Formula Growth Ltd.

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Formula Growth Ltd. reported 112 stock positions worth $313.0 million. Its top holding was Pagseguro Digital Class A (PAGS) at 2.9% of the portfolio, followed by Evolent Health Class A (EVH, 2.6%) and Dave & Buster's Entertainmen (PLAY, 2.6%). Compared with Q4 2023, it opened 22 new positions, sold out of 38, added to 20 and reduced 42. The biggest buy was a new position in Ultra Clean (UCTT) and the biggest sale an exit from Fidelity National Info Serv (FIS).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001093219
Portfolio Value
$313.0M (Q1 2024)
SEC Filing
0001011438-24-000343 ↗ filed May 14, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $313.0M $313.0M Q1 2024 Q2 2024: $275.2M Q2 2024 Q3 2024: $291.2M Q3 2024 Q4 2024: $295.4M Q4 2024 Q1 2025: $246.6M Q1 2025 Q2 2025: $264.7M Q2 2025 Q3 2025: $281.1M Q3 2025 Q4 2025: $259.5M Q4 2025 Q1 2026: $221.6M Q1 2026 Q2 2026: $284.3M Q2 2026

Holdings 112 stocks · $313.0M
PAGS Pagseguro Digital Ltd. Class A 2.85% 625,357 $8.9M Reduce -20.6%
EVH Evolent Health Inc. Class A 2.60% 247,951 $8.1M Reduce -2.0%
PLAY Dave & Buster's Entertainmen 2.56% 128,246 $8.0M Add +196.6%
UCTT Ultra Clean Holdings Inc. 2.37% 161,600 $7.4M New
SNBRQ Sleep Number Corp. 2.23% 436,096 $7.0M Add +55.3%
SWIM Latham Group Inc. 2.21% 1,750,635 $6.9M Add +24.4%
MPWR Monolithic Power Systems Inc. 2.13% 9,830 $6.7M New
MU Micron Technology Inc. 2.12% 56,211 $6.6M Add +10.8%
MRVL Marvell Technology Inc. 2.05% 90,450 $6.4M New
BBW Build-A-Bear Workshop Inc. 1.95% 204,500 $6.1M Add +24.7%
INFN Infinera Corp. 1.95% 1,010,000 $6.1M Add +102.0%
SNOW Snowflake Inc. 1.93% 37,400 $6.0M New
ARCB Arcbest Corp. 1.76% 38,695 $5.5M Reduce -25.0%
ACVA Acv Auctions Inc. Class A 1.68% 279,325 $5.2M Add +24.4%
HCA HCA Healthcare Inc. 1.65% 15,500 $5.2M Reduce -24.4%
LIND Lindblad Expeditions Holding 1.56% 523,403 $4.9M No change
CECO Ceco Environmental Corp. 1.46% 198,113 $4.6M Reduce -14.1%
U Unity Software Inc. 1.45% 170,000 $4.5M Add +13.3%
TNDM Tandem Diabetes Care Inc. 1.40% 123,746 $4.4M Add +203.7%
UA Under Armour Inc. Class C 1.37% 600,000 $4.3M Add +4.3%
CSGP Costar Group Inc. 1.36% 44,000 $4.3M No change
RDNT Radnet Inc. 1.31% 84,465 $4.1M Reduce -0.0%
XPOF Xponential Fitness Inc. Class A 1.31% 247,634 $4.1M New
XPO Xpo Inc. 1.31% 33,500 $4.1M Reduce -13.0%
LAW CS Disco Inc. 1.30% 500,000 $4.1M No change
CALX Calix Inc. 1.27% 120,000 $4.0M New
HOLX Hologic Inc. 1.27% 50,830 $4.0M Add +60.0%
HEES H&E Equipment Services Inc. 1.26% 61,662 $4.0M Reduce -17.6%
RYAAY Ryanair Holdings PLC-SP ADR 1.25% 26,955 $3.9M No change
ASAN Asana Inc. Class A 1.21% 245,000 $3.8M Add +11.4%
SSNC Ss&c Technologies Holdings 1.20% 58,560 $3.8M Reduce -9.1%
IRTC Irhythm Holdings Inc. 1.19% 31,979 $3.7M New
UBER Uber Technologies Inc. 1.17% 47,500 $3.7M Reduce -13.6%
PODD Insulet Corp. 1.16% 21,095 $3.6M Reduce -0.3%
ATEC Alphatec Holdings Inc. 1.14% 258,945 $3.6M Reduce -1.7%
