DC Investments Management, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), DC Investments Management, LLC reported 112 stock positions worth $194.5 million. Its top holding was Vanguard Tot World STK ETF (VT) at 21.6% of the portfolio, followed by Calix (CALX, 4.2%) and Piedmont Realty Trust (PDM, 2.8%). Compared with Q4 2024, it opened 45 new positions, sold out of 25, added to 30 and reduced 16. The biggest buy was Vanguard Tot World STK ETF (VT, shares +221%) and the biggest sale an exit from iShares MSCI Acwi ETF (ACWI).

Most Recent 13F
Q2 2026
Location
MCLEAN, VA
CIK
0001565951
Portfolio Value
$194.5M (Q1 2025)
SEC Filing
0001398344-25-009328 ↗ filed May 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $118.4M Q1 2024 Q2 2024: $118.6M Q2 2024 Q3 2024: $143.0M Q3 2024 Q4 2024: $153.3M Q4 2024 Q1 2025: $194.5M $194.5M Q1 2025 Q2 2025: $239.9M Q2 2025 Q3 2025: $241.1M Q3 2025 Q4 2025: $226.1M Q4 2025 Q1 2026: $261.2M Q1 2026 Q2 2026: $293.3M Q2 2026

Holdings 112 stocks · $194.5M
VT Vanguard Tot World STK ETF 21.57% 361,904 $42.0M Add +221.3%
CALX Calix Inc. 4.18% 229,372 $8.1M No change
PDM Piedmont Realty Trust Inc. 2.82% 744,654 $5.5M Add +1.7%
PARR Par Pacific Holdings Inc. 2.73% 372,325 $5.3M No change
EQT Eqt Corp. 2.59% 94,300 $5.0M Reduce -44.5%
AR Antero Resources Corp. 2.55% 122,816 $5.0M Add +133.1%
EXE Expand Energy Corp. 2.50% 43,761 $4.9M Add +133.9%
GPOR Gulfport Energy Corp. 2.22% 23,431 $4.3M Add +136.1%
GOGO Gogo Inc. 2.19% 493,202 $4.3M No change
NSA National Storage Affiliates 2.13% 105,009 $4.1M New
WSC Willscot Holdings Corp. 1.77% 123,530 $3.4M Add +8.8%
LSPD Lightspeed Commerce Inc. 1.72% 383,088 $3.4M Add +67.1%
KOP Koppers Holdings Inc. 1.70% 117,802 $3.3M Add +60.6%
JELD Jeld-Wen Holding Inc. 1.66% 539,434 $3.2M No change
IMKTA Ingles Markets Inc. Class A 1.45% 43,324 $2.8M No change
DVN Devon Energy Corp. 1.44% 74,895 $2.8M New
CTRA Coterra Energy Inc. 1.41% 94,768 $2.7M Reduce -51.6%
RRC Range Resources Corp. 1.41% 68,446 $2.7M New
MELI MercadoLibre Inc. 1.40% 1,392 $2.7M New
CMCO Columbus McKinnon Corp. 1.24% 142,357 $2.4M Add +236.1%
PR Permian Resources Corp. Class A 1.22% 170,979 $2.4M New
TBLA Taboola.com Ltd. 1.16% 763,848 $2.3M No change
MTDR Matador Resources Co. 1.15% 43,721 $2.2M New
CNX CNX Resources Corp. 1.07% 66,225 $2.1M New
ED Consolidated Edison Inc. 1.05% 18,543 $2.1M Reduce -3.9%
EXC Exelon Corp. 1.05% 44,187 $2.0M Reduce -6.2%
MGRC McGrath Rentcorp 1.03% 17,937 $2.0M Add +101.5%
AEP American Electric Power 1.02% 18,232 $2.0M Add +125.0%
MRNA Moderna Inc. 1.00% 68,624 $1.9M New
PPL PPL Corp. 0.99% 53,464 $1.9M Reduce -10.0%
ATO Atmos Energy Corp. 0.99% 12,438 $1.9M Reduce -10.1%
EVRG Evergy Inc. 0.99% 27,863 $1.9M Reduce -33.1%
NWE Northwestern Energy Group Inc. 0.98% 32,976 $1.9M Reduce -26.4%
VLGEA Village Super Market Class A 0.98% 50,191 $1.9M No change
