Divisar Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Divisar Capital Management LLC reported 26 stock positions worth $355.9 million. Its top holding was Onto Innovation (ONTO) at 9.4% of the portfolio, followed by Lumentum (LITE, 9.0%) and Adtran (ADTN, 7.3%). Compared with Q3 2025, it opened 3 new positions, sold out of 2, added to 9 and reduced 14. The biggest buy was Onto Innovation (ONTO, shares +21%) and the biggest sale an exit from Vimeo (VMEO).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001645721
- Portfolio Value
- $355.9M (Q4 2025)
- SEC Filing
- 0001645721-26-000006 ↗ filed Feb 17, 2026
Holdings Value
Holdings 26 stocks · $355.9M
| ONTO Onto Innovation Inc. | 9.42% | 212,403 | $33.5M | Add +21.3% |
| LITE Lumentum Holdings Inc. | 9.01% | 87,029 | $32.1M | Reduce -57.3% |
| ADTN Adtran Holdings Inc. | 7.29% | 2,986,302 | $26.0M | Reduce -7.1% |
| PII Polaris Inc. | 7.19% | 404,553 | $25.6M | Reduce -9.7% |
| UCTT Ultra Clean Holdings Inc. | 6.76% | 949,328 | $24.0M | Reduce -9.8% |
| BC Brunswick Corp. | 6.44% | 308,770 | $22.9M | Reduce -2.9% |
| KLIC Kulicke & Soffa Industries | 6.16% | 481,021 | $21.9M | Reduce -23.8% |
| PDFS PDF Solutions Inc. | 6.09% | 759,815 | $21.7M | Add +11.1% |
| CALX Calix Inc. | 4.46% | 299,963 | $15.9M | Add +22.9% |
| CMRC Commerce.com Inc. | 4.37% | 3,776,896 | $15.6M | Reduce -18.1% |
| OEC Orion SA | 4.07% | 2,742,356 | $14.5M | Add +11.9% |
| MCFT Mastercraft Boat Holdings Inc. | 3.86% | 726,876 | $13.7M | Reduce -15.5% |
| MKSI MKS Inc. | 3.48% | 77,501 | $12.4M | Add +25.0% |
| LASR Nlight Inc. | 3.04% | 288,438 | $10.8M | Reduce -49.9% |
| TTMI TTM Technologies | 2.66% | 137,339 | $9.5M | Add +108.1% |
| ANF Abercrombie & Fitch Co. Class A | 1.97% | 55,808 | $7.0M | Reduce -31.5% |
| RXO Rxo Inc. | 1.97% | 555,009 | $7.0M | Add +3.6% |
| ZUMZ Zumiez Inc. | 1.90% | 259,102 | $6.7M | Reduce -62.8% |
| THRM Gentherm Inc. | 1.62% | 158,972 | $5.8M | New |
| BOX Box Inc. Class A | 1.58% | 188,049 | $5.6M | Add +16.3% |
| COHU Cohu Inc. | 1.42% | 217,160 | $5.1M | Reduce -9.5% |
| VERX Vertex Inc. Class A | 1.40% | 250,000 | $5.0M | New |
| WEAV Weave Communications Inc. | 1.24% | 580,497 | $4.4M | New |
| FN Fabrinet | 0.97% | 7,570 | $3.4M | Reduce -9.6% |
| VIAV Viavi Solutions Inc. | 0.96% | 190,805 | $3.4M | Add +90.8% |
| SFIX Stitch Fix Inc. Class A | 0.67% | 457,585 | $2.4M | Reduce -41.5% |
Portfolio Sells Q3 2025 → Q4 2025
| VMEO Vimeo Inc. | Sold out | 0.00% | −2.61 |
| CMRC Commerce.com Inc. | Reduce -18.1% | 4.37% | −1.89 |
| ZUMZ Zumiez Inc. | Reduce -62.8% | 1.90% | −1.82 |
| LASR Nlight Inc. | Reduce -49.9% | 3.04% | −1.60 |
| MCFT Mastercraft Boat Holdings Inc. | Reduce -15.5% | 3.86% | −1.16 |
| UCTT Ultra Clean Holdings Inc. | Reduce -9.8% | 6.76% | −1.05 |
| NVRI Enviri Corp. | Sold out | 0.00% | −1.00 |
| ADTN Adtran Holdings Inc. | Reduce -7.1% | 7.29% | −0.91 |
| KLIC Kulicke & Soffa Industries | Reduce -23.8% | 6.16% | −0.82 |
| SFIX Stitch Fix Inc. Class A | Reduce -41.5% | 0.67% | −0.25 |
| LITE Lumentum Holdings Inc. | Reduce -57.3% | 9.01% | −0.01 |
| ANF Abercrombie & Fitch Co. Class A | Reduce -31.5% | 1.97% | +0.08 |
| COHU Cohu Inc. | Reduce -9.5% | 1.42% | +0.09 |
| PII Polaris Inc. | Reduce -9.7% | 7.19% | +0.11 |
| FN Fabrinet | Reduce -9.6% | 0.97% | +0.14 |
| BC Brunswick Corp. | Reduce -2.9% | 6.44% | +0.97 |
Portfolio Buys Q3 2025 → Q4 2025
| ONTO Onto Innovation Inc. | Add +21.3% | 9.42% | +3.26 |
| TTMI TTM Technologies | Add +108.1% | 2.66% | +1.63 |
| THRM Gentherm Inc. | New | 1.62% | +1.62 |
| VERX Vertex Inc. Class A | New | 1.40% | +1.40 |
| MKSI MKS Inc. | Add +25.0% | 3.48% | +1.39 |
| PDFS PDF Solutions Inc. | Add +11.1% | 6.09% | +1.28 |
| WEAV Weave Communications Inc. | New | 1.24% | +1.24 |
| VIAV Viavi Solutions Inc. | Add +90.8% | 0.96% | +0.61 |
| CALX Calix Inc. | Add +22.9% | 4.46% | +0.39 |
| BOX Box Inc. Class A | Add +16.3% | 1.58% | +0.16 |
| RXO Rxo Inc. | Add +3.6% | 1.97% | −0.27 |
| OEC Orion SA | Add +11.9% | 4.07% | −0.99 |
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 |