Brightlight Capital Management LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Brightlight Capital Management LP reported 9 stock positions worth $148.0 million. Its top holding was Carvana (CVNA) at 32.1% of the portfolio, followed by JSC Kaspi.kz ADR (KSPI, 20.1%) and D-Market Electronic Serv-ADR (HEPS, 11.6%). Compared with Q4 2024, it opened 2 new positions, sold out of 1, added to 4 and reduced 1. The biggest buy was a new position in Melco Resorts & Entert-ADR (MLCO) and the biggest sale an exit from Pan American Silver (PAAS).

Most Recent 13F
Q1 2026
Location
WESTPORT, CT
CIK
0001802838
Portfolio Value
$148.0M (Q1 2025)
SEC Filing
0001802838-25-000003 ↗ filed May 15, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $176.9M Q1 2024 Q2 2024: $187.0M Q2 2024 Q3 2024: $207.6M Q3 2024 Q4 2024: $136.8M Q4 2024 Q1 2025: $148.0M $148.0M Q1 2025 Q2 2025: $181.2M Q2 2025 Q3 2025: $165.2M Q3 2025 Q4 2025: $140.7M Q4 2025 Q1 2026: $101.4M Q1 2026

Holdings 9 stocks · $148.0M
CVNA Carvana Co. 32.12% 227,300 $47.5M Add +21.9%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 20.14% 320,900 $29.8M No change
HEPS D-Market Electronic Serv-ADR 11.60% 6,022,840 $17.2M Add +25.6%
MLCO Melco Resorts & Entert-ADR 10.23% 2,873,100 $15.1M New
HGV Hilton Grand Vacations Inc. 9.67% 382,700 $14.3M No change
SFD Smithfield Foods Inc. 6.37% 462,200 $9.4M New
SNBRQ Sleep Number Corp. 4.76% 1,111,700 $7.0M Add +13.2%
VAL Valaris Ltd. 4.02% 151,500 $5.9M Add +12.0%
ASLE Aersale Corp. 1.09% 215,779 $1.6M Reduce -67.2%

Portfolio Sells Q4 2024 → Q1 2025
PAAS Pan American Silver Corp. Sold out 0.00% −10.24
ASLE Aersale Corp. Reduce -67.2% 1.09% −1.93

Portfolio Buys Q4 2024 → Q1 2025
MLCO Melco Resorts & Entert-ADR New 10.23% +10.23
SFD Smithfield Foods Inc. New 6.37% +6.37
CVNA Carvana Co. Add +21.9% 32.12% +4.42
HEPS D-Market Electronic Serv-ADR Add +25.6% 11.60% +0.98
VAL Valaris Ltd. Add +12.0% 4.02% −0.35
SNBRQ Sleep Number Corp. Add +13.2% 4.76% −6.18

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q1 2026 8$101.4MCVNA, ARCO, KSPI, HNI, AAMI
Q4 2025 9$140.7MCVNA, KSPI, ARCO, HGV, SFD
Q3 2025 10$165.2MCVNA, KSPI, HEPS, HGV, ARCO
Q2 2025 10$181.2MCVNA, KSPI, HEPS, HGV, ARCO
Q1 2025 9$148.0MCVNA, KSPI, HEPS, MLCO, HGV
Q4 2024 8$136.8MCVNA, KSPI, SNBRQ, HGV, HEPS
Q3 2024 13$207.6MCVNA, KSPI, MLCO, PAAS, SNBRQ
Q2 2024 12$187.0MCVNA, KSPI, MLCO, PAAS, VAL
Q1 2024 12$176.9MCVNA, KSPI, MLCO, HGV, VAL