Inc. | 3.17% | 71,239 | $22.7M | Reduce -13.3% |
| FSS Federal Signal Corp. | 3.09% | 204,100 | $22.2M | Add +152.2% |
| SN Sharkninja Inc. | 3.07% | 196,362 | $22.0M | Reduce -17.6% |
| HAYW Hayward Holdings Inc. | 2.99% | 1,387,143 | $21.4M | Reduce -0.6% |
| TIGO Millicom Intl Cellular S.A. | 2.96% | 383,048 | $21.2M | No change |
| LITE Lumentum Holdings Inc. | 2.90% | 56,449 | $20.8M | New |
| PI Impinj Inc. | 2.85% | 117,118 | $20.4M | New |
| STRL Sterling Infrastructure Inc. | 2.82% | 66,008 | $20.2M | Reduce -17.7% |
| MTN Vail Resorts Inc. | 2.81% | 151,449 | $20.1M | Reduce -9.3% |
| AAON Aaon Inc. | 2.77% | 260,212 | $19.8M | Reduce -22.3% |
| BC Brunswick Corp. | 2.58% | 248,737 | $18.5M | Reduce -36.4% |
| PTON Peloton Interactive Inc. Class A | 2.57% | 2,989,369 | $18.4M | Add +13.6% |
| AGX Argan Inc. | 2.39% | 54,587 | $17.1M | Reduce -45.5% |
| SHAK Shake Shack Inc. Class A | 2.35% | 207,366 | $16.8M | Reduce -20.4% |
| CRH CRH PLC | 2.03% | 116,299 | $14.5M | Reduce -1.6% |
| VWO Vanguard Ftse Emerging Marke | 1.98% | 263,332 | $14.2M | No change |
| RRX Regal Rexnord Corp. | 1.70% | 86,677 | $12.2M | Reduce -40.7% |
| SAIL Sailpoint Inc. | 1.63% | 577,417 | $11.7M | Reduce -20.8% |
| NDAQ Nasdaq Inc. | 1.46% | 107,760 | $10.5M | Add +10.7% |
| WMB Williams Cos Inc. | 1.24% | 147,859 | $8.9M | Add +25.6% |
| MSFT Microsoft Corp. | 1.03% | 15,329 | $7.4M | Reduce -13.0% |
| HDB HDFC Bank Ltd.-ADR | 0.96% | 188,760 | $6.9M | No change |
| NVDA Nvidia Corp. | 0.95% | 36,499 | $6.8M | Reduce -14.2% |
| COIN Coinbase Global Inc. Class A | 0.95% | 30,033 | $6.8M | No change |
| AMZN Amazon.com Inc. | 0.87% | 27,074 | $6.2M | Add +22.6% |
| YUMC Yum China Holdings Inc. | 0.86% | 129,018 | $6.2M | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.81% | 19,047 | $5.8M | No change |
| BABA Alibaba Group Holding-SP ADR | 0.79% | 38,483 | $5.6M | Add +13.6% |
| VSAT Viasat Inc. | 0.78% | 162,500 | $5.6M | Reduce -22.6% |
| EQT Eqt Corp. | 0.77% | 103,468 | $5.5M | Add +26.3% |
| CTRI Centuri Holdings Inc. | 0.77% | 218,462 | $5.5M | Add +129.3% |
| MMM 3M Co. | 0.75% | 33,635 | $5.4M | Add +40.5% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.70% | 99,121 | $5.0M | No change |
| LIND Lindblad Expeditions Holding | 0.69% | 343,683 | $5.0M | No change |
| NBIS Nebius Group NV | 0.69% | 58,987 | $4.9M | New |
| SITM Sitime Corp. | 0.68% | 13,818 | $4.9M | New |
| SAP Sap SE-Sponsored ADR | 0.66% | 19,441 | $4.7M | No change |
| ALC Alcon Inc. filed as ALCON AG | 0.62% | 56,423 | $4.4M | Add +22.8% |
