Formula Growth Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Formula Growth Ltd. reported 118 stock positions worth $246.6 million. Its top holding was Latham (SWIM) at 3.0% of the portfolio, followed by Stratasys (SSYS, 2.5%) and Under Armour Class C (UA, 2.4%). Compared with Q4 2024, it opened 28 new positions, sold out of 25, added to 17 and reduced 40. The biggest buy was a new position in Atlassian Class A (TEAM) and the biggest sale Sleep Number (SNBRQ, shares −58%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001093219
- Portfolio Value
- $246.6M (Q1 2025)
- SEC Filing
- 0001011438-25-000272 ↗ filed May 14, 2025
Holdings Value
Holdings 118 stocks · $246.6M
| SWIM Latham Group Inc. | 2.99% | 1,147,339 | $7.4M | Reduce -4.6% |
| SSYS Stratasys Ltd. | 2.50% | 630,000 | $6.2M | Reduce -17.1% |
| UA Under Armour Inc. Class C | 2.41% | 1,000,000 | $6.0M | No change |
| BILL Bill Holdings Inc. | 2.33% | 125,000 | $5.7M | Add +171.7% |
| W Wayfair Inc. Class A | 2.14% | 164,711 | $5.3M | Add +13.8% |
| TEAM Atlassian Corp. Class A | 2.11% | 24,500 | $5.2M | New |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 2.02% | 91,000 | $5.0M | New |
| PODD Insulet Corp. | 1.97% | 18,459 | $4.8M | Reduce -9.0% |
| PAGS Pagseguro Digital Ltd. Class A | 1.92% | 621,987 | $4.7M | Reduce -11.5% |
| DXCM Dexcom Inc. | 1.62% | 58,353 | $4.0M | Add +21.2% |
| GENI Genius Sports Ltd. | 1.51% | 372,109 | $3.7M | Reduce -1.4% |
| LIND Lindblad Expeditions Holding | 1.47% | 390,775 | $3.6M | No change |
| RH RH | 1.44% | 15,100 | $3.5M | New |
| ARCB Arcbest Corp. | 1.42% | 49,647 | $3.5M | Add +19.5% |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 1.41% | 34,517 | $3.5M | Reduce -1.4% |
| ORN Orion Group Holdings Inc. | 1.39% | 654,830 | $3.4M | Reduce -1.1% |
| MU Micron Technology Inc. | 1.34% | 38,000 | $3.3M | No change |
| LAW CS Disco Inc. | 1.33% | 800,000 | $3.3M | Add +6.7% |
| WAL Western Alliance Bancorp | 1.31% | 42,173 | $3.2M | Reduce -23.6% |
| U Unity Software Inc. | 1.31% | 165,000 | $3.2M | Reduce -8.3% |
| RBA RB Global Inc. | 1.29% | 31,806 | $3.2M | Reduce -1.4% |
| SSNC Ss&c Technologies Holdings | 1.28% | 37,675 | $3.1M | Reduce -5.0% |
| UTI Universal Technical Institut | 1.27% | 121,624 | $3.1M | Reduce -11.6% |
| CECO Ceco Environmental Corp. | 1.26% | 136,524 | $3.1M | Reduce -2.5% |
| CCL Carnival Corp. | 1.25% | 157,800 | $3.1M | Add +12.3% |
| EXFY Expensify Inc. Class A | 1.23% | 1,000,000 | $3.0M | Add +5.3% |
| MMSI Merit Medical Systems Inc. | 1.22% | 28,461 | $3.0M | Reduce -12.3% |
| ASAN Asana Inc. Class A | 1.18% | 200,000 | $2.9M | Add +33.3% |
| PHR Phreesia Inc. | 1.15% | 111,271 | $2.8M | New |
