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

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $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 $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 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
GTLB Gitlab Inc. Class A 0.32% 17,000 $799K New
BRBR Bellring Brands Inc. 0.32% 10,659 $794K No change
AAOI Applied Optoelectronics Inc. 0.31% 50,000 $768K New
BLDR Builders Firstsource Inc. 0.30% 6,000 $750K No change
TPC Tutor Perini Corp. 0.27% 28,911 $670K Reduce -77.9%
IMXI International Money Express 0.27% 52,143 $658K Reduce -43.7%
META Meta Platforms Inc. Class A 0.23% 1,000 $576K No change
FARO Faro Technologies Inc. 0.22% 19,500 $532K New
DDD 3D Systems Corp. filed as 3-D SYS CORP DEL 0.21% 250,000 $530K New
CMPR Cimpress PLC 0.21% 11,300 $511K No change
IE Ivanhoe Electric Inc. / US 0.20% 86,160 $501K New
PINS Pinterest Inc. Class A 0.19% 15,000 $465K New
RNG Ringcentral Inc. Class A 0.17% 17,061 $422K No change
DECK Deckers Outdoor Corp. 0.12% 2,700 $302K New
LESLIES INC 0.12% 404,879 $298K No change
HOLX Hologic Inc. 0.12% 4,810 $297K No change
CNTY Century Casinos Inc. 0.11% 161,647 $273K No change
STAA Staar Surgical Co. 0.07% 10,200 $180K 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

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