Crawford Fund Management, LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Crawford Fund Management, LLC reported 26 stock positions worth $185.0 million . Its top holding was Uber Technologies (UBER) at 7.4% of the portfolio, followed by Cheniere Energy (LNG, 6.2% ) and Nexstar Media (NXST, 6.1% ). Compared with Q2 2025, it opened 5 new positions, sold out of 4, added to 7 and reduced 11. The biggest buy was a new position in Texas Pacific Land (TPL) and the biggest sale Crocs (CROX, shares −62% ).
Location BOSTON, MA
CIK 0001816427
Portfolio Value $185.0M (Q3 2025) Holdings 26 stocks · $185.0M 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 Q2 2025 UBER Uber Technologies Inc. 138,800 $13.6M Reduce -3.8% LNG Cheniere Energy Inc. 48,876 $11.5M Add +6.5% NXST Nexstar Media Group Inc. 57,343 $11.3M Add +40.4% SA Seabridge Gold Inc. 416,418 $10.1M Reduce -12.6% ROKU Roku Inc. 98,657 $9.9M Reduce -32.3% BAH Booz Allen Hamilton Holdings 96,650 $9.7M Add +14.9% WT Wisdomtree Inc. 693,174 $9.6M Add +20.9% SAM Boston Beer Company Inc. Class A 42,686 $9.0M Reduce -15.4% TPL Texas Pacific Land Corp. 9,550 $8.9M New XPEL Xpel Inc. 260,203 $8.6M Add +28.7% UTHR United Therapeutics Corp. 20,515 $8.6M Reduce -44.6% CIB Grupo Cibest SA-ADR 164,500 $8.5M New YELP Yelp Inc. 262,045 $8.2M Add +48.2% HBCP Home Bancorp Inc. 127,508 $6.9M No change NATH Nathan's Famous Inc. 58,198 $6.4M Add +5.1% ABNB Airbnb Inc. Class A 46,500 $5.6M Reduce -21.9% HIFS Hingham Institution for SVGS 19,427 $5.1M Reduce -19.1% KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 57,665 $4.7M Reduce -6.3% TOST Toast Inc. Class A 126,050 $4.6M Reduce -27.3% RGLD Royal Gold Inc. 22,616 $4.5M Reduce -33.7% NNI Nelnet Inc. Class A 34,783 $4.4M No change BUR Burford Capital Ltd. 361,346 $4.3M No change CDW CDW Corp. 23,300 $3.7M New VCEL Vericel Corp. 110,000 $3.5M New CROX Crocs Inc. 32,796 $2.7M Reduce -61.7% MLP Maui Land & Pineapple Co. filed as MAUI LD & PINEAPPLE INC 47,440 $884K New
Options reported separately and not counted above: BA puts ($25.3M), IONQ puts ($21.4M), BE puts ($20.3M), AFRM puts ($14.9M), UNH puts ($13.8M), CRWV puts ($8.1M), U puts ($7.3M), RIVN puts ($7.3M), LMND puts ($7.2M), AI puts ($7.2M), HIMS puts ($7.0M), SMR puts ($6.9M), and 155 more.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ CROX Crocs Inc. Reduce -61.7% 1.48% −3.63 ROKU Roku Inc. Reduce -32.3% 5.34% −2.21 TOST Toast Inc. Class A Reduce -27.3% 2.49% −2.03 UTHR United Therapeutics Corp. Reduce -44.6% 4.65% −1.61 ABNB Airbnb Inc. Class A Reduce -21.9% 3.05% −1.58 CHE Chemed Corp. Sold out 0.00% −1.49 GRBK Green Brick Partners Inc. Sold out 0.00% −1.36 RGLD Royal Gold Inc. Reduce -33.7% 2.45% −1.12 SAM Boston Beer Company Inc. Class A Reduce -15.4% 4.88% −0.79 HIFS Hingham Institution for SVGS Reduce -19.1% 2.77% −0.74 UBER Uber Technologies Inc. Reduce -3.8% 7.35% −0.58 KSPI JSC Kaspi.kz ADR Reduce -6.3% 2.55% −0.53 ASML ASML Holding NV-NY Reg SHS Sold out 0.00% −0.33 ARE Alexandria Real Estate Equit Sold out 0.00% −0.28 SA Seabridge Gold Inc. Reduce -12.6% 5.44% +1.36