OGE Oge Energy Corp. 0.98% 41,492 $1.9M Reduce -33.4%
AEE Ameren Corporation 0.98% 18,978 $1.9M Add +127.9%
UTL Unitil Corp. 0.97% 32,855 $1.9M Add +621.9%
ES Eversource Energy 0.97% 30,471 $1.9M Add +3.4%
NI Nisource Inc. 0.97% 46,961 $1.9M Reduce -17.8%
ASML ASML Holding NV-NY Reg SHS 0.95% 2,800 $1.9M No change
POR Portland General Electric Co. 0.93% 40,750 $1.8M Reduce -23.1%
BKH Black Hills Corp. 0.93% 29,900 $1.8M Reduce -4.3%
EPOL iShares MSCI Poland ETF 0.76% 52,643 $1.5M No change
MDU Mdu Resources Group Inc. 0.66% 75,966 $1.3M No change
RPD RAPID7 Inc. 0.63% 46,369 $1.2M Add +50.8%
OKTA Okta Inc. 0.40% 7,396 $778K New
TEAD Teads Holding Co. filed as OUTBRAIN INC 0.36% 189,611 $707K No change
ZS Zscaler Inc. 0.34% 3,338 $662K Add +0.2%
SWI Solarwinds Corp. 0.33% 34,745 $640K New
TBI Trueblue Inc. 0.32% 118,362 $629K No change
NET Cloudflare Inc. Class A 0.32% 5,532 $623K Reduce -31.9%
FTNT Fortinet Inc. 0.32% 6,391 $615K New
CVLT Commvault Systems Inc. 0.32% 3,893 $614K New
CRWD CrowdStrike Holdings Inc. Class A 0.31% 1,721 $607K Reduce -49.5%
GEN Gen Digital Inc. 0.31% 22,650 $601K New
PANW Palo Alto Networks Inc. 0.31% 3,513 $599K New
HZO Marinemax Inc. 0.30% 26,700 $574K Add +16.7%
QLYS Qualys Inc. 0.29% 4,539 $572K Add +105.7%
RBRK Rubrik Inc. Class A 0.29% 9,263 $565K New
VRNS Varonis Systems Inc. 0.29% 13,958 $565K New
TENB Tenable Holdings Inc. 0.28% 15,595 $546K New
NTNX Nutanix Inc. Class A 0.28% 7,794 $544K New
ENFN Enfusion Inc. Class A 0.28% 48,490 $541K New
S Sentinelone Inc. Class A 0.26% 27,473 $499K Add +9.5%
CXM Sprinklr Inc. Class A 0.25% 58,281 $487K New
BOX Box Inc. Class A 0.25% 15,664 $483K Add +50.9%
BASE Couchbase Inc. 0.25% 30,584 $482K New
MITK Mitek Systems Inc. 0.25% 58,248 $481K New
EZA iShares MSCI South Africa Et 0.24% 9,697 $467K No change
DOCN Digitalocean Holdings Inc. 0.24% 13,910 $464K Add +9.1%
INTA Intapp Inc. 0.24% 7,832 $457K New
ANSS Ansys Inc. 0.23% 1,442 $456K New
CMRC Commerce.com Inc. filed as BIGCOMMERCE HLDGS INC 0.23% 78,933 $455K New
DBX Dropbox Inc. Class A 0.23% 16,446 $439K Add +2.8%
ADSK Autodesk Inc. 0.22% 1,671 $437K New
ADBE Adobe Inc. 0.22% 1,138 $436K Add +64.2%
PCTY Paylocity Holding Corp. 0.22% 2,326 $436K New
TWLO Twilio Inc. Class A 0.22% 4,425 $433K New
AVPT Avepoint Inc. 0.22% 29,817 $431K New
MSFT Microsoft Corp. 0.22% 1,142 $429K New
TOST Toast Inc. Class A 0.22% 12,902 $428K New
AKAM Akamai Technologies Inc. 0.22% 5,199 $419K New
ZM Zoom Communications Inc. 0.21% 5,653 $417K New
TEAM Atlassian Corp. Class A 0.21% 1,953 $414K Add +14.9%
AVDX Avidxchange Holdings Inc. 0.21% 48,202 $409K New
PTC PTC Inc. 0.21% 2,636 $408K New
BL Blackline Inc. 0.21% 8,353 $404K Add +104.4%
CRM Salesforce Inc. 0.21% 1,491 $400K Add +3.5%
NCNO Ncino Inc. 0.21% 14,562 $400K Add +26.3%
SLP Simulations Plus Inc. 0.20% 16,203 $397K New