TMCI Treace Medical Concepts Inc. 1.12% 268,069 $3.5M Reduce -29.1%
LKQ LKQ Corp. 1.08% 63,300 $3.4M Reduce -7.3%
WEX Wex Inc. 1.08% 14,200 $3.4M No change
NTRA Natera Inc. 1.07% 36,665 $3.4M Reduce -17.6%
PGNY Progyny Inc. 1.07% 87,605 $3.3M Reduce -20.3%
SAH Sonic Automotive Inc. Class A 1.05% 57,800 $3.3M Reduce -4.9%
ABBV Abbvie Inc. 1.04% 17,800 $3.2M New
TWLO Twilio Inc. Class A 0.99% 50,688 $3.1M Add +24.6%
BILL Bill Holdings Inc. 0.99% 45,000 $3.1M Add +125.0%
KIDS Orthopediatrics Corp. 0.94% 100,570 $2.9M Reduce -0.3%
DXCM Dexcom Inc. 0.93% 21,058 $2.9M Reduce -3.4%
LESLIES INC 0.84% 405,329 $2.6M Add +80.3%
IMXI International Money Express 0.83% 114,299 $2.6M Reduce -19.1%
LBTYK Liberty Global Ltd. Class C 0.83% 147,702 $2.6M No change
XYL Xylem Inc. 0.81% 19,630 $2.5M Reduce -24.9%
CWST Casella Waste Systems Inc. Class A 0.81% 25,553 $2.5M No change
SIX Six Flags Entertainment Corp. 0.76% 90,391 $2.4M Reduce -51.4%
RL Ralph Lauren Corp. 0.75% 12,500 $2.3M New
RNG Ringcentral Inc. Class A 0.74% 67,061 $2.3M Reduce -30.9%
FLR Fluor Corp. 0.74% 54,479 $2.3M Reduce -0.0%
FN Fabrinet 0.72% 12,000 $2.3M Reduce -13.4%
VCEL Vericel Corp. 0.71% 42,980 $2.2M New
GXO Gxo Logistics Inc. 0.69% 40,000 $2.2M Reduce -11.1%
LULU Lululemon Athletica Inc. 0.69% 5,500 $2.1M New
TTI Tetra Technologies Inc. 0.68% 483,418 $2.1M Reduce -46.0%
INST Instructure Holdings Inc. 0.68% 100,000 $2.1M New
TTEK Tetra Tech Inc. 0.68% 11,500 $2.1M No change
CHDN Churchill Downs Inc. 0.65% 16,365 $2.0M Reduce -0.1%
META Meta Platforms Inc. Class A 0.62% 4,000 $1.9M Reduce -42.9%
TRNS Transcat Inc. 0.62% 17,400 $1.9M No change
AX Axos Financial Inc. 0.61% 35,624 $1.9M No change
PANW Palo Alto Networks Inc. 0.60% 6,623 $1.9M Reduce -18.2%
KVYO Klaviyo Inc. Class A 0.57% 70,000 $1.8M Reduce -50.0%
WIX Wix.com Ltd. 0.55% 12,500 $1.7M No change
DLB Dolby Laboratories Inc. Class A 0.55% 20,500 $1.7M No change
UTI Universal Technical Institut 0.54% 106,000 $1.7M New
BLDR Builders Firstsource Inc. 0.53% 8,000 $1.7M Reduce -20.0%
CPA Copa Holdings SA Class A 0.52% 15,500 $1.6M No change
JBHT Hunt (jb) Transprt SVCS Inc. 0.51% 8,000 $1.6M Reduce -20.0%
EEFT Euronet Worldwide Inc. 0.51% 14,500 $1.6M No change
NOTVQ Inotiv Inc. 0.49% 141,000 $1.5M New
PHLT Performant Healthcare Inc. 0.49% 520,000 $1.5M No change
NVEE NV5 Global Inc. 0.49% 15,500 $1.5M No change
TREE Lendingtree Inc. 0.48% 35,472 $1.5M Reduce -14.0%
PHIN Phinia Inc. 0.47% 38,600 $1.5M Add +54.4%
HOMB Home Bancshares Inc. 0.46% 58,912 $1.4M No change
RYAN Ryan Specialty Holdings Inc. 0.44% 25,000 $1.4M New
EA Electronic Arts Inc. 0.43% 10,200 $1.4M Reduce -16.4%
W Wayfair Inc. Class A 0.43% 19,839 $1.3M New
FCFS Firstcash Holdings Inc. 0.41% 10,000 $1.3M No change
RVLV Revolve Group Inc. Class A 0.41% 60,000 $1.3M New
NOVAQ Sunnova Energy International 0.41% 207,000 $1.3M Add +158.8%
EXFY Expensify Inc. Class A 0.38% 650,000 $1.2M Add +23.8%
KEX Kirby Corp. 0.36% 11,745 $1.1M No change
PTLO Portillo's Inc. Class A 0.35% 78,000 $1.1M New
