Ararat Capital Management LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Ararat Capital Management LP reported 16 stock positions worth $204.4 million. Its top holding was Byline Bancorp (BY) at 10.3% of the portfolio, followed by Gildan Activewear (GIL, 8.4%) and Douglas Dynamics (PLOW, 8.2%). Compared with Q4 2024, it opened 2 new positions, sold out of 2, added to 4 and reduced 10. The biggest buy was a new position in Driven Brands (DRVN) and the biggest sale Legalzoomcom (LZ, shares −59%).
- Most Recent 13F
- Q2 2026
- Location
- WESTPORT, CT
- CIK
- 0001768757
- Portfolio Value
- $204.4M (Q1 2025)
- SEC Filing
- 0001768757-25-000006 ↗ filed May 15, 2025
Holdings Value
Holdings 16 stocks · $204.4M
| BY Byline Bancorp Inc. | 10.32% | 806,515 | $21.1M | Add +0.6% |
| GIL Gildan Activewear Inc. | 8.41% | 388,625 | $17.2M | Reduce -4.1% |
| PLOW Douglas Dynamics Inc. | 8.18% | 719,875 | $16.7M | Reduce -10.8% |
| FROG Jfrog Ltd. | 7.01% | 447,766 | $14.3M | Reduce -23.6% |
| CWH Camping World Holdings Inc. Class A | 7.00% | 885,293 | $14.3M | Add +2.3% |
| ENFN Enfusion Inc. Class A | 6.88% | 1,261,199 | $14.1M | Reduce -46.1% |
| EWCZ European Wax Center Inc. Class A | 6.47% | 3,351,036 | $13.2M | Add +38.5% |
| IAS Integral Ad Science Holding | 6.27% | 1,589,834 | $12.8M | Reduce -30.3% |
| DRVN Driven Brands Holdings Inc. | 6.07% | 723,592 | $12.4M | New |
| EYE National Vision Holdings Inc. | 5.75% | 919,883 | $11.8M | New |
| LZ Legalzoomcom Inc. | 5.63% | 1,335,604 | $11.5M | Reduce -58.9% |
| SGI Somnigroup International Inc. | 5.57% | 190,208 | $11.4M | Reduce -15.1% |
| PAYC Paycom Software Inc. | 5.56% | 52,040 | $11.4M | Reduce -5.2% |
| USFD US Foods Holding Corp. | 4.32% | 135,040 | $8.8M | Reduce -34.5% |
| GDDY GoDaddy Inc. Class A | 4.14% | 47,018 | $8.5M | Reduce -14.2% |
| TTAN Servicetitan Inc. Class A | 2.42% | 52,076 | $5.0M | Add +108.3% |
Portfolio Sells Q4 2024 → Q1 2025
| LZ Legalzoomcom Inc. | Reduce -58.9% | 5.63% | −4.11 |
| KNX Knight-Swift Transportation | Sold out | 0.00% | −3.77 |
| IAS Integral Ad Science Holding | Reduce -30.3% | 6.27% | −3.24 |
| ENFN Enfusion Inc. Class A | Reduce -46.1% | 6.88% | −2.75 |
| KBR KBR Inc. | Sold out | 0.00% | −1.81 |
| USFD US Foods Holding Corp. | Reduce -34.5% | 4.32% | −1.22 |
| GDDY GoDaddy Inc. Class A | Reduce -14.2% | 4.14% | −0.17 |
| FROG Jfrog Ltd. | Reduce -23.6% | 7.01% | +0.13 |
| SGI Somnigroup International Inc. | Reduce -15.1% | 5.57% | +0.51 |
| PLOW Douglas Dynamics Inc. | Reduce -10.8% | 8.18% | +0.57 |
| GIL Gildan Activewear Inc. | Reduce -4.1% | 8.41% | +0.79 |
| PAYC Paycom Software Inc. | Reduce -5.2% | 5.56% | +1.07 |
Portfolio Buys Q4 2024 → Q1 2025
| DRVN Driven Brands Holdings Inc. | New | 6.07% | +6.07 |
| EYE National Vision Holdings Inc. | New | 5.75% | +5.75 |
| TTAN Servicetitan Inc. Class A | Add +108.3% | 2.42% | +1.40 |
| BY Byline Bancorp Inc. | Add +0.6% | 10.32% | +1.04 |
| EWCZ European Wax Center Inc. Class A | Add +38.5% | 6.47% | +0.04 |
| CWH Camping World Holdings Inc. Class A | Add +2.3% | 7.00% | −0.29 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 17 | $213.5M | FLYW, RELY, BY, GLBE, ITGR |
| Q1 2026 | 15 | $177.6M | BY, EWCZ, FLYW, RELY, EYE |
| Q4 2025 | 18 | $203.0M | CFLT, BY, DRVN, LZ, PLOW |
| Q3 2025 | 20 | $186.5M | BY, LZ, DRVN, PLOW, GIL |
| Q2 2025 | 18 | $220.3M | BY, DRVN, LZ, IAS, GIL |
| Q1 2025 | 16 | $204.4M | BY, GIL, PLOW, FROG, CWH |
| Q4 2024 | 16 | $250.5M | LZ, ENFN, IAS, BY, PLOW |
| Q3 2024 | 18 | $289.8M | SQSP, ENFN, BY, IAS, SGI |
| Q2 2024 | 21 | $325.9M | BY, ENFN, SQSP, GIL, LZ |
| Q1 2024 | 23 | $352.1M | BY, LZ, ENFN, SQSP, GIL |