DC Investments Management, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), DC Investments Management, LLC reported 104 stock positions worth $239.9 million. Its top holding was Vanguard Tot World STK ETF (VT) at 35.7% of the portfolio, followed by Par Pacific (PARR, 3.3%) and Gogo (GOGO, 2.4%). Compared with Q1 2025, it opened 3 new positions, sold out of 11, added to 3 and reduced 6. The biggest buy was Vanguard Tot World STK ETF (VT, shares +84%) and the biggest sale Calix (CALX, shares −67%).

Most Recent 13F
Q2 2026
Location
MCLEAN, VA
CIK
0001565951
Portfolio Value
$239.9M (Q2 2025)
SEC Filing
0001398344-25-015409 ↗ filed Aug 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 Q1 2025 Q2 2025: $239.9M $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 104 stocks · $239.9M
VT Vanguard Tot World STK ETF 35.73% 667,054 $85.7M Add +84.3%
PARR Par Pacific Holdings Inc. 3.33% 301,074 $8.0M Reduce -19.1%
GOGO Gogo Inc. 2.41% 393,202 $5.8M Reduce -20.3%
EQT Eqt Corp. 2.29% 94,300 $5.5M No change
PDM Piedmont Realty Trust Inc. 2.26% 744,654 $5.4M No change
WSC Willscot Holdings Corp. 2.22% 194,092 $5.3M Add +57.1%
EXE Expand Energy Corp. 2.13% 43,761 $5.1M No change
AR Antero Resources Corp. 2.06% 122,816 $4.9M No change
ASML ASML Holding NV-NY Reg SHS 2.04% 6,101 $4.9M Add +117.9%
GPOR Gulfport Energy Corp. 1.96% 23,431 $4.7M No change
LSPD Lightspeed Commerce Inc. 1.77% 363,088 $4.3M Reduce -5.2%
CALX Calix Inc. 1.70% 76,642 $4.1M Reduce -66.6%
KOP Koppers Holdings Inc. 1.58% 117,802 $3.8M No change
MELI MercadoLibre Inc. 1.52% 1,392 $3.6M No change
NSA National Storage Affiliates 1.40% 105,009 $3.4M No change
TBLA Taboola.com Ltd. 1.17% 763,848 $2.8M No change
RRC Range Resources Corp. 1.16% 68,446 $2.8M No change
CTRA Coterra Energy Inc. 1.00% 94,768 $2.4M No change
DVN Devon Energy Corp. 0.99% 74,895 $2.4M No change
PR Permian Resources Corp. Class A 0.97% 170,979 $2.3M No change
CNX CNX Resources Corp. 0.93% 66,225 $2.2M No change
CMCO Columbus McKinnon Corp. 0.91% 142,357 $2.2M No change
JELD Jeld-Wen Holding Inc. 0.88% 539,434 $2.1M No change
MTDR Matador Resources Co. 0.87% 43,721 $2.1M No change
MGRC McGrath Rentcorp 0.87% 17,937 $2.1M No change
ES Eversource Energy 0.81% 30,471 $1.9M No change
EVRG Evergy Inc. 0.80% 27,863 $1.9M No change
EXC Exelon Corp. 0.80% 44,187 $1.9M No change
ATO Atmos Energy Corp. 0.80% 12,438 $1.9M No change
NI Nisource Inc. 0.79% 46,961 $1.9M No change
MRNA Moderna Inc. 0.79% 68,624 $1.9M No change
AEP American Electric Power 0.79% 18,232 $1.9M No change
ED Consolidated Edison Inc. 0.78% 18,543 $1.9M No change
OGE Oge Energy Corp. 0.77% 41,492 $1.8M No change
AEE Ameren Corporation 0.76% 18,978 $1.8M No change
PPL PPL Corp. 0.76% 53,464 $1.8M No change
UTL Unitil Corp. 0.71% 32,855 $1.7M No change
NWE Northwestern Energy Group Inc. 0.71% 32,976 $1.7M No change
BKH Black Hills Corp. 0.70% 29,900 $1.7M No change
POR Portland General Electric Co. 0.69% 40,750 $1.7M No change
MDU Mdu Resources Group Inc. 0.53% 75,966 $1.3M No change
NET Cloudflare Inc. Class A 0.45% 5,532 $1.1M No change
RPD RAPID7 Inc. 0.45% 46,369 $1.1M No change
ZS Zscaler Inc. 0.44% 3,338 $1.0M No change
CRWD CrowdStrike Holdings Inc. Class A 0.37% 1,721 $877K No change
RBRK Rubrik Inc. Class A 0.35% 9,263 $830K No change
AMRZ Amrize Ltd. 0.34% 16,245 $805K New
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) 0.33% 1,000,000 $783K New
BASE Couchbase Inc. 0.31% 30,584 $746K No change
OKTA Okta Inc. 0.31% 7,396 $739K No change
PANW Palo Alto Networks Inc. 0.30% 3,513 $719K No change
VRNS Varonis Systems Inc. 0.30% 13,958 $708K No change
CVLT Commvault Systems Inc. 0.28% 3,893 $679K No change
FTNT Fortinet Inc. 0.28% 6,391 $676K No change
HZO Marinemax Inc. 0.28% 26,700 $671K No change
GEN Gen Digital Inc. 0.28% 22,650 $666K No change
QLYS Qualys Inc. 0.27% 4,539 $648K No change
NTNX Nutanix Inc. Class A 0.25% 7,794 $596K No change
MITK Mitek Systems Inc. 0.24% 58,248 $577K No change
AVPT Avepoint Inc. 0.24% 29,817 $576K No change
TOST Toast Inc. Class A 0.24% 12,902 $571K No change
OLO Olo Inc. Class A 0.24% 64,185 $571K No change
MSFT Microsoft Corp. 0.24% 1,142 $568K No change
TWLO Twilio Inc. Class A 0.23% 4,425 $550K No change
BOX Box Inc. Class A 0.22% 15,664 $535K No change
TENB Tenable Holdings Inc. 0.22% 15,595 $527K No change
VLGEA Village Super Market Class A 0.22% 13,582 $523K Reduce -72.9%
ADSK Autodesk Inc. 0.22% 1,671 $517K No change
ANSS Ansys Inc. 0.21% 1,442 $506K No change
S Sentinelone Inc. Class A 0.21% 27,473 $502K No change
TBI Trueblue Inc. 0.21% 77,231 $500K Reduce -34.8%
CWAN Clearwater Analytics HDS-A 0.21% 22,672 $497K New
CXM Sprinklr Inc. Class A 0.21% 58,281 $493K No change
U Unity Software Inc. 0.20% 20,250 $490K No change
BL Blackline Inc. 0.20% 8,353 $473K No change
AVDX Avidxchange Holdings Inc. 0.20% 48,202 $472K No change
DBX Dropbox Inc. Class A 0.20% 16,446 $470K No change
TEAD Teads Holding Co. 0.20% 189,611 $470K No change
EVH Evolent Health Inc. Class A 0.19% 40,600 $457K No change
PTC PTC Inc. 0.19% 2,636 $454K No change
ZM Zoom Communications Inc. 0.18% 5,653 $441K No change
ADBE Adobe Inc. 0.18% 1,138 $440K No change
NABL N-Able Inc. 0.18% 52,395 $424K No change
PCTY Paylocity Holding Corp. 0.18% 2,326 $421K No change
AKAM Akamai Technologies Inc. 0.17% 5,199 $415K No change
NCNO Ncino Inc. 0.17% 14,562 $407K No change
CRM Salesforce Inc. 0.17% 1,491 $407K No change
INTA Intapp Inc. 0.17% 7,832 $404K No change
RNG Ringcentral Inc. Class A 0.17% 14,066 $399K No change
DOCN Digitalocean Holdings Inc. 0.17% 13,910 $397K No change
TEAM Atlassian Corp. Class A 0.17% 1,953 $397K No change
CMRC Commerce.com Inc. filed as BIGCOMMERCE HLDGS INC 0.16% 78,933 $395K No change
LDI Loandepot Inc. Class A 0.16% 298,310 $379K No change
DV Doubleverify Holdings Inc. 0.16% 25,093 $376K No change
XYZ Block Inc. 0.15% 5,438 $369K No change
SPSC SPS Commerce Inc. 0.15% 2,675 $364K No change
GTLB Gitlab Inc. Class A 0.15% 7,935 $358K No change
WIX Wix.com Ltd. 0.15% 2,231 $354K No change
SPT Sprout Social Inc. Class A 0.13% 15,339 $321K No change
WK Workiva Inc. 0.13% 4,456 $305K No change
BRZE Braze Inc. Class A 0.13% 10,740 $302K No change
SLP Simulations Plus Inc. 0.12% 16,203 $283K No change
WEAV Weave Communications Inc. 0.11% 31,090 $259K No change
TCRX Tscan Therapeutics Inc. 0.02% 35,563 $52K No change