CTLP Cantaloupe Inc. 0.34% 166,795 $1.1M Reduce -10.7%
CMPR Cimpress PLC 0.32% 11,300 $1.0M No change
RXO Rxo Inc. 0.31% 45,000 $984K No change
TEAM Atlassian Corp. Class A 0.31% 5,000 $976K New
LEA Lear Corp. 0.27% 5,790 $839K Reduce -27.6%
RUN Sunrun Inc. 0.26% 62,000 $817K Add +55.0%
MEI Methode Electronics Inc. 0.25% 64,885 $790K Reduce -5.8%
IQV Iqvia Holdings Inc. 0.25% 3,100 $784K New
BGC BGC Group Inc. Class A 0.23% 94,459 $734K Reduce -75.7%
DBX Dropbox Inc. Class A 0.23% 30,200 $734K Reduce -28.4%
IAS Integral Ad Science Holding 0.22% 70,000 $698K New
HCI Hci Group Inc. 0.22% 6,000 $696K New
SMTC Semtech Corp. 0.22% 25,000 $687K Reduce -75.0%
CNTY Century Casinos Inc. 0.20% 200,000 $632K No change
BRBR Bellring Brands Inc. 0.20% 10,659 $629K Reduce -48.4%
SMAR Smartsheet Inc. Class A 0.19% 15,796 $608K No change
VCYT Veracyte Inc. 0.19% 27,000 $598K No change
UDMY Udemy Inc. 0.18% 50,000 $549K Add +25.0%
CERS Cerus Corp. 0.15% 242,290 $458K No change
STAA Staar Surgical Co. 0.12% 10,200 $390K No change
MODVQ Modivcare Inc. 0.09% 12,000 $281K No change
TTEC Ttec Holdings Inc. filed as TTEC HLDGS INC 0.03% 10,000 $104K No change

Portfolio Sells Q4 2023 → Q1 2024
FIS Fidelity National Info Serv Sold out 0.00% −1.32
SSYS Stratasys Ltd. Sold out 0.00% −1.14
HOS Hornbeck Offshore Services I Sold out 0.00% −1.09
OKTA Okta Inc. Sold out 0.00% −1.04
NEO Neogenomics Inc. Sold out 0.00% −1.03
BURL Burlington Stores Inc. Sold out 0.00% −0.93
LNTH Lantheus Holdings Inc. Sold out 0.00% −0.90
HUDSON PAC PPTYS INC Sold out 0.00% −0.90
SLG SL Green Realty Corp. Sold out 0.00% −0.89
BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.87
LAUR Laureate Education Inc. Sold out 0.00% −0.76
CWK Cushman & Wakefield UK Holdc Sold out 0.00% −0.76
JLL Jones Lang Lasalle Inc. Sold out 0.00% −0.74
SIX Six Flags Entertainment Corp. Reduce -51.4% 0.76% −0.73
SKWD Skyward Specialty Insurance Sold out 0.00% −0.70
KVYO Klaviyo Inc. Class A Reduce -50.0% 0.57% −0.68
PRVA Privia Health Group Inc. Sold out 0.00% −0.68
BGC BGC Group Inc. Class A Reduce -75.7% 0.23% −0.67
CART Maplebear Inc. Sold out 0.00% −0.65
WH Wyndham Hotels & Resorts Inc. Sold out 0.00% −0.65
APP AppLovin Corp. Class A Sold out 0.00% −0.64
WELL Welltower Inc. Sold out 0.00% −0.62
TTI Tetra Technologies Inc. Reduce -46.0% 0.68% −0.61
ALB Albemarle Corp. Sold out 0.00% −0.56
WGHTQ WW International Inc. Sold out 0.00% −0.49
SMTC Semtech Corp. Reduce -75.0% 0.22% −0.48
MPT Medical Properties Trust Inc. Sold out 0.00% −0.46
DESP Despegar.com Corp. Sold out 0.00% −0.44
TMCI Treace Medical Concepts Inc. Reduce -29.1% 1.12% −0.43
EME Emcor Group Inc. Sold out 0.00% −0.41
PGTI PGT Innovations Inc. Sold out 0.00% −0.39
HCP Hashicorp Inc. Class A Sold out 0.00% −0.38
ZUO Zuora Inc. Class A Sold out 0.00% −0.35
PODD Insulet Corp. Reduce -0.3% 1.16% −0.32
RNG Ringcentral Inc. Class A Reduce -30.9% 0.74% −0.31
KTB Kontoor Brands Inc. Sold out 0.00% −0.30
RSKD Riskified Ltd. Class A Sold out 0.00% −0.30
PAGS Pagseguro Digital Ltd. Class A Reduce -20.6% 2.85% −0.30
