Deepwater Asset Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Deepwater Asset Management, LLC reported 46 stock positions worth $343.3 million. Its top holding was Nu Holdings Ltd./Cayman Isl-A (NU) at 4.9% of the portfolio, followed by AppLovin Class A (APP, 4.8%) and Reddit Class A (RDDT, 4.7%). Compared with Q3 2025, it opened 21 new positions, sold out of 6, added to 13 and reduced 11. The biggest buy was a new position in Reddit Class A (RDDT) and the biggest sale an exit from Confluent Inc. (cflt 0 01/15/27).
- Most Recent 13F
- Q2 2026
- Location
- Minneapolis, MN
- CIK
- 0001964171
- Portfolio Value
- $343.3M (Q4 2025)
- SEC Filing
- 0001172661-26-000610 ↗ filed Feb 11, 2026
Holdings Value
Holdings 46 stocks · $343.3M
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 4.87% | 997,890 | $16.7M | Add +11.9% |
| APP AppLovin Corp. Class A | 4.85% | 24,707 | $16.6M | Add +27.6% |
| RDDT Reddit Inc. Class A | 4.70% | 70,153 | $16.1M | New |
| MELI MercadoLibre Inc. | 4.56% | 7,765 | $15.6M | Add +38.6% |
| GLBE Global-E Online Ltd. | 4.49% | 392,063 | $15.4M | Add +10.6% |
| UBER Uber Technologies Inc. | 4.32% | 181,566 | $14.8M | Add +28.6% |
| TEAM Atlassian Corp. Class A | 4.31% | 91,162 | $14.8M | New |
| ISRG Intuitive Surgical Inc. | 4.16% | 25,210 | $14.3M | New |
| FOUR SHIFT4 Payments Inc. Class A | 3.78% | 206,217 | $13.0M | Add +25.4% |
| RBRK Rubrik Inc. Class A | 3.65% | 163,700 | $12.5M | Add +7.6% |
| CFLT Confluent Inc. Class A | 3.61% | 410,221 | $12.4M | New |
| CVNA Carvana Co. | 3.30% | 26,879 | $11.3M | Add +108.6% |
| META Meta Platforms Inc. Class A | 3.21% | 16,675 | $11.0M | Reduce -14.6% |
| BROS Dutch Bros Inc. Class A | 3.19% | 179,106 | $11.0M | Reduce -23.4% |
| FRPT Freshpet Inc. | 2.82% | 158,792 | $9.7M | Reduce -16.6% |
| WDAY Workday Inc. Class A | 2.72% | 43,483 | $9.3M | Reduce -18.3% |
| NTRA Natera Inc. | 2.65% | 39,645 | $9.1M | New |
| FWRG First Watch Restaurant Group | 2.53% | 576,166 | $8.7M | Reduce -20.5% |
| ALAB Astera Labs Inc. | 2.49% | 51,428 | $8.6M | New |
| AVAV Aerovironment Inc. | 2.04% | 28,885 | $7.0M | New |
| RBLX Roblox Corp. Class A | 1.96% | 82,841 | $6.7M | New |
| FSLR First Solar Inc. | 1.91% | 25,126 | $6.6M | Add +495.0% |
| VRT Vertiv Holdings Co. Class A | 1.63% | 34,544 | $5.6M | Reduce -63.3% |
| LRCX Lam Research Corp. | 1.49% | 29,822 | $5.1M | New |
| TTWO Take-Two Interactive Softwre | 1.46% | 19,626 | $5.0M | Add +446.1% |
| AXON Axon Enterprise Inc. | 1.45% | 8,774 | $5.0M | New |
| MRCY Mercury Systems Inc. | 1.43% | 67,461 | $4.9M | New |
| CCJ Cameco Corp. | 1.42% | 53,390 | $4.9M | New |
| COHR Coherent Corp. | 1.40% | 26,112 | $4.8M | New |
| SNOW Snowflake Inc. | 1.38% | 21,540 | $4.7M | New |
| VST Vistra Corp. | 1.37% | 29,215 | $4.7M | New |
| LNG Cheniere Energy Inc. | 1.37% | 24,169 | $4.7M | New |
| GTLB Gitlab Inc. Class A | 1.36% | 124,217 | $4.7M | New |
| STRL Sterling Infrastructure Inc. | 1.35% | 15,130 | $4.6M | New |
| ASML ASML Holding NV-NY Reg SHS | 1.35% | 4,330 | $4.6M | Reduce -67.1% |
| DDOG Datadog Inc. Class A | 1.25% | 31,457 | $4.3M | New |
| MU Micron Technology Inc. | 0.60% | 7,205 | $2.1M | Reduce -91.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.51% | 5,801 | $1.8M | Reduce -13.2% |
| NVDA Nvidia Corp. | 0.50% | 9,202 | $1.7M | Reduce -13.6% |
| SNPS Synopsys Inc. | 0.49% | 3,551 | $1.7M | Add +86.6% |
| GOOG Alphabet Inc. Class C | 0.47% | 5,155 | $1.6M | Add +20.8% |
| SE Sea Ltd.-ADR | 0.45% | 12,219 | $1.6M | Add +139.7% |
| AVGO Broadcom Inc. | 0.44% | 4,342 | $1.5M | Reduce -21.8% |
| AAPL Apple Inc. | 0.29% | 3,605 | $980K | No change |