| XPO Xpo Inc. | 1.13% | 26,000 | $2.8M | Reduce -13.3% |
| RDNT Radnet Inc. | 1.13% | 56,047 | $2.8M | Reduce -1.2% |
| CPRI Capri Holdings Ltd. | 1.12% | 140,384 | $2.8M | Reduce -28.1% |
| XPOF Xponential Fitness Inc. Class A | 1.11% | 329,287 | $2.7M | Add +7.6% |
| CSGP Costar Group Inc. | 1.09% | 34,000 | $2.7M | No change |
| PLMR Palomar Holdings Inc. | 1.09% | 19,609 | $2.7M | Add +66.0% |
| HQY Healthequity Inc. | 1.08% | 30,000 | $2.7M | New |
| RYAAY Ryanair Holdings PLC-SP ADR | 1.07% | 62,388 | $2.6M | Reduce -7.4% |
| CDNA Caredx Inc. | 1.07% | 148,209 | $2.6M | Add +90.0% |
| TWLO Twilio Inc. Class A | 1.06% | 26,688 | $2.6M | Add +8.1% |
| UTHR United Therapeutics Corp. | 1.05% | 8,383 | $2.6M | New |
| CALX Calix Inc. | 1.01% | 70,000 | $2.5M | Reduce -54.8% |
| ALHC Alignment Healthcare Inc. | 0.98% | 130,000 | $2.4M | New |
| HCA HCA Healthcare Inc. | 0.98% | 7,000 | $2.4M | Reduce -12.5% |
| TNDM Tandem Diabetes Care Inc. | 0.96% | 123,945 | $2.4M | Reduce -1.6% |
| UBER Uber Technologies Inc. | 0.96% | 32,500 | $2.4M | Reduce -11.0% |
| NTRA Natera Inc. | 0.96% | 16,732 | $2.4M | Reduce -1.6% |
| SAH Sonic Automotive Inc. Class A | 0.94% | 40,800 | $2.3M | Reduce -19.7% |
| LKQ LKQ Corp. | 0.94% | 54,300 | $2.3M | No change |
| ARDT Ardent Health Inc. | 0.91% | 163,319 | $2.2M | Reduce -1.6% |
| AEYE Audioeye Inc. | 0.90% | 200,000 | $2.2M | Add +53.9% |
| LLY Eli Lilly & Co. | 0.89% | 2,663 | $2.2M | New |
| AX Axos Financial Inc. | 0.88% | 33,624 | $2.2M | No change |
| VCTR Victory Capital Holding - A | 0.87% | 37,200 | $2.2M | New |
| GPN Global Payments Inc. | 0.87% | 21,830 | $2.1M | New |
| PANW Palo Alto Networks Inc. | 0.84% | 12,146 | $2.1M | No change |
| BBW Build-A-Bear Workshop Inc. | 0.83% | 55,197 | $2.1M | Reduce -40.1% |
| CWST Casella Waste Systems Inc. Class A | 0.82% | 18,053 | $2.0M | Reduce -18.1% |
| AR Antero Resources Corp. | 0.72% | 44,000 | $1.8M | New |
| TDOC Teladoc Health Inc. | 0.71% | 219,353 | $1.7M | New |
| LBTYK Liberty Global Ltd. Class C | 0.69% | 142,702 | $1.7M | No change |
| TBCH Turtle Beach Corp. | 0.68% | 117,670 | $1.7M | New |
| HOMB Home Bancshares Inc. | 0.65% | 56,912 | $1.6M | No change |
| WIX Wix.com Ltd. | 0.64% | 9,710 | $1.6M | No change |
| VFC VF Corp. | 0.64% | 101,608 | $1.6M | Reduce -63.3% |
| FN Fabrinet | 0.63% | 7,900 | $1.6M | Reduce -6.0% |
| CPA Copa Holdings SA Class A | 0.58% | 15,500 | $1.4M | No change |
| PROF Profound Medical Corp. | 0.58% | 246,025 | $1.4M | Reduce -1.6% |
| DLB Dolby Laboratories Inc. Class A | 0.57% | 17,500 | $1.4M | Reduce -5.4% |
| ARES Ares Management Corp. Class A | 0.56% | 9,500 | $1.4M | New |
