Crawford Fund Management, LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Crawford Fund Management, LLC reported 26 stock positions worth $151.6 million . Its top holding was Uber Technologies (UBER) at 7.7% of the portfolio, followed by Cheniere Energy (LNG, 7.0% ) and Boston Beer Class A (SAM, 6.4% ). Compared with Q4 2024, it opened 5 new positions, sold out of 12, added to 14 and reduced 6. The biggest buy was a new position in Booz Allen Hamilton (BAH) and the biggest sale an exit from Douglas Emmett (DEI).
Location BOSTON, MA
CIK 0001816427
Portfolio Value $151.6M (Q1 2025) Holdings 26 stocks · $151.6M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 UBER Uber Technologies Inc. 159,400 $11.6M Add +0.8% LNG Cheniere Energy Inc. 45,876 $10.6M Add +1.8% SAM Boston Beer Company Inc. Class A 40,386 $9.6M Add +51.0% UTHR United Therapeutics Corp. 28,315 $8.7M Add +30.6% ROKU Roku Inc. 123,340 $8.7M Reduce -15.7% CROX Crocs Inc. 79,111 $8.4M Add +97.7% BAH Booz Allen Hamilton Holdings 76,598 $8.0M New NATH Nathan's Famous Inc. 78,155 $7.5M Reduce -20.9% ASML ASML Holding NV-NY Reg SHS 11,050 $7.3M New XPEL Xpel Inc. 231,820 $6.8M Add +23.3% YELP Yelp Inc. 168,545 $6.2M New ABNB Airbnb Inc. Class A 51,500 $6.2M Add +128.4% TOST Toast Inc. Class A 173,300 $5.7M Add +21.5% SA Seabridge Gold Inc. 489,418 $5.7M Add +16.9% KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 60,765 $5.6M Add +6.3% NXST Nexstar Media Group Inc. 30,643 $5.5M Reduce -16.4% BUR Burford Capital Ltd. 361,346 $4.8M Add +11.4% HBCP Home Bancorp Inc. 103,747 $4.6M Add +4.5% RGLD Royal Gold Inc. 27,216 $4.5M Reduce -52.3% ARE Alexandria Real Estate Equit 47,200 $4.4M Add +36.8% WT Wisdomtree Inc. 445,174 $4.0M Reduce -20.5% HIFS Hingham Institution for SVGS 13,281 $3.2M Add +41.6% NNI Nelnet Inc. Class A 16,641 $1.8M Reduce -37.2% OUNZ Vaneck Merk Gold ETF 39,900 $1.2M No change EXPD Expeditors Intl Wash Inc. 5,200 $625K New HLI Houlihan Lokey Inc. 1,500 $242K New
Options reported separately and not counted above: BA puts ($24.6M), UNH puts ($9.4M), BE puts ($7.4M), RIVN puts ($7.3M), WBA puts ($6.9M), AFRM puts ($6.5M), AI puts ($5.6M), IONQ puts ($5.5M), MRNA puts ($5.2M), PFE puts ($5.0M), HOG puts ($5.0M), U puts ($4.9M), and 149 more.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ DEI Douglas Emmett Inc. Sold out 0.00% −3.61 IBKR Interactive Brokers Gro Class A Sold out 0.00% −2.99 GHC Graham Holdings Co. Class B Sold out 0.00% −2.70 SII Sprott Inc. Sold out 0.00% −2.53 NWL Newell Brands Inc. Sold out 0.00% −2.46 RGLD Royal Gold Inc. Reduce -52.3% 2.93% −2.10 VRSN Verisign Inc. Sold out 0.00% −1.76 ROKU Roku Inc. Reduce -15.7% 5.73% −1.56 WT Wisdomtree Inc. Reduce -20.5% 2.62% −1.32 PM Philip Morris International Sold out 0.00% −0.82 TSLA Tesla Inc. Sold out 0.00% −0.81 NNI Nelnet Inc. Class A Reduce -37.2% 1.22% −0.68 CHE Chemed Corp. Sold out 0.00% −0.35 CUBI Customers Bancorp Inc. Sold out 0.00% −0.33 NXST Nexstar Media Group Inc. Reduce -16.4% 3.62% −0.26 ACAD Acadia Pharmaceuticals Inc. Sold out 0.00% −0.24 NATH Nathan's Famous Inc. Reduce -20.9% 4.97% −0.24 HYLN Hyliion Holdings Corp. Sold out 0.00% −0.16
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ BAH Booz Allen Hamilton Holdings New 5.28% +5.28 ASML ASML Holding NV-NY Reg SHS New 4.83% +4.83 YELP Yelp Inc. New 4.12% +4.12 CROX Crocs Inc. Add +97.7% 5.54% +2.61 ABNB Airbnb Inc. Class A Add +128.4% 4.06% +2.07 UBER Uber Technologies Inc. Add +0.8% 7.66% +1.27 SAM Boston Beer Company Inc. Class A Add +51.0% 6.36% +0.99 UTHR United Therapeutics Corp. Add +30.6% 5.76% +0.63 ARE Alexandria Real Estate Equit Add +36.8% 2.88% +0.63 SA Seabridge Gold Inc. Add +16.9% 3.77% +0.57 LNG Cheniere Energy Inc. Add +1.8% 7.00% +0.51 HIFS Hingham Institution for SVGS Add +41.6% 2.08% +0.49 EXPD Expeditors Intl Wash Inc. New 0.41% +0.41 BUR Burford Capital Ltd. Add +11.4% 3.15% +0.38 TOST Toast Inc. Class A Add +21.5% 3.79% +0.31 HLI Houlihan Lokey Inc. New 0.16% +0.16 KSPI JSC Kaspi.kz ADR Add +6.3% 3.72% +0.09 HBCP Home Bancorp Inc. Add +4.5% 3.07% −0.01 XPEL Xpel Inc. Add +23.3% 4.49% −0.54
