Brightlight Capital Management LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Brightlight Capital Management LP reported 9 stock positions worth $140.7 million. Its top holding was Carvana (CVNA) at 27.8% of the portfolio, followed by JSC Kaspi.kz ADR (KSPI, 24.0%) and Arcos Dorados Class A (ARCO, 18.1%). Compared with Q3 2025, it sold out of 1, added to 2 and reduced 6. The biggest buy was Arcos Dorados Class A (ARCO, shares +55%) and the biggest sale an exit from D-Market Electronic Serv-ADR (HEPS).
- Most Recent 13F
- Q1 2026
- Location
- WESTPORT, CT
- CIK
- 0001802838
- Portfolio Value
- $140.7M (Q4 2025)
- SEC Filing
- 0001802838-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 9 stocks · $140.7M
| CVNA Carvana Co. | 27.84% | 92,800 | $39.2M | Reduce -18.0% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 24.00% | 432,000 | $33.8M | No change |
| ARCO Arcos Dorados Holdings Inc. Class A | 18.09% | 3,466,800 | $25.4M | Add +55.2% |
| HGV Hilton Grand Vacations Inc. | 9.65% | 303,200 | $13.6M | Reduce -20.8% |
| SFD Smithfield Foods Inc. | 7.16% | 450,800 | $10.1M | Reduce -2.5% |
| MLCO Melco Resorts & Entert-ADR | 5.76% | 1,070,400 | $8.1M | Reduce -13.3% |
| AAMI Acadian Asset Management Inc. | 3.61% | 107,900 | $5.1M | Reduce -28.1% |
| PAL Proficient Auto Logistics Inc. | 2.46% | 358,700 | $3.5M | Add +23.7% |
| SNBRQ Sleep Number Corp. | 1.44% | 239,500 | $2.0M | Reduce -78.5% |
Portfolio Sells Q3 2025 → Q4 2025
| HEPS D-Market Electronic Serv-ADR | Sold out | 0.00% | −10.26 |
| SNBRQ Sleep Number Corp. | Reduce -78.5% | 1.44% | −3.28 |
| MLCO Melco Resorts & Entert-ADR | Reduce -13.3% | 5.76% | −1.09 |
| AAMI Acadian Asset Management Inc. | Reduce -28.1% | 3.61% | −0.77 |
| HGV Hilton Grand Vacations Inc. | Reduce -20.8% | 9.65% | −0.04 |
| SFD Smithfield Foods Inc. | Reduce -2.5% | 7.16% | +0.59 |
| CVNA Carvana Co. | Reduce -18.0% | 27.84% | +2.00 |
Portfolio Buys Q3 2025 → Q4 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q1 2026 | 8 | $101.4M | CVNA, ARCO, KSPI, HNI, AAMI |
| Q4 2025 | 9 | $140.7M | CVNA, KSPI, ARCO, HGV, SFD |
| Q3 2025 | 10 | $165.2M | CVNA, KSPI, HEPS, HGV, ARCO |
| Q2 2025 | 10 | $181.2M | CVNA, KSPI, HEPS, HGV, ARCO |
| Q1 2025 | 9 | $148.0M | CVNA, KSPI, HEPS, MLCO, HGV |
| Q4 2024 | 8 | $136.8M | CVNA, KSPI, SNBRQ, HGV, HEPS |
| Q3 2024 | 13 | $207.6M | CVNA, KSPI, MLCO, PAAS, SNBRQ |
| Q2 2024 | 12 | $187.0M | CVNA, KSPI, MLCO, PAAS, VAL |
| Q1 2024 | 12 | $176.9M | CVNA, KSPI, MLCO, HGV, VAL |