DC Investments Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), DC Investments Management, LLC reported 95 stock positions worth $241.1 million. Its top holding was Vanguard Tot World STK ETF (VT) at 44.1% of the portfolio, followed by ASML Holding NV-NY Reg SHS (ASML, 3.5%) and Piedmont Realty Trust (PDM, 2.8%). Compared with Q2 2025, it opened 3 new positions, sold out of 12, added to 3 and reduced 9. The biggest buy was Vanguard Tot World STK ETF (VT, shares +16%) and the biggest sale an exit from Par Pacific (PARR).

Most Recent 13F
Q2 2026
Location
MCLEAN, VA
CIK
0001565951
Portfolio Value
$241.1M (Q3 2025)
SEC Filing
0001398344-25-020562 ↗ filed Nov 10, 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 Q2 2025 Q3 2025: $241.1M $241.1M Q3 2025 Q4 2025: $226.1M Q4 2025 Q1 2026: $261.2M Q1 2026 Q2 2026: $293.3M Q2 2026

Holdings 95 stocks · $241.1M
VT Vanguard Tot World STK ETF 44.14% 772,225 $106.4M Add +15.8%
ASML ASML Holding NV-NY Reg SHS 3.53% 8,788 $8.5M Add +44.0%
PDM Piedmont Realty Trust Inc. 2.78% 744,654 $6.7M No change
UNH Unitedhealth Group Inc. 2.39% 16,692 $5.8M New
EQT Eqt Corp. 2.13% 94,300 $5.1M No change
UBER Uber Technologies Inc. 2.07% 50,817 $5.0M New
EXE Expand Energy Corp. 1.93% 43,761 $4.6M No change
GPOR Gulfport Energy Corp. 1.76% 23,431 $4.2M No change
AR Antero Resources Corp. 1.71% 122,816 $4.1M No change
AMRZ Amrize Ltd. 1.61% 80,197 $3.9M Add +393.7%
LSPD Lightspeed Commerce Inc. 1.51% 315,079 $3.6M Reduce -13.2%
GOGO Gogo Inc. 1.37% 385,140 $3.3M Reduce -2.0%
MELI MercadoLibre Inc. 1.35% 1,392 $3.3M No change
DVN Devon Energy Corp. 1.09% 74,895 $2.6M No change
RRC Range Resources Corp. 1.07% 68,446 $2.6M No change
KOP Koppers Holdings Inc. 0.94% 80,591 $2.3M Reduce -31.6%
CTRA Coterra Energy Inc. 0.93% 94,768 $2.2M No change
PR Permian Resources Corp. Class A 0.91% 170,979 $2.2M No change
ES Eversource Energy 0.90% 30,471 $2.2M No change
CNX CNX Resources Corp. 0.88% 66,225 $2.1M No change
ATO Atmos Energy Corp. 0.88% 12,438 $2.1M No change
EVRG Evergy Inc. 0.88% 27,863 $2.1M No change
AEP American Electric Power 0.85% 18,232 $2.1M No change
NI Nisource Inc. 0.84% 46,961 $2.0M No change
EXC Exelon Corp. 0.82% 44,187 $2.0M No change
PPL PPL Corp. 0.82% 53,464 $2.0M No change
AEE Ameren Corporation 0.82% 18,978 $2.0M No change
MTDR Matador Resources Co. 0.81% 43,721 $2.0M No change
NWE Northwestern Energy Group Inc. 0.80% 32,976 $1.9M No change
OGE Oge Energy Corp. 0.80% 41,492 $1.9M No change
ED Consolidated Edison Inc. 0.77% 18,543 $1.9M No change
BKH Black Hills Corp. 0.76% 29,900 $1.8M No change
TBLA Taboola.com Ltd. 0.76% 534,445 $1.8M Reduce -30.0%
POR Portland General Electric Co. 0.74% 40,750 $1.8M No change
MRNA Moderna Inc. 0.74% 68,624 $1.8M No change
UTL Unitil Corp. 0.65% 32,855 $1.6M No change
JELD Jeld-Wen Holding Inc. 0.52% 257,437 $1.3M Reduce -52.3%
NET Cloudflare Inc. Class A 0.49% 5,532 $1.2M No change
CMCO Columbus McKinnon Corp. 0.49% 82,712 $1.2M Reduce -41.9%
ZS Zscaler Inc. 0.41% 3,338 $1.0M No change
CRWD CrowdStrike Holdings Inc. Class A 0.35% 1,721 $844K No change
U Unity Software Inc. 0.34% 20,250 $811K No change
VRNS Varonis Systems Inc. 0.33% 13,958 $802K No change
RBRK Rubrik Inc. Class A 0.32% 9,263 $762K No change
CVLT Commvault Systems Inc. 0.30% 3,893 $735K No change
PANW Palo Alto Networks Inc. 0.30% 3,513 $715K No change
OKTA Okta Inc. 0.28% 7,396 $678K No change
HZO Marinemax Inc. 0.28% 26,700 $676K No change
GEN Gen Digital Inc. 0.27% 22,650 $643K No change
QLYS Qualys Inc. 0.25% 4,539 $601K No change
MSFT Microsoft Corp. 0.25% 1,142 $591K No change
NTNX Nutanix Inc. Class A 0.24% 7,794 $580K No change
MITK Mitek Systems Inc. 0.24% 58,248 $569K No change
FTNT Fortinet Inc. 0.22% 6,391 $537K No change
PTC PTC Inc. 0.22% 2,636 $535K No change
ADSK Autodesk Inc. 0.22% 1,671 $531K No change
BOX Box Inc. Class A 0.21% 15,664 $505K No change
DBX Dropbox Inc. Class A 0.21% 16,446 $497K No change
S Sentinelone Inc. Class A 0.20% 27,473 $484K No change
AVDX Avidxchange Holdings Inc. 0.20% 48,202 $480K No change
DOCN Digitalocean Holdings Inc. 0.20% 13,910 $475K No change
TOST Toast Inc. Class A 0.20% 12,902 $471K No change
ZM Zoom Communications Inc. 0.19% 5,653 $466K No change
TENB Tenable Holdings Inc. 0.19% 15,595 $455K No change
CXM Sprinklr Inc. Class A 0.19% 58,281 $450K No change
AVPT Avepoint Inc. 0.19% 29,817 $448K No change
BL Blackline Inc. 0.18% 8,353 $444K No change
TWLO Twilio Inc. Class A 0.18% 4,425 $443K No change
NABL N-Able Inc. 0.17% 52,395 $409K No change
CWAN Clearwater Analytics HDS-A 0.17% 22,672 $409K No change
ADBE Adobe Inc. 0.17% 1,138 $401K No change
RNG Ringcentral Inc. Class A 0.17% 14,066 $399K No change
WIX Wix.com Ltd. 0.16% 2,231 $396K No change
NCNO Ncino Inc. 0.16% 14,562 $395K No change
AKAM Akamai Technologies Inc. 0.16% 5,199 $394K No change
CMRC Commerce.com Inc. 0.16% 78,933 $394K No change
XYZ Block Inc. 0.16% 5,438 $393K No change
WK Workiva Inc. 0.16% 4,456 $384K No change
PCTY Paylocity Holding Corp. 0.15% 2,326 $370K No change
GTLB Gitlab Inc. Class A 0.15% 7,935 $358K No change
CRM Salesforce Inc. 0.15% 1,491 $353K No change
EVH Evolent Health Inc. Class A 0.14% 40,600 $343K No change
INTA Intapp Inc. 0.13% 7,832 $320K No change
TEAM Atlassian Corp. Class A 0.13% 1,953 $312K No change
BRZE Braze Inc. Class A 0.13% 10,740 $305K No change
DV Doubleverify Holdings Inc. 0.12% 25,093 $301K No change
RPD RAPID7 Inc. 0.12% 15,624 $293K Reduce -66.3%
TBI Trueblue Inc. 0.12% 46,333 $284K Reduce -40.0%
SPSC SPS Commerce Inc. 0.12% 2,675 $279K No change
SLP Simulations Plus Inc. 0.10% 16,203 $244K No change
SNPS Synopsys Inc. 0.10% 489 $241K New
WEAV Weave Communications Inc. 0.09% 31,090 $208K No change
TEAD Teads Holding Co. 0.09% 124,709 $206K Reduce -34.2%
SPT Sprout Social Inc. Class A 0.08% 15,339 $198K No change
TCRX Tscan Therapeutics Inc. 0.03% 35,563 $65K No change