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ BA The Boeing Co. put Reduce -39.1% 144,300 $24.6M UNH Unitedhealth Group Inc. put Add +1700.0% 18,000 $9.4M BE Bloom Energy Corp. Class A put Reduce -23.9% 377,500 $7.4M RIVN Rivian Automotive Inc. Class A put Reduce -26.8% 582,500 $7.3M WBA Walgreens Boots Alliance Inc. put Add +14.0% 620,300 $6.9M AFRM Affirm Holdings Inc. put Reduce -56.8% 143,400 $6.5M SMCI Super Micro Computer Inc. put Sold out 192,500 $5.9Mbefore exit AI C3.AI Inc. Class A put Reduce -17.9% 267,000 $5.6M IONQ Ionq Inc. put Reduce -41.2% 247,000 $5.5M MRNA Moderna Inc. put Add +22.6% 184,600 $5.2M PFE Pfizer Inc. put Reduce -58.0% 199,000 $5.0M HOG Harley-Davidson Inc. put Add +61.7% 196,500 $5.0M U Unity Software Inc. put Add +2.7% 250,000 $4.9M SOFI Sofi Technologies Inc. put Reduce -0.4% 410,000 $4.8M WBD Warner Bros Discovery Inc. put Add +2.5% 428,500 $4.6M GM General Motors Co. put Reduce -37.3% 92,600 $4.4M RC Ready Capital Corp. put Add +113.7% 852,500 $4.3M TPC Tutor Perini Corp. put Add +1.3% 185,500 $4.3M LMND Lemonade Inc. put Reduce -39.3% 122,300 $3.8M TEVA Teva Pharmaceutical-SP ADR put Add +43.1% 217,500 $3.3M TDOC Teladoc Health Inc. put Add +8.4% 413,500 $3.3M MOS The Mosaic Co. call Reduce -24.1% 121,500 $3.3M ASAN Asana Inc. Class A put Reduce -8.2% 224,000 $3.3M SG Sweetgreen Inc. Class A put Reduce -31.4% 126,500 $3.2M WTRG Essential Utilities Inc. put Add +19.9% 77,600 $3.1M XIFR XPLR Infrastructure LP put Add +62.2% 321,000 $3.0M TSN Tyson Foods Inc. Class A call Sold out 50,000 $2.9Mbefore exit CALY Callaway Golf Company put Add +19.3% 423,000 $2.8M NN Nextnav Inc. put Reduce -29.7% 213,000 $2.6M EL Estee Lauder Companies Class A call Add +292.5% 36,500 $2.4M CMCSA Comcast Corp. Class A call Add +64.6% 65,000 $2.4M DOCN Digitalocean Holdings Inc. put Reduce -49.3% 71,500 $2.4M SMR Nuscale Power Corp. put Reduce -36.4% 168,500 $2.4M HIMS Hims & Hers Health Inc. put Reduce -58.5% 79,500 $2.3M F Ford Motor Co. put Reduce -22.2% 230,000 $2.3M BHC Bausch Health Cos Inc. put Add +1.7% 351,500 $2.3M FSLY Fastly Inc. Class A put Add +15.2% 356,500 $2.3M HOOD Robinhood Markets Inc. Class A put Sold out 59,000 $2.2Mbefore exit NTNX Nutanix Inc. Class A put Reduce -64.4% 30,700 $2.1M ALLY Ally Financial Inc. put Add +19.0% 58,300 $2.1M X United States Steel Corp. put Reduce -6.8% 49,400 $2.1M STLA Stellantis NV put Add +58.1% 185,000 $2.1M ALK Alaska Air Group Inc. put Reduce -51.2% 41,000 $2.0M APLD Applied Digital Corp. put Add +23.2% 358,000 $2.0M NCLH Norwegian Cruise Line Holdin put Reduce -33.0% 100,500 $1.9M AAP Advance Auto Parts Inc. put Reduce -36.2% 47,500 $1.9M QS Quantumscape Corp. put Reduce -29.1% 443,000 $1.8M VSAT Viasat Inc. put Reduce -22.4% 165,000 $1.7M SITM Sitime Corp. put Add +4.7% 11,200 $1.7M AAPL Apple Inc. put Add +21.0% 7,500 $1.7M
Showing the first 50 of 197.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 32 $326.0M TOST, UBER, TPL, CROX, LNG Q1 2026 31 $306.6M UBER, ROKU, MORN, WT, BAH Q4 2025 34 $311.9M NXST, UBER, XPEL, LNG, CIB Q3 2025 26 $185.0M UBER, LNG, NXST, SA, ROKU Q2 2025 25 $169.8M UBER, ROKU, LNG, UTHR, SAM Q1 2025 26 $151.6M UBER, LNG, SAM, UTHR, ROKU Q4 2024 33 $149.3M ROKU, LNG, UBER, SAM, NATH Q3 2024 31 $135.7M UBER, UTHR, ROKU, LNG, NATH Q2 2024 30 $126.2M UTHR, UBER, ROKU, IBKR, SAM Q1 2024 36 $128.0M ATKR, UTHR, IBKR, NXST, NNI