Connective Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Connective Capital Management, LLC reported 46 stock positions worth $107.0 million. Its top holding was Intuitive Surgical (ISRG) at 11.1% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 10.6%) and Microsoft (MSFT, 7.2%). Compared with Q1 2025, it opened 20 new positions, sold out of 17, added to 9 and reduced 8. The biggest buy was a new position in Nvidia (NVDA) and the biggest sale Invesco QQQ Trust Series 1 (QQQ, shares −65%).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001543568
- Portfolio Value
- $107.0M (Q2 2025)
- SEC Filing
- 0001095449-25-000062 ↗ filed Aug 13, 2025
Holdings Value
Holdings 46 stocks · $107.0M
| ISRG Intuitive Surgical Inc. | 11.14% | 21,929 | $11.9M | No change |
| QQQ Invesco QQQ Trust Series 1 | 10.56% | 20,470 | $11.3M | Reduce -64.6% |
| MSFT Microsoft Corp. | 7.17% | 15,420 | $7.7M | No change |
| AVGO Broadcom Inc. | 6.00% | 23,283 | $6.4M | Add +80.6% |
| QLD Proshares Ultra QQQ | 5.83% | 52,959 | $6.2M | No change |
| NVDA Nvidia Corp. | 4.97% | 33,646 | $5.3M | New |
| META Meta Platforms Inc. Class A | 4.04% | 5,848 | $4.3M | Add +36.7% |
| AAPL Apple Inc. | 3.72% | 19,379 | $4.0M | No change |
| IWO iShares Russell 2000 Growth | 3.60% | 13,453 | $3.8M | No change |
| CCJ Cameco Corp. | 3.13% | 45,029 | $3.3M | Reduce -22.4% |
| MELI MercadoLibre Inc. | 3.02% | 1,237 | $3.2M | No change |
| UBER Uber Technologies Inc. | 3.00% | 34,388 | $3.2M | New |
| PANW Palo Alto Networks Inc. | 2.99% | 15,630 | $3.2M | New |
| ZM Zoom Communications Inc. | 2.90% | 39,782 | $3.1M | No change |
| COST Costco Wholesale Corp. | 2.44% | 2,633 | $2.6M | Reduce -41.8% |
| SPOT Spotify Technology SA | 2.11% | 2,939 | $2.3M | Reduce -25.8% |
| AMZN Amazon.com Inc. | 2.06% | 10,023 | $2.2M | Reduce -54.5% |
| NFLX Netflix Inc. | 2.04% | 1,626 | $2.2M | Reduce -6.1% |
| CRWD CrowdStrike Holdings Inc. Class A | 2.00% | 4,194 | $2.1M | New |
| IBKR Interactive Brokers Gro Class A | 1.66% | 32,120 | $1.8M | Reduce -12.0% |
| JEF Jefferies Financial Group Inc. | 1.44% | 28,154 | $1.5M | New |
| DOMH Dominari Holdings Inc. | 1.35% | 265,728 | $1.4M | New |
| ANSS Ansys Inc. | 1.34% | 4,070 | $1.4M | No change |
| GOOGL Alphabet Inc. Class A | 1.17% | 7,094 | $1.3M | New |
| FCX Freeport-McMoran Inc. | 1.07% | 26,436 | $1.1M | New |
| TWLO Twilio Inc. Class A | 1.02% | 8,743 | $1.1M | New |
| RDDT Reddit Inc. Class A | 0.98% | 6,930 | $1.0M | Add +23.1% |
| RSI Rush Street Interactive Inc. | 0.72% | 51,576 | $768K | New |
| VERI Veritone Inc. | 0.61% | 521,059 | $657K | New |
| EAT Brinker International Inc. | 0.59% | 3,526 | $636K | New |
| UMAC Unusual Machines Inc. | 0.59% | 74,178 | $636K | New |
| BWXT BWX Technologies Inc. | 0.58% | 4,296 | $619K | No change |
| RDW Redwire Corp. | 0.56% | 36,831 | $600K | Add +26.7% |
| VZLA Vizsla Silver Corp. | 0.50% | 180,222 | $530K | Add +500.7% |
| ACMR Acm Research Inc. Class A | 0.49% | 20,089 | $520K | New |
| NUE Nucor Corp. | 0.46% | 3,806 | $493K | New |
| AUID Authid Inc. | 0.38% | 76,027 | $402K | New |
| TRUE Truecar Inc. | 0.37% | 208,449 | $396K | New |
| COIN Coinbase Global Inc. Class A | 0.35% | 1,062 | $372K | Reduce -59.9% |
| BEEP Mobile Infrastructure Corp. | 0.23% | 55,044 | $249K | Add +2.8% |
| ANTA Antalpha Platform Hldng Co. Class A | 0.23% | 21,469 | $248K | New |
| TLSI Trisalus Life Sciences Inc. | 0.17% | 32,796 | $179K | Add +12.8% |
| SNGX Soligenix Inc. | 0.15% | 119,481 | $157K | Add +17.6% |
| VTVT VTV Therapeutics Inc. Class A | 0.14% | 9,712 | $146K | Add +3.6% |
| ZYXIQ Zynex Inc. | 0.10% | 42,345 | $109K | New |
| FIBROGEN INC | 0.07% | 15,000 | $80K | New |
Other holdings (4): bonds, preferreds, convertibles and warrants · $16K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CLSKW Cleanspark Inc.-29 | *W EXP 12/29/202 | 17,500 | $7K | No change |
| MDCXW Medicus Pharma Ltd. -29 | *W EXP 11/15/202 | 6,000 | $5K | 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 | $1K | No change |
Total filed on the 13F, all lines: $107.0M.