| EEFT Euronet Worldwide Inc. | 0.56% | 13,000 | $1.4M | No change |
| KRUS Kura Sushi USA Inc. Class A | 0.56% | 27,063 | $1.4M | Reduce -33.3% |
| SNREY Sunrise Communicat Class A | 0.56% | 28,540 | $1.4M | No change |
| ALL Allstate Corp. | 0.55% | 6,598 | $1.4M | Add +100.1% |
| PHLT Performant Healthcare Inc. | 0.54% | 452,500 | $1.3M | No change |
| GXO Gxo Logistics Inc. | 0.54% | 34,000 | $1.3M | Reduce -10.5% |
| SNBRQ Sleep Number Corp. | 0.53% | 204,334 | $1.3M | Reduce -57.9% |
| WEX Wex Inc. | 0.52% | 8,200 | $1.3M | No change |
| PACK Ranpak Holdings Corp. | 0.52% | 234,626 | $1.3M | Add +6.4% |
| FCFS Firstcash Holdings Inc. | 0.49% | 10,000 | $1.2M | No change |
| KEX Kirby Corp. | 0.48% | 11,745 | $1.2M | No change |
| PRDO Perdoceo Education Corp. | 0.47% | 46,125 | $1.2M | Reduce -33.2% |
| VCEL Vericel Corp. | 0.47% | 25,824 | $1.2M | Reduce -3.7% |
| TTEK Tetra Tech Inc. | 0.46% | 39,050 | $1.1M | No change |
| NVEE NV5 Global Inc. | 0.46% | 59,000 | $1.1M | No change |
| GO Grocery Outlet Holding Corp. | 0.45% | 80,000 | $1.1M | New |
| HIMX Himax Technologies Inc.-ADR | 0.45% | 152,000 | $1.1M | New |
| DENN Denny's Corp. | 0.44% | 295,000 | $1.1M | New |
| CTLP Cantaloupe Inc. | 0.43% | 135,095 | $1.1M | No change |
| JBHT Hunt (jb) Transprt SVCS Inc. | 0.42% | 7,000 | $1.0M | No change |
| F Ford Motor Co. filed as FORD MTR CO | 0.40% | 97,598 | $979K | Reduce -67.3% |
| CWH Camping World Holdings Inc. Class A | 0.39% | 60,000 | $970K | New |
| APPS Digital Turbine Inc. | 0.39% | 350,000 | $950K | New |
| AEM Agnico Eagle Mines Ltd. | 0.38% | 8,600 | $932K | New |
| BKSY Blacksky Technology Inc. | 0.38% | 120,492 | $931K | Reduce -63.0% |
| RDDT Reddit Inc. Class A | 0.36% | 8,500 | $892K | Add +21.4% |
| LEA Lear Corp. | 0.36% | 10,075 | $889K | No change |
| RXO Rxo Inc. | 0.35% | 45,000 | $860K | No change |
| NRDS Nerdwallet Inc. Class A | 0.34% | 93,298 | $844K | Add +33.3% |
| ANF Abercrombie & Fitch Co. Class A | 0.34% | 11,000 | $840K | New |
| VCYT Veracyte Inc. | 0.32% | 27,000 | $801K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| SNBRQ Sleep Number Corp. | Reduce -57.9% | 0.53% | −1.98 |
| OKTA Okta Inc. | Sold out | 0.00% | −1.87 |
| ACVA Acv Auctions Inc. Class A | Sold out | 0.00% | −1.85 |
| MNDY Monday.com Ltd. | Sold out | 0.00% | −1.67 |
| URBN Urban Outfitters Inc. | Sold out | 0.00% | −1.67 |
| UMBF Umb Financial Corp. | Sold out | 0.00% | −1.61 |
| VFC VF Corp. | Reduce -63.3% | 0.64% | −1.37 |
| PRCT Procept Biorobotics Corp. | Sold out | 0.00% | −0.90 |
| CALX Calix Inc. | Reduce -54.8% | 1.01% | −0.82 |
| BKSY Blacksky Technology Inc. | Reduce -63.0% | 0.38% | −0.81 |
| TPC Tutor Perini Corp. | Reduce -77.9% | 0.27% | −0.80 |