U Unity Software Inc. 0.20% 20,250 $397K New
OLO Olo Inc. Class A 0.20% 64,185 $388K Add +86.3%
BRZE Braze Inc. Class A 0.20% 10,740 $387K Add +31.1%
EVH Evolent Health Inc. Class A 0.20% 40,600 $384K New
GTLB Gitlab Inc. Class A 0.19% 7,935 $373K Reduce -5.4%
NABL N-Able Inc. 0.19% 52,395 $371K New
WIX Wix.com Ltd. 0.19% 2,231 $365K New
SPSC SPS Commerce Inc. 0.18% 2,675 $355K New
LDI Loandepot Inc. Class A 0.18% 298,310 $355K No change
RNG Ringcentral Inc. Class A 0.18% 14,066 $348K Add +36.6%
WEAV Weave Communications Inc. 0.18% 31,090 $345K New
WK Workiva Inc. 0.17% 4,456 $338K Reduce -2.3%
SPT Sprout Social Inc. Class A 0.17% 15,339 $337K New
DV Doubleverify Holdings Inc. 0.17% 25,093 $335K New
XYZ Block Inc. 0.15% 5,438 $295K New
EWS iShares MSCI Singapore ETF 0.12% 9,940 $236K No change
EWC iShares MSCI Canada ETF 0.10% 4,979 $203K No change
EWJ iShares MSCI Japan ETF 0.07% 1,892 $130K No change
EWM iShares MSCI Malaysia ETF 0.06% 4,869 $112K No change
TCRX Tscan Therapeutics Inc. 0.03% 35,563 $49K No change
EWA iShares MSCI Australia ETF 0.02% 1,671 $39K No change
EPHE iShares MSCI Philippines ETF 0.00% 160 $4K No change

Portfolio Sells Q4 2024 → Q1 2025
ACWI iShares MSCI Acwi ETF Sold out 0.00% −7.28
FANG Diamondback Energy Inc. Sold out 0.00% −4.22
EQT Eqt Corp. Reduce -44.5% 2.59% −2.52
CTRA Coterra Energy Inc. Reduce -51.6% 1.41% −1.86
NOW ServiceNow Inc. Sold out 0.00% −0.71
OGE Oge Energy Corp. Reduce -33.4% 0.98% −0.70
EVRG Evergy Inc. Reduce -33.1% 0.99% −0.68
HUBS HubSpot Inc. Sold out 0.00% −0.64
NWE Northwestern Energy Group Inc. Reduce -26.4% 0.98% −0.58
POR Portland General Electric Co. Reduce -23.1% 0.93% −0.57
IBIT iShares Bitcoin Trust ETF Sold out 0.00% −0.54
APPF Appfolio Inc. Class A Sold out 0.00% −0.53
MNDY Monday.com Ltd. Sold out 0.00% −0.48
CRWD CrowdStrike Holdings Inc. Class A Reduce -49.5% 0.31% −0.45
DDOG Datadog Inc. Class A Sold out 0.00% −0.43
DOCU Docusign Inc. Sold out 0.00% −0.43
WDAY Workday Inc. Class A Sold out 0.00% −0.41
NI Nisource Inc. Reduce -17.8% 0.97% −0.40
CWAN Clearwater Analytics HDS-A Sold out 0.00% −0.34
ASAN Asana Inc. Class A Sold out 0.00% −0.33
VMEO Vimeo Inc. Sold out 0.00% −0.32
FROG Jfrog Ltd. Sold out 0.00% −0.31
ESTC Elastic NV Sold out 0.00% −0.31
PYPL PayPal Holdings Inc. Sold out 0.00% −0.30
ATO Atmos Energy Corp. Reduce -10.1% 0.99% −0.27
PPL PPL Corp. Reduce -10.0% 0.99% −0.27
YEXT Yext Inc. Sold out 0.00% −0.26
BKH Black Hills Corp. Reduce -4.3% 0.93% −0.26
NET Cloudflare Inc. Class A Reduce -31.9% 0.32% −0.25
PCOR Procore Technologies Inc. Sold out 0.00% −0.22
VEEV Veeva Systems Inc. Class A Sold out 0.00% −0.21
FRSH Freshworks Inc. Class A Sold out 0.00% −0.20
SNOW Snowflake Inc. Sold out 0.00% −0.19
MDB Mongodb Inc. Sold out 0.00% −0.19
PD Pagerduty Inc. Sold out 0.00% −0.17
WK Workiva Inc. Reduce -2.3% 0.17% −0.15
