Brightlight Capital Management LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Brightlight Capital Management LP reported 10 stock positions worth $181.2 million. Its top holding was Carvana (CVNA) at 29.4% of the portfolio, followed by JSC Kaspi.kz ADR (KSPI, 20.2%) and D-Market Electronic Serv-ADR (HEPS, 9.4%). Compared with Q1 2025, it opened 2 new positions, sold out of 1, added to 2 and reduced 2. The biggest buy was a new position in Arcos Dorados Class A (ARCO) and the biggest sale Melco Resorts & Entert-ADR (MLCO, shares −44%).

Most Recent 13F
Q1 2026
Location
WESTPORT, CT
CIK
0001802838
Portfolio Value
$181.2M (Q2 2025)
SEC Filing
0001802838-25-000004 ↗ filed Aug 14, 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 Q1 2025 Q2 2025: $181.2M $181.2M Q2 2025 Q3 2025: $165.2M Q3 2025 Q4 2025: $140.7M Q4 2025 Q1 2026: $101.4M Q1 2026

Holdings 10 stocks · $181.2M
CVNA Carvana Co. 29.39% 158,000 $53.2M Reduce -30.5%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 20.24% 432,000 $36.7M Add +34.6%
HEPS D-Market Electronic Serv-ADR 9.39% 6,304,070 $17.0M Add +4.7%
HGV Hilton Grand Vacations Inc. 8.77% 382,700 $15.9M No change
ARCO Arcos Dorados Holdings Inc. Class A 8.26% 1,897,600 $15.0M New
MLCO Melco Resorts & Entert-ADR 6.38% 1,598,900 $11.6M Reduce -44.4%
SFD Smithfield Foods Inc. 6.00% 462,200 $10.9M No change
SNBRQ Sleep Number Corp. 4.14% 1,111,700 $7.5M No change
AAMI Acadian Asset Management Inc. 3.89% 200,000 $7.0M New
VAL Valaris Ltd. 3.52% 151,500 $6.4M No change

Portfolio Sells Q1 2025 → Q2 2025
MLCO Melco Resorts & Entert-ADR Reduce -44.4% 6.38% −3.85
CVNA Carvana Co. Reduce -30.5% 29.39% −2.73
ASLE Aersale Corp. Sold out 0.00% −1.09

Portfolio Buys Q1 2025 → Q2 2025
ARCO Arcos Dorados Holdings Inc. Class A New 8.26% +8.26
AAMI Acadian Asset Management Inc. New 3.89% +3.89
KSPI JSC Kaspi.kz ADR Add +34.6% 20.24% +0.11
HEPS D-Market Electronic Serv-ADR Add +4.7% 9.39% −2.20

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