| BBWI Bath & Body Works Inc. | Sold out | 0.00% | −0.76 |
| BC Brunswick Corp. | Sold out | 0.00% | −0.76 |
| KRUS Kura Sushi USA Inc. Class A | Reduce -33.3% | 0.56% | −0.68 |
| CHDN Churchill Downs Inc. | Sold out | 0.00% | −0.68 |
| CXM Sprinklr Inc. Class A | Sold out | 0.00% | −0.64 |
| BBW Build-A-Bear Workshop Inc. | Reduce -40.1% | 0.83% | −0.60 |
| F Ford Motor Co. | Reduce -67.3% | 0.40% | −0.60 |
| PVH PVH Corp. | Sold out | 0.00% | −0.60 |
| WRBY Warby Parker Inc. Class A | Sold out | 0.00% | −0.60 |
| TNDM Tandem Diabetes Care Inc. | Reduce -1.6% | 0.96% | −0.57 |
| MATW Matthews Intl Corp. Class A | Sold out | 0.00% | −0.45 |
| INTC Intel Corp. | Sold out | 0.00% | −0.44 |
| FLR Fluor Corp. | Sold out | 0.00% | −0.43 |
| IMXI International Money Express | Reduce -43.7% | 0.27% | −0.39 |
| SNOW Snowflake Inc. | Sold out | 0.00% | −0.37 |
| EOLS Evolus Inc. | Sold out | 0.00% | −0.34 |
| FOXF Fox Factory Holding Corp. | Sold out | 0.00% | −0.31 |
| CPRI Capri Holdings Ltd. | Reduce -28.1% | 1.12% | −0.27 |
| ORN Orion Group Holdings Inc. | Reduce -1.1% | 1.39% | −0.25 |
| WAL Western Alliance Bancorp | Reduce -23.6% | 1.31% | −0.25 |
| ELF Elf Beauty Inc. | Sold out | 0.00% | −0.21 |
| RDNT Radnet Inc. | Reduce -1.2% | 1.13% | −0.21 |
| RMNI Rimini Street Inc. | Sold out | 0.00% | −0.20 |
| XPO Xpo Inc. | Reduce -13.3% | 1.13% | −0.20 |
| RTO Rentokil Initial PLC-SP ADR | Sold out | 0.00% | −0.17 |
| CECO Ceco Environmental Corp. | Reduce -2.5% | 1.26% | −0.17 |
| PRDO Perdoceo Education Corp. | Reduce -33.2% | 0.47% | −0.15 |
| SAH Sonic Automotive Inc. Class A | Reduce -19.7% | 0.94% | −0.15 |
| PTLO Portillo's Inc. Class A | Sold out | 0.00% | −0.14 |
| NCNO Ncino Inc. | Sold out | 0.00% | −0.13 |
| CMRC Commerce.com Inc. | Sold out | 0.00% | −0.10 |
| OKLO Oklo Inc. | Sold out | 0.00% | −0.09 |
| U Unity Software Inc. | Reduce -8.3% | 1.31% | −0.06 |
| PROF Profound Medical Corp. | Reduce -1.6% | 0.58% | −0.05 |
| ARDT Ardent Health Inc. | Reduce -1.6% | 0.91% | −0.05 |
| VCEL Vericel Corp. | Reduce -3.7% | 0.47% | −0.03 |
| GXO Gxo Logistics Inc. | Reduce -10.5% | 0.54% | −0.02 |
| FN Fabrinet | Reduce -6.0% | 0.63% | +0.01 |
| CWST Casella Waste Systems Inc. Class A | Reduce -18.1% | 0.82% | +0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| TEAM Atlassian Corp. Class A | New | 2.11% | +2.11 |
| TTD Trade Desk Inc./the Class A | New | 2.02% | +2.02 |
| RH RH | New | 1.44% | +1.44 |
| PHR Phreesia Inc. | New | 1.15% | +1.15 |
| HQY Healthequity Inc. | New | 1.08% | +1.08 |
| UTHR United Therapeutics Corp. | New | 1.05% | +1.05 |
| BILL Bill Holdings Inc. | Add +171.7% | 2.33% | +1.01 |
