Connective Capital Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Connective Capital Management, LLC reported 43 stock positions worth $108.6 million. Its top holding was Invesco QQQ Trust Series 1 (QQQ) at 25.0% of the portfolio, followed by Intuitive Surgical (ISRG, 10.0%) and SS SPDR S&P 500 ETF Trust-US (SPY, 8.3%). Compared with Q4 2024, it opened 22 new positions, sold out of 43, added to 9 and reduced 6. The biggest buy was a new position in Invesco QQQ Trust Series 1 (QQQ) and the biggest sale an exit from Golar LNG (GLNG).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001543568
- Portfolio Value
- $108.6M (Q1 2025)
- SEC Filing
- 0001095449-25-000034 ↗ filed May 14, 2025
Holdings Value
Holdings 43 stocks · $108.6M
| QQQ Invesco QQQ Trust Series 1 | 24.99% | 57,868 | $27.1M | New |
| ISRG Intuitive Surgical Inc. | 10.00% | 21,929 | $10.9M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 8.32% | 16,142 | $9.0M | New |
| MSFT Microsoft Corp. | 5.33% | 15,420 | $5.8M | No change |
| QLD Proshares Ultra QQQ | 4.34% | 52,959 | $4.7M | No change |
| AAPL Apple Inc. | 3.96% | 19,379 | $4.3M | Reduce -23.4% |
| COST Costco Wholesale Corp. | 3.94% | 4,526 | $4.3M | Add +76.0% |
| AMZN Amazon.com Inc. | 3.86% | 22,031 | $4.2M | Add +4.2% |
| IWO iShares Russell 2000 Growth | 3.17% | 13,453 | $3.4M | No change |
| ZM Zoom Communications Inc. | 2.70% | 39,782 | $2.9M | New |
| META Meta Platforms Inc. Class A | 2.27% | 4,278 | $2.5M | Reduce -17.0% |
| MELI MercadoLibre Inc. | 2.22% | 1,237 | $2.4M | No change |
| CCJ Cameco Corp. | 2.20% | 58,019 | $2.4M | Reduce -4.4% |
| SPOT Spotify Technology SA | 2.01% | 3,958 | $2.2M | Add +47.7% |
| AVGO Broadcom Inc. | 1.99% | 12,892 | $2.2M | New |
| AMD Advanced Micro Devices | 1.98% | 20,962 | $2.2M | New |
| CRM Salesforce Inc. | 1.97% | 7,989 | $2.1M | New |
| BIDU Baidu Inc. - Spon ADR | 1.97% | 23,262 | $2.1M | New |
| NFLX Netflix Inc. | 1.49% | 1,731 | $1.6M | New |
| IBKR Interactive Brokers Gro Class A | 1.39% | 9,129 | $1.5M | Reduce -3.0% |
| NET Cloudflare Inc. Class A | 1.32% | 12,682 | $1.4M | New |
| ANSS Ansys Inc. | 1.19% | 4,070 | $1.3M | Reduce -20.8% |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.95% | 18,934 | $1.0M | New |
| SN Sharkninja Inc. | 0.91% | 11,896 | $992K | New |
| AFRM Affirm Holdings Inc. | 0.87% | 20,937 | $946K | New |
| VITL Vital Farms Inc. | 0.57% | 20,291 | $618K | New |
| REAL The Realreal Inc. filed as THE REALREAL INC | 0.56% | 112,017 | $604K | New |
| RDDT Reddit Inc. Class A | 0.54% | 5,630 | $591K | New |
| COIN Coinbase Global Inc. Class A | 0.42% | 2,645 | $456K | Reduce -29.4% |
| ETHE Grayscale Ethereum Staking E | 0.40% | 28,466 | $433K | Add +37.8% |
| BWXT BWX Technologies Inc. | 0.39% | 4,296 | $424K | Add +20.3% |
| ABEO Abeona Therapeutics Inc. | 0.33% | 74,913 | $357K | No change |
| RDW Redwire Corp. | 0.22% | 29,065 | $241K | New |
| BEEP Mobile Infrastructure Corp. | 0.21% | 53,526 | $223K | New |
| CAPR Capricor Therapeutics Inc. | 0.20% | 23,128 | $219K | New |
| SNGX Soligenix Inc. | 0.20% | 101,633 | $219K | New |
| VANI Vivani Medical Inc. | 0.16% | 162,098 | $170K | Add +796.2% |
| VTVT VTV Therapeutics Inc. Class A | 0.15% | 9,377 | $162K | New |
| TLSI Trisalus Life Sciences Inc. | 0.15% | 29,079 | $161K | Add +3.9% |
| MSGM Motorsport Games Inc. Class A | 0.07% | 74,000 | $78K | Add +354.9% |
| VZLA Vizsla Silver Corp. | 0.06% | 30,000 | $68K | New |
| MRINQ Marin Software Inc. | 0.02% | 14,270 | $19K | Add +49.9% |
| P3 HEALTH PARTNERS INC | 0.00% | 25,125 | $4K | New |
Other holdings (4): bonds, preferreds, convertibles and warrants · $10K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| MDCXW Medicus Pharma Ltd. -29 | *W EXP 11/15/202 | 6,000 | $4K | No change |
| CLSKW Cleanspark Inc.-29 | *W EXP 12/29/202 | 17,500 | $3K | No change |
| MOBXW Chavrant Capital Acq -CW23 | *W EXP 12/21/202 | 22,397 | $2K | No change |
| ABVWF Above Food Ingredients- 29 | *W EXP 06/28/202 | 24,999 | $552 | No change |
Total filed on the 13F, all lines: $108.6M.