| PRMB Primo Brands Corp. | 0.61% | 269,158 | $4.4M | Add +24.1% |
| ULS Ul Solutions Inc. Class A | 0.61% | 55,572 | $4.4M | New |
| FCX Freeport-McMoran Inc. | 0.61% | 85,342 | $4.3M | Add +73.8% |
| KOF Coca-Cola Femsa Sab-SP ADR | 0.59% | 44,627 | $4.2M | Reduce -17.2% |
| APG Api Group Corp. | 0.59% | 109,947 | $4.2M | Reduce -60.6% |
| VST Vistra Corp. | 0.57% | 25,398 | $4.1M | Add +25.5% |
| VNET Vnet Group Inc.-ADR | 0.56% | 477,646 | $4.0M | Reduce -2.0% |
| IBN Icici Bank Ltd.-Spon ADR | 0.55% | 133,325 | $4.0M | No change |
| SONY Sony Group Corp. - SP ADR | 0.55% | 154,731 | $4.0M | Add +66.7% |
| CEG Constellation Energy | 0.54% | 10,937 | $3.9M | Add +63.4% |
| AA Alcoa Corp. | 0.51% | 68,960 | $3.7M | New |
| MIR Mirion Technologies Inc. | 0.50% | 151,685 | $3.6M | Reduce -60.1% |
| CTEV Claritev Corp. | 0.48% | 80,720 | $3.5M | New |
| RAL Ralliant Corp. | 0.47% | 66,173 | $3.4M | New |
| BUR Burford Capital Ltd. | 0.46% | 369,095 | $3.3M | Reduce -18.2% |
| PKG Packaging Corp. of America | 0.45% | 15,557 | $3.2M | Add +52.5% |
| FLS Flowserve Corp. | 0.45% | 46,120 | $3.2M | New |
| AZN Astrazeneca PLC-Spons ADR | 0.43% | 33,732 | $3.1M | No change |
| AMRZ Amrize Ltd. | 0.43% | 57,179 | $3.1M | Add +24.3% |
| ASML ASML Holding NV-NY Reg SHS | 0.39% | 2,580 | $2.8M | No change |
| MTZ Mastec Inc. | 0.33% | 10,978 | $2.4M | New |
| UAL United Airlines Holdings Inc. | 0.33% | 21,138 | $2.4M | Add +93.5% |
| TLN Talen Energy Corp. | 0.33% | 6,285 | $2.4M | Add +25.3% |
| LIN Linde PLC | 0.31% | 5,219 | $2.2M | No change |
| COHR Coherent Corp. | 0.30% | 11,678 | $2.2M | New |
| ECG Everus Construction Group | 0.30% | 24,946 | $2.1M | Reduce -61.7% |
| FIGR Figure Technology Solut Class A | 0.29% | 51,250 | $2.1M | Reduce -32.6% |
| KR Kroger Co. | 0.28% | 32,360 | $2.0M | Reduce -50.0% |
| MDT Medtronic PLC | 0.26% | 19,024 | $1.8M | Reduce -45.6% |
| IHRT Iheartmedia Inc. Class A | 0.23% | 400,000 | $1.7M | New |
| UL Unilever PLC-Sponsored ADR | 0.23% | 25,050 | $1.6M | No change |
| MMYT Makemytrip Ltd. | 0.22% | 19,145 | $1.6M | Add +91.5% |
| RKT Rocket Cos Inc. Class A | 0.19% | 68,541 | $1.3M | New |
| UNIT Uniti Group Inc. | 0.17% | 177,223 | $1.2M | No change |
| IHG Intercontinental Hotels-ADR | 0.16% | 8,204 | $1.2M | No change |
| WRBY Warby Parker Inc. Class A | 0.16% | 51,119 | $1.1M | New |
Options reported separately and not counted above: SPY puts ($115.9M), NVDA calls ($21.0M), AVGO calls ($8.0M), QQQ puts ($7.4M), CRH calls ($6.9M).