| CRWV Coreweave Inc. Class A | 0.23% | 11,009 | $788K | New |
| AMZN Amazon.com Inc. | 0.21% | 3,138 | $724K | New |
Portfolio Sells Q3 2025 → Q4 2025
| CONFLUENT INC (CFLT 0 01/15/27) | Sold out | 0.00% | −5.04 |
| MU Micron Technology Inc. | Reduce -91.4% | 0.60% | −4.99 |
| CWAN Clearwater Analytics HDS-A | Sold out | 0.00% | −4.88 |
| ACVA Acv Auctions Inc. Class A | Sold out | 0.00% | −4.11 |
| VRT Vertiv Holdings Co. Class A | Reduce -63.3% | 1.63% | −4.02 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -67.1% | 1.35% | −3.72 |
| META Meta Platforms Inc. Class A | Reduce -14.6% | 3.21% | −2.50 |
| WDAY Workday Inc. Class A | Reduce -18.3% | 2.72% | −2.38 |
| FWRG First Watch Restaurant Group | Reduce -20.5% | 2.53% | −1.98 |
| BROS Dutch Bros Inc. Class A | Reduce -23.4% | 3.19% | −1.68 |
| FRPT Freshpet Inc. | Reduce -16.6% | 2.82% | −1.36 |
| ANET Arista Networks Inc. | Sold out | 0.00% | −0.75 |
| IYK iShares US Consumer Staples | Sold out | 0.00% | −0.71 |
| PINS Pinterest Inc. Class A | Sold out | 0.00% | −0.35 |
| AVGO Broadcom Inc. | Reduce -21.8% | 0.44% | −0.29 |
| NVDA Nvidia Corp. | Reduce -13.6% | 0.50% | −0.29 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -13.2% | 0.51% | −0.23 |
Portfolio Buys Q3 2025 → Q4 2025
| RDDT Reddit Inc. Class A | New | 4.70% | +4.70 |
| TEAM Atlassian Corp. Class A | New | 4.31% | +4.31 |
| ISRG Intuitive Surgical Inc. | New | 4.16% | +4.16 |
| CFLT Confluent Inc. Class A | New | 3.61% | +3.61 |
| NTRA Natera Inc. | New | 2.65% | +2.65 |
| ALAB Astera Labs Inc. | New | 2.49% | +2.49 |
| AVAV Aerovironment Inc. | New | 2.04% | +2.04 |
| RBLX Roblox Corp. Class A | New | 1.96% | +1.96 |
| FSLR First Solar Inc. | Add +495.0% | 1.91% | +1.54 |
| LRCX Lam Research Corp. | New | 1.49% | +1.49 |
| AXON Axon Enterprise Inc. | New | 1.45% | +1.45 |
| MRCY Mercury Systems Inc. | New | 1.43% | +1.43 |
| CCJ Cameco Corp. | New | 1.42% | +1.42 |
| COHR Coherent Corp. | New | 1.40% | +1.40 |
| SNOW Snowflake Inc. | New | 1.38% | +1.38 |
| VST Vistra Corp. | New | 1.37% | +1.37 |
| CVNA Carvana Co. | Add +108.6% | 3.30% | +1.37 |
| LNG Cheniere Energy Inc. | New | 1.37% | +1.37 |
| GTLB Gitlab Inc. Class A | New | 1.36% | +1.36 |
| STRL Sterling Infrastructure Inc. | New | 1.35% | +1.35 |
| DDOG Datadog Inc. Class A | New | 1.25% | +1.25 |
| TTWO Take-Two Interactive Softwre | Add +446.1% | 1.46% | +1.09 |
| CRWV Coreweave Inc. Class A | New | 0.23% | +0.23 |
| AMZN Amazon.com Inc. | New | 0.21% | +0.21 |
| SNPS Synopsys Inc. | Add +86.6% | 0.49% | +0.11 |
| SE Sea Ltd.-ADR | Add +139.7% | 0.45% | +0.09 |
| GOOG Alphabet Inc. Class C | Add +20.8% | 0.47% | +0.06 |
| GLBE Global-E Online Ltd. | Add +10.6% | 4.49% | −0.56 |
| MELI MercadoLibre Inc. | Add +38.6% | 4.56% | −0.65 |
| APP AppLovin Corp. Class A | Add +27.6% | 4.85% | −0.69 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +11.9% | 4.87% | −0.82 |
| UBER Uber Technologies Inc. | Add +28.6% | 4.32% | −1.19 |
| FOUR SHIFT4 Payments Inc. Class A | Add +25.4% | 3.78% | −1.28 |
| RBRK Rubrik Inc. Class A | Add +7.6% | 3.65% | −1.33 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 35 | $220.2M | RBLX, CRDO, AXON, DDOG, BB |
| Q1 2026 | 39 | $157.8M | RDDT, STRL, NU, CRDO, UBER |
| Q4 2025 | 46 | $343.3M | NU, APP, RDDT, MELI, GLBE |
| Q3 2025 | 31 | $251.3M | META, NU, VRT, MU, APP |
| Q2 2025 | 20 | $252.6M | VRT, TSM, MU, META, NVDA |
| Q1 2025 | 21 | $236.3M | TSM, NVDA, MU, MELI, META |
| Q4 2024 | 23 | $306.4M | ACVA, TSM, FOUR, ONTO, NVDA |
| Q3 2024 | 23 | $284.8M | FOUR, MU, ANET, META, VRT |
| Q2 2024 | 23 | $275.3M | FOUR, NU, NTNX, ANET, META |
| Q1 2024 | 26 | $265.5M | XYZ, NU, RH, PGNY, META |