Divisar Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Divisar Capital Management LLC reported 25 stock positions worth $367.6 million. Its top holding was Lumentum (LITE) at 9.0% of the portfolio, followed by Adtran (ADTN, 8.2%) and Ultra Clean (UCTT, 7.8%). Compared with Q2 2025, it opened 2 new positions, sold out of 3, added to 6 and reduced 16. The biggest buy was Onto Innovation (ONTO, shares +53%) and the biggest sale Vimeo (VMEO, shares −86%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001645721
- Portfolio Value
- $367.6M (Q3 2025)
- SEC Filing
- 0001645721-25-000024 ↗ filed Nov 14, 2025
Holdings Value
Holdings 25 stocks · $367.6M
| LITE Lumentum Holdings Inc. | 9.03% | 203,915 | $33.2M | Reduce -47.5% |
| ADTN Adtran Holdings Inc. | 8.20% | 3,213,090 | $30.1M | Reduce -24.0% |
| UCTT Ultra Clean Holdings Inc. | 7.80% | 1,052,554 | $28.7M | Reduce -25.7% |
| PII Polaris Inc. | 7.08% | 447,905 | $26.0M | Reduce -24.2% |
| KLIC Kulicke & Soffa Industries | 6.97% | 630,833 | $25.6M | Reduce -34.8% |
| CMRC Commerce.com Inc. | 6.26% | 4,610,948 | $23.0M | Add +1.1% |
| ONTO Onto Innovation Inc. | 6.16% | 175,088 | $22.6M | Add +53.5% |
| BC Brunswick Corp. | 5.47% | 317,992 | $20.1M | Reduce -16.7% |
| OEC Orion SA | 5.05% | 2,450,414 | $18.6M | Add +10.9% |
| MCFT Mastercraft Boat Holdings Inc. | 5.02% | 860,495 | $18.5M | Reduce -27.0% |
| PDFS PDF Solutions Inc. | 4.81% | 684,082 | $17.7M | Add +11.9% |
| LASR Nlight Inc. | 4.64% | 575,443 | $17.1M | Reduce -48.8% |
| CALX Calix Inc. | 4.08% | 244,088 | $15.0M | Reduce -30.6% |
| ZUMZ Zumiez Inc. | 3.71% | 695,737 | $13.6M | Reduce -19.3% |
| VMEO Vimeo Inc. | 2.61% | 1,239,652 | $9.6M | Reduce -86.0% |
| RXO Rxo Inc. | 2.24% | 535,942 | $8.2M | Reduce -20.7% |
| MKSI MKS Inc. | 2.09% | 62,000 | $7.7M | Add +19.2% |
| ANF Abercrombie & Fitch Co. Class A | 1.90% | 81,424 | $7.0M | Reduce -31.8% |
| BOX Box Inc. Class A | 1.42% | 161,743 | $5.2M | Add +22.8% |
| COHU Cohu Inc. | 1.33% | 239,894 | $4.9M | Reduce -27.3% |
| TTMI TTM Technologies | 1.03% | 66,004 | $3.8M | New |
| NVRI Enviri Corp. | 1.00% | 289,841 | $3.7M | No change |
| SFIX Stitch Fix Inc. Class A | 0.92% | 781,581 | $3.4M | Reduce -67.6% |
| FN Fabrinet | 0.83% | 8,370 | $3.1M | Reduce -16.6% |
| VIAV Viavi Solutions Inc. | 0.35% | 100,000 | $1.3M | New |
Portfolio Sells Q2 2025 → Q3 2025
| VMEO Vimeo Inc. | Reduce -86.0% | 2.61% | −5.68 |
| OLO Olo Inc. Class A | Sold out | 0.00% | −2.65 |
| SFIX Stitch Fix Inc. Class A | Reduce -67.6% | 0.92% | −1.14 |
| KLIC Kulicke & Soffa Industries | Reduce -34.8% | 6.97% | −0.77 |
| CIVI Civitas Resources Inc. | Sold out | 0.00% | −0.66 |
| ADTN Adtran Holdings Inc. | Reduce -24.0% | 8.20% | −0.58 |
| LASR Nlight Inc. | Reduce -48.8% | 4.64% | −0.48 |
| ANF Abercrombie & Fitch Co. Class A | Reduce -31.8% | 1.90% | −0.39 |
| SQNS Sequans Communications S A | Sold out | 0.00% | −0.26 |
| CALX Calix Inc. | Reduce -30.6% | 4.08% | −0.25 |
| RXO Rxo Inc. | Reduce -20.7% | 2.24% | −0.22 |
| COHU Cohu Inc. | Reduce -27.3% | 1.33% | −0.14 |
| MCFT Mastercraft Boat Holdings Inc. | Reduce -27.0% | 5.02% | −0.04 |
| FN Fabrinet | Reduce -16.6% | 0.83% | +0.15 |
| UCTT Ultra Clean Holdings Inc. | Reduce -25.7% | 7.80% | +0.40 |
| LITE Lumentum Holdings Inc. | Reduce -47.5% | 9.03% | +0.48 |
| BC Brunswick Corp. | Reduce -16.7% | 5.47% | +0.59 |
| ZUMZ Zumiez Inc. | Reduce -19.3% | 3.71% | +1.07 |
| PII Polaris Inc. | Reduce -24.2% | 7.08% | +1.53 |
Portfolio Buys Q2 2025 → Q3 2025
| ONTO Onto Innovation Inc. | Add +53.5% | 6.16% | +3.49 |
| PDFS PDF Solutions Inc. | Add +11.9% | 4.81% | +1.78 |
| TTMI TTM Technologies | New | 1.03% | +1.03 |
| CMRC Commerce.com Inc. | Add +1.1% | 6.26% | +0.99 |
| MKSI MKS Inc. | Add +19.2% | 2.09% | +0.89 |
| BOX Box Inc. Class A | Add +22.8% | 1.42% | +0.38 |
| VIAV Viavi Solutions Inc. | New | 0.35% | +0.35 |
| OEC Orion SA | Add +10.9% | 5.05% | −0.31 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 28 | $434.0M | ONTO, PII, MKSI, BC, KLIC |
| Q1 2026 | 26 | $392.4M | ONTO, UCTT, PII, BC, LITE |
| Q4 2025 | 26 | $355.9M | ONTO, LITE, ADTN, PII, UCTT |
| Q3 2025 | 25 | $367.6M | LITE, ADTN, UCTT, PII, KLIC |
| Q2 2025 | 26 | $432.3M | ADTN, LITE, VMEO, KLIC, UCTT |
| Q1 2025 | 29 | $384.5M | VMEO, ADTN, KLIC, FARO, LITE |
| Q4 2024 | 30 | $460.7M | ADTN, LITE, VMEO, UCTT, FARO |
| Q3 2024 | 31 | $542.1M | UCTT, LITE, VMEO, KLIC, ADTN |
| Q2 2024 | 34 | $527.8M | LITE, UCTT, KLIC, VMEO, ADTN |
| Q1 2024 | 34 | $520.5M | UCTT, LITE, KLIC, FARO, VMEO |