| ALHC Alignment Healthcare Inc. | New | 0.98% | +0.98 |
| LLY Eli Lilly & Co. | New | 0.89% | +0.89 |
| VCTR Victory Capital Holding - A | New | 0.87% | +0.87 |
| GPN Global Payments Inc. | New | 0.87% | +0.87 |
| AR Antero Resources Corp. | New | 0.72% | +0.72 |
| TDOC Teladoc Health Inc. | New | 0.71% | +0.71 |
| TBCH Turtle Beach Corp. | New | 0.68% | +0.68 |
| PLMR Palomar Holdings Inc. | Add +66.0% | 1.09% | +0.67 |
| ARES Ares Management Corp. Class A | New | 0.56% | +0.56 |
| CDNA Caredx Inc. | Add +90.0% | 1.07% | +0.50 |
| GO Grocery Outlet Holding Corp. | New | 0.45% | +0.45 |
| HIMX Himax Technologies Inc.-ADR | New | 0.45% | +0.45 |
| DENN Denny's Corp. | New | 0.44% | +0.44 |
| CWH Camping World Holdings Inc. Class A | New | 0.39% | +0.39 |
| APPS Digital Turbine Inc. | New | 0.39% | +0.39 |
| AEM Agnico Eagle Mines Ltd. | New | 0.38% | +0.38 |
| DXCM Dexcom Inc. | Add +21.2% | 1.62% | +0.35 |
| ANF Abercrombie & Fitch Co. Class A | New | 0.34% | +0.34 |
| ALL Allstate Corp. | Add +100.1% | 0.55% | +0.34 |
| GTLB Gitlab Inc. Class A | New | 0.32% | +0.32 |
| AAOI Applied Optoelectronics Inc. | New | 0.31% | +0.31 |
| AEYE Audioeye Inc. | Add +53.9% | 0.90% | +0.23 |
| FARO Faro Technologies Inc. | New | 0.22% | +0.22 |
| DDD 3D Systems Corp. | New | 0.21% | +0.21 |
| IE Ivanhoe Electric Inc. / US | New | 0.20% | +0.20 |
| PINS Pinterest Inc. Class A | New | 0.19% | +0.19 |
| TWLO Twilio Inc. Class A | Add +8.1% | 1.06% | +0.16 |
| EXFY Expensify Inc. Class A | Add +5.3% | 1.23% | +0.16 |
| ASAN Asana Inc. Class A | Add +33.3% | 1.18% | +0.15 |
| DECK Deckers Outdoor Corp. | New | 0.12% | +0.12 |
| ARCB Arcbest Corp. | Add +19.5% | 1.42% | +0.11 |
| CCL Carnival Corp. | Add +12.3% | 1.25% | +0.06 |
| LAW CS Disco Inc. | Add +6.7% | 1.33% | +0.06 |
| NRDS Nerdwallet Inc. Class A | Add +33.3% | 0.34% | +0.03 |
| PACK Ranpak Holdings Corp. | Add +6.4% | 0.52% | +0.00 |
| RDDT Reddit Inc. Class A | Add +21.4% | 0.36% | −0.03 |
| W Wayfair Inc. Class A | Add +13.8% | 2.14% | −0.03 |
| XPOF Xponential Fitness Inc. Class A | Add +7.6% | 1.11% | −0.28 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 145 | $284.3M | MU, SWIM, SSYS, COMP, ALHC |
| Q1 2026 | 137 | $221.6M | MU, SWIM, SSYS, FOXF, JHX |
| Q4 2025 | 125 | $259.5M | MU, SWIM, JHX, LAW, LIND |
| Q3 2025 | 122 | $281.1M | SWIM, JHX, TEAM, SSYS, MU |
| Q2 2025 | 119 | $264.7M | SWIM, SSYS, UA, JHX, TEAM |
| Q1 2025 | 118 | $246.6M | SWIM, SSYS, UA, BILL, W |
| Q4 2024 | 115 | $295.4M | SWIM, UA, SNBRQ, SSYS, W |
| Q3 2024 | 109 | $291.2M | SWIM, CROX, BBW, W, SNBRQ |
| Q2 2024 | 109 | $275.2M | MU, CROX, PAGS, UCTT, SNOW |
| Q1 2024 | 112 | $313.0M | PAGS, EVH, PLAY, UCTT, SNBRQ |