Portfolio Sells Q2 2025 → Q3 2025
PARR Par Pacific Holdings Inc. Sold out 0.00% −3.33
WSC Willscot Holdings Corp. Sold out 0.00% −2.22
CALX Calix Inc. Sold out 0.00% −1.70
NSA National Storage Affiliates Sold out 0.00% −1.40
GOGO Gogo Inc. Reduce -2.0% 1.37% −1.03
MGRC McGrath Rentcorp Sold out 0.00% −0.87
KOP Koppers Holdings Inc. Reduce -31.6% 0.94% −0.64
MDU Mdu Resources Group Inc. Sold out 0.00% −0.53
CMCO Columbus McKinnon Corp. Reduce -41.9% 0.49% −0.41
TBLA Taboola.com Ltd. Reduce -30.0% 0.76% −0.41
JELD Jeld-Wen Holding Inc. Reduce -52.3% 0.52% −0.36
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) Sold out 0.00% −0.33
RPD RAPID7 Inc. Reduce -66.3% 0.12% −0.33
BASE Couchbase Inc. Sold out 0.00% −0.31
LSPD Lightspeed Commerce Inc. Reduce -13.2% 1.51% −0.26
OLO Olo Inc. Class A Sold out 0.00% −0.24
VLGEA Village Super Market Class A Sold out 0.00% −0.22
ANSS Ansys Inc. Sold out 0.00% −0.21
LDI Loandepot Inc. Class A Sold out 0.00% −0.16
TEAD Teads Holding Co. Reduce -34.2% 0.09% −0.11
TBI Trueblue Inc. Reduce -40.0% 0.12% −0.09

Portfolio Buys Q2 2025 → Q3 2025
VT Vanguard Tot World STK ETF Add +15.8% 44.14% +8.41
UNH Unitedhealth Group Inc. New 2.39% +2.39
UBER Uber Technologies Inc. New 2.07% +2.07
ASML ASML Holding NV-NY Reg SHS Add +44.0% 3.53% +1.49
AMRZ Amrize Ltd. Add +393.7% 1.61% +1.28
SNPS Synopsys Inc. New 0.10% +0.10

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