Portfolio Sells Q4 2024 → Q1 2025
| GLNG Golar LNG Ltd. | Sold out | 0.00% | −8.45 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −3.93 |
| AAPL Apple Inc. | Reduce -23.4% | 3.96% | −3.42 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −2.57 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −1.90 |
| HUBS HubSpot Inc. | Sold out | 0.00% | −1.86 |
| CCJ Cameco Corp. | Reduce -4.4% | 2.20% | −1.43 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −1.35 |
| ZG Zillow Group Inc. Class A | Sold out | 0.00% | −1.28 |
| META Meta Platforms Inc. Class A | Reduce -17.0% | 2.27% | −1.24 |
| EL Estee Lauder Companies Class A | Sold out | 0.00% | −1.00 |
| LPTH Lightpath Technologies Inc. Class A | Sold out | 0.00% | −0.85 |
| MPWR Monolithic Power Systems Inc. | Sold out | 0.00% | −0.85 |
| ANSS Ansys Inc. | Reduce -20.8% | 1.19% | −0.83 |
| TNDM Tandem Diabetes Care Inc. | Sold out | 0.00% | −0.71 |
| BLZE Backblaze Inc. Class A | Sold out | 0.00% | −0.70 |
| COIN Coinbase Global Inc. Class A | Reduce -29.4% | 0.42% | −0.66 |
| HOOD Robinhood Markets Inc. Class A | Sold out | 0.00% | −0.63 |
| EVEX Eve Holding Inc. | Sold out | 0.00% | −0.58 |
| CEG Constellation Energy | Sold out | 0.00% | −0.58 |
| IBKR Interactive Brokers Gro Class A | Reduce -3.0% | 1.39% | −0.54 |
| BYRN Byrna Technologies Inc. | Sold out | 0.00% | −0.52 |
| SRTA Strata Critical Medical Inc. | Sold out | 0.00% | −0.51 |
| ASPN Aspen Aerogels Inc. | Sold out | 0.00% | −0.50 |
| OOMA Ooma Inc. | Sold out | 0.00% | −0.50 |
| CAN Canaan Inc. | Sold out | 0.00% | −0.45 |
| TWI Titan International Inc. | Sold out | 0.00% | −0.44 |
| RCMT RCM Technologies Inc. | Sold out | 0.00% | −0.41 |
| GCT Gigacloud Technology Inc. Class A | Sold out | 0.00% | −0.40 |
| ACB Aurora Cannabis Inc. | Sold out | 0.00% | −0.38 |
| CDZI Cadiz Inc. | Sold out | 0.00% | −0.38 |
| HUCK Huckleberry AI Inc. | Sold out | 0.00% | −0.37 |
| NBIS Nebius Group NV | Sold out | 0.00% | −0.32 |
| NEWT Newtekone Inc. | Sold out | 0.00% | −0.29 |
| UAMY United States Antimony Corp. | Sold out | 0.00% | −0.28 |
| FCEL Fuelcell Energy Inc. | Sold out | 0.00% | −0.24 |
| EVTL Vertical Aerospace Ltd. | Sold out | 0.00% | −0.22 |
| RENT Rent the Runway Inc. Class A | Sold out | 0.00% | −0.21 |
| LFMD Lifemd Inc. | Sold out | 0.00% | −0.19 |
| SKYX SKYX Platforms Corp. | Sold out | 0.00% | −0.18 |
| VIVO Vivopower PLC Class A | Sold out | 0.00% | −0.17 |
| APPLIED DNA SCIENCES INC | Sold out | 0.00% | −0.04 |
| SUNSHINE BIOPHARMA INC | Sold out | 0.00% | −0.04 |
| NMHI Nature's Miracle Holding Inc. | Sold out | 0.00% | −0.04 |