Portfolio Sells Q3 2025 → Q4 2025
| TREX Trex Company Inc. | Sold out | 0.00% | −2.92 |
| VERX Vertex Inc. Class A | Sold out | 0.00% | −2.59 |
| AAON Aaon Inc. | Reduce -22.3% | 2.77% | −1.57 |
| ACVA Acv Auctions Inc. Class A | Sold out | 0.00% | −1.52 |
| AGX Argan Inc. | Reduce -45.5% | 2.39% | −1.37 |
| RRX Regal Rexnord Corp. | Reduce -40.7% | 1.70% | −1.21 |
| SHAK Shake Shack Inc. Class A | Reduce -20.4% | 2.35% | −1.04 |
| STRL Sterling Infrastructure Inc. | Reduce -17.7% | 2.82% | −0.96 |
| BC Brunswick Corp. | Reduce -36.4% | 2.58% | −0.86 |
| IDCC Interdigital Inc. | Reduce -13.3% | 3.17% | −0.77 |
| APG Api Group Corp. | Reduce -60.6% | 0.59% | −0.75 |
| MIR Mirion Technologies Inc. | Reduce -60.1% | 0.50% | −0.73 |
| CCI Crown Castle Inc. | Sold out | 0.00% | −0.72 |
| RBRK Rubrik Inc. Class A | Sold out | 0.00% | −0.70 |
| MTN Vail Resorts Inc. | Reduce -9.3% | 2.81% | −0.66 |
| SAIL Sailpoint Inc. | Reduce -20.8% | 1.63% | −0.60 |
| CDE Coeur Mining Inc. | Sold out | 0.00% | −0.60 |
| IP International Paper Co. | Sold out | 0.00% | −0.49 |
| ECG Everus Construction Group | Reduce -61.7% | 0.30% | −0.48 |
| SN Sharkninja Inc. | Reduce -17.6% | 3.07% | −0.35 |
| ANET Arista Networks Inc. | Sold out | 0.00% | −0.33 |
| KR Kroger Co. | Reduce -50.0% | 0.28% | −0.32 |
| TW Tradeweb Markets Inc. Class A | Sold out | 0.00% | −0.30 |
| DLTR Dollar Tree Inc. | Sold out | 0.00% | −0.29 |
| BUR Burford Capital Ltd. | Reduce -18.2% | 0.46% | −0.29 |
| FUN Six Flags Entertainment Corp. | Sold out | 0.00% | −0.28 |
| RNW Renew Energy Global PLC-A | Sold out | 0.00% | −0.25 |
| MSFT Microsoft Corp. | Reduce -13.0% | 1.03% | −0.23 |
| MDT Medtronic PLC | Reduce -45.6% | 0.26% | −0.21 |
| DQ Daqo New Energy Corp.-ADR | Sold out | 0.00% | −0.18 |
| PCT Purecycle Technologies Inc. | Sold out | 0.00% | −0.18 |
| NVDA Nvidia Corp. | Reduce -14.2% | 0.95% | −0.15 |
| VNET Vnet Group Inc.-ADR | Reduce -2.0% | 0.56% | −0.14 |
| RXO Rxo Inc. | Sold out | 0.00% | −0.12 |
| FIGR Figure Technology Solut Class A | Reduce -32.6% | 0.29% | −0.09 |
| VSAT Viasat Inc. | Reduce -22.6% | 0.78% | −0.07 |
| KOF Coca-Cola Femsa Sab-SP ADR | Reduce -17.2% | 0.59% | −0.03 |
| CRH CRH PLC | Reduce -1.6% | 2.03% | +0.06 |
| HAYW Hayward Holdings Inc. | Reduce -0.6% | 2.99% | +0.06 |
| POWL Powell Industries Inc. | Reduce -0.9% | 3.41% | +0.14 |
| BROS Dutch Bros Inc. Class A | Reduce -2.5% | 3.71% | +0.47 |
Portfolio Buys Q3 2025 → Q4 2025
| ORA Ormat Technologies Inc. | New | 3.57% | +3.57 |
| SPXC SPX Technologies Inc. | New | 3.39% | +3.39 |
