Brightlight Capital Management LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Brightlight Capital Management LP reported 10 stock positions worth $165.2 million. Its top holding was Carvana (CVNA) at 25.8% of the portfolio, followed by JSC Kaspi.kz ADR (KSPI, 21.4%) and D-Market Electronic Serv-ADR (HEPS, 10.3%). Compared with Q2 2025, it opened 1 new position, sold out of 1, added to 2 and reduced 3. The biggest buy was a new position in Proficient Auto Logistics (PAL) and the biggest sale Carvana (CVNA, shares −28%).

Most Recent 13F
Q1 2026
Location
WESTPORT, CT
CIK
0001802838
Portfolio Value
$165.2M (Q3 2025)
SEC Filing
0001802838-25-000007 ↗ filed Nov 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 Q2 2025 Q3 2025: $165.2M $165.2M Q3 2025 Q4 2025: $140.7M Q4 2025 Q1 2026: $101.4M Q1 2026

Holdings 10 stocks · $165.2M
CVNA Carvana Co. 25.84% 113,200 $42.7M Reduce -28.4%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 21.35% 432,000 $35.3M No change
HEPS D-Market Electronic Serv-ADR 10.26% 6,305,000 $17.0M Add +0.0%
HGV Hilton Grand Vacations Inc. 9.68% 382,700 $16.0M No change
ARCO Arcos Dorados Holdings Inc. Class A 9.13% 2,234,000 $15.1M Add +17.7%
MLCO Melco Resorts & Entert-ADR 6.86% 1,235,300 $11.3M Reduce -22.7%
SFD Smithfield Foods Inc. 6.57% 462,200 $10.9M No change
SNBRQ Sleep Number Corp. 4.72% 1,111,700 $7.8M No change
AAMI Acadian Asset Management Inc. 4.37% 150,100 $7.2M Reduce -24.9%
PAL Proficient Auto Logistics Inc. 1.21% 290,077 $2.0M New

Portfolio Sells Q2 2025 → Q3 2025
CVNA Carvana Co. Reduce -28.4% 25.84% −3.54
VAL Valaris Ltd. Sold out 0.00% −3.52
MLCO Melco Resorts & Entert-ADR Reduce -22.7% 6.86% +0.47
AAMI Acadian Asset Management Inc. Reduce -24.9% 4.37% +0.48

Portfolio Buys Q2 2025 → Q3 2025
PAL Proficient Auto Logistics Inc. New 1.21% +1.21
HEPS D-Market Electronic Serv-ADR Add +0.0% 10.26% +0.87
ARCO Arcos Dorados Holdings Inc. Class A Add +17.7% 9.13% +0.86

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