PATH Uipath Inc. Class A Sold out 0.00% −0.13
GTLB Gitlab Inc. Class A Reduce -5.4% 0.19% −0.12
EXC Exelon Corp. Reduce -6.2% 1.05% −0.11
ED Consolidated Edison Inc. Reduce -3.9% 1.05% −0.07
DH Definitive Healthcare Corp. Sold out 0.00% −0.06

Portfolio Buys Q4 2024 → Q1 2025
VT Vanguard Tot World STK ETF Add +221.3% 21.57% +12.94
NSA National Storage Affiliates New 2.13% +2.13
DVN Devon Energy Corp. New 1.44% +1.44
RRC Range Resources Corp. New 1.41% +1.41
MELI MercadoLibre Inc. New 1.40% +1.40
AR Antero Resources Corp. Add +133.1% 2.55% +1.35
EXE Expand Energy Corp. Add +133.9% 2.50% +1.29
PR Permian Resources Corp. Class A New 1.22% +1.22
MTDR Matador Resources Co. New 1.15% +1.15
CNX CNX Resources Corp. New 1.07% +1.07
GPOR Gulfport Energy Corp. Add +136.1% 2.22% +1.03
MRNA Moderna Inc. New 1.00% +1.00
UTL Unitil Corp. Add +621.9% 0.97% +0.81
AEP American Electric Power Add +125.0% 1.02% +0.54
AEE Ameren Corporation Add +127.9% 0.98% +0.50
OKTA Okta Inc. New 0.40% +0.40
MGRC McGrath Rentcorp Add +101.5% 1.03% +0.38
SWI Solarwinds Corp. New 0.33% +0.33
FTNT Fortinet Inc. New 0.32% +0.32
CVLT Commvault Systems Inc. New 0.32% +0.32
GEN Gen Digital Inc. New 0.31% +0.31
PANW Palo Alto Networks Inc. New 0.31% +0.31
RBRK Rubrik Inc. Class A New 0.29% +0.29
VRNS Varonis Systems Inc. New 0.29% +0.29
TENB Tenable Holdings Inc. New 0.28% +0.28
NTNX Nutanix Inc. Class A New 0.28% +0.28
ENFN Enfusion Inc. Class A New 0.28% +0.28
CXM Sprinklr Inc. Class A New 0.25% +0.25
BASE Couchbase Inc. New 0.25% +0.25
MITK Mitek Systems Inc. New 0.25% +0.25
INTA Intapp Inc. New 0.24% +0.24
ANSS Ansys Inc. New 0.23% +0.23
CMRC Commerce.com Inc. New 0.23% +0.23
ADSK Autodesk Inc. New 0.22% +0.22
PCTY Paylocity Holding Corp. New 0.22% +0.22
TWLO Twilio Inc. Class A New 0.22% +0.22
AVPT Avepoint Inc. New 0.22% +0.22
MSFT Microsoft Corp. New 0.22% +0.22
TOST Toast Inc. Class A New 0.22% +0.22
AKAM Akamai Technologies Inc. New 0.22% +0.22
ZM Zoom Communications Inc. New 0.21% +0.21
AVDX Avidxchange Holdings Inc. New 0.21% +0.21
PTC PTC Inc. New 0.21% +0.21
CMCO Columbus McKinnon Corp. Add +236.1% 1.24% +0.21
SLP Simulations Plus Inc. New 0.20% +0.20
U Unity Software Inc. New 0.20% +0.20
EVH Evolent Health Inc. Class A New 0.20% +0.20
NABL N-Able Inc. New 0.19% +0.19
WIX Wix.com Ltd. New 0.19% +0.19
SPSC SPS Commerce Inc. New 0.18% +0.18

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 55$293.3MVT, MDY, ASML, UNH, INTU
Q1 2026 76$261.2MVT, MDY, ASML, PDM, UNH
Q4 2025 48$226.1MVT, ASML, PDM, UNH, EQT
Q3 2025 95$241.1MVT, ASML, PDM, UNH, EQT
Q2 2025 104$239.9MVT, PARR, GOGO, EQT, PDM
Q1 2025 112$194.5MVT, CALX, PDM, PARR, EQT
Q4 2024 92$153.3MVT, ACWI, CALX, EQT, PDM
Q3 2024 87$143.0MSKYY, ACWI, PDM, CALX, FANG
Q2 2024 85$118.6MSKYY, CALX, FANG, PDM, PARR
Q1 2024 91$118.4MSKYY, FANG, CALX, PDM, JELD