STKL Sunopta Inc. Sold out 0.00% −0.28
PRO Pros Holdings Inc. Sold out 0.00% −0.26
MEI Methode Electronics Inc. Reduce -5.8% 0.25% −0.25
PGNY Progyny Inc. Reduce -20.3% 1.07% −0.24
RMAX Re/Max Holdings Inc. Class A Sold out 0.00% −0.23
ARCB Arcbest Corp. Reduce -25.0% 1.76% −0.23
ARRY Array Technologies Inc. Sold out 0.00% −0.21
COOK Traeger Inc. Sold out 0.00% −0.21
GXO Gxo Logistics Inc. Reduce -11.1% 0.69% −0.19
META Meta Platforms Inc. Class A Reduce -42.9% 0.62% −0.17
IMXI International Money Express Reduce -19.1% 0.83% −0.17
BRBR Bellring Brands Inc. Reduce -48.4% 0.20% −0.17

Portfolio Buys Q4 2023 → Q1 2024
UCTT Ultra Clean Holdings Inc. New 2.37% +2.37
MPWR Monolithic Power Systems Inc. New 2.13% +2.13
MRVL Marvell Technology Inc. New 2.05% +2.05
SNOW Snowflake Inc. New 1.93% +1.93
PLAY Dave & Buster's Entertainmen Add +196.6% 2.56% +1.82
XPOF Xponential Fitness Inc. Class A New 1.31% +1.31
CALX Calix Inc. New 1.27% +1.27
IRTC Irhythm Holdings Inc. New 1.19% +1.19
INFN Infinera Corp. Add +102.0% 1.95% +1.18
ABBV Abbvie Inc. New 1.04% +1.04
SWIM Latham Group Inc. Add +24.4% 2.21% +1.03
TNDM Tandem Diabetes Care Inc. Add +203.7% 1.40% +1.01
SNBRQ Sleep Number Corp. Add +55.3% 2.23% +0.90
RL Ralph Lauren Corp. New 0.75% +0.75
BBW Build-A-Bear Workshop Inc. Add +24.7% 1.95% +0.74
MU Micron Technology Inc. Add +10.8% 2.12% +0.73
VCEL Vericel Corp. New 0.71% +0.71
LULU Lululemon Athletica Inc. New 0.69% +0.69
INST Instructure Holdings Inc. New 0.68% +0.68
ACVA Acv Auctions Inc. Class A Add +24.4% 1.68% +0.58
UTI Universal Technical Institut New 0.54% +0.54
HOLX Hologic Inc. Add +60.0% 1.27% +0.54
NOTVQ Inotiv Inc. New 0.49% +0.49
BILL Bill Holdings Inc. Add +125.0% 0.99% +0.47
RYAN Ryan Specialty Holdings Inc. New 0.44% +0.44
W Wayfair Inc. Class A New 0.43% +0.43
RVLV Revolve Group Inc. Class A New 0.41% +0.41
PTLO Portillo's Inc. Class A New 0.35% +0.35
LESLIES INC Add +80.3% 0.84% +0.34
TEAM Atlassian Corp. Class A New 0.31% +0.31
IQV Iqvia Holdings Inc. New 0.25% +0.25
PHIN Phinia Inc. Add +54.4% 0.47% +0.23
IAS Integral Ad Science Holding New 0.22% +0.22
HCI Hci Group Inc. New 0.22% +0.22
NOVAQ Sunnova Energy International Add +158.8% 0.41% +0.01
RUN Sunrun Inc. Add +55.0% 0.26% +0.01
TWLO Twilio Inc. Class A Add +24.6% 0.99% +0.00
UDMY Udemy Inc. Add +25.0% 0.18% −0.01
EXFY Expensify Inc. Class A Add +23.8% 0.38% −0.03
ASAN Asana Inc. Class A Add +11.4% 1.21% −0.13
UA Under Armour Inc. Class C Add +4.3% 1.37% −0.17
U Unity Software Inc. Add +13.3% 1.45% −0.52

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 145$284.3MMU, SWIM, SSYS, COMP, ALHC
Q1 2026 137$221.6MMU, SWIM, SSYS, FOXF, JHX
Q4 2025 125$259.5MMU, SWIM, JHX, LAW, LIND
Q3 2025 122$281.1MSWIM, JHX, TEAM, SSYS, MU
Q2 2025 119$264.7MSWIM, SSYS, UA, JHX, TEAM
Q1 2025 118$246.6MSWIM, SSYS, UA, BILL, W
Q4 2024 115$295.4MSWIM, UA, SNBRQ, SSYS, W
Q3 2024 109$291.2MSWIM, CROX, BBW, W, SNBRQ
Q2 2024 109$275.2MMU, CROX, PAGS, UCTT, SNOW
Q1 2024 112$313.0MPAGS, EVH, PLAY, UCTT, SNBRQ