| LITE Lumentum Holdings Inc. | New | 2.90% | +2.90 |
| PI Impinj Inc. | New | 2.85% | +2.85 |
| FSS Federal Signal Corp. | Add +152.2% | 3.09% | +1.76 |
| CAVA Cava Group Inc. | Add +60.8% | 4.19% | +1.52 |
| NBIS Nebius Group NV | New | 0.69% | +0.69 |
| SITM Sitime Corp. | New | 0.68% | +0.68 |
| ULS Ul Solutions Inc. Class A | New | 0.61% | +0.61 |
| AA Alcoa Corp. | New | 0.51% | +0.51 |
| CTRI Centuri Holdings Inc. | Add +129.3% | 0.77% | +0.49 |
| CTEV Claritev Corp. | New | 0.48% | +0.48 |
| RAL Ralliant Corp. | New | 0.47% | +0.47 |
| FLS Flowserve Corp. | New | 0.45% | +0.45 |
| FCX Freeport-McMoran Inc. | Add +73.8% | 0.61% | +0.34 |
| MTZ Mastec Inc. | New | 0.33% | +0.33 |
| COHR Coherent Corp. | New | 0.30% | +0.30 |
| NDAQ Nasdaq Inc. | Add +10.7% | 1.46% | +0.27 |
| MMM 3M Co. | Add +40.5% | 0.75% | +0.24 |
| CEG Constellation Energy | Add +63.4% | 0.54% | +0.23 |
| IHRT Iheartmedia Inc. Class A | New | 0.23% | +0.23 |
| WMB Williams Cos Inc. | Add +25.6% | 1.24% | +0.20 |
| AMZN Amazon.com Inc. | Add +22.6% | 0.87% | +0.20 |
| RKT Rocket Cos Inc. Class A | New | 0.19% | +0.19 |
| UAL United Airlines Holdings Inc. | Add +93.5% | 0.33% | +0.18 |
| SONY Sony Group Corp. - SP ADR | Add +66.7% | 0.55% | +0.18 |
| WRBY Warby Parker Inc. Class A | New | 0.16% | +0.16 |
| EQT Eqt Corp. | Add +26.3% | 0.77% | +0.15 |
| ALC Alcon Inc. | Add +22.8% | 0.62% | +0.15 |
| PKG Packaging Corp. of America | Add +52.5% | 0.45% | +0.14 |
| AMRZ Amrize Ltd. | Add +24.3% | 0.43% | +0.12 |
| MMYT Makemytrip Ltd. | Add +91.5% | 0.22% | +0.09 |
| TLN Talen Energy Corp. | Add +25.3% | 0.33% | +0.03 |
| VST Vistra Corp. | Add +25.5% | 0.57% | +0.02 |
| PRMB Primo Brands Corp. | Add +24.1% | 0.61% | −0.05 |
| BABA Alibaba Group Holding-SP ADR | Add +13.6% | 0.79% | −0.05 |
| PTON Peloton Interactive Inc. Class A | Add +13.6% | 2.57% | −0.72 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +6983.3% | 170,000 | $115.9M |
| NVDA Nvidia Corp. | call | New | 112,500 | $21.0M |
| AVGO Broadcom Inc. | call | New | 23,000 | $8.0M |
| WMB Williams Cos Inc. | call | Sold out | 116,800 | $7.4Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | New | 12,000 | $7.4M |
| CRH CRH PLC | call | New | 55,000 | $6.9M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Sold out | 1,200 | $799Kbefore exit |
| VST Vistra Corp. | call | Sold out | 790 | $155Kbefore exit |
| SONY Sony Group Corp. - SP ADR | call | Sold out | 1,700 | $49Kbefore 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 |