Portfolio Sells Q1 2025 → Q2 2025
| QQQ Invesco QQQ Trust Series 1 | Reduce -64.6% | 10.56% | −14.44 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −8.32 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −1.98 |
| CRM Salesforce Inc. | Sold out | 0.00% | −1.97 |
| BIDU Baidu Inc. - Spon ADR | Sold out | 0.00% | −1.97 |
| AMZN Amazon.com Inc. | Reduce -54.5% | 2.06% | −1.80 |
| COST Costco Wholesale Corp. | Reduce -41.8% | 2.44% | −1.51 |
| NET Cloudflare Inc. Class A | Sold out | 0.00% | −1.32 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −0.95 |
| SN Sharkninja Inc. | Sold out | 0.00% | −0.91 |
| AFRM Affirm Holdings Inc. | Sold out | 0.00% | −0.87 |
| VITL Vital Farms Inc. | Sold out | 0.00% | −0.57 |
| REAL The Realreal Inc. | Sold out | 0.00% | −0.56 |
| ETHE Grayscale Ethereum Staking E | Sold out | 0.00% | −0.40 |
| ABEO Abeona Therapeutics Inc. | Sold out | 0.00% | −0.33 |
| CAPR Capricor Therapeutics Inc. | Sold out | 0.00% | −0.20 |
| VANI Vivani Medical Inc. | Sold out | 0.00% | −0.16 |
| COIN Coinbase Global Inc. Class A | Reduce -59.9% | 0.35% | −0.07 |
| MSGM Motorsport Games Inc. Class A | Sold out | 0.00% | −0.07 |
| MRINQ Marin Software Inc. | Sold out | 0.00% | −0.02 |
| P3 HEALTH PARTNERS INC | Sold out | 0.00% | −0.00 |
| SPOT Spotify Technology SA | Reduce -25.8% | 2.11% | +0.10 |
| IBKR Interactive Brokers Gro Class A | Reduce -12.0% | 1.66% | +0.27 |
| NFLX Netflix Inc. | Reduce -6.1% | 2.04% | +0.55 |
| CCJ Cameco Corp. | Reduce -22.4% | 3.13% | +0.93 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | New | 4.97% | +4.97 |
| AVGO Broadcom Inc. | Add +80.6% | 6.00% | +4.01 |
| UBER Uber Technologies Inc. | New | 3.00% | +3.00 |
| PANW Palo Alto Networks Inc. | New | 2.99% | +2.99 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 2.00% | +2.00 |
| META Meta Platforms Inc. Class A | Add +36.7% | 4.04% | +1.76 |
| JEF Jefferies Financial Group Inc. | New | 1.44% | +1.44 |
| DOMH Dominari Holdings Inc. | New | 1.35% | +1.35 |
| GOOGL Alphabet Inc. Class A | New | 1.17% | +1.17 |
| FCX Freeport-McMoran Inc. | New | 1.07% | +1.07 |
| TWLO Twilio Inc. Class A | New | 1.02% | +1.02 |
| RSI Rush Street Interactive Inc. | New | 0.72% | +0.72 |
| VERI Veritone Inc. | New | 0.61% | +0.61 |
| EAT Brinker International Inc. | New | 0.59% | +0.59 |
| UMAC Unusual Machines Inc. | New | 0.59% | +0.59 |
| ACMR Acm Research Inc. Class A | New | 0.49% | +0.49 |
| NUE Nucor Corp. | New | 0.46% | +0.46 |
| VZLA Vizsla Silver Corp. | Add +500.7% | 0.50% | +0.43 |
| RDDT Reddit Inc. Class A | Add +23.1% | 0.98% | +0.43 |
| AUID Authid Inc. | New | 0.38% | +0.38 |
| TRUE Truecar Inc. | New | 0.37% | +0.37 |
| RDW Redwire Corp. | Add +26.7% | 0.56% | +0.34 |
| ANTA Antalpha Platform Hldng Co. Class A | New | 0.23% | +0.23 |
| ZYXIQ Zynex Inc. | New | 0.10% | +0.10 |
| FIBROGEN INC | New | 0.07% | +0.07 |
| BEEP Mobile Infrastructure Corp. | Add +2.8% | 0.23% | +0.03 |
| TLSI Trisalus Life Sciences Inc. | Add +12.8% | 0.17% | +0.02 |
| VTVT VTV Therapeutics Inc. Class A | Add +3.6% | 0.14% | −0.01 |
| SNGX Soligenix Inc. | Add +17.6% | 0.15% | −0.05 |
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 |