Portfolio Sells Q1 2025 → Q2 2025
CALX Calix Inc. Reduce -66.6% 1.70% −2.48
IMKTA Ingles Markets Inc. Class A Sold out 0.00% −1.45
VLGEA Village Super Market Class A Reduce -72.9% 0.22% −0.76
EPOL iShares MSCI Poland ETF Sold out 0.00% −0.76
SWI Solarwinds Corp. Sold out 0.00% −0.33
ENFN Enfusion Inc. Class A Sold out 0.00% −0.28
EZA iShares MSCI South Africa Et Sold out 0.00% −0.24
EWS iShares MSCI Singapore ETF Sold out 0.00% −0.12
TBI Trueblue Inc. Reduce -34.8% 0.21% −0.11
EWC iShares MSCI Canada ETF Sold out 0.00% −0.10
EWJ iShares MSCI Japan ETF Sold out 0.00% −0.07
EWM iShares MSCI Malaysia ETF Sold out 0.00% −0.06
EWA iShares MSCI Australia ETF Sold out 0.00% −0.02
EPHE iShares MSCI Philippines ETF Sold out 0.00% −0.00
LSPD Lightspeed Commerce Inc. Reduce -5.2% 1.77% +0.05
GOGO Gogo Inc. Reduce -20.3% 2.41% +0.22
PARR Par Pacific Holdings Inc. Reduce -19.1% 3.33% +0.60

Portfolio Buys Q1 2025 → Q2 2025
VT Vanguard Tot World STK ETF Add +84.3% 35.73% +14.16
ASML ASML Holding NV-NY Reg SHS Add +117.9% 2.04% +1.08
WSC Willscot Holdings Corp. Add +57.1% 2.22% +0.45
AMRZ Amrize Ltd. New 0.34% +0.34
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) New 0.33% +0.33
CWAN Clearwater Analytics HDS-A New 0.21% +0.21

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