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ TPL Texas Pacific Land Corp. New 4.82% +4.82 CIB Grupo Cibest SA-ADR New 4.62% +4.62 CDW CDW Corp. New 2.01% +2.01 NXST Nexstar Media Group Inc. Add +40.4% 6.13% +1.97 VCEL Vericel Corp. New 1.87% +1.87 WT Wisdomtree Inc. Add +20.9% 5.21% +1.32 YELP Yelp Inc. Add +48.2% 4.42% +0.85 MLP Maui Land & Pineapple Co. New 0.48% +0.48 XPEL Xpel Inc. Add +28.7% 4.65% +0.38 BAH Booz Allen Hamilton Holdings Add +14.9% 5.22% +0.07 NATH Nathan's Famous Inc. Add +5.1% 3.48% −0.12 LNG Cheniere Energy Inc. Add +6.5% 6.21% −0.37
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ BA The Boeing Co. put Reduce -24.9% 117,200 $25.3M IONQ Ionq Inc. put Add +6.3% 348,500 $21.4M BE Bloom Energy Corp. Class A put Reduce -38.5% 240,000 $20.3M AFRM Affirm Holdings Inc. put Add +0.5% 203,600 $14.9M UNH Unitedhealth Group Inc. put Add +247.0% 39,900 $13.8M CRWV Coreweave Inc. Class A put Add +561.1% 59,500 $8.1M U Unity Software Inc. put Add +4.6% 183,500 $7.3M RIVN Rivian Automotive Inc. Class A put Reduce -22.1% 499,000 $7.3M LMND Lemonade Inc. put Reduce -14.8% 134,700 $7.2M AI C3.AI Inc. Class A put Add +53.0% 413,000 $7.2M HIMS Hims & Hers Health Inc. put Reduce -33.4% 123,500 $7.0M SMR Nuscale Power Corp. put Reduce -3.0% 192,500 $6.9M KSS Kohls Corp. put Add +9.5% 450,500 $6.9M MRNA Moderna Inc. put Add +30.2% 260,600 $6.7M VSAT Viasat Inc. put Reduce -32.2% 227,500 $6.7M SOFI Sofi Technologies Inc. put Reduce -44.1% 229,000 $6.1M QS Quantumscape Corp. put Add +17.7% 462,000 $5.7M RGTI Rigetti Computing Inc. put Add +79.2% 181,000 $5.4M WBD Warner Bros Discovery Inc. put Reduce -11.5% 268,500 $5.2M TEVA Teva Pharmaceutical-SP ADR put Reduce -6.8% 248,000 $5.0M ASTS Ast Spacemobile Inc. put Reduce -8.2% 100,700 $4.9M NN Nextnav Inc. put Add +18.4% 325,000 $4.6M GM General Motors Co. put Reduce -6.5% 73,500 $4.5M CALY Callaway Golf Company put Add +76.4% 471,000 $4.5M JOBY Joby Aviation Inc. put Add +5.6% 274,000 $4.4M NCLH Norwegian Cruise Line Holdin put Add +21.5% 178,000 $4.4M JACK Jack in the Box Inc. put Add +46.4% 214,500 $4.2M HOG Harley-Davidson Inc. put Reduce -32.0% 150,500 $4.2M PLTR Palantir Technologies Inc. Class A put Reduce -29.9% 23,000 $4.2M SBGI Sinclair Inc. call New 264,000 $4.0M STLA Stellantis NV put Add +86.8% 424,000 $4.0M ALK Alaska Air Group Inc. put Add +22.8% 78,000 $3.9M COHR Coherent Corp. put Add +54.5% 34,600 $3.7M CCOI Cogent Communications Holdin put Add +28.9% 92,000 $3.5M TEM Tempus AI Inc. Class A put Reduce -19.0% 43,500 $3.5M PACS Pacs Group Inc. put New 246,000 $3.4M XIFR XPLR Infrastructure LP put Reduce -6.5% 330,000 $3.4M SG Sweetgreen Inc. Class A put Add +50.8% 416,900 $3.3M MOS The Mosaic Co. call Reduce -6.9% 95,000 $3.3M CNK Cinemark Holdings Inc. put Add +41.1% 115,000 $3.2M TPC Tutor Perini Corp. put Reduce -49.5% 48,500 $3.2M MIND MEDICINE MINDMED INC put Add +25.3% 267,500 $3.2M CPRI Capri Holdings Ltd. put Add +6.0% 158,000 $3.1M WBA Walgreens Boots Alliance Inc. put Sold out 271,500 $3.1Mbefore exit CRNC Cerence Inc. put Add +31.7% 247,000 $3.1M FSLY Fastly Inc. Class A put Reduce -3.2% 359,000 $3.1M APLD Applied Digital Corp. put Reduce -62.4% 133,000 $3.1M EL Estee Lauder Companies Class A call Reduce -9.5% 33,500 $3.0M QUBT Quantum Computing Inc. put Add +16.0% 155,500 $2.9M BKSY Blacksky Technology Inc. put Reduce -9.9% 136,000 $2.7M
Showing the first 50 of 174.
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