| CNS PHARMACEUTICALS INC | Sold out | 0.00% | −0.04 |
| YCBD Cbdmd Inc. | Sold out | 0.00% | −0.04 |
| INTERACTIVE STRENGTH INC | Sold out | 0.00% | −0.04 |
| PSYENCE BIOMEDICAL LTD | Sold out | 0.00% | −0.03 |
| HYFM Hydrofarm Hldgs Group Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| QQQ Invesco QQQ Trust Series 1 | New | 24.99% | +24.99 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 8.32% | +8.32 |
| ZM Zoom Communications Inc. | New | 2.70% | +2.70 |
| AVGO Broadcom Inc. | New | 1.99% | +1.99 |
| AMD Advanced Micro Devices | New | 1.98% | +1.98 |
| CRM Salesforce Inc. | New | 1.97% | +1.97 |
| BIDU Baidu Inc. - Spon ADR | New | 1.97% | +1.97 |
| NFLX Netflix Inc. | New | 1.49% | +1.49 |
| NET Cloudflare Inc. Class A | New | 1.32% | +1.32 |
| COST Costco Wholesale Corp. | Add +76.0% | 3.94% | +1.20 |
| TTD Trade Desk Inc./the Class A | New | 0.95% | +0.95 |
| SN Sharkninja Inc. | New | 0.91% | +0.91 |
| AFRM Affirm Holdings Inc. | New | 0.87% | +0.87 |
| SPOT Spotify Technology SA | Add +47.7% | 2.01% | +0.61 |
| VITL Vital Farms Inc. | New | 0.57% | +0.57 |
| REAL The Realreal Inc. | New | 0.56% | +0.56 |
| RDDT Reddit Inc. Class A | New | 0.54% | +0.54 |
| RDW Redwire Corp. | New | 0.22% | +0.22 |
| BEEP Mobile Infrastructure Corp. | New | 0.21% | +0.21 |
| CAPR Capricor Therapeutics Inc. | New | 0.20% | +0.20 |
| SNGX Soligenix Inc. | New | 0.20% | +0.20 |
| VTVT VTV Therapeutics Inc. Class A | New | 0.15% | +0.15 |
| VANI Vivani Medical Inc. | Add +796.2% | 0.16% | +0.13 |
| VZLA Vizsla Silver Corp. | New | 0.06% | +0.06 |
| MSGM Motorsport Games Inc. Class A | Add +354.9% | 0.07% | +0.05 |
| P3 HEALTH PARTNERS INC | New | 0.00% | +0.00 |
| MRINQ Marin Software Inc. | Add +49.9% | 0.02% | −0.01 |
| TLSI Trisalus Life Sciences Inc. | Add +3.9% | 0.15% | −0.02 |
| BWXT BWX Technologies Inc. | Add +20.3% | 0.39% | −0.07 |
| ETHE Grayscale Ethereum Staking E | Add +37.8% | 0.40% | −0.28 |
| AMZN Amazon.com Inc. | Add +4.2% | 3.86% | −1.54 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 66 | $141.9M | QQQ, QLD, ISRG, AMD, TSM |
| Q1 2026 | 62 | $121.1M | QQQ, ISRG, QLD, MSFT, AAPL |
| Q4 2025 | 53 | $170.2M | VOO, QQQ, ISRG, QLD, MSFT |
| Q3 2025 | 69 | $108.9M | QQQ, ISRG, AVGO, MSFT, QLD |
| Q2 2025 | 46 | $107.0M | ISRG, QQQ, MSFT, AVGO, QLD |
| Q1 2025 | 43 | $108.6M | QQQ, ISRG, SPY, MSFT, QLD |
| Q4 2024 | 64 | $85.8M | ISRG, GLNG, MSFT, AAPL, QLD |
| Q3 2024 | 33 | $107.7M | QQQ, ISRG, MSFT, GLNG, AAPL |
| Q2 2024Amended | 27 | $53.2M | MSFT, AAPL, QLD, ASML, IWO |
| Q1 2024Amended | 20 | $63.4M | ISRG, MSFT, IWM, AAPL, QLD |